In this weekly recap, we cover:
- Pump.Fun’s Revenue Surge: Solana-based memecoin platform Pump.Fun generated $1.99 million in daily revenue, surpassing Ethereum. Despite a market cap drop, celebrity token launches keep Pump.Fun thriving.
- Polkadot’s Treasury Concerns: Polkadot’s head ambassador warns the $245 million treasury could deplete in two years. The Web3 Foundation counters, citing continuous replenishment through staking.
- Grayscale’s Solana Trust Premium: After recent ETF filings, Grayscale’s Solana Trust (GSOL) trades at a high premium, favored for its tax advantages despite shares being priced above their Net Asset Value.
- Silvergate Bank’s $63M Settlement: Silvergate Bank settled for $63 million with regulators over anti-money laundering deficiencies and misleading disclosures, with former executives accepting penalties without admitting guilt.
- US Marshals Service and Coinbase Contract: The U.S. Marshals Service awarded Coinbase Prime a $32.5 million contract for custody and trading services of large-cap digital assets, recognizing Coinbase’s institutional-grade crypto services.
- Blast’s Reward Program: Ethereum layer 2 network Blast launched phase 2 of its rewards program, distributing 10 billion BLAST tokens to incentivize mobile dapp development until June 2025.
- Genesis Digital Assets’ IPO Plans: Bitcoin mining firm Genesis Digital Assets is exploring a U.S. IPO, aiming to raise funds and expand its operations, currently valued at $5.5 billion.
- Lido’s Decentralization Efforts: Lido Finance launched a community staking module, allowing solo stakers to operate nodes without DAO approval, amid SEC scrutiny over its stETH token.
- Bittensor’s Network Halt: Bittensor paused its network after a security breach led to the theft of $8 million worth of TAO tokens, prompting an investigation into private key leakage.
