| Mobile Web

Crypto industry\'s \'winner-takes-all\' trend deepens as exchange closures and takeovers mount

The crypto industry is restructuring as revenue concentrates in a small number of protocols, pushing the market into what was described as its biggest consolidation phase. Ark Invest analyst Lorenzo Valente said selective investment has made funding harder for projects and exchanges with weak product-market fit, leading to shutdowns and revenue pooling. Hyperliquid and Pump.fun account for about 67 percent of app revenue, and adding Ethena brings the top three close to 80 percent.