Pump.fun Releases Its Own Solana DEX Called PumpSwap

Pump.fun launched its own decentralized exchange, PumpSwap, with the goal to eliminate migration delays and cut fees for meme coin trading. The DEX, now a Raydium competitor, promises instant migrations, zero fees, and increased liquidity, with a future revenue-sharing model for token creators.

The launch follows speculation that Raydium would retaliate with its own token launchpad, intensifying competition between the two platforms. Raydium’s RAY token dropped 7.6% in minutes, now down nearly 9% on the day, as investors reacted to the announcement.

Pump.fun, which has driven 70% of Solana’s token launches, has faced criticism for amassing $600 million in revenue since 2024. The new exchange is seen as an attempt to distribute earnings, with Pump's co-founder Alon Cohen stating, “We’re more than happy to partner with launchpads looking to tap into Pump’s diverse user base.”

To reinforce security, Pump.fun is hosting a $2 million audit competition, following past vulnerabilities including a $2 million exploit by a former employee. The move sets the stage for a Solana ecosystem battle, with Raydium and Pump now locked in a high-stakes fight for dominance.

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ZachXBT Ties Hyperliquid Whale's Identity to $20M Fraud

Blockchain investigator ZachXBT might have exposed the crypto trader, known as the "Hyperliquid whale," who allegedly profited $20 million through leveraged trades funded by illicit sources. The trader’s wallet (0xf3f) gained notoriety after securing $10M on a 50x ETH/BTC long ahead of Trump’s crypto announcement and $9M on a 40x BTC short trade.

However, ZachXBT traced the funds to casino exploits and phishing schemes, linking payments to platforms like Roobet and Binance and a phishing fee receiver from January 2025. Further analysis showed that part of the whale’s capital originated from an online casino exploit, with Telegram messages linking the trader to past fraud attempts.

A separate payment from the wallet led to UK fraudster William Parker, arrested in 2023 for a $1 million casino scam. Currently, the trader holds a long position on the MELANIA meme coin, despite growing concerns over the origins of his trading capital.

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Kraken Buys NinjaTrader for $1.5B in Crypto-TradFi Merger

Kraken has agreed to acquire US retail futures platform NinjaTrader for $1.5 billion, making it the largest-ever merger between crypto and traditional finance. The deal expands Kraken’s reach into multi-asset trading, including equities, futures, and payments. Kraken’s 15M+ users will gain access to NinjaTrader’s advanced trading tools, while NinjaTrader will leverage Kraken’s licenses in the U.K., EU, and Australia.

Founded in 2003, NinjaTrader is a CFTC-registered Futures Commission Merchant, serving two million traders. Kraken’s co-CEO Arjun Sethi said the deal fixes inefficiencies in traditional markets, where banks close at 4 p.m. and settlements take days. The acquisition, expected to close in H1 2025, follows Stripe’s $1.1 billion acquisition of stablecoin platform Bridge last October.

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Uniswap Approves $165M Funding & Revenue Sharing Proposals

Uniswap approved two major governance proposals, allocating $165M to expand Unichain and Uniswap V4, closing on the long-debated fee switch. The proposal includes $95.4M for grants, $25.1M for operations, and $45M for liquidity incentives, drawing over 80% approval from UNI holders. A key part of the plan involves redistributing some of Uniswap’s $1B+ annual revenue from liquidity providers to UNI holders.

The Uniswap Foundation may also become a legal entity, enabling contracting with other protocols and regulatory clarity. The fee switch, proposed in 2021 but repeatedly delayed, aims to retain a fraction of trading fees that currently go to liquidity providers. If enacted, it would boost UNI token value but reduce rewards for liquidity providers, creating divisions within the community.

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Data of the Day

Tether, the issuer of the USDT stablecoin, purchased $33.1 billion in U.S. Treasury securities in 2024, surpassing Canada, Mexico, and Germany in net buying activity. CEO Paolo Ardoino shared the data, showing that Tether’s demand for U.S. debt exceeded that of multiple sovereign nations, while Japan and China reduced their holdings.

The growing role of stablecoins in U.S. debt markets aligns with Treasury Secretary Scott Bessent’s recent remarks that crypto preserves U.S. dollar dominance. President Donald Trump echoed this sentiment at the Digital Asset Summit, stating that crypto (stablecoins in particular) will expand the U.S. dollar’s global influence.

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More Breaking News

• VC firms including Sequoia Capital and Kingsway have invested over $400 million in Toncoin, the cryptocurrency powering the Telegram-based TON blockchain.
• MoonPay secured a $200M credit line from Galaxy to handle liquidity surges like the TRUMP memecoin frenzy that required $160M in emergency funds.
• Coinbase became Ethereum's largest node operator, controlling 11.42% of staked ETH with validators achieving 99.75% uptime, outperforming network averages.
• Walrus Foundation raised $140M to expand its Sui-based decentralized data storage protocol, backed by a16z, Standard Crypto, and Franklin Templeton.
• Canary Capital filed for the first-ever PENGU ETF, aiming to hold both the Pudgy Penguins NFTs and governance token alongside SOL and ETH.
• Gotbit founder Aleksei Andriunin pleaded guilty to wire fraud and market manipulation, agreeing to forfeit $23M in stablecoins and serve up to 24 months.

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