In traditional markets, the “Magnificent Seven” tech giants dominate headlines and capital flows. Some analysts believe crypto could be witnessing the early signs of its own Mag7 moment.

However, crypto’s supposed Mag7’s main driver is speculation superapps rather than cloud computing or social networks.

The Rise of Crypto’s Speculation Superapps: Is a ‘Mag7’ Forming?

DeFi and crypto analyst Patrick Scott has pointed to Hyperliquid DEX (decentralized exchange), Polymarket, and Pump.fun. He points to these emerging leaders as shaping the industry’s speculative core.

“Hyperliquid, Polymarket, Pump. Perpetual derivatives, binary options, meme coins…The crypto industry is consolidating around three superapps for speculation. Each uses a different financial product to express that speculation. What they all share in common is that they allow users to earn asymmetric rewards by correctly predicting the future,” wrote Scott.

Scott argued that if a “Mag7” were to emerge in crypto, it would likely include these speculation platforms alongside leading stablecoin protocols.

Unlike many projects still searching for product-market fit, these apps stand out, he said, for their ability to generate real revenues.

“If you look at revenue accruing to token holders year-to-date (YTD), a solid majority came from Hyperliquid and Pump in the form of buybacks,” he added.

Perhaps the most explosive recent growth has come from Pump.fun, a meme coin launchpad that blends speculation with grassroots creativity.

The project announced it paid out more than $4 million in Creator Rewards in a single day, most of it to first-time token creators.

BeInCrypto also reported Pump.fun revenue hitting $3.12 million in daily revenue. With this, it surpassed Hyperliquid, coming after creator activity and earnings rose sharply in September.

“A Cambrian explosion of ideas is well underway, powered by tokenization,” the Pump.fun team said.

That momentum has caught the attention of both supporters and skeptics. One community member noted that while Pump.fun thrives in the current market cycle, it may not do well in the bear market.  

However, according to Scott, the project has shown adaptability, pointing to its recent pivot into livestreaming.

“I was skeptical of Pump as well, but their recent revival with livestreaming shows that the team is more than a one-trick pony,” he replied.

Why Stablecoins Could Anchor Crypto’s Mag7

The conversation also discussed whether stablecoin protocols should be considered among crypto’s future giants. One user suggested WLFI and USD1, digital assets associated with the Trump family.

Users cite potential regulatory mandates that could shape stablecoin dominance. Scott clarified that while his original post focused on speculation, top stablecoin protocols would also belong in any future Mag7.

Stablecoins remain the backbone of liquidity across exchanges and DeFi applications. This means their role in this emerging hierarchy cannot be overlooked.

The speculation about superapps stands out beyond their ability to attract users. Their profitability in a sector where many projects still run at a loss is not a mean feat.

By combining massive user engagement with tangible token holder revenues, they are rewriting the rules of success in Web3.

Could this trio transcend into a true Magnificent Seven? Time will tell. For now, as revenue consolidates around a few dominant players, the contours of crypto’s next power structure are starting to emerge.

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