Weekly Project Updates: Pump.fun Token Auction Delayed Again, Eigen Labs Launches EigenCloud, Bybit's First On - chain DEX to Go Live at the End of This Month, etc

Jun 21, 2025

1. Pump.fun Token Auction and Launch Delayed Again link

The token auction and listing event of Pumpfun, originally scheduled for the end of June, has been postponed again and is now expected to be held in mid-July. Insiders revealed that since Pumpfun planned to issue and auction tokens at the end of last year, it has been “postponed countless times”. The valuation of Pumpfun’s token auction is $4 billion. The Pumpfun team is also actively selling token quotas to various funds.

2. Ink Foundation Announces Plan to Launch INK Token link

The Ink Foundation, an Ethereum Layer2 blockchain based on the Optimism superchain, has announced plans to launch the INK token with a total supply of 1 billion. The issuance date and other details will be announced separately. The first use case of the INK token will be built around a liquidity protocol supported by Aave. In addition, an airdrop of INK tokens will be offered to early participants in the liquidity protocol.

3. Eigen Labs Launches EigenCloud and Receives an Additional $70 Million Investment from a16z link

Eigen Labs has announced the launch of EigenCloud, a platform designed to extend blockchain-level trust guarantees to any Web2 or Web3 application. The alpha test version released this week coincides with a new $70 million token purchase by a16z crypto, further deepening its commitment after the firm’s $100 million Series B investment in Eigen Labs in February 2024. Built on EigenLayer’s restaking protocol, EigenCloud integrates data availability, general computing power, and dispute resolution mechanisms.

4. Aptos Selected for US WYST Stable — coin Program, Tied for First Place with Solana link

The Wyoming Stablecoin Committee has announced that Aptos and Solana have been named as the preferred blockchain platforms for the WYST project. WYST is a stablecoin issued by the U.S. state government and backed by fiat currency, planning to achieve multi-chain deployment through LayerZero.

Aptos stated that its ecosystem supports three U.S. dollar stablecoins, with an average monthly trading volume exceeding $30 billion. It also offers sub-second confirmation speeds and near-zero-cost transaction experiences.

5. Lisk Community Plans to Vote on Burning 100 Million Tokens link

The Lisk community on the Ethereum Layer2 network has launched a governance vote on whether to burn 100 million LSK (valued at approximately $38 million) in the DAO treasury. These tokens were newly minted after the migration to the Ethereum ERC — 20 standard and are currently in an unreleased state. If the proposal is passed, 100 million LSK will be permanently burned, and the total supply will be reduced by 25% to 300 million tokens. If the proposal is rejected, these tokens will be released annually from 2027 to 2033. The voting will start on July 1, 2025, and at least 24 million LSK need to be supported or participated in to reach the quorum.

6. Ben Zhou: Bybit’s First On — chain DEX Byreal to Go Live at the End of This Month link

Bybit CEO Ben Zhou announced that Byreal, the first on-chain DEX project incubated by Bybit, will go live at the end of this month and be deployed on Solana. Byreal combines CEX-level liquidity with DeFi transparency, adopts a hybrid routing of RFQ + CLMM, provides a low-slippage and MEV-resistant trading experience, and will also launch joint issuance projects of CEX and DEX in the future.

7. Fetch.ai CEO: Foundation to Execute $50 Million FET Token Repurchase link

Fetch.ai CEO Humayun Sheikh stated in a post that as the usage of the ASI Alliance and agent platform grows, the utility of FET continues to increase, and the market still undervalues its value. He announced that the Fetch Foundation will launch a FET token buyback program totaling $50 million on multiple exchanges, which will be supported by market makers.

8. Infini card Announces Official Service Termination link

On June 17, Infini Card announced the official termination of its services. The Global Card, Lite Card, and Tech Card will all be suspended from use and new applications. It will automatically refund the actual card-opening fees paid by all affected users who have applied for the cards, and will focus on wealth management and other areas in the future.

Infini stated that the decision to discontinue the to-C card business was driven by extremely high compliance costs, meager profits, and heavy operational burdens. Wealth management and asset management will become its future focus, and it plans to fully embrace decentralization going forward.

9. Polyhedra Releases Preliminary Report on ZKJ Token Price Plunge: Involving Liquidity Attack and Concentrated Selling link

Polyhedra has released a preliminary report on the sharp price decline of ZKJ tokens. Initial analysis shows that the incident was triggered by a coordinated on-chain liquidity attack on PancakeSwap, where multiple addresses withdrew over $7.7 million from the ZKJ/KOGE liquidity pool and concentrated on selling ZKJ, leading to a rapid price drop.

The project team stated that it did not sell tokens. The team had invested approximately $30 million worth of USDT, USDC, and BNB into PancakeSwap to provide liquidity, but due to the sharp price decline, the related assets have all been converted into ZKJ. During the same period, Wintermute transferred over 3.39 million ZKJ to centralized exchanges, and its address holdings dropped from 3.41 million to 22,000 within 90 minutes. The price of ZKJ fell from about $1.93 to $0.29, a decline of over 80%. During this period, approximately $94 million worth of ZKJ long positions on platforms like Bybit were liquidated, further exacerbating the downward trend.

10. Reddit Considers Introducing Sam Altman’s Iris Verification System World ID link

Semafor reported that Reddit is in talks with Tools for Humanity, co-founded by Sam Altman, to consider introducing its iris scanning identity verification system World ID to implement an “anonymous yet unique” verification mechanism for platform users. The system generates an irreversible encrypted identity by scanning users’ irises, and users can obtain a unique World ID. Neither Reddit nor Tools for Humanity has commented on the negotiations.

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