Pump.enjoyable misplaced the highest spot within the Solana memecoin launchpad rankings for the primary time since its launch, hinting at a shift within the memecoin sector.
As Cointelegraph beforehand reported, a newly created memecoin launchpad known as LetsBonk flipped Pump.enjoyable in each day protocol income, in line with DefiLlama. Whereas general community exercise reveals a possible reshuffle as a substitute of an enlargement, some metrics point out that Solana could also be on the rise, with a possible enlargement in memecoin exercise.
As well as, decentralized finance (DeFi) and conventional finance (TradFi) could converge before folks assume. Nelli Zaltsman, head of blockchain funds innovation at JPMorgan’s Kinexys, mentioned this might occur within the subsequent few years.
Actual-world asset (RWA) platform Projective Finance gives publicity to government-backed blockchain expertise initiatives, whereas NFT platform OpenSea is increasing to DeFi and perpetuals after a significant acquisition.
In the meantime, safety researchers have thwarted a $10-million DeFi backdoor that threatened 1000’s of sensible contracts for months.
LetsBonk flips PumpFun in 24-hour income: DefiLlama
A brand new memecoin launchpad gained traction throughout the Solana ecosystem, eclipsing the highest platform in 24-hour gross sales.
On July 7, DeFi knowledge platform DefiLlama confirmed that LetsBonk, a Solana memecoin platform supported by the Bonk (BONK) neighborhood, generated $1.04 million in income. This file doubled Pump.enjoyable’s income of $533,412 for a similar interval.
The surge marked an unusual shift in dominance in Solana memecoins, the place Pump.enjoyable is often on high. Although LetsBonk confirmed a spike in each day income, Pump.enjoyable remained dominant within the month-to-month chart, recording over $37 million in protocol income.
LetsBonk’s launch additionally seemingly affected the BONK memecoin, because the token has recorded an virtually 52% enhance in worth for the reason that memecoin launchpad’s launch. BONK is among the high Solana memecoins, with over 430,000 followers on X. The token has a market cap of virtually $1.8 billion, making it the 68th-largest token within the crypto house.
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DeFi, TradFi convergence might arrive before anticipated: JPMorgan
A JPMorgan govt mentioned the divide between TradFi and DeFi might disappear within the subsequent few years.
On the RWA Summit Cannes 2025, Nelli Zaltsman mentioned that JPMorgan is making an attempt to merge onchain belongings with institutional-grade funds infrastructure. This indicators a possible tipping level for mass blockchain adoption.
The manager mentioned their aim was to discover a option to work with the general public blockchain, because the regulatory setting permits. Zaltsman described JPMorgan’s method as “asset agnostic,” hinting that the corporate goals to offer multichain entry to shoppers.
The manager additionally mentioned the boundaries separating TradFi and DeFi could dissolve sooner than anticipated. That is being pushed by each industries’ willingness to collaborate.
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Projective Finance opens $7 million onchain lending pool for Illinois photo voltaic initiatives
A RWA financing platform centered on sustainability launched a $7-million lending pool for public faculties in Illinois.
The platform, Projective Finance, offers DeFi buyers entry to municipal infrastructure in the USA. The lending pool will fund photo voltaic vitality installations throughout Illinois. The corporate mentioned infrastructure loans will probably be executed fully onchain.
Utilizing blockchain expertise, the venture permits entry investments with out the intermediaries historically required. Projective Finance co-founder Josh Chinnaswamy mentioned that with the blockchain, the investments may be accomplished with full transparency.
The corporate lets buyers participate in government-backed initiatives, which generally have excessive credit score scores and decrease default dangers. This consists of authorities initiatives specializing in renewable vitality. Nonetheless, the platform doesn’t present buyers with publicity to crypto belongings.
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OpenSea expands to cellular with Rally deal, eyes “onchain all the pieces app”
Non-fungible token (NFT) platform OpenSea continues to develop past digital collectibles, buying a cellular and token-focused firm known as Rally.
The acquisition showcases OpenSea’s intention to transcend NFTs and develop a mobile-focused platform for crypto buying and selling. The platform mentioned that the way forward for NFT and token buying and selling “matches in your pocket.” In the meantime, Rally posted on X that customers can count on a brand new cellular expertise later in 2025.
Rally co-founders Chris Maddern and Christine Corridor will probably be part of OpenSea’s management, bringing their token buying and selling experience to the platform.
In an X put up, Maddern, who can even be OpenSea’s new chief expertise officer, mentioned the workforce is engaged on a product to develop the onchain financial system for creators and merchants.
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Researchers foil $10 million DeFi backdoor in 1000’s of sensible contracts
A gaggle of crypto safety researchers found and rescued 1000’s of sensible contracts affected by a DeFi backdoor, stopping potential losses of over $10 million in crypto.
On Thursday, pseudonymous Venn Community researcher Deeberiroz shared {that a} backdoor exploit had been quietly threatening the trade for months. The assault exploited uninitialized ERC-1967 proxy contracts, which permit malicious actors to hijack contracts earlier than they’ve been arrange correctly.
Venn Community co-founder and president Or Dadosh instructed Cointelegraph that the attacker primarily front-ran contract deployments and injected malicious implementations. “Within the easiest phrases, the attacker exploited sure deployments which allowed them to place a well-hidden again door in 1000’s of contracts,” Dadosh instructed Cointelegraph.
Dadosh mentioned the attacker might have focused the susceptible contracts at any level. Nonetheless, for the reason that workforce found the vulnerability on Tuesday, it labored with different safety researchers to judge affected contracts and safe susceptible belongings.
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DeFi market overview
In line with knowledge from Cointelegraph Markets Professional and TradingView, a lot of the 100 largest cryptocurrencies by market capitalization ended the week within the inexperienced.
A token known as MemeCore (M) was final week’s largest gainer, rising by 1,058%, adopted by Hyperlane (HYPER), which recorded over 400% in good points this week.
Thanks for studying our abstract of this week’s most impactful DeFi developments. Be part of us subsequent Friday for extra tales, insights and training relating to this dynamically advancing house.
