Hyperliquid, Pump.fun and Ethena together capture nearly 80% of all revenues generated by crypto applications, leaving the rest of the sector fighting over scraps. The consolidation wave has triggered a wave of closures: over 60 companies and protocols have shut down since January, with BitMEX permanently closing on September 23 and BitMart stretching its wind-down until January 31, 2027. In May, Hyperliquid posted over $900 million in annualized revenues, while Pump.fun generated $1.21 million in just 24 hours on July 23. Funding has also contracted sharply, falling to approximately $4 billion across 355 deals in the first quarter, and the number of active investors in the second quarter dropped to 651, the lowest level in six years. Facing this purge, surviving platforms are pivoting toward traditional financial products and real-world assets, with RWAs accounting for 54% of perpetual volume traded on Hyperliquid in late July.
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