This week brought a dense mix of legal rulings, enforcement actions, on-chain revenue figures, DAO financial disclosures, governance changes, and new trading products across the crypto sector.
A New York court dismisses securities claims tied to Pump fun meme coins
A federal court in the Southern District of New York dismissed securities claims involving related meme coins in the Pump fun class action and threw out all claims against Solana Labs, the Solana Foundation, and related executives. The court said the tokens at issue did not satisfy the 「common enterprise」 prong of the Howey Test.
Pump fun has not fully cleared the case. Claims against its operating company and three founders, including RICO fraud allegations and accusations tied to unlicensed money transmission activity, were allowed to proceed. The case now moves into discovery.
Kalshi issues its first lifetime trading ban
Prediction market platform Kalshi permanently banned former U.S. Representative George Santos in what it described as the first lifetime trading ban on the platform, and fined him more than $70,000.
Kalshi alleged that Santos placed large trades in a contract tied to whether he would attend Donald Trump’s State of the Union address and then influenced contract prices by making false or misleading public statements about his attendance. According to Kalshi, Santos made about $18,000 by betting that he would not attend.
Kalshi said Santos was permanently banned because he did not cooperate with the investigation. During the same period, the platform handled four other enforcement cases, and those users received only temporary trading bans after cooperating with investigators.
Robinhood Chain tops 24-hour app revenue
Robinhood Chain posted $4.32 million in app revenue over 24 hours on Friday, ranking first among chains. That was above Solana at $3.98 million and Hyperliquid L1 at $1.90 million. Ethereum recorded about $1.75 million over the same period, while BSC, Base, and Polygon came in at about $813,000, $609,000, and $487,000.
On Friday, total trading volume across major meme markets on Robinhood, BNB, and Solana reached about $1.838 billion. Robinhood Chain accounted for more than $1.468 billion, BNB Chain for more than $217 million, and Solana for more than $153 million, representing 79.9%, 11.8%, and 8.3% of the total, respectively.
The top three meme projects by volume were MEME, AMC, and PONS. Daily trading volume across major meme markets rose 77.0% from the prior day, with Robinhood posting the biggest increase at 90.4%. WuBlockchain warned readers that meme coins are highly volatile and carry very high risk.
Arbitrum DAO reports $6.19 million in first-half revenue
Arbitrum DAO generated about $6.19 million in revenue in the first half of 2026. Revenue sources included Arbitrum One transaction fees, Timeboost sequencing-right auctions, Expansion Program licensing fees, and treasury management income. Gross margin on protocol revenue exceeded 97%. As of the end of June, the DAO held about $125 million in non-ARB treasury assets.
After Robinhood Chain launched its mainnet on July 1, the Expansion Program generated about $360,000 in licensing fees for the month, accounting for 35% of Arbitrum DAO’s July revenue. Under the program, chains that settle outside Arbitrum One and Nova but use the Arbitrum tech stack are required to return 10% of net protocol revenue to the Arbitrum ecosystem.
Steven Goldfeder, co-founder and CEO of Offchain Labs, said in an interview with The Wolf of All Streets that Robinhood chose to build its own Ethereum layer-2 on Arbitrum rather than deploy directly on Solana because it wanted to 「be a landlord, not a tenant」.
Goldfeder said that if Robinhood had deployed on Solana, the large amount of daily trading activity generated by the product would have created value for Solana validators and existing ecosystem products such as Phantom. By operating Robinhood Chain instead, Robinhood can control its own chain and wallet ecosystem, earn revenue from its own products, and also benefit from other projects that want to sit in the same ecosystem as Robinhood users.
Pons nears $6 million in daily fees
According to DeFiLlama data, Pons, the native launcher on Robinhood Chain, generated $5.95 million in fees on Thursday. That marked a record high, placed it fourth across the entire market, and put it above Robinhood Chain itself.
Pons also generated more daily fees than Hyperliquid, Polymarket, and fomo combined. The project said it would deepen its cooperation with Uniswap, and that Uniswap Labs has purchased PONS tokens to align long-term interests.
Ethena Fee Switch vote passes and ENA buybacks are set to begin
Ethena Foundation said the Fee Switch vote passed with 100% approval. The relevant conditions are now active, and ENA programmatic buybacks will begin, with the scale set to expand as related metrics and milestones are reached.
Earlier, the foundation announced four major ecosystem updates. First, it completed the repurchase of all remaining locked tokens held by certain major seed investors that had sold any ENA during the past nine months. Second, it reached a master framework agreement with development entity Ethena Labs under which protocol IP and all value accrual will belong exclusively to the foundation and be governed by token holders, while Ethena Labs equity investors will no longer receive any cash flow from the protocol. Third, it opened governance voting on the fee switch proposal, with the goal of using net revenue from all Ethena business lines to buy back ENA programmatically in the secondary market. Fourth, it reached agreement with the lead investor to release unvested tokens in order to fully remove future monthly VC unlock sell pressure, while team tokens remain subject to the original vesting schedule.
Polymarket rolls out perpetual futures
Polymarket said it has formally launched perpetual futures, allowing trading in cryptocurrencies, stocks, commodities, and other assets with leverage of up to 20x.
Separately, 1789 Capital, where Donald Trump Jr. is a partner, will invest about $300 million more into prediction market platform Polymarket. The investment is part of a financing round of about $1 billion led by 1789 Capital. If completed, the deal would value Polymarket at about $21 billion.
1789 Capital had previously invested about $200 million in Polymarket in total. After this round closes, it would become one of the company’s largest investors. Polymarket’s current largest investor is Intercontinental Exchange, which previously disclosed a Polymarket stake worth $1.6 billion, or about 22% of the company’s outstanding shares.
Coinbase stock tokens reach $227.7 million in 30-day Base DEX volume
Over the past 30 days, stock tokens issued by Coinbase generated about $227.7 million in DEX trading volume on Base, with daily volume peaking above $33 million.
Aerodrome handled about $176 million of that total, accounting for 77%, while Uniswap v4 processed about $45.4 million.
World open-sources ProveKit
World has open-sourced ProveKit, its zero-knowledge identity verification toolkit. The tool was previously used in World ID and allows users to generate zero-knowledge proofs locally on a phone or in a browser to verify information such as age, nationality, or possession of a valid identity document without revealing the underlying personal data.
World said ProveKit does not rely on external servers to process sensitive data, supports Noir, and can run on standard consumer devices. ProveKit v1 is already production-ready and is mainly aimed at off-chain verification. ProveKit v2 is under development and is intended to reduce proof size, generation time, and memory use while improving on-chain verification efficiency.
Hyperliquid adds RFQ trading for xStocks
Silhouette, Hyperliquid’s block trading layer, has launched its RFQ trading system on mainnet with initial support for xStocks, the tokenized equities product under Payward. Users can request quotes from multiple market makers and choose an offer to execute, with final settlement taking place on-chain and no need to create a separate order book for each xStock.
Silhouette said assets that reach sufficient trading activity may later move into standalone HyperCore markets. Payward said xStocks has surpassed $40 billion in cumulative trading volume and has more than 200,000 holders.