Web3🌑Friday Buzz: Pacmoon Rebrands, Coinbase Takes on CFTC, Trump Token Rollercoaster, & Pump.fun's $80 Token Deal

Happy Friday, Web3 enthusiasts! As we head into the weekend, let’s dive into the latest and most exciting developments in the world of blockchain and crypto. Today’s highlights offer a mix of bold moves, dramatic shifts, and intriguing opportunities. Keep reading as we unpack these stories and what they mean for the future of Web3.

1. Memecoin Pacmoon Moves to Solana and Rebrands as ARMY

Blast’s meme coin, Pacmoon (PAC), is migrating from the Ethereum layer-2 network to Solana and rebranding as ARMY. Users must burn their PAC tokens by August 14 to receive ARMY tokens at a 1:10 ratio. The move comes after Pacmoon struggled on Blast, with its pseudonymous founder citing Solana’s stronger ecosystem for meme coins. Despite early success, PAC failed to maintain momentum, and Blast's user activity has dropped by 88% since June. The migration to Solana aims to tap into its more active and supportive community for better growth opportunities.

Blast Memecoin Pacmoon Migrates to Solana, Rebrands to ARMY - Decrypt

Blast’s largest meme coin is moving networks to Solana, claiming that building on the network was ‘an uphill battle.’

DecryptRyan S. Gladwin

2. Coinbase Challenges CFTC's 'Gaming' Rules with New Prediction Market Proposals

Coinbase has challenged the CFTC's proposed rules on prediction markets, arguing that the broad definition of "gaming" exceeds the commission's authority and stifles innovation. The CFTC's proposal aims to categorize contracts related to political contests, awards, and sporting events as "gaming," potentially leading to their ban. Coinbase contends that such a broad approach fails to consider the individual public interest merits of these contracts and blurs the line between market speculation and actual gambling. Instead, Coinbase advocates for a contract-by-contract evaluation to promote responsible innovation while safeguarding market integrity.

Coinbase Takes Aim at CFTC’s Definition of ‘Gaming’ in Proposed Prediction Market Rules

Coinbase argues the definition is vague, and urges the CFTC to make determinations on a contract-by-contract basis rather than broad categorization

CoinDeskSam Reynolds

3. Trump-Themed Token Skyrockets, Then Plummets 95% After

A new Solana-based cryptocurrency, Restore the Republic (RTR), skyrocketed to a $155 million market cap before crashing by 95%. The surge was fueled by rumors that RTR was the official token of Donald Trump, sparked by a tweet from his son, Eric Trump, hinting at upcoming crypto involvement. However, when Eric clarified that no official Trump token had been announced, RTR's value plummeted. Early investors reportedly made $4 million in profits within hours. The incident highlights the volatile nature of meme coins and the powerful influence of Trump-related speculation in the crypto market.

A Trump-Themed Token Soars, Then Dives 95% After His Son Dashes Hope the Former President Backed It

A newly launched cryptocurrency on Solana {{SOL}} called Restore the Republic, or RTR, which was rumored to be the official token of Donald Trump,…

markets.businessinsider.comKrisztian Sandor

4. Pump.fun Offers $80 for Completing Token Bonding Curve

Pump.fun, a Solana memecoin deployer, is offering $80 to creators who successfully launch their tokens on Raydium after completing the bonding curve. This incentive aims to encourage creators to follow through with their projects, reducing the risk of rug pulls. However, the platform still faces challenges, as early traders can buy and dump tokens before the bonding curve completes. While the initiative promotes transparency and guaranteed liquidity, it may not fully prevent large holders from devaluing tokens post-launch. Despite these risks, Pump.fun has seen significant success, with daily revenues surpassing Ethereum's in late July.

Pump.fun to give $80 if tokens complete bonding curve — will it stop rugs?

Solana memecoin deployer pump.fun will pay token creators a 0.5 SOL reward if their token completes its “bonding curve” and is slashing its coin creation fee to $0.

CointelegraphTom Mitchelhill

And there you have it—today’s Web3 landscape is as dynamic as ever! From Pacmoon’s bold rebranding to ARMY, Coinbase’s regulatory showdown, the dramatic rise and fall of a Trump-themed token, and Pump.fun’s innovative approach to token bonding, it’s clear that the crypto world is constantly evolving. As always, stay tuned and informed to navigate these changes and seize new opportunities in the Web3 space. Have a fantastic weekend, and we'll catch you next week with more updates and insights. Until then, keep exploring and stay curious!

WEB3 AI ML