Olivia Capozzalo和Camila Russomay 16，2025

星期五快乐，辩护人！是我，卡米。快速更新：我们正在更改每日新闻通讯格式。现在，您将真正地分析您的最新消息趋势（有时其他挑衅的团队成员会介入），以及我们在过去24小时中写的最重要的新闻。

Olivia Capozzalo & Camila RussoMay 16, 2025

Olivia Capozzalo和Camila Russomay 16，2025

Happy Friday, Defiers! It’s me, Cami.

星期五快乐，辩护人！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.

快速家政注释：我们正在更改每日新闻通讯格式。现在，您将真正地分析您的最新消息趋势（有时其他挑衅的团队成员会介入），以及我们在过去24小时中写的最重要的新闻。

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

我们希望您喜欢更改 - 非常欢迎反馈！现在让我们开始。

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，最有趣的趋势是Memecoin战争。这是一个迹象表明，使加密的OG用例实际上有用时并没有丢失。

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首个找到产品市场合适的非货币用例是让任何人发行的代币和购买令牌。似乎很简单，但这是一个非常革命性的想法，任何具有Internet连接的人都可以发行资产并将其出售给没有中介机构的任何互联网连接的人。这是引发有史以来第一个非竞争性的投机加密躁狂症的原因，2017年的ICO在以太坊上。2022年的NFTS是一个版本，当然，最新的Memecoin Frenzy显然是一个明显的迭代。

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

而且，每次加密货币交易者都将Meta驱动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.

在这个周期，这是模因。除了与其他Anons的笑话购买和销售外，Memecoins甚至从未假装渴望实现更高的目标。也许这就是为什么“在互联网上进行交易代币”如此迅速地退化的浪潮，内部人员操纵市场首先进入，然后在其他所有计划中倒入来自C-List名人到总统的计划的其他计划。

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.

这项活动正在发生的主要平台是泵。在Solana Network上的Fun刺激了创建1000万个令牌，在短暂的15个月内产生了惊人的7亿美元。 Solidus Labs的报告说，这些模因中有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，我们现在看到的是对过去一年统治加密货币的财务虚无主义的反应。令牌启动板试图创建更好（或至少不同）模型，在pump.fun的主导地位（另请参见本节下的新闻！）。

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于4月推出，其主要区别是向代币创建者提供1％的交易费用。 Rev共享计划背后的想法是，创作者将更加激励自己坚持并为其代币提供价值。同时，他们将少一些理由参与变得司空见惯的阴暗策略。

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，如果大多数模因已经是地毯拉力，那么骗子就从中得到了更多的钱。无论如何，这个想法脱颖而出，让我们开始在Pump.fun的市场份额方面陷入困境。 Fump.Fun通过将其交易费的50％引向令牌创作者而做出反应。

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.

然后是最新的泵。FUNCHALLENGER，相信应用程序，任何人都可以通过回复公司的X帖子来创建令牌。不需要加密知识或下文。该平台还与令牌创作者共享50％的费用。尽管这里有一些批评，即创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创始人建造真正的产品，而不仅仅是成年人。有一些这样的案例，尽管绝大多数发射的代币当然仍然是成年人。

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.

在每个人都厌倦了犯罪程度和贪婪的程度后，Memecoin被短暂地遗忘了。像天秤座和梅拉尼亚（Melania）这样的令牌明确表示这是内部人士的游戏。如果赌徒意识到总是会堆积起来的，他们将离开赌场。但是，这些初期的纪念战争表明该行业正在卷土重来。

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.

我认为那是看好的。它表明仍然有乐观的态度，我们可以找到一种更好的方式在互联网上进行交易代币。希望更多的创新将意味着更好的市场体验。一些低悬挂的创新水果将归属和自定义供应和团队分配的能力。

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.

最好的结果是，如果我们能够创造一个未来，世界上所有最大的公司都会筹集资金OnChain，从而使每个人都能获得上升空间。在那里的途中，我们还应该弄清楚如何在不被羊毛的情况下进行交易。

Now, let’s look at the latest news

现在，让我们看一下最新消息

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Soul是一种跨链贷款协议聚合器，可在借贷方案中统一流动性，可无缝访问生态系统的最佳借贷和贷款利率。用户可以在一个