The Daily: Pump.fun confirms PUMP token sale plans, hacker drains over $40 million from GMX, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Wednesday! After days of back-and-forth uncertainty, the fate of Pump.fun’s PUMP token is set — a $600 million sale is locked in for July 12.

Also in today’s newsletter, GMX gets drained for over $40 million, GameSquare shares surge after its board approves a $100 million Ethereum treasury initiative, Ripple’s RLUSD stablecoin hits a half-billion-dollar market cap, and more.

Meanwhile, Bitcoin-focused VC Ego Death Capital closed a $100 million second fund.

Let’s get started.

Pump.fun confirms PUMP token sale plans

Solana-based memecoin launch platform Pump.fun will begin its first and only public token sale on July 12 through July 15, aiming to raise $600 million by selling 150 billion PUMP tokens at $0.004 each.

• Bybit, Kraken, Bitget, Gate, KuCoin, and MEXC will host the sale, with Bybit uniquely supporting multi-chain subscriptions in USDT, USDC, SOL, and bbSOL.
• The total initial coin offering accounts for 33% of PUMP’s 1 trillion total supply, 18% of which has already been sold privately, and 15% set aside for the public sale on identical terms.
• The remaining supply is split across 24% for community and ecosystem initiatives, 20% to the team, 13% to existing investors, 2.4% to an ecosystem fund, 2% to the foundation, 3% for livestreaming, and 2.6% for liquidity and exchange listings.
• U.S. and UK residents are excluded from participating, and Pump.fun also teased that an airdrop is “coming soon.”
• At the current pricing, the PUMP token sale translates to a $4 billion valuation.
• Pump.fun launched in January 2024 and peaked earlier this year, but has since lost momentum to rivals like LetsBonk.

Hacker drains over $40 million from GMX

A hacker exploited GMX’s V1 GLP liquidity pool on Arbitrum, draining over $40 million and prompting the team to halt V1 trading and GLP minting on both Arbitrum and Avalanche.

• The attacker swapped stolen USDC to ETH and then DAI, while also stealing millions worth of FRAX, WBTC, WETH, and other cryptocurrencies.
• The decentralized perpetual exchange confirmed the breach was limited to V1’s GLP pool and did not impact GMX V2, its native token, or other liquidity pools.
• In an onchain message, GMX appeared to offer the hacker a 10% bounty and amnesty if the funds are returned within 48 hours, as the GMX token price plunged about 18% following the incident.

GameSquare shares surge after board approves $100 million ETH treasury initiative

GameSquare Holdings (GAME) saw its stock price soar nearly 60% on Tuesday after its board approved plans to build a $100 million Ethereum treasury.

• GAME is currently trading up a further 35% on Wednesday, with its market capitalization also approaching $100 million at one point.
• The media and entertainment company launched an initial public offering of 8.42 million shares at $0.95 each to raise about $8 million and kick off the strategy.
• GameSquare plans to deploy its Ethereum treasury funds into Dialectic’s Medici platform, targeting 8% to 14% yields.

Ripple’s RLUSD stablecoin hits $500 million market cap within 7 months of launch

Ripple’s RLUSD stablecoin has surpassed $500 million in circulating supply within just seven months since launching in December.

• Issued on both the XRP Ledger and Ethereum, RLUSD now ranks among the 20 largest dollar stablecoins in the $250 billion sector, with about $26 million in daily volume.
• The milestone comes as Ripple is seeking a U.S. national bank charter to directly hold deposits and issue RLUSD under federal banking rules.
• Meanwhile, Ripple tapped BNY — the nation’s oldest bank — to hold cash and T-bill reserves backing RLUSD.

Eigen Labs lays off 25% of workforce to focus on EigenCloud

Eigen Labs has laid off 29 employees, or about 25% of its workforce, as it restructures to focus fully on scaling its new EigenCloud platform.

• CEO Sreeram Kannan said the cuts aim to streamline operations and pursue its vision of a verifiable, trustless cloud platform.
• The layoffs follow a16z crypto’s additional $70 million EIGEN token investment last month to help support EigenCloud’s launch and growth.

In the next 24 hours

• U.S. jobless claims data are out at 8:30 a.m. ET on Thursday.
• U.S. Federal Reserve Governor Christopher Waller will speak at 1:15 p.m. U.S. FOMC member Mary Daly follows at 2:30 p.m.

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