Since its launch, Pump.fun has lost its top position in the Solana meme coin launch platform rankings for the first time, indicating a shift in the meme coin space.
As previously reported by Cointelegraph, according to DefiLlama data, a newly created meme coin launch platform called LetsBonk has surpassed Pump.fun in daily protocol revenue. While overall network activity suggests a potential reshuffling rather than expansion, some indicators point to Solana possibly rising, with meme coin activity expected to expand.
Additionally, decentralized finance (DeFi) and traditional finance (TradFi) may be converging faster than people realize. Nelli Zaltsman, head of blockchain payment innovation at JPMorgan Kinexys, stated that this could happen in the coming years.
The real-world asset (RWA) platform Projective Finance offers investment opportunities in government-backed blockchain technology projects, while the NFT platform OpenSea is expanding into DeFi and perpetual contracts following significant acquisitions.
Meanwhile, security researchers have thwarted a $10 million DeFi backdoor that threatened thousands of smart contracts for months.
A new meme coin launch platform has gained attention within the Solana ecosystem, surpassing top platforms in 24-hour sales.
On July 7, the DeFi data platform DefiLlama reported that the Solana meme coin platform LetsBonk, supported by the Bonk (BONK) community, generated $1.04 million in revenue. This record is double the $533,412 revenue of Pump.fun during the same period.
This surge marks a rare shift in Solana's meme coin dominance, which is typically held by Pump.fun. Although LetsBonk shows a spike in daily revenue, Pump.fun still maintains dominance in the monthly charts, with protocol revenue exceeding $37 million.
The launch of LetsBonk also seems to have impacted the BONK meme coin, which has seen its value increase by nearly 52% since the launch of the meme coin platform. BONK is one of the top Solana meme coins, boasting over 430,000 followers on X. The token has a market cap of nearly $1.8 billion, making it the 68th largest token in the cryptocurrency space.
JPMorgan executives indicated that the divide between TradFi and DeFi may disappear in the coming years.
At the 2025 Cannes RWA Summit, Nelli Zaltsman stated that JPMorgan is attempting to merge on-chain assets with institutional-grade payment infrastructure. This marks a potential turning point for large-scale blockchain adoption.
The executive noted that their goal is to find ways to collaborate with public blockchains as the regulatory environment allows. Zaltsman described JPMorgan's approach as "asset-agnostic," suggesting that the company aims to provide multi-chain access for its clients.
The executive also mentioned that the boundaries separating TradFi and DeFi may dissolve faster than expected, driven by the willingness of both industries to collaborate.
A sustainable RWA financing platform has launched a $7 million lending pool for public schools in Illinois.
The platform, Projective Finance, offers DeFi investors opportunities to invest in U.S. municipal infrastructure. The lending pool will fund solar installations in Illinois. The company stated that the infrastructure loans will be executed entirely on-chain.
Utilizing blockchain technology, the project allows for investments without the traditional intermediaries required. Projective Finance co-founder Josh Chinnaswamy stated that investments can be made with complete transparency through blockchain.
The company engages investors in government-backed projects, which typically have high credit ratings and lower default risks. This includes government initiatives focused on renewable energy. However, the platform does not offer investment opportunities in crypto assets for investors.
The non-fungible token (NFT) platform OpenSea continues to expand beyond digital collectibles, having acquired a mobile and token-focused company called Rally.
This acquisition demonstrates OpenSea's intent to move beyond NFTs and develop a cryptocurrency trading platform focused on mobile. The platform stated that the future of NFT and token trading is "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 become part of OpenSea's leadership, bringing their token trading expertise to the platform.
In a post on X, Maddern, who will also serve as OpenSea's new Chief Technology Officer, stated that the team is developing a product to facilitate on-chain economic growth for creators and traders.
A group of cryptocurrency security researchers discovered and rescued thousands of smart contracts affected by the DeFi backdoor, preventing potential losses of over $10 million in cryptocurrency.
On Thursday, anonymous Venn Network researcher Deeberiroz shared that a backdoor vulnerability had quietly threatened the industry for months. The attack exploited an uninitialized ERC-1967 proxy contract, allowing malicious actors to hijack contracts before they were properly set up.
Venn Network co-founder and president Or Dadosh told Cointelegraph that the attackers essentially preempted the contract deployment and injected malicious implementations. "In simple terms, the attackers exploited certain deployments, allowing them to place deeply hidden backdoors in thousands of contracts," Dadosh told Cointelegraph.
Dadosh stated that the attackers could have exploited the vulnerable contracts at any time. However, since the team discovered the vulnerability on Tuesday, it has collaborated with other security researchers to assess the affected contracts and protect vulnerable assets.
According to Cointelegraph Markets Pro and TradingView data, most of the top 100 cryptocurrencies by market capitalization closed in the green this week.
A token called MemeCore (M) was the biggest gainer last week, increasing by 1058%, followed by Hyperlane (HYPER), which recorded over 400% growth this week.
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Original article: “DeFi Development Summary: LetsBonk Surpasses Pump.fun, DeFi-TradFi Convergence Imminent”
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