Galaxy Research’s latest report finds that memecoins draw new users into crypto, but the spoils go to enrich launchpads, exchanges and bots rather than traders themselves. Memecoins may attract new users to blockchains, but the profits largely flow to the platforms that launch and trade the tokens, according to a new report from Galaxy Research. The study released on Wednesday shows that while most traders lose money in a short-term gambling market, infrastructure providers such as launchpads, decentralized exchanges and trading bots capture millions in revenue by facilitating memecoin trading. Solana’s Pump.fun, a memecoin launchpad that debuted in early 2024, has been a major beneficiary, with tokens on the platform representing a combined $4.8 billion in fully diluted market value, as per the report. Read more
Travis Hill has served as acting FDIC chair since Donald Trump took office on Jan. 20, later issuing guidance on crypto-related activities and criticizing allegations of debanking. US President Donald Trump sent the nomination of acting chair of the Federal Deposit Insurance Corporation (FDIC), Travis Hill, to the Senate for consideration to assume the government role for a five-year term. According to congressional records, Trump’s nomination of Hill as FDIC chair was sent to the Senate Banking Committee on Tuesday. Before assuming his role at the FDIC, Hill issued a statement that the department should offer additional guidance on digital assets and tokenization and spoke out against allegations of US authorities debanking companies due to their ties to crypto. He followed with a letter aimed at financial institutions in March, clarifying that banks could engage with digital assets as a ”permissible activity.” Read more
Bitwise’s Hunter Horsley says Solana’s shorter unstaking period gives it an advantage over Ethereum in the race for staking ETFs, as US regulators prepare key decisions in October. Bitwise CEO Hunter Horsley says Solana may gain an edge over Ethereum in the staking exchange-traded fund (ETF) market, pointing to its design as more favorable for investors. Speaking with Cointelegraph editor Andrew Fenton at Token2049 in Singapore, Horsley argued that Solana’s quicker unstaking period gives it an advantage over Ethereum. For instance, Ethereum’s withdrawal queue recently reached new highs, while Solana’s typically clears faster. Horsley said that difference matters for issuers who must be able to return assets to investors quickly. “It’s a huge problem,” Horsley said. “The ETFs need to be able to return assets on a very short time frame. So this is a huge challenge.” Read more