Pump.fun, a popular platform for launching meme coins, has recently eliminated its $2 token creation fee, making it free for users to create tokens.

This fee will now be transferred to the first buyer of the new token. In addition, the platform has introduced incentives for creators, offering 0.50 SOL (approximately $80) if their tokens are successfully listed on Raydium, a decentralized exchange on the Solana blockchain. This new fee structure aims to encourage more users to launch tokens without needing to invest upfront, thereby enhancing the platform's appeal.

Despite the surge in popularity amid the meme coin boom, the success rate for tokens launched on Pump.fun reaching Raydium remains low, fluctuating between 1.21% and 1.41%. However, the platform has seen substantial revenue growth, generating $2 million in daily revenue last July, surpassing Ethereum's $1.91 million and establishing itself as the largest revenue generator in the blockchain space. Utilizing a unique bonding curve mechanism, Pump.fun ensures fair access to new coins and guarantees liquidity, which further supports its growing user base and the creation of various themed cryptocurrencies.

Helium Mobile Offload-Beta Launches 📳

Carrier offload is a strategy traditional cellular companies use to enhance their network coverage by redirecting data traffic to alternative networks.

This practice allows carriers to fill coverage gaps without significant investments in their infrastructure. The Helium Network is at the forefront of this innovation, offering a decentralized approach to telecommunications via the Solana blockchain. With the introduction of the Carrier Offload Beta, subscribers from non-Helium Mobile carriers can utilize Helium Mobile Hotspots for data transfer. During this beta phase, data transfers are not rewarded, and the identities of the carriers using these hotspots remain anonymous. The goal is to test the network's capabilities and demonstrate its value to attract more developers and users.

Helium Mobile's interest in facilitating carrier offload stems from its commitment to expanding network coverage and reducing data costs for subscribers. By increasing the amount of data transferred through carrier offload, Helium can showcase the network's effectiveness, which may lead to more users and builders joining the platform. Enabling Carrier Offload Beta allows traditional carriers to assess how Helium Hotspots can address their coverage challenges. Participation in these betas is selective, based on the carriers' interests and the utility demonstrated by the hotspots.

Hong Kong Lawmaker Calls for Crypto Banking 🇭🇰

Hong Kong lawmaker Johnny Ng has called for the government and banks to ease restrictions on banking services for crypto and Web3 firms, highlighting the challenges these companies face in opening local accounts.

In a recent post, Ng emphasized that these difficulties hinder the effective operation of Web3 businesses. He suggested that virtual banks should diversify their services to complement traditional banking, proposing that they be upgraded to manage virtual assets in alignment with the government's Web3 development goals.

A survey conducted by Ng's team revealed that approximately 95% of over 120 crypto and Web3 firms that entered Hong Kong in 2022 attempted to open local bank accounts. The results indicated that 70% of respondents faced requests for multiple visits to Hong Kong by their shareholders or directors, while 54% required six months or more to establish accounts. Despite the government's efforts to position Hong Kong as a crypto hub, including the introduction of a crypto licensing regime, concerns remain regarding excessively stringent regulations that have deterred major global exchanges from operating in the region.

Stop Missing Crypto News Anon 🚨👋

We know the market is starting to look even more interesting than ever, however…DON’T IGNORE THE NEWS📰

Get your FREE fix of frequent accurate, user-focused & rapid news from RR 👇

JPMorgan: Bitcoin's Rise Fuelled by Institutions 🏦

JPMorgan analysts report that the recent rebound in Bitcoin's price, which has risen to over $57,000 from around $49,000, is largely supported by institutional investors who showed limited de-risking in Bitcoin futures amidst recent market volatility.

Despite a sharp correction of over 15% earlier this week, the futures position indicator suggests a bullish outlook among these investors, indicating confidence in the market. Factors contributing to this optimism include Morgan Stanley allowing wealth advisors to recommend spot Bitcoin exchange-traded funds and the resolution of major liquidations from the Mt. Gox and Genesis bankruptcies.

However, JPMorgan maintains a cautious stance on the overall crypto market. The analysts note that while institutional support has bolstered Bitcoin's rebound, retail investors have contributed to recent declines, with significant outflows from spot Bitcoin ETFs. They highlight that broader market corrections in traditional assets influenced the recent downturn more than crypto-specific issues. With many positive catalysts already priced in and ongoing vulnerabilities in equity markets, the analysts advise a prudent approach.

A Week At RR  🗓️

Check out this week’s content published to stay up to date with the latest research trends & crypto talking points👇

RR Files🗂️ 

Wondering what we are reading this week at RR?

Worry no further!

Thanks for reading!❤️

Don't forget to check out last week's issue for more insightful content👇