Latest news with #MertMumtaz
Yahoo
a day ago
- Business
- Yahoo
Top Pump.Fun Ecosystem Tokens Tumble Amid Reports of $1B Fundraise
Fart-powered joke tokens suddenly weren't so funny for crypto traders on Tuesday. A basket of the largest ecosystem tokens faded from recent highs after Blockworks reported the Solana-based launchpad is pitching a $1 billion token sale that would value the project at roughly $4 billion. Sources told Blockworks the sale could close within weeks, though details on tokenomics remain launched on the platform slipped amid the news. Fartcoin (FARTCOIN), the largest Pump-launched token by market capitalization, dropped 7%. Peanut the Squirrel (PNUT), Moo Deng (MOODENG) and Goatseus Maximus (GOAT) gave back as much as 6%, while Alchemist AI (ALCH) — the big gainer on Monday — flipped red after an early 25% pop. The moves wiped about $150 million in aggregate value, trimming but not erasing the sector's outsized weekly gains. A billion-dollar raise means a new Pump token and, potentially, a fresh supply. Even if the deal channels cash back to users later, traders worry about a flood of 'farm-and-dump' flows hitting the very memecoins the platform helped create. Deeper concerns, however, spread across crypto circles on X as developers and traders questioned the need of a mammoth fundraise. 'Why does pump need to raise 1bn tho? how is it gonna invest that for growth if it already has made 675m and hasnt spent that either what are they planning to do with 1bn?,' DeFiLlama founder @0xngmi wrote. 'The Pump guys went through an accelerator, raised a small round, then proceeded to make almost a BILLION in revenue in 1 year and got a 4B valuation to raise another 1B,' said Mert Mumtaz, founder at Helius, 'Those are simply insane numbers in an insane amount of time.' Only three weeks ago tried to sweeten the pot users looking to issue tokens using the platform by handing 50% of PumpSwap fees — or five basis points of every trade — straight to token creators. At the time, founder Alon Cohen pitched the change as a way to eliminate rinse-and-dump behavior: If developers earn recurring fees, they don't have to dump their own coin on the community. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Mayor
24-04-2025
- Business
- Business Mayor
Solana: 150 validators to be removed – A gamble on decentralization?
Solana Foundation will cut support for validators with less than 1000 SOL external stake. 150 validators will be affected; 900 operators could be axed if the program is scrapped. The Solana[SOL] Foundation will cut support for about 150 validators in a push for self-reliance and more network decentralization. In an X post on the 23rd of April, Mert Mumtaz, Helius Labs founder and developer support for Solana, deemed the update bullish and stated , 'Solana Foundation is now gradually reducing the number of validators it delegates to incentivize nodes to be more self-reliant. Extremely bullish.' Source: X A risky bet on decentralization? For closure, n odes or validators stake SOL to propose blocks and ensure network security effectively. Removing validators that rely solely on the Foundation's Delegated Program (SFDP) for staked SOL could affect small operators. According to on-chain researcher Dan Smith, about 150 validators will be axed by the policy. Source: Blockworks The attached chart shows that the Foundation validator support accounted for 20% of the total stake as of 2022 (over 80 million SOL). This has declined to 40 million SOL as of 2025, about 10.5% of the total stake. There were about 1,224 active Solana validators at the time of writing, with a total staked SOL of 389.4 million tokens. Blockworks data revealed that about 900 out of the 1,224 validators were supported by the SFDP, but the top nodes/validators don't rely on the Foundation. That said, validator operator revenue has dropped from $15.9 million to $1.3 million between January and April, and could put more downward pressure on small validators. In fact, Helius Labs warned about this last year, 'We estimate that if the SFDP were to be immediately discontinued, approximately 897 of the program's participants—accounting for 57% of all Solana validators—would struggle to maintain profitable operations.' Source: Santiment Overall market sentiment was negative for the past two days, and the validator update didn't change anything. Simply put, the SOL price could falter at $150 unless BTC climbs higher towards $100K. On the price chart, price action was still strong per Stochastic RSI and whale positioning (green Whale vs Retail Dleta indicator). However, bulls need to reclaim the $150-$160 level (red) to demonstrate greater strength.
