Lorenzo Valente: Crypto Hits Record Revenue Concentration

Lorenzo Valente states crypto faces its largest consolidation phase in history, surpassing prior bear markets, as capital turns selective and teams lacking PMF exit while HyperliquidX and Pumpfun capture 67% of total app revenue and the top three reach nearly 80% with Ethena, matching patterns seen in crypto industry consolidation phases and M&A history in bear markets where revenue concentration trends across crypto apps L1s and middleware intensify under new regulation.