Fogo launches public testnet of high-speed Layer 1 SVM chain for onchain trading

for the most up to date, comprehensive research report on @ethena_labs , we suggest this piece from @asxn_r

Ethena's $ENA is up 47% over the last 7 days, but what is driving the rally? Aside from positive market tailwinds with crypto asset prices rising across the board, ENA's rally stands out for one key reason: Speculation on Fee-Switch Activation ENA is unique, where the fee switch parameters have already been established, but require certain thresholds to be met or exceeded for It to be formally activated, in which case sENA holders would be the fee recipients. These fees are primarily generated via 10 bip mint fees on USDe, but other protocol revenue streams exist as well. The parameters are: ✅ USDe circulating supply: $6.08bn (threshold: >$6bn) ✅ Cumulative protocol revenue: $431.31m (threshold: >$250m) ❌ CEX adoption: USDe CEX adoption: 3 (threshold: 4 of the top 5 CEX by derivatives volume) ✅ Reserve Fund ≥ 1% of USDe supply ❌ sUSDe APY spread vs benchmark: (threshold: 5.0-7.5%) While the last parameter is not yet within range, the current spreads for sUSDe vs other benchmarks are as follow: Spread vs AAVE USDC: 3.03% Spread vs T-Bill: 2.48% Spread vs sUSDS: 2.05% The avg 30d apy for sUSDe is 5.59% and the current apy is 9.74% at the time of writing. Additionally, the influx of staked sUSDe vs other key benchmarks like Maker/Sky's sUSDS signal that capital allocators expect the spread to widen in Ethena's favor, as seen in the chart below

1/ Pump Fun bought back 36.5M PUMP tokens yesterday across 3 tx's, at an average price of $0.0058 per token. Since launch, they've bought back 3.03B PUMP (currently worth approx. $13.7M) The team spent $19.5M across purchases since launch - a ~30% unrealized loss.

The @HyperliquidX AF bought back approximately $4.8M USD (102.7K HYPE) of HYPE at an average price of $46.34 yesterday. Over the past 6 days, the AF has bought back $21.6M USD (454.8K HYPE) representing approximately 0.14% of the circulating supply at an average price of 47.41.

We first wrote our Crypto x AI thesis back in March 2024. Since then we have been active contributors, investors and infrastructure providers to many Crypto AI projects. Today, we are excited to announce we are joining the @talos_is council as one of the "humans on the steering wheel" (@VitalikButerin's words) to help shape Talos capital allocation and vote on treasury proposals. Excited for the future of sovereign AI.

You can use our early access code to access the kHYPE AMM (@kinetiq_xyz). Valantis Early Access Code: hyperps_core_stakehub The code is only valid for the first 15 wallets!

1/ We just published our @Dune dashboard tracking the @pumpdotfun PUMP buybacks. Pump Fun has bought back 2.993B PUMP tokens (worth approximately $19.25M) over the past day. This represents 0.2993% of the total supply. Their largest single buy was at 17:32 UTC, where the team bought $1.23M USD worth of PUMP - approximately 27.27M PUMP tokens.

Kinetiq is now live on Hyperliquid mainnet. Heavily kHYPE coded. Liquid stake your HYPE for kHYPE now –– visit to get started.

Driven by PUMP & elevated volumes with BTC trading near ATHs, the Hyperliquid Assistance Fund’s buyback program set a daily record—repurchasing $3.97 million of HYPE tokens at an average price of $48.43, the largest dollar-value buyback since we began tracking in March.