DeFi

Pump.fun Accounted for 62% of Solana DEX Transactions in November, So Far

Published

5 months ago

November 26, 2024

Tokens created on Pump.fun have accounted for 62.3% of all decentralized exchange (DEX) transactions on Solana so far in November, according to Dune data. In terms of volume, the value of what’s changed hands, this is slightly less pronounced at 42.3%.

The data bolsters arguments that the protocol has become a cornerstone in the Solana ecosystem.

Pump.fun debuted in January this year, enabling anyone to launch a token. Originally it only cost a few bucks to do it, but the team eventually made it completely free. In turn, it has become one of the most culturally significant crypto projects, birthing some of the biggest meme coins of the year—the likes of PNUT, GOAT, and CHILLGUY.

However, the platform has also come under immense pressure following a slew of controversial, morally questionable, and illegal tokens appearing on the platform. This all began when an apparent mom shook her boobs on a livestream to pump her son’s meme coin. While this was weird, the platform took a disturbing turn when another meme coin dev set himself on fire for his token.

Following this, Pump.fun decided to add livestreaming as a native feature. Previously users had been streaming on third-party sites, such as Kick. At first it was painfully glitchy and degens ignored it. But last week, it became the meta again. With this, some took to the platform to perform goofy stunts for money—such as sitting on a toilet for days on end.

A number of disturbing livestreams have since appeared on the platform that disturbed viewers. Decrypt has seen screengrabs and videos of Pump.fun livestreams featuring threats to animal life, the actual beheading of a chicken, bestiality, and an apparent suicide—although the last instance is rumored to be fake.

This caused outrage across the industry, and calls for the platform to shut down the livestreaming feature started to echo.

Pseudonymous on-chain sleuth WazzCrypto predicted that the United States Department of Justice would shut down the site. And Preston Byrne, a crypto lawyer, claimed the project was likely breaking the law.

“Pumpdotfun does a lot very incorrectly from a social media law POV,” Byrne, Head of UK Legal at Arkham Intelligence and Managing Partner at Byrne & Storm, posted on Twitter. “No terms of service, no DMCA registration, and copyright policy, no privacy policy.”

He believes that this puts the future of Pump.fun in a precarious position legally, especially in the UK—where the company is based. As such, he agrees it’s the correct decision to shut down streaming until it has sorted its legal affairs, which Byrne told Decrypt should only take 10 hours of legal work.

If the worst case happens, and Pump.fun is banned, this could have a knock on effect on Solana as a network. As mentioned, Pump.fun has accounted for 62.3% of transactions so far in November but it’s been a similar case for some months now.

In September and October, Pump.fun accounted for 60% and in August it accounted for 57% of all Solana DEX transactions. This isn’t even including the amount of transactions that happen prior to a token migrating to decentralized exchanges once the token hits a market cap of $69,000. According to Dune, only 1.2% of the nearly 50,000 tokens launched over the past 24 hours have achieved this.

For this reason, some have started to fear the worst for Solana as it leans too heavily on the degenerate nature of Pump.fun. “An economy built on this will not make it,” Project Lead at Ethereum news protocol TrueMarkets, known as Millie, posted on Twitter.

Edited by Stacy Elliott.

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Blockchain

Franklin Templeton backs $8m round for stablecoin project Cap

Published

6 days ago

April 7, 2025

admin

Franklin Templeton, a global asset manager with a growing presence in the crypto and blockchain investment market, has backed an $8 million seed round for Cap.

The asset manager led the investment round, with Ethereum (ETH) based stablecoin project Cap also attracting the participation of multiple leading web3-focused venture capital firms.

In details shared via X, Cap said the investment is a crucial step in its mission to offer a decentralized solution to the problem of yield generation in decentralized finance. This milestone involves the deployment of its protocol across “shared security markets” such as EigenLayer and Symbiotic.

“Cap is pioneering a first of its kind implementation of shared security markets like EigenLayer and Symbiotic to regulate the activities of financial operators. This allows traditional finance institutions and crypto-native firms to generate yield for users, while not directly exposing those users to the risks of their activities,” the protocol’s team posted on X.

Per the Cap protocol team, the project’s solution is available to users looking to tap into shared security marketplaces. This means users can benefit from staked assets on Ethereum. However, Cap’s main focus is the adoption on MegaETH, the layer 2 offering for real-time interaction with opportunities across the ecosystem.

It suggests safe and sustainable yield generation, something that could mean allowing for fresh innovation that beats the current yield-bearing stablecoins.

By being able to outsource yield generation through its stablecoin engine, Cap enables traction across a whole lot of blockchain applications, including DeFi protocols,real-world asset protocols, and liquid funds.

The $8 million seed round will help the stablecoin startup navigate the next phase of its adoption, with this adding to the $1.1 million raised via crowdfunding project Echo. Cap raised its latest financing round with the support of VC firms such as Triton Capital, Flow Traders, GSR and Japanese firm Nomura Group’s Laser Digital.

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Altcoins

New DeFi Trading Token Definitive (EDGE) Defies Crypto Markets Following Coinbase Listing

Published

1 week ago

April 3, 2025

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A new decentralized finance (DeFi) trading altcoin is surging after gaining support from the top US-based crypto exchange platform by volume.

In a new thread on the social media platform X, Coinbase says it’s adding the DeFi token Definitive Finance (EDGE) to its suite of digital asset products with an experimental label, causing the altcoin to skyrocket.

Coinbase’s experimental label designates assets as having higher volatility and lower trading volume compared to other products offered by the firm.

News of the addition sent EDGE flying, as the token went from an April 2nd low of $0.0274 to a peak of $0.1157 just a few hours later. The digital asset has since retraced and is trading for $0.086 at time of writing, a staggering gain of nearly 180% during the last 24 hours.

According to its official website, Definitive aims to mimic the experience offered by centralized exchange platforms, such as Coinbase and Binance, despite being decentralized.

“Definitive is the future of onchain trade execution. We deliver a CeFi-like experience on DeFi rails via a fully non-custodial platform and API (application program interface) that is live across Solana, Base and other major EVM (Ethereum virtual machine) chains.

With Definitive, anyone – from a retail user, to a whale, to a liquid fund, or even an AI agent – can trade any asset on any chain with the same institutional-grade execution found in CeFi.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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crypto theft

zkLend hacker loses 2,930 ETH to Tornado Cash phishing scam

Published

2 weeks ago

April 1, 2025

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The zkLend exploiter lost all 2,930 ETH in a phishing scam while trying to launder the stolen money using what they thought was Tornado Cash.

According to a Mar. 31 post on X by Consensys-backed De.Fi Antivirus Web3, the attacker mistakenly deposited the stolen funds into a fake Tornado Cash website, resulting in an immediate loss. On-chain data shows that after realizing the mistake, the hacker sent a desperate message to zkLend’s deployer address, admitting their blunder.

“I tried to move funds to Tornado, but I used a phishing website, and all the funds have been lost. I am devastated,” the hacker wrote. They went on to apologize for the attack and urged zkLend to focus its recovery efforts on the phishing scam operators.

BREAKING: ZKLEND HACKER GOT REKT
2,930 $ETH maliciously grabbed in the zkLend hack were mistakenly deposited to a copycat website of Tornado Cash
In the end, the hacker addresses the case to the zkLend deployer as they no longer have stolen assets pic.twitter.com/J9io6vvKYl
— De.Fi Antivirus Web3 (@De_FiSecurity) March 31, 2025

More than $9.6 million in Ethereum (ETH) was stolen in the zkLend exploit, which took place on Feb. 12 . In an attempt to engage in negotiations, the Starknet-based lending protocol offered the hacker a 10% reward in exchange for returning the remaining funds by Feb. 14.

ZkLend was forced to escalate the matter to law enforcement because the hacker ignored the deadline. The platform announced that it had enlisted security experts from the Starknet Foundation, StarkWare, and Binance Security to locate and recover the funds. But now that the stolen ETH has been lost to a phishing scam, things seem to have taken a surprising turn.

The zkLend attack is part of a growing trend of high-profile cryptocurrency exploits. According to Immunefi’s Q1 2025 report, the first three months of 2025 saw the worst quarter for crypto security breaches in history, with hackers stealing $1.64 billion. The zkLend hack was the fifth-largest exploit of the quarter.

Decentralized finance protocols lost $106.8 million across 38 incidents, with Ethereum and BNB (BNB) Chain being the most targeted networks. While DeFi suffered multiple attacks, centralized finance platforms saw just two incidents, but those resulted in a staggering $1.5 billion in losses.

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