Decrypt’s Morning Minute newsletter said on-chain trading terminals processed $6.35 billion last week, the largest weekly total since the TRUMP launch in January 2025. The newsletter is written by Tyler Warner, and Decrypt noted that the analysis and opinions are his own.
On-chain terminals post their biggest week since TRUMP
According to the newsletter, Fomo handled $2.38 billion in volume last week, while gmgn’s trading bot processed $2.07 billion. Those two apps alone accounted for about 70% of the total. Pump.fun’s app recorded $489.5 million, and basedbot posted $450.5 million.
The report cited an X post from Adam that said, 「we just had the biggest week in the trenches since trump week」, adding that $6.35 billion was traded through on-chain terminals.
The newsletter linked the jump in activity to several meme coins and infrastructure tokens reaching valuations above $100 million, including ZCAT, Stonk, MEME, and Marscoin. It also pointed to the PONS token climbing past $600 million and leading the Robinhood Chain ecosystem.
Author says broader DEX data does not yet confirm a local top
The piece asked whether the surge could be a local-top signal, then pointed to other data moving in a different direction. Across the 787 protocols tracked by DeFiLlama, total DEX volume came in at $9.18 billion on the day and $217.33 billion over 30 days, up 1.81% on the week. In early 2025, single-day sessions cleared $45 billion. On that basis, current DEX volume is still only about 20% of 2025 highs.
The newsletter’s takeaway was that this is a cycle led by trading apps. It said Fomo and Pump.fun are seeing fast growth across volume, users, and revenue. It also said Pump.fun has been sending a large share of that revenue back into the trenches through daily callout rewards of $300,000 to $1 million per day over the past week. Those fee rebates, the author wrote, are likely staying inside the ecosystem and inside the apps, helping drive volume.
On the local-top question, the author said there may be signals, including Hunter Biden launching a coin, but wrote that the data does not support that call yet. The piece added that if Pump and Fomo keep distributing creator rewards daily at that size, it is hard to see the trenches cooling too soon.
Macro, crypto, and market moves
The newsletter said major crypto assets fell on Friday after a strong jobs report and then traded choppily through the weekend. It listed the following moves:
- BTC down 1% at $78.4k
- ETH down 1% at $2,470
- SOL down 2% at $103
- HYPE down 5% at $83.3
- ZEC down 4% at $1,160
Top altcoin movers were AERO at +18%, VET at +9%, and INJ at +9%.
Outside crypto, oil was up 3% to $94, while gold was down 1% to $4,470. Stock futures were described as red as bonds and oil rose, with the DOW down 0.7% and the Nasdaq at 0.0%.
Bitcoin’s 90-day correlation with gold reached 0.56, the highest level since tracking began in 2017, and above the previous 0.50 set in November 2020. At the same time, its correlation with the Nasdaq 100 fell to a one-year low near 0.30.
Protocol and chain developments
Solana is set to raise its maximum transaction size on Wednesday from 1,232 bytes to 4,096 bytes, allowing large proofs and multisig operations to fit in a single transaction.
Vitalik Buterin flagged progress on EIP-8141, which the newsletter said would let users pay gas in tokens or let apps cover gas entirely without requiring a move to a smart account.
The report also said roughly 4,000 BTC, worth about $320 million, left the Liquid federation wallet. The takers claimed to be white hats and were negotiating a return through PGP-signed messages embedded in Bitcoin transactions.
According to the newsletter, Hunter Biden will launch LAPTOP on Base on Wednesday, with a 20% airdrop aimed at wallets that are underwater on TRUMP. Founders are set to keep 30% locked for six months. The piece added that multiple platforms later deleted posts about the launch.
Anonymous Cat has paid holders about 2,320 ZEC, worth $2.8 million, through a 3% transfer tax, more than the amount of ZEC produced daily by the network.
Corporate treasuries and ETF flows
The newsletter said Bitcoin ETFs recorded $175 million in net inflows on Friday, while ETH ETFs saw $26 million.
Meme coin and ecosystem tracker
Meme-coin leaders were mostly flat. DOGE was down 1%, SHIB was unchanged, PEPE gained 1%, PENGU fell 5%, TRUMP was unchanged, and SPX was down 3%.
In the Robinhood chain cohort, leaders had a mostly red weekend. Pons fell 10% to $510 million; AI rose 8% to $235 million; Cashcat dropped 17% to $175 million; and Meme fell 17% to $100 million. The top movers were Moo at +55%, Route at +130x, and Ouro at +80%.
On Solana, the leaders were Stonk at +33%, OTC at +90%, Backpack at +38x, and Nasduck at +180%. Ansem was down 14% at $180 million.
Tokens, airdrops, and protocol revenue
Over the past week, Hyperliquid ranked fifth in protocol revenue at $12.3 million, while Pump ranked seventh at $10.3 million.
Pons completed its first $10 million revenue week on Robinhood Chain.
Stonkfun posted its two biggest revenue days on Sunday and Monday, at $1.5 million and $1.2 million. The newsletter said 60% of those funds were used for token buybacks.
NFT market check
NFT leaders were lower. Punks fell 3% to 30 ETH, BAYC dropped 8% to 6.8 ETH, and Pudgy slipped 2% to 3.7 ETH. Argonauts was the top mover over the weekend, reaching a floor price of 0.55 ETH.
Goat Street, up 28%, and Identity MD, up 22%, led the gainers.