PumpFun Hits $50M in Revenue
HashKey $HSK Airdrop | $680M Raised in June
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Good Morning.
Polkadot apparently has two years of runway left at its current burn rate. Most of the cost is being spent on advertising, influencers, and sponsorships — with very limited devrel results to be shown.
Here’s an idea: maybe… just maybe, you can spend those dollars on a more targeted set of creators and events to properly incentivize development on your own chain. If only there’s a newsletter catered specifically for that, but I digress.
In Today's Email:
What Matters: Blast airdrop 🪂
Case Study: How to build a pitchdeck ✍️
Governance & Features: Solana blinks 🖼️
You read and share. We listen and improve. Send us feedback at [email protected].
Narratives: AI tokens remain top of mind with Sentient fundraise and Bittensor exploit.
For more & quicker alpha (narratives, airdrops, trading strategies), check out our telegram.
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TOGETHER WITH
Intercom for Startups
Join Intercom’s Early Stage Program to receive a 90% discount.
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WHAT MATTERS
Pump.Fun Tops Ethereum in Daily Revenue
State of play: PumpFun became the highest revenue-generating protocol with ~$1.99M in daily revenue, surpassing Ethereum's $1.91M, according to data on DefiLlama.
Cumulative revenue on the platform has now reached $50.9M.
11,528 tokens were launched on PumpFun on Monday, bringing the total to 1,199,685.
The number of tokens created can be attributed to the ongoing celebrity-themed token narrative.
What’s next: There is a surge of PumpFun-like projects that are trying to build momentum on top of PumpFun’s success — with most aiming to combine FriendTech’s like social element with the memecoin economy.
Why it matters: PumpFun is one of the few dApps in the current generation that has found PMF and shows that you can build profitable protocols without necessarily retorting to building another chain.
Our take: While PumpFun’s achievement is good, it’s still centered around speculation and an “exchange-like” business model.
For builders and investors: We’ve yet to see dApps that are truly able to charge end users subscription fees or consistently monetize via advertising — which are the two most popular business models for consumer applications in web2.
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CASE STUDY
HashKey to Airdrop $HSK via Tap-to-Earn Game
State of play: HashKey Group has launched an airdrop for its HSK token that will be listed in Q3 this year. Users can claim HSK by playing a Telegram tap-to-earn game called “DejenDog” and completing designated tasks.
HashKey plans to distribute 10M HSK tokens before listing.
By playing Dejen Dog, users can earn HIT points that can be redeemed for HSK.
HSK is an ERC-20 standard token with a total supply of 1B.
65% of the HSK supply would be allocated for ecosystem growth, 30% to the staff and 5% to a reserve fund.
HSK will be used for community rewards, exclusive pre-sale rights, ecosystem collaborations, transaction fee discounts, and business growth activities on HashKey Global.
Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our list of 500 crypto VC individuals 👇
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INSIGHTS
June VC Report: Fundraising Down 41%
Credits to WuBlockchain for the original report
RootData reports 90 Crypto VC investments in June, down 41% from May and up 3% from last June. The fundraising amount in June was $680M, a decrease of 31% MoM ($990M) and an increase of 42% YoY ($480M).
DeFi and NFT/GameFi account for most (~20% and ~18%) of the total deal.
The top deal in June is the Bitstamp acquisition by Robinhood for $200M.
The merger of GRIID and Cleanspark ($155M) and Hut 8 strategic round ($150M) comes in second and third place in the top deals.
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FEATURES & GOVERNANCE UPDATE
Chromia Mainnet Launch
JUST IN: Chromia MVP Mainnet Launch Confirmed for July 16th, 2024.
Get ready to launch 🚀
đź”— chromia.com/mvp-mainnet
— Chromia | Power to the Public (@Chromia)
1:10 PM • Jul 2, 2024
L1 blockchain Chromia plans to launch its MVP mainnet on July 16th, 2024 and will bridge its native token CHR for staking, fee payments, and other network functions.
CHR is an ERC-20 token and BEP-20 asset on the BNB Chain.
Chromia uses a custom programming language, Rell, similar to SQL, to simplify web3 app development, promising enhanced computing functions and faster dApp runtimes.
Yeou Jie Goh, former DeFiance Capital Head of Portfolio Growth, joined Chromia as Head of the APAC Region in December 2023.
Other notable feature updates:
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QUICK BITES
HK regulators to review crypto rules.
Robinhood looks to list crypto futures.
Genesis Digital Assets considers US IPO.
PumpFun surpasses Ethereum in daily revenue.
Blast allocates 10 billion tokens in phase 2 rewards.
Aave DAO plans to launch GHO stablecoin on Arbitrum.
DCG renews push to get NYAG’s civil fraud suit dropped.
Mantra plans to tokenize $500M real estate for MAG Group.
Polkadot has 2 years of runaway left at the current burn rate.
Bittensor halts network after reported security attack on wallets.
Ripple & Coinbase aims to leverage the judge’s ruling in SEC’s Binance case.
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NOTEWORTHY READS & MEME
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