LetsBONK Topples Pump.fun in Solana’s Memecoin Wars

Plus, 📉 Toncoin tanks on UAE visa denial, ⛽ Vitalik proposes gas cap, 📡 Jack Dorsey goes offline with Bitchat.

Author

Juan Aranovich
July 07, 2025

Good Monday!

Fintechs are competing to bring people onchain — and all eyes are on Robinhood and Coinbase.

Join our livestream today at 12:00 pm ET / 9 am PT as we unpack how the competition could unfold.

In today’s edition of Unchained Daily:

  • 🚀 LetsBONK beats Pump.fun in token launches

  • ❌ UAE denies TON-based golden visa

  • ⛽ Vitalik suggests gas cap for Ethereum

  • 📡 Jack Dorsey tests offline Bitchat app

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By Tikta

LetsBONK Flips Pump.fun in Daily Token Launches

Solana-based memecoin launchpad LetsBONK has overtaken its rival Pump.fun in both daily memecoin trading volume and the number of token launches, marking the first time Pump.fun has lost its leading position on Solana since its launch in January 2024.

Pseudonymous Dune dashboard creator @Adam_Tehc first highlighted the development in a Sunday X post. 

The latest data from Adam’s “Memecoin Wars” dashboard shows that LetsBONK had 17,585 tokens launched in the last 24 hours, as compared to Pump.fun’s 9,783 tokens launched.

Jupiter’s dashboard tracking memecoin market share shows that LetsBONK now commands 54% market share with $535 million in daily volume. Still, the platform’s $33 million in liquidity is a far cry from Pump.fun’s $440 million.

“Still a long road ahead to make sure this is a daily occurrence, but the battle is on,” wrote LetsBONK's founder Tom on X. 

Toncoin Erases Gains After UAE Denies Golden Visa Claim

The Open Network’s (TON) native token Toncoin dropped 6% after United Arab Emirates (UAE) authorities denied claims that staking TON could qualify investors for a UAE golden visa.

The denial came shortly after TON’s initial announcement — claiming applicants who stake $100,000 worth of TON for three years and pay a $35,000 processing fee could obtain a 10-year UAE golden visa — sent the price of Toncoin 10% higher.

A joint statement from the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and the Virtual Assets Regulatory Authority (VARA) clarified that golden visas are not issued to digital asset holders and that digital currency investments are governed by separate regulations unrelated to golden visa eligibility.

VARA also confirmed that TON is neither licensed nor regulated by UAE authorities for visa or residency purposes.

TON was originally developed by Telegram, but spun off and continued by independent developer communities. Toncoin is currently trading 65% below its all-time high of $8.24 one year ago. 

Join us live today at 4:30 pm E.T. to discuss the latest in crypto and macro with guest Rob Hadick of Dragonfly!

Vitalik’s EIP-7983 Calls For 16.77M Gas Cap Per Transaction

Ethereum co-founder Vitalik Buterin, together with researcher Toni Wahrstätter, proposed a protocol-level cap on the gas limit for individual transactions to 16.77 million gas.

The proposed gas cap is part of a new Ethereum Improvement Proposal EIP-7983, a modified version of the stagnant EIP-7825, and aims to reduce DoS attack vectors, improve network stability, and enable fairer gas allocation among transactions within blocks.

EIP-7825 was a proposal to set a protocol-level cap of 30 million gas per transaction introduced last November, but did not advance beyond draft status.

EIP-7983’s newly proposed and significantly lower limit would be independent of the block gas limit set by validators, meaning validators can still adjust block gas limits, but no single transaction can exceed the cap.

“The proposed cap of 16,777,216 gas (2^24) provides a balance between allowing complex transactions while maintaining predictable execution bounds,” the proposal explained.

It also encourages breaking large transactions into smaller fragments, which improves compatibility with zero-knowledge virtual machines (zkVMs).

Jack Dorsey Tests Decentralized Messaging App Bitchat

Twitter co-founder and Block CEO Jack Dorsey has begun testing Bitchat, a new decentralized messaging app designed to function without the internet. 

Bitchat operates over a Bluetooth Low Energy (BLE) mesh network, enabling users to send ephemeral, encrypted messages fully offline. 

The system is built to be censorship-resistant and to function even during network outages or in disconnected environments, Dorsey explained in a whitepaper.

It will also support ephemeral messaging, meaning messages are temporary and not stored permanently.

“It’s almost like this guy has some experience building decentralized peer to peer networks..,” commented tech entrepreneur and Neosync founder Evis Drenova.

  • 💸🌍 The FTX Recovery Trust asked a U.S. court to approve new compliance checks for distributing creditor funds in 49 regions—including China and Russia—where legal restrictions may block payouts totaling 5% of all claims.

  • 💻🇧🇷 Brazilian hackers stole nearly $148 million from central bank-linked accounts after bribing an IT contractor with just $2,770, converting up to $40 million into crypto and prompting partial fund freezes and recoveries.

  • 🪙 Russia’s Rostec plans to launch a ruble-backed token on Tron called RUBx, along with a payment network fully linked to its banking rails, as part of the state’s broader push into crypto-linked finance.

  • 🐋 A dormant Bitcoin whale moved 80,000 BTC—worth $8.6 billion and untouched for 14 years—in what analysts called the largest single-day transfer of decade-old coins ever recorded.

  • 🕵️‍♂️ The U.S. Secret Service has recovered $400 million in crypto over the last decade—including a record $225 million seized in June—storing most of it in one cold wallet while training officials in 60+ countries.

  • 🔐 Ondo Finance agreed to acquire Oasis Pro to secure U.S. brokerage and trading licenses ahead of launching tokenized stocks, aiming to build a compliant infrastructure for blockchain-based securities.

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