Base Overtakes Solana Amid Memecoin Launchpad Collapse

Coinbase’s Layer 2 blockchain Base surged past Solana in daily token launches, hitting 54,341 tokens minted on July 27. This explosive growth followed Base's integration with decentralized social platforms Zora and Farcaster, turning every user's post into tradable tokens.

Conversely, Solana's memecoin sector witnessed its steepest revenue decline this year, with launchpad PumpFun earnings plunging 80% since January. In July alone, Pump scraped just $24.96 million, marking its bleakest monthly revenue amid fading interest in speculative tokens.

Memecoin trading volume has sharply cooled, collapsing 67% from a July peak of $17.22 billion to just $5.59 billion Monday. Solana's leading meme coin trading platforms reflected this crash, registering a mere 34,040 tokens on Saturday, their lowest output in months.

The Base-Zora partnership now dominates token launches, comprising nearly 65% of combined Base and Solana activity as of August 2. Zora alone minted 39,778 tokens that day, dwarfing Solana's Pump.fun and LetsBonk, which together managed fewer than half that amount.

The CFTC and SEC Begin "Crypto Sprint" Initiative

The Commodity Futures Trading Commission announced the launch of a joint “crypto sprint” with the SEC to implement regulatory recommendations from the White House. Acting CFTC Chair Caroline Pham said the agency would collaborate with SEC Chair Paul Atkins and Commissioner Hester Peirce. The initiative focuses on crypto spot market oversight, blockchain derivatives, and creating unified guidance for digital assets.

The CFTC has already withdrawn outdated advisories, hosted a CEO forum, and concluded consultations on 24/7 crypto derivatives trading. Officials say new rulemaking could open the door for integrated user interfaces and sandbox testing across regulated platforms. President Trump’s nomination of Brian Quintenz to lead the CFTC signals alignment with the administration’s push to make the US the hub for crypto innovation.

Barry Silbert Returns as Grayscale Preps for IPO

Digital asset manager Grayscale reappointed founder Barry Silbert as board chairman as the firm readies for a public offering. Grayscale also hired four new executives from Bridgewater, Apollo, Goldman Sachs, and Citadel to lead operations, marketing, communications, and HR. The new leadership reports to CEO Peter Mintzberg, who is steering Grayscale through its most high-profile transition since its founding.

Silbert previously stepped down amid legal scrutiny tied to parent company DCG and the collapse of Genesis, but says he remains confident in Grayscale’s direction. The firm manages over $33 billion in assets across dozens of crypto investment products, including spot ETFs. Grayscale is considering adding independent board members as it moves forward with its confidential IPO filing and broader governance overhaul.

Peter Thiel's Bullish Targets $4.2B Valuation in US IPO

Crypto exchange Bullish has launched its US IPO roadshow, seeking up to $629 million at a valuation of $4.2 billion. Backed by Peter Thiel and led by former NYSE president Thomas Farley, Bullish will convert a portion of proceeds into stablecoins issued by select partners. The firm’s decision follows the passage of the GENIUS Act, which brought regulatory clarity to stablecoin use and digital asset operations.

Bullish operates a trading platform for institutions and also owns crypto media outlet CoinDesk, which it acquired from DCG in 2023. Despite a recent quarterly loss tied to crypto valuation swings, investors are expected to focus on Bullish’s core exchange efficiency and product strategy. JPMorgan, Jefferies, and Citigroup are underwriting the IPO, with the stock set to trade under the symbol “BLSH.”

Data of the Day

Ethena’s USDe token surged past USDS to become the third-largest stablecoin, growing 75% in value to reach $9.3 billion in circulation. The synthetic dollar’s rise followed its GENIUS-compliant integration with Anchorage Digital and the promise of returns between 10% and 19% APY. Analysts say investor demand has shifted toward yield-generating stablecoins as Treasury yields lag behind DeFi returns.

Ethena’s model, unlike failed algorithmic coins, is fully collateralized using crypto and short derivatives to maintain a dollar peg. The token’s rise also boosted the protocol’s total value locked to $9.4 billion, making it the seventh-largest DeFi platform. Ethena’s expanding collateral base and third-party attestations have helped address early skepticism and attract both retail and institutional capital.

More Breaking News

• Brian Armstrong criticized UK broadcasters for pulling Coinbase's satirical TV ad, calling it censorship and a sign of regulatory overreach.
• Hyperliquid reimbursed $2 million to users affected by last week’s API outage, earning praise for transparency and proactive response despite no legal obligation.
• Justin Sun became the youngest Chinese-born commercial astronaut after completing a historic spaceflight aboard Blue Origin’s 14th human mission.
• Cardano’s community approved a $71 million upgrade plan to improve network speed, developer onboarding, and interoperability, despite some concerns about cost transparency.
• Verb Technology is raising $558 million to build a TON treasury and will rebrand as TON Strategy Co. following a major private placement.
• France’s Rassemblement National party proposed a bill to mine Bitcoin using surplus nuclear energy, signaling a political shift toward embracing crypto innovation.
• Scrap-metal billionaire Adam Weitsman purchased over 5,000 NFTs from Yuga Labs, doubling down on Otherside assets amid a prolonged NFT market downturn.
• The European Central Bank reaffirmed its commitment to cash, saying the digital euro will complement (not replace) physical money as stablecoin use rises.

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