Weekly Project Updates: Linea Unveils Token Model, LetsBONK Creates More Tokens than Pumpfun in July, Pudgy Penguins Team Serves as US Government Advisor, etc

Aug 02, 2025

1. Linea Unveils Token Model, with 22% Circulation at TGE link

Linea has released its token — economic model. The network uses ETH to pay gas fees, and a dual — destruction mechanism is adopted to simultaneously reduce the supply of ETH and LINEA. LINEA is not a gas token and does not have governance functions. It is expected that the circulating volume at TGE will account for about 22% of the total supply. The total number of tokens is 72 billion. Among them, 75% is allocated to the ecosystem fund managed by the Linea Consortium, which is composed of ENS Labs, Eigen Labs, SharpLink, etc. 15% is allocated to Consensys (locked up for five years), and 10% is used to support early — user airdrops and strategic builders.

2. MetaMask Announces Stablecoin Earn Feature Launch link

MetaMask has announced the launch of its Stablecoin Earn feature. This feature enables users to directly deposit stablecoins such as USDT, USDC, and DAI into the wallet and earn yields through Aave. There is no lock — up period for deposits, and users can withdraw their funds at any time.

3. OpenSea Team Member: User Profile to Be Considered in Airdrop Criteria link

Adam Hollander, a member of the OpenSea team, responded to questions about token airdrop criteria on Discord, stating that the team is evaluating users’ historical usage data and trading volumes from different years. Although specific details cannot be promised or disclosed at present, user profiles will be considered, such as those who were active during the bull market but have not used the platform since, recent airdrop “farmers”, or OG users who have remained active through bear markets. He also stated that the relevant evaluation work will be undertaken by the OpenSea Foundation.

4. CurveDAO Member Proposes Halting Expansion to More Layer 2s link

phil_00Llama, a member of CurveDAO, put forward a proposal suggesting stopping the expansion of Curve to more Ethereum Layer 2 networks. The reason is that these deployments have extremely low economic benefits and occupy a large amount of development resources. He pointed out that Curve currently operates on about 25 chains, but these chains collectively generate only about $1,500 in daily revenue, which is far lower than the revenue of the Ethereum mainnet pool. The mainnet’s TVL is nearly $2.3 billion, while those of Base and Arbitrum are only about $50 million each. He proposed retaining existing deployments but terminating subsequent development, and concentrating resources on the Ethereum ecosystem, such as promoting the adoption of the stablecoin scrvUSD.

5. Degen Foundation Solicits Community Opinions on Phased DEGEN Token Burn link

The Degen Foundation issued a statement to seek community opinions on whether to burn part of the DEGEN tokens. Currently, the foundation holds 32.5% of the total supply. It is considering reducing the supply through phased burning to ease inflation expectations and reward long-term holders. The foundation stated that it will retain sufficient tokens for subsequent development but may no longer conduct large-scale airdrops.

6. CryptoPunks NFT Trading Volume Hits New High Since March 2024 link

NFT market monitoring data shows that the trading volume of the CryptoPunks series exceeded $24.6 million last week, reaching the highest single — week record since March 2024, a surge of 416% compared with the previous week. The increase in market activity is accompanied by a comprehensive rise in price indicators: the floor price has risen from 40 ETH to 47.5 ETH, and the average selling price has increased from $140,000 to $182,000. This market recovery is directly related to the landmark acquisition by GameSquare, a NASDAQ — listed company. FaZe Clan’s parent company recently issued preferred shares worth $5.15 million and purchased the #5577 work in the rare “Ape Punk” series at a valuation three times the market floor price.

7. LetsBONK Creates 565,245 Tokens in July, Surpassing Pumpfun link

LetsBONK created a total of 565,245 tokens in July, surpassing Pumpfun to become the largest launchpad on Solana. During the month, a total of 594,534 active addresses traded these newly created tokens in July, among which 71.4% of the addresses have realized losses, and 38,375 addresses (accounting for 6.45%) have realized profits exceeding $1,000.

8. Pumpfun Transfers 12,000 SOL ($2.16M) to PUMP Repurchase Address link

Pumpfun transferred 12,000 SOL (equivalent to $2.16 million) to the address responsible for PUMP repurchases on July 30 for subsequent continued repurchases. They transferred 187,770 SOL (equivalent to $30.53 million) from the fee wallet on July 16 for PUMP repurchases. Up to now, 129,100 SOL (equivalent to $21.5 million) has been used to purchase 3.828 billion PUMP tokens, with an average repurchase price of $0.0056. The reason for such a high average repurchase price is that most of the purchases were made on July 16, the day when the repurchases started, when the price of PUMP was above $0.006.

9. Solana Co — founder Criticizes Memecoin and NFT as Digital Garbage link

Anatoly Yakovenko, co-founder of Solana, stated in a Twitter debate with Jesse Pollak, founder of Base, last Sunday that “Memecoins and NFTs are all digital junk with no intrinsic value.” Although Solana has benefited from Memecoin-driven activities, he himself has repeatedly stated publicly that memecoins have no intrinsic value.

10. Pudgy Penguins and Abstract Teams Serve as US Government Advisors, Participate in Crypto Legislation link

Pudgy Penguins and the Abstract team revealed that they have officially served as advisors to the U.S. government, participating in the design of cryptocurrency legislation. It is reported that their team has traveled to Washington, D.C. multiple times to exchange views on relevant policies. In addition, Pengu has applied to establish a PENGU ETF covering NFTs and tokens.

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