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Today's News Recap
Whale Accumulation - Dogecoin sees heavy buying from whales as Elon Musk supports BTC in new party rollout.
Mining Crackdown - Russia rolls out crypto mining equipment registry amid crackdown on illegal miners.
Tokenized Expansion - Crypto exchange Mercado Bitcoin to tokenize $200M in real-world assets on XRP ledger.
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Top Assets
Messari Protocol Reporting
Messari's protocol reports give you a deep dive on the foundation and state of top crypto protocols, including key metrics and notable events. See the complete list of protocol reports here and get a preview of our latest report below.
DePIN / Cloud Compute Marketplace
Lease revenue surpassed $1 million (+38% QoQ)
Average GPU capacity rose 55% to 897 units, with usage up 54%
AI training/inference, websites, blockchain nodes, game servers
Deploys real-world WiFi hotspots across India
DBT used for staking, hotspot setup, and burned via fiat-priced bandwidth
Over 13,000 hotspots sold, supporting 100,000+ devices/day and consuming 50,000+ GB daily
Plans to scale to 100k+ hotspots and 2M devices
DePIN Custom Layer-1 (integrated with EigenLayer, Solayer, Symbiotic for restaking)
Dynamic mint-burn issuance tied to real revenue
$NODE – used for access, bonding, restaking, and governance
~48% of the NODE token supply allocated to users, contributors, & ecosystem participants—prioritizing decentralization
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Two Bits
Meme-Coin Launchpad Wars
The Day BONK Dethroned PUMP
1. What Just Happened?
Over the weekend, BONK’s letsBONK.fun token launchpad captured over 50% of the launchpad market share by token graduations, overtaking pump.fun for the first time. BONK took a majority share for the first time, while Pump's share has pulled back after dominating for over a year.
Token Graduations (last 24h): BONK ~17k | PUMP ~9.5k
Active Addresses (last 24h): PUMP ~111k | BONK ~45k
Despite pump.fun maintaining a larger user base, BONK pushed more tokens to graduate, marking a rare disruption to Pump's long-standing dominance.
2. Why the Flip?
The sudden rise of BONK's launchpad over Pump mainly comes down to where speculators saw the most opportunity. A big part of this was the rapid success of the USELESS token. USELESS launched on letsBONK.fun on May 10, 2025, and quickly became one of the hottest memecoins, reaching a peak of ~$300 million market cap on July 6. This momentum led to speculative activity to turn toward letsBONK.fun as the next place to deploy and trade tokens.
Meanwhile, Pump's upcoming token generation event (TGE) created some uncertainty, potentially leading users to wait and see how the token’s launch plays out. Altogether, these factors helped BONK temporarily overtake Pump in token launch market share.
3. Can BONK Keep the Lead?
Flips like this can happen quickly, but whether they last depends on how strong the new platform becomes. Pump's moat isn't built on better tech or user experience but on Lindy. It's been the number one launchpad since launching in January 2024, and the longer it's been around and conceived major memecoin, the stronger affinities have grown. Traders are familiar with the platform, they know how it works, and they know tokens can run.
The most likely scenario? Short-term swings in activity between the two platforms. BONK has clearly made an impact, but whether it can hold its lead depends on whether its ecosystem of tokens, like USELESS, keep running to high valuations and attracting traders. For now, it's a back-and-forth battle, but Pump's brand will prove difficult to overcome.
4. Why It Matters
Solana Sentiment Gauge: Launchpad volume signals continued risk appetite on Solana. BONK's surge reflects capital rotation, not necessarily net-new inflows.
Do Launchpad Economics Matter: It's been debated whether launchpad fees and tech matter. The rise of legitimate competitors like BONK could reveal if these factors can make a difference.
Pump's Pre-TGE Stress Test: BONK's disruption shows potential weakness in Pump's moat just as it prepares for TGE. The token’s launch will reveal how strong and reliable the platform's advantage really is.
Memecoin markets run on attention, and right now, BONK has it. Whether it translates into lasting market share or another short-lived rotation remains to be seen.
Messari Research
Robinhood Chain: Three Key Takeways
Robinhood’s expansion into tokenized assets, derivatives, and blockchain infrastructure signals a new phase in bridging traditional finance with crypto-native markets. By tapping into its existing user base and custody assets, it gains a structural advantage that crypto-native RWA startups lack. As Robinhood scales its blockchain strategy and potentially issues its own stablecoin, it is poised to transform tokenized finance while reshaping market dynamics away from broad speculative altcoin rallies toward more grounded, valuation-based trading.
