Pump.fun Token Sale Nets $600 Million in 12 Minutes

Pump.fun raised $600 million in 12 minutes during its public sale of PUMP tokens on July 12, selling out the entire offering of 150 billion tokens priced at $0.004 each. The sale implies a fully diluted valuation of $4 billion for the Solana meme coin launchpad, surpassing most recent crypto ICOs.

Major crypto exchanges including Bybit, Kraken, Bitget, and KuCoin hosted the token offering, although intense demand caused technical issues at Bybit, leading to oversubscription. Bybit is currently verifying final allocations and will refund any users whose token purchases were unsuccessful.

Tokens sold in the ICO will remain locked for up to 72 hours after the sale to ensure controlled distribution, with trading to begin once distribution is complete. The ICO tokens represented 15% of Pump's total supply, with an additional 18% already allocated in a private sale to institutional investors.

Pump conducted the token sale as it faces growing competition from LetsBONK, another Solana meme coin platform that recently overtook PumpFun in weekly trading volume. The success of the PUMP ICO marks a notable return of interest in public token sales despite ongoing skepticism about meme coins.

Ethereum Plans Layer 1 zkEVM Within a Year

Ethereum developers announced plans on July 11 to implement zero-knowledge proofs at Layer 1 within one year, beginning with optional zkEVM software. Protocol engineer Sophia Gold said validators will verify Ethereum blocks via three separate zk-proofs rather than fully re-executing transactions. Proofs must verify within 10 seconds, achieving 128-bit security on hardware under $100,000.

Few validators will initially use the zkEVM software due to complexity, hardware cost, and potential performance risks. However, Ethereum expects usage will expand as security audits, formal verifications, and bug bounties build validators' confidence. A successful zkEVM launch could improve Ethereum's scalability, enable greater transaction throughput, and substantially strengthen onchain privacy.

CZ Suggests Coinbase Behind Trump Stablecoin Rumors

Binance founder Changpeng "CZ" Zhao reposted allegations that Coinbase anonymously leaked damaging information about Trump-linked stablecoin USD1 to Bloomberg. Crypto commentator Matt Wallace claimed Coinbase feared Binance's potential return to the U.S. crypto market and sought to undermine Zhao. Coinbase's Chief Legal Officer publicly denied Wallace’s allegations, calling them misinformation.

Bloomberg had reported Binance's involvement with Trump's USD1 token, alleging Zhao sought a presidential pardon following a major UAE deal. Zhao dismissed Bloomberg’s article as false, hinting the claims were sponsored by an unnamed competitor. The Binance founder further threatened possible legal action against Bloomberg, labeling the accusations a deliberate attempt at defamation.

BlackRock Bitcoin ETF Sets Record at $80 Billion

BlackRock's Bitcoin ETF (IBIT) became the fastest ever to reach $80 billion assets under management on July 11, following Bitcoin’s rise above $118,000. IBIT surpassed this historic financial milestone in just 374 days, five times quicker than Vanguard's S&P 500 ETF achieved it. Bloomberg analyst Eric Balchunas noted the surge came largely from Bitcoin’s rising price rather than purely new inflows.

On July 10, spot Bitcoin ETFs saw a daily inflow totaling $1.18 billion, the second-largest single-day increase since their introduction. Presto Research analyst Min Jung attributed Bitcoin's price spike to increasing institutional adoption following recent ETF approvals. Analysts expect continued institutional entry into Bitcoin ETFs, anticipating further price gains and record inflows throughout the year.

Data of the Day

Ethereum staking reached an all-time high of 29.39% of total token supply as of July 9, driven largely by the recent Pectra network upgrade. Implemented in March, the Pectra upgrade increased the staking limit per validator significantly, from just 32 ETH to 2,048 ETH. This allowed staking providers to consolidate smaller nodes into larger validators, significantly reducing hardware expenses and operating costs.

The March Cboe filings permitting spot ETH ETFs to stake their ETH assets also point toward further future increases. Market analysts project that these ETFs will direct additional ETH holdings into validators, boosting participation rates further. While increased staking benefits Ethereum's security, some in the community worry about the concentration of validator influence among a few regulated institutions.

More Breaking News

• James Wynn, the high-stakes crypto trader who lost hundreds of $100m on Hyperliquid using leverage, vanished from X after updating his bio to simply "broke."
• A DOJ filing suggests MoonPay’s CEO and CFO unknowingly sent $250,000 USDT to a Nigerian scammer posing as a Trump fundraiser.
• Solana treasury firm Upexi is raising $200 million across equity and convertible notes to expand its growing SOL reserve past 1.6 million coins.
• Michael Saylor says Strategy will resume Bitcoin accumulation on Monday, following a massive $4.2 billion capital raise.
• The GMX hacker returned most of the $40 million exploit, but quietly kept $5 million by routing it through Tornado Cash.
• Kraken will airdrop PUMP tokens to users whose orders failed during the ICO sale, citing internal system strain and record-breaking demand.
• Tether announced plans to discontinue USDT on five chains including Omni, EOS, and Algorand, due to two years of declining network activity.
• Coinbase has hired @AlexOnchain, ex-Binance social lead, to rebuild its Crypto Twitter presence and shift toward more native, direct comms.
• Florida’s attorney general subpoenaed Robinhood Crypto, alleging deceptive practices related to pricing transparency and commission-free trading claims.

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