PUMP Token: Revenue Sharing?

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Good Morning.

The market is crabbing, and I’m mostly defensive (not financial advice). I don’t think it’s a “sell in May and go away” scenario this time around, but there isn’t as much reason to take any aggressive trade. Comfy in stable farms and bidding whenever we see blood.

Check out our latest podcast episode with INFINIT.

In Today's Email:

• What Matters: PumpFun Eyes Revenue Sharing 👀 

• Product of the Week: Keeta Network, A New L1 🔎 

• Charts: Ethereum ETFs Record Inflows, Hyperliquid $248B Monthly Volume 📈 

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WHAT MATTERS

PumpFun Eyes Revenue Sharing

State of play: PumpFun is planning to raise $1B through an ICO at a $4B valuation and is considering a revenue-sharing model, potentially using a buyback-powered utility structure tied to its protocol revenue.

• About 25% of the 1T token supply is expected to be sold publicly, with 10% set aside for an airdrop. Private sale pricing is around $0.004 per token.

• PumpFun's revenue totalled roughly $677M since launching in early 2024. While daily revenue peaked at $7M in January, it currently averages about $1M.

As for growth, insiders suggest PumpFun may avoid building a standalone L1 blockchain and instead focus on expanding into new verticals like crypto-integrated livestreaming, aiming to redefine how crypto and media interact.

• The team is reportedly reinvesting profits to pursue long-term dominance in the memecoin and content space.

Our take: If the rumor that PumpFun will allocate 25% of its revenue for buyback, it will be one of the most successful token launches this year, alongside HYPE.

For builders and investors: This.

PRODUCT OF THE WEEK

Keeta Network: A New High-Performance Layer-1

Keeta Network is a high-performance Layer-1 blockchain designed for instant, seamless cross-chain asset transfers.

• With 400ms settlement times and 10 million TPS, it blends speed with institutional-grade infrastructure.

• It uses a hybrid DAG + dPoS structure where each account has its own chain, enabling massive parallelism.

• Keeta also features KeetaScript and KeetaVM, allowing strict compliance and verifiable execution, ideal for use cases like RWAs and zk bridges.

Other cool products:

• Streme, a token launchpad with AI agent.

• The Arena, a SocialFi platform on Avalanche.

• Pharaoh Exchange, a DeFi platform on Avalanche.

• ODOS, a DeFi protocol leveraging advanced optimization algorithms.

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CHARTS OF THE WEEK

Ethereum ETFs Record Inflows, 15-Day Streak

State of play: US spot Ethereum ETFs have recorded 15 consecutive days of net positive inflows, pushing cumulative inflows to a record $3.33B, with $820M added since May 16.

• BlackRock’s ETHA led the streak with nearly $600M in new inflows.

• The momentum follows Ethereum’s Pectra upgrade and a broader 40% ETH price surge over the past month.

• Grayscale’s ETFs (ETHE and ETH) still hold the highest combined AUM at $4.09B, followed by ETHA and Fidelity’s fund at $1.09B.

Our take: Ethereum sentiment might have bottomed here and it’s starting to find its voice amongst the institutional allocators.

Hyperliquid Hits $248B Monthly Volume

State of play: Hyperliquid reached a record $248B in perpetual futures trading volume in May 2025, marking a 51.5% monthly and 843% yearly increase.

• This pushed its share of Binance’s monthly volume to a new high of 10.54%, up from 9.76% in April.

• The surge is driven by Hyperliquid’s CEX-like user experience, non-custodial model, and a popular Season 2 points campaign following its successful airdrop.

• Meanwhile, DEXs as a whole are gaining ground, with DEX-to-CEX futures volume ratios averaging 6.7% YTD, up from just 2% in 2022.

Our take: It’s a matter of when, not if, for perpetual DEXs market share to overtake a significant portion of CEXs, especially with many new perp DEXs launches in 2025.

QUICK BITES

• Gemini files confidentially to go public.

• PumpFun eyes revenue sharing & big expansion.

• Alex Lab to reimburse users after $8.3M exploit.

• OpenSea hits its highest monthly users since 2023.

• BiT Global drops wBTC-related legal spat with Coinbase.

• World Liberty will buy a substantial position in Trump memecoin.

• Polymarket partners with X as its official prediction market partner.

• Bitcoin network tx activity reaches lowest level since October 2023.

• US spot Ethereum ETFs recorded 15 consecutive days of net positive inflows.

• 1inch reclaims DEX aggregator lead with 60% market share after Solana expansion.

• Hyperliquid reached a record $248B in perp volume, capturing 10% of Binance flows.

NOTEWORTHY READS & MEME

• Paul Frambot’s read on aligning around MORPHO.

• kushagra’s read on low-float high FDV on equities.

• jinglingcookies’ read on the age of agentic capital, part I.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.