Who is actually capturing the value being created in crypto?
In this episode, David Sencil sits down with Lorenzo Valente, Director of Research for Digital Assets at ARK Invest, to unpack a striking gap: centralized crypto companies generated roughly $70 billion in revenue in 2025, compared with only around $8 billion on-chain.
Valente explains why centralized platforms are still closer to users, while many on-chain protocols continue to struggle with value accrual, token economics, and sustainable growth.
The conversation also explores Hyperliquid, Pump.fun, Solana, and Ethereum, including whether aggressive token buybacks could limit long-term growth, why successful crypto apps may eventually launch their own chains, and where the next major wave of on-chain value could emerge.
Topics include:
- The $70B vs. $8B crypto revenue gap
- Why centralized companies still capture more value
- Hyperliquid’s token buyback strategy
- Whether successful apps will launch their own chains
- Pump.fun and the future of crypto applications
- Solana’s battle for relevance
- Ethereum’s institutional advantage
- Real-world assets and institutional adoption
- Whether memecoins will remain a major crypto narrative
Can on-chain protocols eventually close the gap, or will centralized companies continue capturing most of crypto’s economic value?
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