Weekly Crypto Recap: US states love Bitcoin and Pump.fun sees record revenue

Welcome back to this week’s news wrap. As always, the goal is to keep you updated on the most important developments within the industry, as well as the key areas for Haven1. Please let us know what you think and share the update with fellow degens who will find it valuable.

TGIF and happy Friday to our community and Web3 frens! 

Welcome back to this week’s news wrap. As always, the goal is to keep you updated on the most important developments within the industry, as well as the key areas for Haven1. Please let us know what you think and share the update with fellow degens who will find it valuable.

Here’s what we have this week:

  • Market overview
  • Regulation and compliance
  • DeFi 2.0
  • Blockchain infrastructure
  • RWAs
  • Security
  • The Haven1 take

Market overview

The US continues to be front and center for developments in the crypto space. As the Trump Presidency begins to get started, we are seeing major moves with institutions—US states are seriously diving into Bitcoin strategic reserves and regulation is showing signs of easing up, too.

This bodes well for Haven1, as we continue our race towards the launch of our mainnet and a focus on developing our blockchain purpose built for powerful DeFi services with strong developers and institutional liquidity to fuel our jets.

Regulation and compliance

Kraken to resume staking in the U

Kraken re-launched a new on-chain staking product for US clients in 37 states and 2 territories, allowing them to securely stake 17 assets, including ETH, SOL, DOT, and ADA. This follows a two-year hiatus after the exchange reached a multimillion-dollar settlement with the Securities and Exchange Commission over the services.

French authorities investigate Binance 

French authorities have initiated a judicial investigation into Binance on allegations of money laundering, tax fraud, and operating without necessary approvals between 2019 and 2024. The probe was prompted by user complaints of financial losses due to miscommunication and concerns over the platform's compliance with regulatory requirements.

KuCoin pled guilty to US charges and paid $300M fine

KuCoin pleaded guilty to operating an unlicensed money-transmitting business in the US and agreed to pay nearly $300 million in fines and forfeitures. The settlement will see KuCoin exit the US market for at least two years and its co-founders will step down from management roles and forfeit $2.7 million each.

DeFi 2.0

Surge in memecoin ETF filings

Three US asset managers are seeking approval to launch ETFs investing in memecoins, including the Trump-branded $TRUMP token and Dogecoin, amid expectations that the SEC will be more crypto-friendly under the new administration. The filings will test regulatory boundaries, but there’s concern that memecoin ETFs are highly speculative and lack fundamental value, raising concerns about their legitimacy in capital markets.

Microstrategy sent another $1.1B buying Bitcoin

The firm acquired 10,107 BTC at a price of approximately $1.1 billion between January 21- 26 with an average purchase price of $105,596. MicroStrategy’s latest purchase marks the firm’s 12th consecutive week of BTC buys.

Japan’s Metaplanet raising $745M to buy more Bitcoin

Meanwhile Metaplanet, a publicly-listed Japanese real estate developer that is Asia’s largest Bitcoin holder, is raising $745 million to buy more Bitcoin and follow the MicrosStrategy playbook.

Blockchain Infrastructure

Ethereum Layer-2 blockchain Abstract launches mainnet

Abstract, which is linked to popular NFT collection Pudgy Penguins, launched mainnet for its blockchain that’s designed for mainstream users but it didn’t go exactly to plan. Abstract attracted just $33 million in total value secured days after its mainnet went live, despite over 700,000 users taking part. 

The narrative sent the Pudgy token down, it lost some 40% in value this week.

Pump.fun set new daily revenue record of $15.5M

The memecoin launch platform is one of the most profitable protocols in the crypto industry, as it has become synonymous with new memecoins including Moo Deng, Goat and others. Pump.fun hit its record daily revenue on the one-year anniversary of its launch, showing how quickly the crypto space moves and how lucrative it can be when a product hits a sweet spit among users.

RWAs

Second US state approves strategic Bitcoin reserve

Utah followed Arizona to become the second state in the US to approve a Bitcoin strategic reserve. The bill will be made law in the coming months and it could kickstart a wave. More than 10 states are reportedly in different stages of adding BTC in strategic reserves with the most common allocation of 10% of their fund.

President Trump has voiced his intention to do the same with the federal budget but, even before he does, the strategy is becoming widespread across the US at state level.

Apollo Global Management and Securitize offer new on-chain investment opportunities

The firms have come together to launch Apollo Diversified Credit Fund, which will initially be available on the Aptos, Avalanche, Ethereum, Ink, Polygon, and Solana blockchains. Securitize just crossed $1 billion in tokenized on-chain assets, and the startup has taken investment from traditional finance giant BlackRock.

Tokenized eco-friendly assets come to Polygon

Pyse, originally a Web2 platform from India, announced it will work with Polygon to tokenize over $7 million worth of green assets, including renewable energy and electric vehicles. The goal is to democratize access to sustainable investments, allowing individuals to participate in eco-friendly projects with potential financial returns.

Security

$74M lost to crypto hacks in January

The crypto industry lost a further $73.9 million in January due to hacks and exploits, representing a ninefold increase month-over-month, according to a report from Immunefi.

The major incidents including a hack on crypto exchange Phemex which cost $69 million and a $2.5 million exploit from DeFi options platform Moby Trade.

The Haven1 take

As Web3 continues to evolve at a rapid pace, we’re reminded of both the opportunities as well as the challenges that come with innovation. Each week brings new and exciting developments, from advancements in DeFi to growing interest in tokenized RWAs, highlighting the potential of blockchain technology.

At Haven1, we’re working to bridge these opportunities with secure and scalable solutions. With our mainnet launch on the horizon, we’re not just keeping up with the latest news and the accelerating market, we’re building the infrastructure needed to shape its future. 

Happy Lunar New Year to those who celebrated it this week—we’ll be back with more next Friday!