Singular Cryptoprojects Have Taken the Main Revenue. What Will Happen to the Rest
The cryptocurrency market is undergoing a phase of intense consolidation, surpassing previous bear cycles, according to analysts. Experts warn of increasing bankruptcies, mergers, and acquisitions as capital becomes highly selective, favoring projects with proven market demand. This is evidenced by extreme concentration of industry revenue, where three projects—Hyperliquid, Pump.fun, and Ethena—now generate nearly 80% of total application income. Since the start of the year, around 100 crypto companies have ceased operations. Concurrently, new European Union regulations (MiCA) are expected to drive further consolidation. Starting July, compliance requirements similar to those for banks will compel smaller firms to either merge with larger players or exit the regulated European market, potentially mirroring a shift seen earlier in Switzerland.
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