Hyperliquid, Pump.fun and Ethena together concentrate nearly 80% of revenues generated by all crypto applications, leaving the remainder of the sector with scraps. In May, Hyperliquid reported over $900 million in annualized revenues, while Pump.fun generated $1.21 million in twenty-four hours on July 23. Over 60 companies have closed or filed for bankruptcy since January, according to Bitcoin.com, and RootData lists 99 projects halted or abandoned. Investment collapsed to approximately $4 billion in the first quarter, half the previous quarter, and the number of active investors fell to 651 in the second quarter, the lowest in six years. Meanwhile, at least six of the ten largest exchanges now offer products backed by traditional securities, and real-world assets accounted for 54% of perpetual volume on Hyperliquid.
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