PumpFun Plans $1B Token Sale at $4B Valuation

📢Sponsor | 💡Telegram | 📰Past Editions

Good Morning.

We just launched a new publication under the name StableScope, where we’ll be sending two issues per week focusing on all things stablecoin. There is now more than $250 billion in stablecoin supply. The vertical has grown significantly to the point that we’re getting demand for coverages just on stablecoin weekly.

Check out the new publication below!

Check out my latest podcast episode with Initia!

In Today's Email:

• What Matters: PumpFun $1B Token Sale 💊 

• Case Study: Ethereum Foundation Restructures R&D 🔎 

• Governance & Features: Orbitals for Stablecoin Pools 🪐 

You read and share. We listen and improve. Send us feedback at [email protected].

TOGETHER WITH

Launch Your Brand with Pro-Grade Video, Without Breaking the Bank

We just launched something new in Launchy - a full-service video production agency designed specifically for your brand growth!

We specialize in:

• 🚀 Brand launch videos that highlight your products.

• 📱 Vertical & horizontal videos optimized for YouTube Shorts, TikTok, IG Reels, and more.

• 🎙️ Complete podcast production (video + audio), plus expert content repurposing.

• ✂️ Premium video editing for events and in-person moments.

We've already worked with over 20 clients and offer something rare in this space: pricing that's friendlier than any comparable offer you'll find.

If you have an upcoming video need or just want to learn more, we’d love to talk.

WHAT MATTERS

PumpFun Plans $1B Token Sale at $4B Valuation

State of play: PumpFun, a popular memecoin launchpad on the Solana blockchain, aims to raise $1B through a token sale at a $4B fully diluted valuation, according to Blockworks.

• The platform, which lets anyone create tokens on Solana, has generated over $700M in revenue since its launch more than a year ago.

• Following the news, Solana’s native token (SOL) briefly dropped about 2% before recovering.

• Details on the token issuance timing and specifics remain unconfirmed.

Why it matters: It remains to be seen if PumpFun is going to accrue some part of its revenue in the form of buy back like Hyperliquid, but if so they’ll be one of the biggest Solana token

Our take: However, the timing is indeed suboptimal, seeing that PumpFun’s activity has been going down while at the same time new competitors are popping up.

For builders and investors: Revenue is the new meta indeed.

CASE STUDY

Ethereum Foundation Restructures R&D

The Ethereum Foundation recently overhauled its Protocol Research & Development division, now called “Protocol,” focusing on three strategic priorities: scaling Ethereum’s Layer 1, improving data availability with blobs, and enhancing user experience.

• Leadership roles were realigned, with Tim Beiko and Ansgar Dietrichs leading Layer 1 scaling.

• Alex Stokes and Francesco D’Amato are heading blobspace improvements, and Barnabé Monnot and Josh Rudolf are managing user experience upgrades.

• Meanwhile, Dankrad Feist provides strategic advice across areas.

• The restructuring included staff layoffs, with at least four blockchain engineers let go, aiming to create a leaner, more focused team.

• This move responds to community criticism about the foundation’s research speed and strategic focus.

New co-executive directors Hsiao-Wei Wang and Tomasz Stańczak, along with foundation president Aya Miyaguchi, signal a leadership refresh intended to accelerate Ethereum’s growth and better position it as critical global financial infrastructure.

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 👇

INSIGHTS

Circle Targets $7.2B Valuation in Upsized IPO

Circle has increased its IPO plans, now offering 32M shares priced between $27 and $28, aiming for a $7.2B valuation.

• This upsizing reflects strong investor demand, including interest from major firms like BlackRock.

• Circle, issuer of the USDC stablecoin, expects to raise up to $896M through the offering on the NYSE under ticker CRCL.

• The IPO date remains unconfirmed amid macroeconomic uncertainty, and the company is not considering mergers despite recent acquisition interest.

FEATURES & GOVERNANCE UPDATE

Paradigm: Orbitals to Boost Stablecoin Pool Efficiency

Paradigm researchers introduced Orbitals, a new automated market maker design aimed at improving capital efficiency in large stablecoin pools.

• Unlike existing AMMs like Uniswap V3 and Curve, Orbitals allow customizable exposure across multiple stablecoins, enhancing liquidity provider flexibility.

• The proposal comes as the stablecoin market cap hits a record $250B, driven by growing interest from DeFi, big banks, and tech firms.

• Despite many stablecoins, USDT and USDC still dominate nearly 90% of supply.

Other notable feature updates:

• Euler is launching EulerSwap.

• Curve has launched on Plume.

• Arbitrum has launched the Yapper Challenge with Kaito.

• Solv Protocol has integrated Chainlink Proof of Reserve.

• Gauntlet has launched two Extrafi XLend vaults on Morpho.

• Hyperdrive has launched a stablecoin money market built for Hyperliquid.

QUICK BITES

• Truth Social files for Bitcoin ETF.

• Circle seeks $7.2B valuation in upsized IPO.

• PumpFun raising $1B via token sale: report.

• South Korea elects pro-crypto Lee as new president.

• Webus files with the US SEC for a $300M XRP treasury plan.

• DeFi hacks accounted for most of May's $302M crypto losses.

• Strategy to offer 2.5M new 'Stride' preferred shares to buy BTC.

• Paradigm researchers aim to improve stablecoin pools via Orbitals.

• Trump's CFTC pick Brian Quintenz set for Senate hearing on June 10.

• Robinhood completes $200M acquisition of crypto exchange Bitstamp.

• Nasdaq-listed Classover plans to raise up to $500M to build SOL treasury.

• Binance to launch altcoin-only spot liquidity program for smaller market makers.

NOTEWORTHY READS & MEME

• Sov’s read on Base grant programs.

• Tiger Research’s read on the 2025 RWA landscape.

• Keyrock’s read on stablecoins driving 1/3rd of DeFi revenue.

If you enjoy reading this issue, please consider subscribing. It takes 1 minute of your time, but it would mean the world to us 🙇

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.