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.

Volvo is halting development of lidar-based functions for its electric EX90 SUV and ES90 sedan and has begun compensating existing buyers. The vehicles have lidar hardware, but the related software features will not be released. Volvo has ended its partnership with supplier Luminar, a company spokesperson in Norway said. Compensation varies by country, including payments in Norway and cash-equivalent options in the United States, as well as refunds in Europe and Canada.