solana:PerPsCe2SJ7Q25CN4R5TTX4fmBdmknE2hQmqCt96fHL has been picking up volume lately. @PerpsPadfun is a launpad that creates coins that route their trading fees into a leveraged perp on Phoenix: 50% margin, 15% buyback-and-burn, 15% creator, 20% treasury. Platform-wide, the 220 coins have done $34.5M of DEX volume since launch, $25.5M of it since September 10, with a $10.7M peak on September 13. The treasury received $41.1K of that. Volume is concentrated. solana:PerPsCe2SJ7Q25CN4R5TTX4fmBdmknE2hQmqCt96fHL is 52% of the $48.2M all-time spot volume across 203 coins, and the top three (PERPSPAD, YOYO, LEVERSTONK) are 78%. Six coins have cleared $1M.

Ep. 6 - Mainnet eth has entered the launchpad wars, STONK ecosystem, $BP rallying, Solana eco pumping across the board, new SEC clarifications, and more

Ep. 4 - ZEC rally, strategies for finding good coins in a diluted market, stonk vs pumpfun, overall sentiment, tokenized stock + hyperliquid US rulings, and more

20 to 30 new launchpads a day. Most rug. The ones that don't tend to run, because everyone wants the next PONS or STONK.

@Backpack is going crazy with stock listings.

Ep. 2 - Current bags, Short term bearishness, Stonk vs. Pump, Solana fighting back, Launchpad meta still in full swing, and more

Q3 was a record-breaking quarter for ZEC.

Your odds at the @LaunchOnSF table are getting worse fast. Two weeks ago roughly 1 in 10 new @LaunchOnSF launches ever made it to $40k. Yesterday it was 1 in 45. Getting a real runner is rarer still: a launch's chance of ever touching $1M went from 1 in 172 (Aug 30) to 1 in 1,250 (Sep 8). The best launch of each day still hits $7M–$25M, same as the week before. What changed is the supply. @Raydium LaunchLab bonding curves opened Sep 5 and daily launches jumped from a few hundred to over six thousand, so the same handful of runners is now buried in 35x the tickets. Tokens clearing $1M spiked to 12 on Sep 6, then 7, then 5, then 1 by noon today. Since LaunchLab opened on Sep 5, each day's $1M club has been worth less than the last. 75% of the tokens that crossed $1M on Sep 5 ran on to $5M. Sep 6: 32%. Sep 7: 23%. Sep 8: 17%. Of the four that crossed today, none.

"We're not seeing any of these launchpads that have a token go multichain so it just opens up the opportunity for someone new to do it." @neodot details his $BREW trade as a $PONS / solana:6GmAFSYs4gk3FDao5FzzySQpPZaWsa4rUJHacpMpUNgx beta which ran from 100k to 30m in under 24 hours

Yesterday @kamino opened a ZCASH Market where ZEC is the collateral with a 13,000 ZEC deposit cap, and USDC is the only borrowable asset, capped at $2M. Since opening on Sep 7, 847.9 ZEC ($973k) has been deposited into the market, with $332k of USDC borrowed against it.

This is the first episode of One Trade, where our co-founder @jackthepine and @neodot share their thoughts and trades in the crypto market on a regular basis.

Seems like we were onto something here.

Grayscale's Zcash ETF has been live nine trading days. It now holds 444,608 ZEC, 2.63% of everything in circulation, up from 2.29% at the Aug 25 listing. $51M of net creations. Zero redemptions. The biggest day was Friday.

In the last 72 hours, the market cap of everything launched on @LaunchOnSF went from $13.7M to $165M. Tokens above $1M went from 3 to 13, above $10M from 0 to 2, and ZCAT alone is $98M, 65% of the total. The fees followed. The platform wallet harvested $706k in those 72 hours, $498k of it in the last 24, with a single hour this morning bringing in $53k. The best full day before this week was $140k. $475k of the 72-hour take, 67%, has already gone into buying and burning solana:6GmAFSYs4gk3FDao5FzzySQpPZaWsa4rUJHacpMpUNgx, $356k of that in the last 24 hours across 5,696 swaps. solana:6GmAFSYs4gk3FDao5FzzySQpPZaWsa4rUJHacpMpUNgx is $0.145, a $128M market cap, 3x its FDV a day ago. The revenue moved faster than the price: on the trailing 24 hours the token trades at 0.7x annualized fees, down from 1.4x on the 7-day run-rate a day earlier.

RIPCARS-002 kills the 18mo cliff on @ripcarsio's founder package: day-1 unlocks via performance TWAPs, capped at $100k or 5%/month for 18mo. I'm for the concept. An 18mo cliff is long for founders, and @MetaDAOProject is right to want a faster path to liquidity. It just feels distasteful in this case: a startup with no live product yet asking for it. It's passing, and CARS is down ~20% since the proposal went up.

Yesterday @Beezie announced a partnership with The Luxury Closet to add authenticated Birkins, watches, and jewelry to its claw machine. Pack sales on @solana in the 24 hours after the post reached $976,000, up from $256,000 in the 24 hours before. The prior daily average was about $170,000. Two-thirds of that came in the first six hours, and the single biggest hour of the week, $332,000, landed at 2 PM ET.

The @JurassicFi Triceratops raise closes in 13 days, and it is not on pace. $376.6K of the $660K target is in (57%), but $328K of that landed on day one. The last two weeks added ~$8K total. Closing the $283K gap needs ~$20K/day, roughly 40x the current trickle. If it misses, contributions are refunded in full.

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Both @DefiLlama and @Blockworks showed @JupiterExchange Ultra booking its biggest revenue day in eighteen months on August 30 — $733k against a ~$100k daily baseline. Since March, PumpSwap has been crediting Jupiter a per-swap cashback on every Jupiter-routed PumpSwap trade, fractions of a cent at a time, into eight vaults Jupiter never touched. They climbed from zero in late February to ~790 SOL each. On the morning of the 30th, two claim_cashback transaction drained all eight — 6,250 SOL, about $646k — and Jupiter's sweeper moved it into the revenue wallet both trackers read as daily revenue. These are the 2 flush transaction IDs: 5ANJZRSBCjGLKH67SvZwFo5kwy6F3TRyYjrQ4t2iTBuBGNCDTUM4wi48uraP7CwaNK3hqDsDqqFU75uAiL1f4Wg9 o8qUz1GCZZZFCu5Cq1Q1aLW7xph3aaUedkgiCDjZxewupLEixGoq7KeBpySy1Uw3J36XaYY6cEx2cQfW234mxZ3