The siphoning effect of the on-chain application sector, $HYPE , is surprisingly strong, even beyond imagination. ARK Invest data shows that revenue in the entire crypto industry's application layer is highly concentrated. Hyperliquid and Pump.fun together take nearly 70% of the revenue, and with Ethena added, the top three account for almost 80% directly. This cash-grabbing ability of top platforms, making money effortlessly, severely squeezes the survival space for the smaller projects lined up behind them.