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OVERVIEW

Time Travel Is for Sci-Fi, Not Blockchains ⏲️ 

Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total market and altcoin market cap charts:

NEWS IN THREE SENTENCES
Crypto News 📰

⚙️ Pump.fun Tests AMM, Threatens Raydium’s Throne

Pump.fun is toying with its own automated market maker on Solana, so new meme coin liquidity might stay in-house instead of defaulting to Raydium. Ray’s token price dipped 28% in a panic as everyone wonders if they’ll lose that sweet fee revenue from shilling shitcoins. Crypto-Economy.

🐻 Berachain Leaps to $3.26B TVL

A new Layer-1 chain named after cartoon bears is now 6th in DeFi, surpassing Arbitrum and Base in TVL. Their “Proof-of-Liquidity” consensus means staking BERA keeps the ecosystem’s liquidity from leaking out. They also airdropped 80 million BERA tokens - one of the largest in crypto - and apparently it worked. ecoinimist.

🏦 OX.FUN Denies ‘Extortion’ Amid Liquidity Rumors

An artist collective claims OX.FUN offered to unlock their $1 million in frozen funds if they’d do some social media praising the exchange. OX.FUN says the user manipulated their “JAILSTOOL” meme coin, violating TOS. On-chain sleuths say OX.FUN has ties to Su Zhu of Three Arrows Capital. Decrypt.

💰 Ethena Nabs $100M Funding, Touts Next-Gen Stablecoins

Franklin Templeton, F-Prime Capital, and Dragonfly just threw $100M at Ethena for its USDe stablecoin. They’re offering a “synthetic” approach, so it remains fully collateralized even after the Bybit fiasco. Ethena wants to push a stablecoin that appeals to TradFi folks with 20%+ yields. Because if you can dangle that big an APY, you’ll snag the attention of legacy finance. CryptoBriefing.

🚨 Infini Hacked for $50M (Days After Bybit’s $1.5B) 

Stablecoin neobank Infini got hit by an inside job: a dev left admin rights in the contract and drained nearly $50 million. The stolen USDC became 17,696 ETH before it disappeared. Founder Christian Li says they can pay back losses, while the community faces déjà vu, just after Bybit’s monstrous hack last week. More scars for a battered DeFi scene. CoinJournal.

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