Pump.fun lost the top spot in the Solana memecoin launchpad rankings for the first time since its release, hinting at a shift in the memecoin sector.
As Cointelegraph previously reported, a newly created memecoin launchpad called LetsBonk flipped Pump.fun in daily protocol revenue, according to DefiLlama. While overall network activity shows a potential reshuffle instead of an expansion, some metrics indicate that Solana may be on the rise, with a potential expansion in memecoin activity.
In addition, decentralized finance (DeFi) and traditional finance (TradFi) may converge sooner than people think. Nelli Zaltsman, head of blockchain payments innovation at JPMorgan’s Kinexys, said this could happen in the next few years.
Real-world asset (RWA) platform Projective Finance offers exposure to government-backed blockchain technology projects, while NFT platform OpenSea is expanding to DeFi and perpetuals after a major acquisition.
Meanwhile, security researchers have thwarted a $10-million DeFi backdoor that threatened thousands of smart contracts for months.
LetsBonk flips PumpFun in 24-hour revenue: DefiLlama
A new memecoin launchpad gained traction within the Solana ecosystem, eclipsing the top platform in 24-hour sales.
On July 7, DeFi data platform DefiLlama showed that LetsBonk, a Solana memecoin platform supported by the Bonk (BONK) community, generated $1.04 million in revenue. This record doubled Pump.fun’s revenue of $533,412 for the same period.
The surge marked an uncommon shift in dominance in Solana memecoins, where Pump.fun is usually on top. Even though LetsBonk showed a spike in daily revenue, Pump.fun remained dominant in the monthly chart, recording over $37 million in protocol revenue.
LetsBonk’s launch also seemingly affected the BONK memecoin, as the token has recorded an almost 52% increase in value since the memecoin launchpad’s release. BONK is one of the top Solana memecoins, with over 430,000 followers on X. The token has a market cap of almost $1.8 billion, making it the 68th-largest token in the crypto space.
DeFi, TradFi convergence could arrive sooner than expected: JPMorgan
A JPMorgan executive said the divide between TradFi and DeFi could disappear in the next few years.
At the RWA Summit Cannes 2025, Nelli Zaltsman said that JPMorgan is attempting to merge onchain assets with institutional-grade payments infrastructure. This signals a potential tipping point for mass blockchain adoption.
The executive said their goal was to find a way to work with the public blockchain, as the regulatory environment permits. Zaltsman described JPMorgan’s approach as “asset agnostic,” hinting that the company aims to provide multichain access to clients.
The executive also said the boundaries separating TradFi and DeFi may dissolve faster than expected. This is being driven by both industries’ willingness to collaborate.
Projective Finance opens $7 million onchain lending pool for Illinois solar projects
A RWA financing platform focused on sustainability launched a $7-million lending pool for public schools in Illinois.
The platform, Projective Finance, gives DeFi investors access to municipal infrastructure in the United States. The lending pool will fund solar energy installations across Illinois. The company said infrastructure loans will be executed entirely onchain.
Using blockchain technology, the project allows access investments without the intermediaries traditionally required. Projective Finance co-founder Josh Chinnaswamy said that with the blockchain, the investments can be done with full transparency.
The company lets investors take part in government-backed projects, which typically have high credit ratings and lower default risks. This includes government initiatives focusing on renewable energy. However, the platform does not provide investors with exposure to crypto assets.
OpenSea expands to mobile with Rally deal, eyes “onchain everything app”
Non-fungible token (NFT) platform OpenSea continues to expand beyond digital collectibles, acquiring a mobile and token-focused company called Rally.
The acquisition showcases OpenSea’s intention to go beyond NFTs and develop a mobile-focused platform for crypto trading. The platform said that the future of NFT and token trading “fits in your pocket.” Meanwhile, Rally posted on X that users can expect a new mobile experience later in 2025.
Rally co-founders Chris Maddern and Christine Hall will be a part of OpenSea’s leadership, bringing their token trading expertise to the platform.
In an X post, Maddern, who will also be OpenSea’s new chief technology officer, said the team is working on a product to grow the onchain economy for creators and traders.
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Researchers foil $10 million DeFi backdoor in thousands of smart contracts
A group of crypto security researchers discovered and rescued thousands of smart contracts affected by a DeFi backdoor, preventing potential losses of over $10 million in crypto.
On Thursday, pseudonymous Venn Network researcher Deeberiroz shared that a backdoor exploit had been quietly threatening the industry for months. The attack exploited uninitialized ERC-1967 proxy contracts, which allow malicious actors to hijack contracts before they have been set up properly.
Venn Network co-founder and president Or Dadosh told Cointelegraph that the attacker essentially front-ran contract deployments and injected malicious implementations. “In the simplest terms, the attacker exploited certain deployments which allowed them to put a well-hidden back door in thousands of contracts,” Dadosh told Cointelegraph.
Dadosh said the attacker could have targeted the vulnerable contracts at any point. However, since the team discovered the vulnerability on Tuesday, it worked with other security researchers to evaluate affected contracts and secure vulnerable assets.
DeFi market overview
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green.
A token called MemeCore (M) was last week’s largest gainer, increasing by 1,058%, followed by Hyperlane (HYPER), which recorded over 400% in gains this week.
Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.
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