Olivia Capozzalo和Camila Russomay 16，2025

星期五快樂，辯護人！是我，卡米。快速更新：我們正在更改每日新聞通訊格式。現在，您將真正地分析您的最新消息趨勢（有時其他挑釁的團隊成員會介入），以及我們在過去24小時中寫的最重要的新聞。

Olivia Capozzalo & Camila RussoMay 16, 2025

Olivia Capozzalo和Camila Russomay 16，2025

Happy Friday, Defiers! It’s me, Cami.

星期五快樂，辯護人！是我，卡米。

Quick housekeeping note: We’re changing up the daily newsletter format. Now you’ll get analysis of the latest news trends from yours truly (occasionally, other Defiant team members will step in), plus the top news we wrote in the past 24 hrs.

快速家政註釋：我們正在更改每日新聞通訊格式。現在，您將真正地分析您的最新消息趨勢（有時其他挑釁的團隊成員會介入），以及我們在過去24小時中寫的最重要的新聞。

We hope you like the change – feedback is very welcome! Now let’s get to it.

我們希望您喜歡更改 - 非常歡迎反饋！現在讓我們開始。

The most interesting trend in DeFi right now is the memecoin wars. It’s a sign that hope is not lost in making crypto’s OG use case actually useful.

目前，最有趣的趨勢是Memecoin戰爭。這是一個跡象表明，使加密的OG用例實際上有用時並沒有丟失。

Crypto’s first non-money use case to find product-market fit was to let anyone anywhere issue tokens and buy tokens. Seems simple, but it’s a pretty revolutionary idea that anyone with an internet connection can issue an asset and sell it to anyone with an internet connection, with no intermediaries. It’s what ignited the first ever non-Bitcoin speculative crypto mania, with ICOs on Ethereum in 2017. NFTs in 2022 were a version of that, and of course, the latest memecoin frenzy is an obvious iteration.

Crypto首個找到產品市場合適的非貨幣用例是讓任何人發行的代幣和購買令牌。似乎很簡單，但這是一個非常革命性的想法，任何具有Internet連接的人都可以發行資產並將其出售給沒有中介機構的任何互聯網連接的人。這是引發有史以來第一個非競爭性的投機加密躁狂症的原因，2017年的ICO在以太坊上。 2022年的NFTS是一個版本，當然，最新的Memecoin Frenzy顯然是一個明顯的迭代。

And every time, crypto traders drove the meta to the most degen version of itself possible.

而且，每次加密貨幣交易者都將Meta驅動到可能的最可能的版本。

This cycle, it’s memecoins. Other than buying and selling inside jokes with other anons, memecoins never even had the pretense of aspiring to achieve a higher goal. And maybe that’s why this wave of “trading tokens on the internet” degraded so fast, with insiders manipulating markets to get in first and then dump on everyone else in schemes that involved from C-list celebrities to presidents.

在這個週期，這是模因。除了與其他Anons的笑話購買和銷售外，Memecoins甚至從未假裝渴望實現更高的目標。也許這就是為什麼“在互聯網上進行交易代幣”如此迅速地退化的浪潮，內部人員操縱市場首先進入，然後在其他所有計劃中倒入來自C-List名人到總統的計劃的其他計劃。

The main platform where this activity is happening is pump.fun on the Solana network, which spurred the creation of 10 million tokens, generating a staggering $700 million in its brief 15-month existence. A Solidus Labs report says 99% of those memecoins are pump-and-dumps or rug pulls.

這項活動正在發生的主要平台是泵。在Solana Network上的Fun刺激了創建1000萬個令牌，在短暫的15個月內產生了驚人的7億美元。 Solidus Labs的報告說，這些模因中有99％是泵送或地毯拉力。

What we’re seeing now, though, is a reaction to the financial nihilism that has ruled crypto for the past year. Token launchpads are trying to create better — or at least different — models, chipping away at pump.fun dominance (also see the news below this section!).

但是，我們現在看到的是對過去一年統治加密貨幣的財務虛無主義的反應。令牌啟動板試圖創建更好（或至少不同）模型，在pump.fun的主導地位（另請參見本節下的新聞！）。

No-code token launchpad Let’s BONK launched in April, with its key difference of offering 1% of its trading fees to token creators. The idea behind the rev share scheme is that creators will be more incentivized to stick around and provide value for their tokens. At the same time, there will be less of a reason for them to engage in the shady tactics that have become commonplace.

NoCode令牌Launchpad Let's Bonk於4月推出，其主要區別是向代幣創建者提供1％的交易費用。 Rev共享計劃背後的想法是，創作者將更加激勵自己堅持並為其代幣提供價值。同時，他們將少一些理由參與變得司空見慣的陰暗策略。

The downside is if most memecoins are already rug pulls, then scammers are just getting more money out of them. In any case, the idea took off and Let’s BONK started to make a dent in pump.fun’s market share. Pump.fun reacted by directing 50% of their trading fees to token creators.

不利的一面是，如果大多數模因已經是地毯拉力，那麼騙子就從中得到了更多的錢。無論如何，這個想法脫穎而出，讓我們開始在Pump.fun的市場份額方面陷入困境。 Fump.Fun通過將其交易費的50％引向令牌創作者而做出反應。

Then there’s the most recent pump.fun challenger, Believe App, which lets anyone create a token by replying to the company’s X posts. No crypto knowledge or infra is required. The platform also shares 50% of fees with token creators. Though there has been some criticism here about whether creators are actually getting half.

然後是最新的泵。 FUNCHALLENGER，相信應用程序，任何人都可以通過回复公司的X帖子來創建令牌。不需要加密知識或下文。該平台還與令牌創作者共享50％的費用。儘管這裡有一些批評，即創作者是否真的得到一半。

The revenue sharing approach aims to attract founders building real products, rather than just memecoins. There have been some such cases, though the vast majority of the tokens launched are still, of course, memecoins.

收入共享方法旨在吸引創始人建造真正的產品，而不僅僅是成年人。有一些這樣的案例，儘管絕大多數發射的代幣當然仍然是成年人。

Memecoins were briefly left for dead after everyone got fed up with the degree of crime and greed. Tokens like LIBRA and MELANIA made it clear it was an insiders’ game. Gamblers will leave the casino if they realize odds are always stacked against them. But these incipient memecoin wars show the sector is making a comeback.

在每個人都厭倦了犯罪程度和貪婪的程度後，Memecoin被短暫地遺忘了。像天秤座和梅拉尼亞（Melania）這樣的令牌明確表示這是內部人士的遊戲。如果賭徒意識到總是會堆積起來的，他們將離開賭場。但是，這些初期的紀念戰爭表明該行業正在捲土重來。

I think that’s bullish. It shows there’s still optimism that we can find a better way of trading tokens on the internet. Hopefully, more innovation will mean better experiences for the market. Some low-hanging fruit for innovation would be vesting and the ability to customize supply and team distribution.

我認為那是看好的。它表明仍然有樂觀的態度，我們可以找到一種更好的方式在互聯網上進行交易代幣。希望更多的創新將意味著更好的市場體驗。一些低懸掛的創新水果將歸屬和自定義供應和團隊分配的能力。

The best outcome is if we can create a future where all of the world’s biggest companies raise capital onchain, giving everyone access to their upside. On the way there, we should also figure out how to trade memecoins without getting fleeced.

最好的結果是，如果我們能夠創造一個未來，世界上所有最大的公司都會籌集資金OnChain，從而使每個人都能獲得上升空間。在那裡的途中，我們還應該弄清楚如何在不被羊毛的情況下進行交易。

Now, let’s look at the latest news

現在，讓我們看一下最新消息

✍️ In today’s newsletter:

✍️在今天的新聞通訊中：

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📈最近24小時的市場：

THANKING OUR NEWSLETTER SPONSORS

感謝我們的新聞通訊贊助商

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Soul is a cross-chain lending protocol aggregator that unifies liquidity across lending protocols, offering seamless access to the best borrowing and lending rates across ecosystems. Users can supply assets on one

Soul是一種跨鏈貸款協議聚合器，可在藉貸方案中統一流動性，可無縫訪問生態系統的最佳借貸和貸款利率。用戶可以在一個