Letsbonk Generates $1.04 Million in Daily Fees, Outpaces Competitors

Letsbonk, a meme coin launch platform, generated over $1.04 million in daily fee revenue on July 7, outpacing its competitors Pump.fun and Sky. This achievement placed Letsbonk at the 16th position among all blockchain protocols by fee income, according to DefiLlama. The platform's success can be attributed to its simplified token launch process and lower entry barriers, which have significantly reduced participation costs.

Letsbonk's user activity surged, with 16,802 meme coins launched in a single day, far exceeding Pump.fun's 9,908. The platform also saw 182 "graduated" tokens, compared to Pump.fun's 31. Active addresses on Letsbonk reached 37,000, second only to Pump.fun's 88,000.

Letsbonk's rapid ascent underscores the growing demand for seamless meme coin creation. Its user-friendly interface and viral community appeal have attracted new retail users, transforming token issuance into a creator economy. However, the meme coin craze is not without risks, as it carries inherent volatility.

Jack Dorsey, CEO of Block, announced the launch of bitchat, a fully decentralized, peer-to-peer messaging app. Built as a weekend project, bitchat uses Bluetooth mesh networking to enable local communication without the internet, servers, or phone numbers. The app encrypts all messages and features an IRC-style interface, prioritizing privacy, censorship resistance, and offline functionality.

Though experimental, bitchat represents a shift toward decentralized communication protocols that emphasize sovereignty and resilience. In a world increasingly concerned with surveillance and connectivity failures, bitchat offers a compelling blueprint for offline-first, secure messaging. It aligns with Dorsey’s long-held ideals of open networks and could inspire a new wave of P2P social applications built outside the control of centralized infrastructure.

The UAE’s Federal Authority for Identity, Citizenship, Customs & Port Security (ICP), Securities and Commodities Authority (SCA), and Virtual Asset Regulatory Authority (VARA) issued a joint statement denying recent claims that cryptocurrency investors qualify for the country’s 10-year Golden Visa. This clarification came after the TON project announced a program offering Golden Visas in exchange for staking $100,000 worth of TON tokens and paying a $35,000 fee, a claim now explicitly denied by UAE regulators.

The agencies reaffirmed that only certain categories, including real estate investors, scientists, and top talents, are eligible under UAE law. They also confirmed that TON is not licensed or approved in the country. This incident highlights the dangers of misleading crypto marketing, especially when tied to immigration incentives. It also reinforces the UAE’s careful balance between promoting innovation and maintaining strict regulatory standards.