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As markets begin pricing in expectations of rate cuts, on-chain trading volume continues to grow. Pump.fun is preparing to launch its token, while Letsbonk.fun is gaining momentum. For the first time last week, its number of daily token launches and "graduated" projects surpassed Pump.fun, ending Pump.fun's dominance in the memecoin launchpad space since early 2024. The wealth effect generated by Letsbonk.fun's ecosystem has also been significant. Meanwhile, the growing maturity of hybrid "spot + on-chain" products on major centralized exchanges (CEXs) is helping build strong momentum for on-chain market activity. Since the memecoin craze driven by celebrities and political figures earlier this year, market liquidity has gradually recovered from near-dry conditions. The upcoming token launch on Pump.fun may spark renewed ecosystem-level competition among launchpad platforms, generating sustained speculative momentum that continues to benefit the broader Solana ecosystem.

Real World Assets (RWAs) bring real-world financial instruments such as bonds, real estate, and credit onto the blockchain, enabling tokenization, programmability, and global accessibility of traditional financial assets. With U.S. interest rates peaking, monetary policy turning dovish, and ETFs paving the way for institutional capital to enter the crypto space, RWAs have emerged as a leading theme capturing growing institutional attention.

The Base chain has recently seen several major strategic developments: Coinbase has integrated DEX routing for Base on its main app, bridging the gap between CeFi and DeFi liquidity; Shopify has partnered with Base to expand real-world applications and user access points. At the same time, Circle and Coinbase stocks have surged by over 700% and 50% respectively, creating a wealth effect that may spill over into the Base ecosystem—boosting both its TVL and token prices. Recommended projects include: 1) AERO (Aerodrome)—The leading DEX on Base, showing strength despite market downturns; well-positioned to benefit from Coinbase integration. 2) BRETT—A flagship memecoin on Base with over 840,000 holders; likely to lead the next Base memecoin rally. 3) New tokens on Bitget Onchain—Offer early access to emerging Base memecoins while helping users avoid high-risk tokens.

Recent bullish news surrounding a potential Solana ETF has reignited market optimism. The SEC has asked issuers to update their S-1 filings, signaling that ETF approval could be near. This development has boosted confidence in the Solana ecosystem. As a high-performance Layer-1 blockchain, Solana (SOL) offers fast transactions and low fees, making it a hub for DeFi and NFT activity, while also drawing increasing institutional interest. Jito (JTO), the leading liquid staking protocol on Solana, saw its token surge 17% after JitoSOL was included in a Solana ETF prospectus. Its MEV optimization further enhances network value. Jupiter (JUP), Solana's top DEX aggregator with a 95% market share, recently launched a lending protocol, highlighting strong growth potential. These tokens offer investors early exposure ahead of a possible ETF approval and a chance to benefit from Solana's expanding ecosystem.

The crypto market has recently been affected by multiple uncertainties, posing significant challenges for investors. Since the Trump administration took office, its foreign policy has shifted rapidly and unpredictably. For example, in early 2025, the U.S. Unexpectedly tightened restrictions on tech exports to China, leading to diverging views on the future of blockchain-related technologies. Although Trump has repeatedly voiced support for cryptocurrencies on social media, no concrete policies have followed. This ambiguity has made market sentiment swing between optimism and caution, leaving it highly reactive to both breakthroughs and black swan events. Meanwhile, the altcoin market continues to languish, lacking a clear investment narrative. Previously common sector rotations, such as DeFi, AI, or GameFi, have largely faded. Hype is scattered and short-lived. Memecoins on various public chains have surged in number, but most have short lifespans and quickly go to zero. This makes it harder for investors to identify high-quality projects. In this environment, allocating part of your capital to stablecoin-based yield products may be a prudent move. Beyond conventional DeFi protocols such as Aave, Compound, and Kamino for staking USDT and USDC, Bitget provides users with a broader selection of stablecoin investments offering higher APRs.

Ethena, Hyperliquid, and ONDO stand out in this cycle as high-conviction projects with exceptionally strong product-market fit (PMF). Ethena centers around its innovative stablecoin protocol, USDe. Through dynamic strategy adjustments and efficient capital utilization, it offers both high yield and stability. With over $1.3 billion in circulation, it reflects strong and growing market demand. Hyperliquid focuses on decentralized derivatives trading. Built on a high-performance L1 and powered by user-driven strategy optimization, it has seen a surge in trading volume. This showcases explosive ecosystem growth and has gained traction from both institutional and retail participants. ONDO bridges traditional finance and DeFi by tokenizing real-world assets (RWA), such as U.S. Treasuries. It meets the growing investor demand for low-risk, high-liquidity products, and its market recognition is rapidly accelerating. Each of these projects addresses a key pain point in its vertical: Ethena delivers yield stability, Hyperliquid boosts trading efficiency, and ONDO connects TradFi to DeFi through RWA. Together, they represent a combination of technological innovation and strong market traction. Looking ahead to 2025, macro conditions — from low volatility to policy tailwinds — further support their continued growth, positioning them as standout investment opportunities in this cycle.

Last week, Ethereum completed the Pectra upgrade—one of its most significant updates in the past three years. The upgrade improved the staking mechanism, expanded Layer 2 blob support, and introduced account abstraction. Around the same time, Ethereum co-founder Vitalik Buterin proposed simplifying the network's architecture to boost long-term resilience and competitiveness, aiming to reach Bitcoin-level simplicity within five years. Leadership changes at the Ethereum Foundation also signaled a renewed commitment to reform and sustainable growth. These developments reignited market confidence, especially among long-term ETH holders, and triggered a sharp price rally of nearly 40% in just over a day—pushing ETH to the top of trending searches on platforms like TikTok. The broader Ethereum ecosystem surged as well, with the liquid staking sector leading the way.

Real yield protocols are gaining traction as a resilient sector in the crypto market, enabling users to navigate both bull and bear cycles effectively. Unlike narrative-driven projects that rely on token sales, real yield projects generate actual protocol revenue and return value to the community through mechanisms like fee buybacks and token burns. These sustainable business models offer greater resilience across market cycles, making them well-suited for mid- to long-term allocations. Projects such as AAVE, JTO, JUP, and CAKE have established robust revenue frameworks, serving as leading examples across the EVM, Solana, and BSC ecosystems — and are well worth watching.

The Sui ecosystem has performed exceptionally well over the past six months, driven by a positive flywheel effect built on DeFi incentives, ecosystem partnerships, and support for high-quality projects. This cycle — subsidizing staking participation, boosting TVL and liquidity, empowering new projects with exposure and expanding its user base — has propelled Sui to the forefront. Currently, the market is speculating on a potential SUI ETF launch and anticipating another TVL milestone for the ecosystem. Recently launched Sui-based tokens, such as DEEP and WAL, have already been listed on Korea's leading exchange Upbit, demonstrating the strong backing and resources of the Sui Foundation. Additionally, an upcoming token unlock worth over $250 million has drawn further market attention. While large unlocks can trigger price concerns, as seen with Solana, SOL remains resilient, and many investors are optimistic about SUI's long-term price action. A post-unlock pullback could present an attractive entry point.

In 2025, the stablecoin market shows strong signs of growth. Research indicates that the market cap of USD-pegged stablecoins has surged 46% year-over-year, with total trading volume reaching $27.6 trillion, surpassing the combined volume of Visa and Mastercard transactions in 2024. The average circulating supply is also up 28% from the previous year, reflecting sustained market demand. Once used primarily for crypto trading and DeFi collateral, stablecoins are now expanding into cross-border payments and real-world asset management, reinforcing their growing importance in the global financial system. More banks and enterprises are starting to issue their own stablecoins. Standard Chartered launched an HKD-backed stablecoin, and PayPal issued PYUSD. The CEO of Bank of America has expressed interest in launching a stablecoin once regulations permit (via CNBC). Fidelity is developing its own USD stablecoin, while JPMorgan Chase and Bank of America plan to follow suit when market conditions stabilize. Meanwhile, World Liberty Financial (backed by the Trump family) has introduced USD1, backed by assets such as government bonds and cash.
- 00:13Trump: Will Soon Send Tariff Letters to Small Countries, Rates May Be Slightly Above 10%According to ChainCatcher, citing Jinshi Data, Trump stated on Tuesday that tariff letters for smaller countries will be issued soon, adding that tariffs imposed on these countries may be "slightly above 10%". Trump also said he is very satisfied with the "simple agreements" that have already been announced, which set universal tariff rates for more than 20 countries, and that the remaining tariff issues with other countries will be resolved soon. He said, "We will soon issue a letter discussing tariffs for many small countries." "We may impose a tariff on products from all these countries... possibly slightly above 10%."
- 00:09Huatai Securities: Maintains Forecast of Two Fed Rate Cuts in September and DecemberOdaily Planet Daily News: Huatai Securities stated that looking ahead, tariff transmission may further push up core goods inflation. However, considering that the job market may slow down in the future, we maintain our forecast that the Federal Reserve will cut rates twice, in September and December. June CPI data shows that inflation for goods with high import dependence has already rebounded, disproving the claim that overseas exporters lower prices and tariffs are not passed on. Given that the weighted average U.S. import tariff rate was only 8.7% in May, and some companies have delayed price transmission by depleting inventories, we expect that the impact of tariffs on inflation will become more apparent going forward, potentially pushing up U.S. inflation in the short term. A New York Fed survey also confirms that 88% of manufacturing companies and 82% of service companies choose to pass tariffs on to consumers within three months. At the June FOMC press conference, Powell stated that the Fed needs to observe the impact of tariffs over the summer, and the rebound in inflation may already be within the Fed’s expectations. (Jin10)
- 00:07LD Capital founder responds to partial ETH sell-off: Deleveraging during bull market FOMO, holding spot and waiting for new opportunitiesAccording to ChainCatcher, citing information from social media, LD Capital founder JackYi responded to the incident where Trend Research deposited 17,289 ETH, worth nearly $53 million, into a CEX by stating, "During bull market FOMO, we use leveraged borrowing to hold spot positions and wait for new opportunities." Previously, Trend Research, a subsidiary of LD Capital, increased its ETH holdings with 2x leverage: they borrowed about $270 million on Aave to purchase ETH. Their average cost for ETH was around $2,250, and now with ETH priced at $3,127, their 182,000 ETH position has an unrealized profit of as much as $160 million.