Hi all, happy Tuesday! Crypto remained rotational to start the week, with BTC under pressure, L2s leading and Riot’s Anthropic deal reinforcing the growing importance of AI infrastructure to miner valuations. Today, we look at Fomo’s record $3.2M revenue week, its climb into the App Store’s top 10 Finance apps and why its growth could provide another tailwind for PUMP.
Bitcoin and the broader token market remained under pressure on Monday as sector leadership continued to rotate. BTC fell -1.4% while the S&P 500 remained virtually flat. L2s (5.7%) led the sector board by a wide margin, followed by Perps (2.3%), Solana Eco (2.0%) and DeFi (1.6%). The broader market leaned slightly negative, with 14 of 26 crypto indices finishing lower.
Looking back over the full week, leadership remained similarly concentrated. L2s gained 7.7% on the week, with Monday accounting for most of the move. Bittensor Ecosystem fell -3.0% on Monday but remains the strongest sector over the period, up 9.1%, while Solana Eco finished the week down -1.9% after trading more than 10% higher early on.
Crypto Miners remain the clearest area of sustained weakness, falling another -2.7% on Monday and -15.0% over the week. Despite the sector’s recent weakness, Riot reportedly signed a 20-year agreement to provide Anthropic with 191 MW of AI data-center capacity, expected to generate approximately $9.1B in revenue.
With gains still concentrated among select sectors, this week’s macro releases could provide the next catalyst for a broader move. CPI on Wednesday and PPI on Thursday will be the key releases to watch. Spot BTC ETFs registered $515M of inflows last week across four consecutive positive sessions, while ETH funds added $215M.
If those inflows persist through this week’s inflation data, they could provide a firmer foundation for BTC to stabilize and potentially attract capital across the broader token market.
— Joe
Fomo Reaches Escape Velocity
Fomo generated a record $3.2 million in revenue last week, extending its streak to eight consecutive weeks of growth. More strikingly, revenue exceeded the previous record, set only one week earlier, by 70%.
At this point, Fomo appears to have reached escape velocity.
As of Monday, Fomo ranked tenth in the US App Store’s Finance category, alongside mainstream banking, payments and investing apps. It is the clearest evidence yet that Fomo is expanding beyond crypto-native users and reaching a much broader retail audience.
In my view, Fomo is the breakout application of this cycle and the best execution yet of the social trading thesis.
For years, investors have argued that younger generations experience investing as a social activity. The opportunity to combine social discovery with trading has always appeared enormous, but previous products largely kept the two separate. Users discovered assets on X, Telegram or TikTok, then moved elsewhere to fund a wallet or brokerage and trade.
Fomo collapses that entire journey into a single product. Discovery is social, execution is nearly instantaneous and the underlying complexity of trading onchain is largely hidden from the user. The result feels less like a crypto terminal with social features attached and more like a consumer social app built around trading.
That execution helps explain why Fomo’s growth has become nonlinear. It has also attracted significant backing: less than two months ago, Fomo raised a $75 million Series B led by Index Ventures, with participation from Union Square Ventures and Benchmark. Yet Fomo does not currently have a token, leaving liquid investors without a direct way to express the thesis: PUMP has emerged as the closest available proxy.
The relationship is not perfectly one-to-one, but the logic is straightforward. Fomo brings a broader audience into onchain trading, with Solana memecoins representing a significant portion of the assets being traded. Many of those assets originate on Pump, making Fomo a powerful distribution layer for the Pump ecosystem.
PUMP, however, is compelling on its own merits.
Pump has recorded three consecutive weeks of revenue growth, generating $10.7 million last week. Annualized, that equates to approximately $556 million, with 50% allocated to buying and burning PUMP through its programmatic mechanism.
Even if revenue remained flat, that would imply approximately $278 million in annual buybacks. Against PUMP’s current $1.08 billion circulating market capitalization, the implied annualized buyback yield is nearly 26%. Even against its $2.3 billion FDV, the yield is approximately 12%, well above that of market darlings such as HYPE.
The market’s concerns around PUMP have historically centered on transparency and revenue durability. Transparency improved in April, when Pump burned all tokens accumulated through its previous buyback program and moved to a programmatic structure that automatically allocates 50% of revenue to buying and burning PUMP.
The durability concern is even harder to reconcile with the data. Despite the persistent narrative that memecoin activity and Pump’s business were in structural decline, weekly revenue has remained above roughly $6 million for more than a year and is now growing again.
Pump has demonstrated durable cash flow across changing market conditions and converted it into programmatic tokenholder value. Fomo’s accelerating adoption adds another growth tailwind, but PUMP’s fundamentals suggest the investment case does not depend on Fomo alone.
— Carlos
Blockworks Advisory published its Q2 2026 Jito report, arguing that the quarter broadened Jito’s opportunity set even as current financial performance weakened. Protocol revenue fell 45% QoQ to ~$1.28M, while JitoSOL supply and market share also fell, but BAM adoption kept climbing to 33% of Solana stake and more than half of validators by count.
The biggest strategic development was JTX, Jito’s new self-custody trading platform, which moves the protocol into the application layer and creates a direct product-to-token link: 80% of JTX revenue flows to the DAO, with JIP-38 directing the DAO’s full share to JTO buybacks and burns for at least one year. The report frames the second half around whether BAM’s growing execution footprint, new plugins like Maker Priority, and JTX can turn Jito’s infrastructure position into more durable fee generation and clearer JTO value accrual.
Variant published a legal analysis of AI model distillation, arguing that Anthropic’s claim that competitors are acting illegally by training on Claude outputs is too broad. The key distinction is access versus training: Anthropic has relatively weak copyright and contract claims when outputs are obtained through authorized access, but much stronger claims when distillers use fake accounts, evade bans, or otherwise access Claude through deception.
The authors predict frontier labs will respond by restricting access to their newest models, shifting toward negotiated B2B relationships, and investing heavily in systems designed to prevent evasion. They also expect labs to lobby on national security grounds, as the fight over distillation is more likely to be settled through engineering, business models, and policy than through lawsuits.
The only thing looking better than the @Pumpfun price chart is the week on week revenue and volume numbers. Another positive sign is that buybacks are finally about to flip the cost of acquisition.
Ngl the @Pumpfun metrics on the daily do look good. Strong rebound in volumes and revenue from the lows. Weekly graduation rate and number of tokens graduating is at levels not seen in a long while. Have also been seeing memes being shilled over group chats after many months
Meanwhile Solana's revenue still sits outside the top 10, and the chain pays $4.6M a day for economic security. Weeks of discourse on Hyperliquid's value capture via HIP-3 and TradeXYZ, and nobody applies the same rigour to the L1s where the gap is 10x wider? Especially when Show more
🚨Four apps built primarily on @solana currently sit above Hyperliquid in 24-hour revenue 🚨 Pump: $1.46M Axiom: $656K Collector Crypt: $437K FOMO: $423K Hyperliquid: $379K This is the Solana infrastructure thesis in practice... Shared liquidity, execution and distribution
What I think Solana's leadership has done really well vs. all of the other chains is support all founders and ideas, no matter how cringe the experiment may be. It enables founders to be weird and more expressive, similar to what Ethereum felt like in the early days. This leads Show more
recent research
Research
Onchain gacha platforms sold $284.3 million of digital card packs in July 2026, and Collector Crypt accounted for more than half of that activity. However, it buys back 92.9% of what it sells, which leaves it with a third of the category's revenue on more than half of its volume, and a quarter of its activity arrives through partner apps whose users it does not own. Courtyard runs the opposite model, a consumer app selling smaller packs to thousands of retail buyers who resell the cards to each other, and it took 59.7% of category revenue while growing through a month the category spent contracting. This report compares the five largest platforms on gross activity, buyback intensity, revenue after buybacks, consumer composition, marketplace liquidity, and distribution ownership, and finds Courtyard the strongest performer as of July 2026, with the qualification that none of the five discloses inventory costs or resale proceeds, so no platform in the category can yet be shown to be profitable.
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