Raydium · 309

BONK's crypto treasury revenue soared 6218% in half a year. Why was there only $214,000 left on the account?

Author: Claude, Shenchao TechFlow Original title: BONK Crypto Treasury has only $2.1 million in cash, but 70% of the revenue comes from the founder's own platform Shenchao Guide: On August 14, the NASDAQ listed company Bonk, Inc. (BNKK) handed over the ledger for the first half of the year: revenue of $5.5 million, a sharp increase of 6218% over the previous year, but the net loss was 7.88 million, leaving only $214,000 in cash on the account. The auditor clearly warned that the company “has serious doubts about continuing operations.” What is more noteworthy is that of this 5.5 million revenue, 3.92 million, or 71%, came from the revenue share of the platform associated with founder Mitchell Rudy. Rudy holds approximately 40.2% of common shares and all Series C preferred shares through Lucky Dog Holdings, which can elect half of the company's directors. This publicly traded company, which was renamed from beverage company Safety Shot, gave its life back to the same person. First, tell me who this company is. BONK is one of the most well-known meme coins on Solana. It was airdropped to the community at the end of 2022, and has no corporate entity itself. Bonk, Inc. is a NASDAQ listed company (stock code: BNKK), formerly known as Safety Shot, which sells energy drinks. It changed its name in October 2025 and announced its transformation into a “digital infrastructure company connecting traditional open markets and the decentralized economy”: BONK tokens in the treasury, and also extracted from LetsBonk.fun, a meme coin launch platform in the BONK ecosystem. On August 17, the company released its first half results, and the subsequent 10-Q quarterly report disclosed the full accounts on August 14. The data contrast was huge: revenue of $5.5 million, up 6218% year over year; however, the net loss for the same period was $7.88 million, mainly due to the decline in the price of BONK tokens held, and unrealized losses of $8.17 million were calculated. As of June 30, there was $214,000 in cash on the account, $203,000 in working capital, and a cumulative loss of $191.4 million. The auditor M&K CPAS and management both wrote in the report that these conditions raised major doubts about the company's ability to continue operating (that is, what auditors often call going concerns). Revenue surged 6218% in the first half of the year, and 71% of the $5.5 million revenue from the founder's own platform comprised two parts: the beverage business sold $1,579 million, and the remaining $3.921 million was all revenue share from related parties, accounting for 71% of revenue. This split comes from LetsBonk.fun. Launched by the BONK community in collaboration with DEX Raydium, it is a meme coin launcher running on Solana. The gameplay is similar to pump.fun: anyone can send a token with a little SOL, trade on a curve, and enter the Raydium liquidity pool after reaching scale. The platform charges a 1% processing fee for transactions, and part of the revenue is used to buy back and destroy BONK. From the end of 2025 to the beginning of 2026, it surpassed pump.fun several times in terms of single-day coin issuance, and once became one of the most active launchpads on Solana. 10-Q disclosed that on August 8, 2025, the company signed a revenue sharing agreement with related party Bonk Digital, Inc., to receive a portion of the platform's future revenue stream; it was revised to 51% of LetsBonk.fun's total revenue on December 10, and both parties can also agree to return to 10%. The documents do not disclose Bonk Digital's shareholder structure, only stating that it is a related party linked to the company “through shared ownership and governance.” In other words, 71% of the company's revenue depends on how popular a platform is in the founder's ecosystem. The founder holds 40.2% of the shares, and the C-Series Preferred Stock can elect half of the board company's largest shareholders and the same group of people behind this related platform. Mitchell Rudy, popularly known as Nom, founder and director of Bonk, Inc. According to a letter of attorney from the company's December 2025 shareholders' meeting, Lucky Dog Holdings, controlled by Rudy, benefited from holding...

3d ago深潮TechFlow#Bonk

Raydium launches permissioned AMM to enable compliant assets to be traded on the Solana chain

In comparison, according to official sources, Raydium announced the launch of Licensed Automated Market Makers (AMM) and Permissioned Pools (Permissioned Pools), which are open to asset issuers that meet KYC or regulatory requirements. Issuers can directly access Solana's on-chain liquidity infrastructure and establish a compliant secondary trading market while retaining participants' access control.

29d ago

1kx: On-chain fees fell 33% year over year in Q2, DEX fees plummeted 57%, but returns for token holders remained essentially flat

In comparison, according to an analysis by crypto venture capital firm 1kx (@1kxnetwork), on-chain fees fell 33% year over year in the second quarter of this year, with DEX fees reduced by US$625 million (-57%), mainly driven by Meteora, Raydium, and PancakeSwap, which together generated US$1.5 billion in fees in the first half of last year; blockchain and MEV fees fell by US$362 million (-40%); and platform launch fees fell 57%, of which Pump.fun contributed nearly Decreased by half. Some sectors achieved contrarian growth: Perpetual contracts and forecasted market fees increased 22% year over year, led by EdgeX and Hyperliquid, and Polymarket contributed nearly $100 million in a single quarter; the lending and asset management sector continued to grow, with Morpho, USDAI, and Maple Finance each increasing by $9 million to $19 million; Canton Network added $179 million in L1 fees, but most of them were driven by incentives. Despite the decline in overall fees in the industry and stable distribution of returns to token holders, Binance's destruction still accounts for a large share, and agreements such as Hyperliquid have included repurchase and destruction as a normal policy.

29d ago

Ondo, the RWA tokenization leader, will end up as a Perp DEX

By Eric, Foresight News The perpetual contract circuit is undergoing a quiet revolution. Over the past two years, Perp DEX has grown from a marginal experiment to a force to be reckoned with in the derivatives market. The total trading volume of Perp DEX reached $7.9 trillion in 2025, close to 10% of the total trading volume of centralized exchanges. In the midst of this hustle and bustle at the time, a fundamental limitation always existed: almost all platforms were trapped in the cage of cryptographic native assets. The targets of transactions were nothing more than Bitcoin, Ethereum, and a few altcoins, and the collateral was almost a single stablecoin. Meanwhile, the real-world asset (RWA) tokenization circuit is rising at an astonishing rate, from a proof of concept in 2023 to a market size of over $30 billion today. On this track, Ondo Finance has established an undisputed leading position: its tokenized stock platform Ondo Global Markets has a market share close to 70%, which is about 2.5 times that of second place. Beginning this year, precious metals, commodities, and stocks began to be included in DEX's trading list. But the direction we're used to is for Perp DEX to launch tokenized RWA assets. Things started getting interesting when the absolute leader of the RWA circuit decided to enter the Perp DEX space. The launch of Ondo Perps means that the perpetual contract circuit has finally seen a player who actually starts from traditional financial assets and deeply integrates institutional-grade asset issuance capabilities with cryptographic native trading infrastructure. This may mark a turning point in the evolution of Perp DEX from a pure cryptographic derivatives tool to a truly global asset trading infrastructure. “The opposite way” In 2021, former Goldman Sachs employees Nathan Allman and Pinku Surana founded Ondo, which was initially positioned as a DeFi structured product agreement. From the end of 2022 to the beginning of 2023, the team keenly sensed that the DeFi internal circulation model will eventually reach the ceiling, and that the bridge connecting traditional finance with the on-chain world is the next real big opportunity. So they resolutely turned to the RWA circuit, launched OUSG, a tokenized US Treasury bond fund, and then launched USDY for non-US retail investors. These two products accurately penetrated the biggest pain point of the market at the time: the huge amount of money in the crypto world urgently needed to find low-risk, high-yield on-chain footholds, and the Federal Reserve's aggressive interest rate hike cycle made US Treasury bonds the most attractive choice. Unfortunately, at the end of May, Nathan Allman, founder and CEO of Ondo and one of the main drivers of RWA's tokenization circuit, passed away unexpectedly, and long-term president Ian De Bode will take over as CEO. Ondo said Ian De Bode has been responsible for the company's strategy, products and day-to-day operations for more than two years, and his successor CEO has received full support from the management team. Ondo's execution is impressive. In March 2024, when BlackRock launched BUIDL, a tokenized money market fund, Ondo quickly transferred OUSG's main holdings to BUIDL, leveraging credit endorsements from the world's largest asset management company while maintaining its independence in distribution channels. By 2025, Ondo's TVL surpassed $2.5 billion, with the USDY single product exceeding $1 billion, making it the world's largest tokenized treasury bond product for retail investors. Meanwhile, the launch of Ondo Global Markets expanded the company's footprint from fixed income to equity assets. Launched in September 2025, the platform provides trading of more than 260 tokenized US stocks and ETFs. From Apple and Nvidia to the S&P 500 ETF, it covers popular sectors such as AI, biotech, defense, and energy. In less than eight months, the TVL broke 1 billion dollars, and the cumulative transaction volume exceeded 18 billion US dollars, which is a phenomenal growth rate in the history of any financial product. By contrast, none of the stablecoins showed such a steep adoption curve in the early stages. More importantly, Ondo isn't just a crypto project operating in a grey area. It received coverage from 30 European countries in Liechtenstein...

45d agoForesight News#DEX #Ondo #Perp DEX #RWA #tokenize

Facilitator: 40 major security incidents occurred in the crypto industry in June, which resulted in a loss of 75.87 million US dollars, down 7.13% month-on-month

Comparative news, according to PeckShield statistics, in June 2026, 40 major security incidents occurred in the encryption industry, with a cumulative loss of about 75.87 million US dollars, a decrease of 7.13% compared to 81.7 million US dollars in May. Among them, the Humanity Protocol attack lost about 31 million US dollars, making it the biggest security incident of the month. The attackers have transferred and laundered funds through multiple chains such as Bitcoin, Solana, Hyperliquid, and BNB Chain, and some of the funds were mixed with funds related to the KelpDAO attack, indicating that there may be a connection between the attackers behind the two incidents. Additionally, Aztec Bridge and Aztec Connect were each attacked in the same month, causing a total loss of approximately $4 million. Other major security incidents include Syscoin Bridge ($10 million), JaredFromSubway.eth MEV Bot ($7.5 million), Secret Network ($4.67 million), Polymarket users ($3 million), SecondFi ($2.4 million), TESSERA ($2.4 million), Taiko Bridge ($1.7 million), Token of Power ($1.58 million), Raydium ($1.34 million), and LABUBU/OLPC ($1.1 million).

52d ago

Grayscale: Solana has become the settlement layer for over 1,000 apps, processing over 100 million transactions per day during the year

According to Twitter, Zach Pandl, head of Grayscale Research, wrote that Solana has developed into a blockchain network hosting large-scale applications. Currently, it has more than 1,000 decentralized applications. Since 2026, it has processed more than 100 million transactions per day, with an average of more than 1,200 transactions per second, and an average of 4.3 million daily active users, contributing a total of about 100 million US dollars in transaction fees to the network. Grayscale notes that the Solana ecosystem covers various fields such as decentralized finance (DeFi), social trading, and decentralized infrastructure (DePIN). Among them, the cumulative trading volume of Solana DEX, where the decentralized trading platform Raydium is located, has exceeded 360 billion US dollars; the meme coin distribution platform Pump.fun has about 1.3 million monthly active users, with an average daily revenue of about 690,000 US dollars; and the DePin project Geodnet focuses on providing cm-level positioning infrastructure for physical AI systems such as autonomous driving, robots, and drones. Grayscale said Solana is continuing to create on-chain activity through a rich application ecosystem, and SOL provides investors with an exposure to participate in the network's long-term growth.

53d ago

CoinGecko: 80% of tokens on Pump.fun won't survive a day

In comparison, CoinGecko data shows that from January 2024 to June 2026, 68.67% of the more than 18.67 million tokens created on the Pump.fun platform stopped trading on the day of creation. This ratio rises to 80.37% when counting tokens that have lived for 1 day. Only 4.55% of the tokens live longer than 90 days. As the platform's threshold for creating tokens is close to zero, most tokens are quickly discarded after not receiving continued attention. The analysis covered transaction data on Pump.fun's binding curve, and did not include trading activity after migrating to an external decentralized exchange such as Raydium.

56d ago

From Meme Chain to “US Stock Chain”: Solana Quietly Enters Tokenized Stock Trading Battle

Author: Cookie Original title: Without talking about the US chain, Solana is becoming a “US stock chain”. US stock trading has become a new popular trend in the coin industry, and there are no questions about it. When we talk about US stock trading in the coin industry, we tend to focus on “this is a competition between CEXs and Hyperliquid.” Solana, a public chain with meme coins as its core competitiveness in the eyes of many players, has received little attention in the US stock trading circuit. However, they have quietly entered this latest cryptocurrency market battle. Solana's battle to win the on-chain tokenized stock market. From recent trends posted by Solana, we can clearly see that a large number of recent tweets are related to US stock transactions on its chain. The night before, Solana officially announced the official launch of tokenized MU shares on Solana. Obviously, as a public chain, Solana has also made US stock trading the most important development point recently. Judging from the data, they have also done a pretty good job and are in an absolute leading position in the competition for US stock trading between public chains. One week after SpaceX's IPO, Solana set a record of $1.04 billion in one-week tokenized stock trading volume. Among them, $SPCX's trading volume reached $439 million, which is 91.7% of all SpaceX tokenized stock trading volume. In the past week (6.15-6.21), tokenized stock trading volume on Solana reached nearly $1.3 billion, while after that, Base and BNB were about $14.45 million and $129.54 million, respectively, and only about $312,800 on the Ethereum mainnet. Compared to various CEXs, Binance traded nearly $500 million in tokenized stocks over the past week, followed by Gate's nearly $220 million and Bybit's $107 million, respectively. In May of this year's data, Solana also ranked only behind Binance (about 1.1 billion US dollars), Gate (about 1.088 billion US dollars), and Bitget (about 800 million US dollars) with a turnover of about 870 million US dollars. ProPAMM has also made an important contribution to this achievement. Taking the past week's data as an example, ProPAMMs such as Zerofi, Goonfi, and Tessera ranked only behind Orca and Raydium in terms of volume. These self-operated AMMs, managed by professional market makers, are 100% self-funded by market makers, and unlike traditional simple x*y=k, open source passive AMMs. These ProPAMMs are actively priced. They are closed source, their liquidity is not disclosed to the public, and they usually have no front-end but are routed through aggregators. Each block can even update quotes more than every 50ms, and can also avoid MEV attacks. In terms of price discovery efficiency for spot assets, Solana is already very small compared to mainstream CEXs. With this advantage of spot efficiency, Solana's main trading volume sources for each DEX are already tokenized stocks. “US Stock DeFi” Although Solana is gaining momentum in the tokenized stock spot market, the trading volume of perpetual contracts is still far greater than spot trading in the US stock industry. Perp DEX's stock trading volume was at the level of 10 billion dollars in the past week: after Solana, they will probably try to catch up. However, in addition to trading, tokenized stock stocks still have room for development. The composability of tokenized stock spots is Solana's potential advantage. Compared to simply trading stocks to earn profits, on-chain DeFi provides more diverse and flexible revenue channels for tokenized stock positions. On platforms such as Jupiter, Raydium, and Kamino, users can use their tokenized shares to borrow or provide liquidity. Users can implement some combination strategies for their tokenized stocks, such as partial borrowing, partly to provide liquidity. In addition to these regular DeFi strategies, there have also been relatively fresh ways to play on Solana recently. Nest allows users to mint the stablecoin nUSD by tokenizing stocks or USDC. nuS...

59d agoburnking#MEME #Solana #US stocks

[Comparative Daily News Picks] SpaceX will be included in the Bloomberg Global Stock Index on June 24, 2026; Dell and Nvidia will join hands to build a Dell AI factory to promote supercomputing-grade infrastructure; Strategy and Bitmine both hold positions and losses of about US$9 billion; NYSE parent company ICE and OKX establish joint venture OKXICE

Daily AI · Crypto · Macro · Market News, Bitpush helps you set priorities ↓ AI · News [SpaceX will be included in the Bloomberg Global Stock Index large-cap section on June 24, 2026] Comparative news. SpaceX will be included in the large-cap section of the Bloomberg Global Stock Index when trading closes on June 24, 2026. [Dell and Nvidia join hands to build Dell AI factory to promote supercomputing-level infrastructure] Comparatively, Dell and Nvidia are working together to build a Dell AI factory to promote the construction of supercomputing-grade infrastructure and power the next generation of high-performance computing (HPC) and artificial intelligence (AI). [Google's stock price fell due to AI talent hopping, and the intraday drop reached 7.2%] Comparing news, market data showed that Google (GOOG.O) stock fell on Monday after another well-known artificial intelligence leader left his job and joined a competitor. Google DeepMind Vice President John Jumper said over the weekend that he would leave his job and join Anthropic. After the news was announced, Alphabet's stock price fell 7.2% for a while, the biggest intraday drop since February. Last week, Google researcher Noam Shazeer also announced his departure and joining OpenAI. [Upscale AI completed $190 million in financing at a valuation of 2 billion US dollars, led by Premji Invest, Nvidia and others] According to comparison news, AI infrastructure startup Upscale AI announced the completion of a new round of financing of 190 million US dollars. Investors include Nvidia and Salesforce Ventures, and the company's valuation reached 2 billion US dollars after this round of financing. This round of financing is part of its A round extension, bringing Upscale AI's cumulative financing scale to $500 million, led by Premji Invest, with new investors such as Temasek and Seligman Ventures participating, and old shareholders such as Maverick Silicon, Mayfield, Prosperity7 Ventures, StepStone Group, and Tiger Global to continue to invest. Upscale AI focuses on network infrastructure construction for large-scale AI clusters, trying to solve the “computing power interconnection bottleneck” problem in AI training and inference. The company is developing a full-stack AI network architecture covering chips, systems, and software. The goal is to build an open standard networking solution for large-scale AI workloads. In the crypto market [Strategy and Bitmine both hold positions and losses of about $9 billion], according to on-chain analyst Ember Monitoring, Strategy (MSTR) bought 520 BTC at a price of about $67068 last week, worth $34.87 million. The company currently holds a total of 8,47,363 BTC worth about $55.01 billion, with an average cost of 75,651 US dollars, and a loss of 9.093 billion US dollars. Bitmine (BMNR) bought 52,203 ETH worth $91.43 million last week for around $1,751. The company currently holds a total of 567,2956 ETH worth about US$10.07 billion, with an average cost of US$347 million and a loss of US$9.32 billion. [NYSE parent company ICE and OKX establish joint venture OKXICE] Comparing news, NYSE parent company ICE and OKX announced the formal establishment of a joint venture OKXICE to jointly build a next-generation infrastructure for tokenized and digitally native financial products. After obtaining relevant regulatory approval, the joint venture is expected to operate as a US registered brokerage dealer and futures commissioner, enabling OKX users in the US and overseas to access ICE's futures market and the New York Stock Exchange tokenized stock market. ICE and former New York Governor Andrew M. Como will be co-chaired by ICE and former New York State Governor Andrew M. Como. The establishment of this joint venture was ICE's first major move after ICE's strategic investment in OKX in March of this year. [Goldf invested by a16z...

60d agoWendy#Compare Daily Picks

The number of crypto hacks reached 83 in the second quarter of 2026, a record high

Comparing news, DeFilLama data shows that the second quarter of 2026 has become the most active period for crypto hacking on record, with 83 independent attacks, a record high. Despite the increase in attack frequency, the total loss for the quarter was approximately $755.3 million, which is still lower than the $3.56 billion in the fourth quarter of 2020. Among them, the $293 million attack on KelpDAO and the $280 million attack on Drift Protocol accounted for more than three-quarters of the quarter's total losses. Cross-chain bridges were the biggest source of loss, and related attacks resulted in approximately $351 million stolen. Earlier this month, Humanity Protocol lost $36 million, Aztec Connect passive smart contracts were attacked twice, each losing around $2.1 million, and decentralized exchange Raydium was attacked by $1.3 million in June. (financefeeds) This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

61d agoburnking#On-chain dynamics