According to CoinMeta, Lorenzo Valente, the research director of ARK Invest, stated that the crypto market is undergoing a significant transformation. Currently, there are three protocols that dominate revenue generation in this field, with these three together generating nearly 80% of the total revenue from crypto applications. Among them, the perpetual contract platforms HyperLiquid and memecoin and the launch platform Pump.fun jointly drive about 67% of the total application revenue. The synthetic dollar protocol Ethena has also joined in, bringing these three to account for nearly 80% of the market. Valente pointed out that capital is now selectively flowing towards projects with strong product-market fit, while teams and exchanges that lack this advantage face the risk of closure or acquisition. He expects this trend to intensify in the coming months, accompanied by more mergers and acquisitions, bankruptcy filings, closures, and acquisitions. Valente believes that crypto investors are moving away from speculative projects and are favoring protocols with a solid foundation, indicating that the market is maturing.