STONK, the token tied to Solana-based launchpad StonkFun, rallied more than 250% over a 24-hour period on Sunday, lifting its market capitalization to roughly $140 million. The token changed hands near $0.16 at around 4:30 p.m. ET, after hitting an all-time high of $0.212 earlier in the day. Daily trading volume was about $135 million, according to CoinGecko. The move followed StonkFun's Saturday integration with Raydium's LaunchLab, a setup the team said helped route activity to Raydium and Jupiter. StonkFun lets users create tokens paired with tokenized stocks and exchange-traded funds, alongside other markets such as cryptocurrencies, currencies and commodities. One of the flagship pairs links STONK with SPYx, a token from Backed designed to track the S&P 500 via the SPDR S&P 500 ETF. In these pools, the token trades against the tokenized ETF itself. StonkFun noted that the pairing does not give holders any claim on underlying shares; the token's dollar price is driven by SPYx's value and the token's exchange rate versus SPYx. StonkFun said future deployments will go through LaunchLab with lower deployment costs and reduced "sniper" risk. Under LaunchLab's mechanics, buyers and sellers initially trade along a bonding curve, with liquidity migrating to a Raydium pool once a token reaches a graduation threshold. Raydium's RAY traded around $1.27, up roughly 46% over 24 hours, while Jupiter's JUP rose about 21% to $0.27. StonkFun also runs a buyback program funded by trading fees. A portion of fees from v3 pools is used to buy and burn the platform's 10 largest tokens by market capitalization, with purchases executed every few minutes and weighted by market cap. ZEC, HYPE and TAO currently rank as the top three under that framework. The program has bought and burned 78 different tokens. On Sept. 2, StonkFun said a forthcoming update would address sniping, single-wallet launches and deployment costs, adding it had temporarily raised the maximum developer buy limit to deter snipers. Solana's official X account also weighed in on Friday, replying to a StonkFun post: "We stand behind Stonk Tokens."

Liquidity in the tokenized stock segment is increasingly concentrating on Uniswap [UNI] V4 as the niche expands its DeFi presence. Uniswap V4 currently holds $59.1 million in liquidity, about 31% of the sector's $192.6 million total, and sits ahead of competing venues on depth. Greater liquidity typically supports higher trading volumes, which can translate into increased investor participation. Kamino ranks second with $41.7 million, while Uniswap V3 is third at $20.9 million, underscoring a shift toward newer infrastructure. Source: Token Terminal. Together, the top three platforms account for 63% of total value locked (TVL), leaving smaller venues fighting over a shrinking pool of deposits. With sector TVL up 2,218.8%, additional inflows into V4 could further entrench its lead and strengthen Uniswap's position as tokenized stock trading scales. Uniswap fee switch puts UNI burns back in focus Rising activity is also beginning to show up in UNI's token economics. As Uniswap V4 captures more tokenized stock flow, daily revenue recently climbed toward $600,000, lifting the annualized run-rate to roughly $220 million. Higher revenue increases the amount of capital available for UNI burns once the fee switch is implemented, reducing circulating supply as protocol usage grows. Recent revenue spikes above $400,000 suggest value capture improves during heavier trading periods. Source: Token Terminal. In addition, Uniswap V3 is reported to support daily burns of about $598,000, while V4 is already generating more than $10 million in daily fees. That mismatch highlights how much revenue sits outside the current burn loop. Extending the mechanism to V4 could materially accelerate UNI removals, making growing V4 usage more directly linked to scarcity and stronger token value capture. Arthur Hayes adds to UNI demand With UNI's economics improving, large holders appear to be positioning for the same supply-tightening narrative. BitMEX cofounder Arthur Hayes received 244,406 UNI worth $1.73 million via Flowdesk, increasing his exposure. Source: X. By using an over-the-counter (OTC) route, the purchase likely minimized near-term market impact and avoided pushing prices higher on exchanges. Source: X. New wallets also added another $2.9 million, while exchange balances dropped by more than 350,000 UNI, pointing to net absorption rather than distribution. Hayes additionally transferred $250,000 USDC to FalconX, leaving room for potential follow-on buys. Final takeaway Uniswap [UNI] is drawing tokenized stock liquidity to V4, while rising revenue strengthens the potential for UNI burns. Whale accumulation alongside falling exchange balances could further tighten UNI supply.

Bitmine continues to accumulate Ethereum even as staking income could soon do much of the work in pushing the firm toward its stated goal of owning 5% of the network. The Nasdaq-listed treasury company said it bought 53,501 ETH in the week through Aug. 30, lifting total holdings to 5.9 million ETH. It also reported that more than 5.06 million ETH were staked, earning an annualized seven-day yield of 2.67%. Additional buying may have followed. On Sept. 1, blockchain analytics firm Lookonchain reported that wallets it attributes to Bitmine appeared to acquire another 51,000 ETH, valued at about $126 million, from FalconX and BitGo. Bitmine has not formally confirmed that transaction in its latest corporate disclosure. If the attribution is accurate and the transfer reflects a net new purchase, Bitmine's holdings would rise to roughly 5.95 million ETH. Staking could close the remaining gap Using Bitmine's own reference point of 120.7 million ETH in circulation, a 5% stake implies roughly 6.035 million ETH. Against the company's disclosed 5.9 million ETH balance, that leaves a shortfall of about 134,000 ETH. With 5,067,309 ETH staked as of Aug. 30, keeping the staking balance and the stated yield constant would generate roughly 135,000 ETH in rewards over a modeled year. Under that snapshot, Bitmine would need to retain nearly 99% of those rewards to exceed 5% within a year, assuming the network's ETH supply does not change. If the reported Sept. 1 purchase were added, the math shifts. An incremental 51,000 ETH would shrink the gap to about 83,000 ETH under the same 120.7 million supply benchmark, meaning roughly 61% of one year's modeled staking rewards could be enough to bridge it under fixed-yield, flat-supply assumptions. Supply growth makes the target a moving number Ethereum's supply is not static, and a larger denominator raises the amount Bitmine must hold to maintain a 5% share. Etherscan showed roughly 122.02 million ETH outstanding on Sept. 5. Holding Bitmine's Aug. 30 balance constant against that figure implies an illustrative ownership share of about 4.84%, widening the gap to nearly 200,000 ETH. Over a two-year horizon, even modest supply changes materially alter the retention requirement. Based on the disclosed Aug. 30 holdings and staking balance: Assumed annual net ETH supply change | Reward retention needed to reach 5% after two years -0.5% | About 51.4% 0% | About 73.9% +0.5% | About 96.5% +1.0% | About 119.2%; not achievable under these assumptions. A lower staking yield tightens the constraint. At a 2% yield, modeled annual rewards fall to roughly 101,000 ETH, pushing the flat-supply, two-year retention threshold to almost 99%. The key variable: how much ETH Bitmine keeps As the company's position grows, reaching 5% increasingly looks like a capital-allocation question rather than a pure buying program. Bitmine has said it periodically converts ETH-denominated staking rewards into U.S. dollars and has not committed to a fixed retention rate. Retaining more rewards increases ETH holdings without additional market purchases; converting rewards to cash can fund operations and shareholder commitments. Bitmine's management agreement with Ethereum Tower includes reward-linked compensation plus infrastructure and custody costs. The company has also declared 17 cash dividends on its BMNP preferred stock, with scheduled payments running through late December. In its quarterly filing, Bitmine warned that changes in ETH prices and staking yields could affect its ability to fund operations and preferred dividends. Because staking rewards are paid in ETH, meeting cash obligations can require selling tokens that would otherwise move the treasury closer to 5%. For investors, the most important disclosure may shift from how much ETH Bitmine buys to how much of the ETH it earns the company ultimately retains.

Recent 13F disclosures list several new confirmed holders of the HYPE ETF. Jane Street reported a position valued at $4.4 million, UBS disclosed $7.5 million, and Bank of Montreal reported $6.7 million.

Longtime Ripple engineers have publicly addressed what they describe as early warning signs following an exploit involving an XRP Ledger application that impacted about 4,000 wallets.

Harmony will shut down its blockchain after seven years of operation, saying rising threats from state-linked actors and AI agents are now too severe to sustain the network. The team plans to sunset Harmony and migrate $ONE to Ethereum. A final snapshot will include tokens held in wallets, exchanges, staking positions, and smart contracts, with new $ONE on Ethereum to be airdropped to the same addresses.

Harmony has floated two governance proposals that would wind down its mainnet, operating since 2019, migrate the ONE token to Ethereum, and reposition the project around an AI-powered video "mashup economy," according to Huoshan Finance. The team said the shutdown plan is driven by rising security risks, citing threats from nation-state actors and autonomous AI agents. Under the migration proposal, Harmony would take a snapshot at the final user-facing block covering wallet balances, staking delegations, validator rewards, smart contracts, and ONE held on centralized exchanges. Equivalent new ONE tokens would be airdropped on Ethereum to the same wallet addresses, with no action required from holders. Staked delegations and unclaimed rewards would be airdropped to their respective governance treasuries. Harmony said ONE's total supply and inflation rate would remain unchanged. Newly issued tokens would be directed to funding the new business while the team gathers feedback from governance participants. The proposal notes that multisig wallets, liquidity pools, and on-chain applications cannot be migrated. Users are urged to exit all smart contracts by September 10, 2026. Harmony also plans to publish the token contract, snapshot calculations, and airdrop scripts for public audit. Validators could begin shutting down nodes at 22:00 Beijing time on September 10. To address the inflation reward gap between node shutdown and the final block, the team plans a one-time compensation pool of $1.372 million, paid out over four quarters. Eligibility would require shutting down on time, signing agreements, maintaining stakes, and serving as governors in the new project, with distributions to validators and their delegators. For the AI video initiative, Harmony plans to open prompts and source materials for user-led remixing, with AI agents expanding video storylines. The project would recruit operators responsible for video generation, distribution, and content moderation. In the first year, Harmony intends to subsidize GPU hardware and stimulate demand for video generation. Operators would be required to stake tokens and would earn rewards based on uptime. The team said it aims to help operators generate up to $1 million in total revenue in the first year, contingent on meeting staking and uptime requirements. Early promoters would receive a 30% ongoing commission from the monthly $10 subscriptions of referred users. Both proposals are nonbinding and may be revised.

Raydium's native token, RAY, rallied about 61% over the past 24 hours, climbing from roughly the $0.80–$0.91 area to above $1.30 as trading activity surged across the Solana-based DEX. The move was fueled by rising usage linked to StonkFun, a Solana launchpad that plugged into Raydium's infrastructure via LaunchLab. The integration brought a fresh burst of liquidity and speculative flow, pushing Raydium's trading volume to around $31.8 million during the spike. LaunchLab enables new token projects to seed liquidity directly on Raydium's automated market maker, channeling listing-driven swaps and fee generation through the protocol. In the same period, StonkFun's own token, STONK, reportedly posted multi-hundred-percent gains, reinforcing the view that speculation around newly launched assets was spilling into Raydium's pools and boosting perceived demand for RAY. Beyond the short-term momentum, Raydium has a built-in support mechanism: the protocol directs 12% of trading fees toward open-market buybacks of RAY. By late August 2026, those buybacks had taken more than 30% of RAY's circulating supply out of the market. With supply shrinking and demand accelerating, price pressure can build quickly. The 12% fee earmark is sizable relative to many DeFi protocols that typically route most fee revenue to liquidity providers. Raydium's approach reflects a deliberate focus on long-term token value appreciation as a way to attract and retain participants. The StonkFun tie-up also underscores Raydium's push to be core infrastructure on Solana, not just another swap front end. By positioning LaunchLab as a toolkit for new projects, Raydium embeds itself deeper into the Solana token lifecycle: launches route through its rails, trading concentrates in its pools, and fees feed back into RAY via buybacks. Still, the same conditions that drive explosive upside can reverse quickly. Multi-hundred-percent swings in newly launched tokens tend to be volatile, and some of the volume supporting RAY's rally may prove short-lived. If StonkFun's momentum cools, fee revenue and trading activity could retreat as well. For market watchers, the key question is durability. The buyback program can offer structural support, but single-day moves of 61% rarely persist without sustained demand. The metric to monitor is whether Raydium's daily volume remains elevated in the weeks after the integration or slides back toward pre-spike levels.