From this week’s The Decentralised: Inside Pump.fun 💊

Burwick Law has refiled a lawsuit accusing Pump.fun, Solana Labs, and related entities of running a rigged, unlicensed gambling operation, citing thousands of private messages between founders and engineers. The suit argues that Solana’s priority fee system allowed insiders and bots to consistently buy ahead of retail users, framing the platform as a casino where outcomes were effectively predetermined.

Some messages appear damaging, including admissions that most users lose money, and claims from anonymous influencers that paid promotions and early access were common. Still, the case hinges on selective disclosures and hearsay, with limited evidence that Pump.fun executives personally profited. For now, the lawsuit raises uncomfortable questions about fairness and guardrails in memecoin markets, even if its criminal claims remain unproven.

More from this week's top stories:
→ Ethereum staking bottleneck breaks as long-running exit queue clears
→ Why did Monero just hit an all-time high? ‘We’ve allowed increasingly dystopian systems to exist’
→ Polygon rises 13% as blockchain’s developer unveils new stablecoin framework

From the land of DAOs:
→ PROPOSAL: Optimism proposes token buyback program
→ VOTE: CoW DAO votes on renewing grants program
→ PROPOSAL: Vitalik Buterin proposes bandwidth-efficient mempool system

[Sponsored] See how crypto is taking shape around the world. Read the Bybit World Crypto Rankings for a data-led snapshot of where adoption is strongest.

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The DefiLlama API is ideal for vibe coding crypto apps:

> Our basic API is free with no key required, allowing you to quickly deploy apps
> We have LLM-specific docs to help coding agents use our endpoints

Use it to integrate price, yield, and fundamental data into your app.

We asked LlamaAI to compare top Layer 1s by ecosystems, metrics, and recent updates.

This was the result.

Join our X Space on January 27 at 10AM ET (3PM UTC) as we break down the State of DeFi report.

Featuring a stacked lineup with DefiLlama, Hemi, RedStone, Mantle, Katana, kpk, and Kyan.

https://x.com/i/spaces/1ZkKzZenjjDKv?s=20

Income Statement flow visualizations are now available on DefiLlama Pro custom dashboards.

Add income statements alongside other custom charts to understand a protocol's financials.

The @ llama X account is going to share insights generated by LlamaAI.

Worth a follow to track big movers in onchain metrics.

Protocol income statements are now available on DefiLlama Pro dashboards.

Add financial granularity alongside charts to understand line item protocol fundamentals.

DefiLlama data is now one pip install away.

Introducing the DefiLlama SDK for Python.

This brings our APIs together in one library, making it easier than ever to integrate DeFi data into your workflow.

DefiLlama has acquired Bulletin, one of the few platforms providing structured valuation and OTC data for private crypto companies.

Founded by David Mirzadeh, Bulletin shines light on a massive but opaque market: private market crypto equity.

DefiLlama already has the most comprehensive onchain fundamentals data. With Bulletin, we’re extending that transparency to private markets, giving investors real comparables across public tokens, protocols, and private companies.

This data will be integrated into our main platform to give investors another important data point about how fundamentals and valuations align in the private market.

DeFi data just became model-ready.

Introducing Query Builder for DefiLlama Sheets.

Instead of writing complex formulas or stitching together multiple queries, you can now pull exactly the data you want into Sheets or Excel in a few clicks.

> Build spreadsheet formulas visually
> Query multiple projects in a single request
> Analyze historical metrics side by side with clean, consistent data

What does the token actually do?

This has been one of the most fundamental unanswered questions in DeFi since the beginning.

Does the token control governance?
Does it have any claim on the treasury?
Does it receive protocol revenue via buybacks or dividends?

Today, we launched Token Rights on DefiLlama.

Token Rights gives you a clear, standardized view of what a token entitles holders to: revenue, treasury, governance, or none of the above.

We’ve rolled this out across two dozen protocols, including additional context like historical governance discussions around token rights and whether teams raised equity separately from the token.

From this week’s The Decentralised: Quantum Ethereum

The Ethereum Foundation has formed a dedicated post-quantum research team led by Thomas Coratger, following what researcher Justin Drake described as years of quiet R&D and rapidly accelerating timelines. Recent advances from Google and warnings from Ethereum co-founder Vitalik Buterin that quantum attacks could arrive before 2028 have pushed the issue to the forefront.

Alongside the new team, Drake said the foundation will run bi-weekly quantum security calls, offer a $1 million prize for quantum-resistant cryptography, and publish a roadmap for a full transition without downtime or fund loss. Optimism co-founder Karl Floersch said OP Labs is already planning to replace quantum-vulnerable components, with final choices expected to follow Ethereum’s lead.

More from this week's top stories:
→ Hyperliquid token surges 25% amid commodities trading frenzy
→ Delegates clash as Optimism token buyback proposal goes to a DAO vote
→ Ethereum ‘blob’ increase strains network, studies find

From the land of DAOs:
→ VOTE: CoW DAO votes to fund developer team
→ VOTE: GnosisDAO votes to enable ranked-choice voting
→ VOTE: GMX DAO votes to fund development team

[REPORT] The State of DeFi 2025 is out; see what grew, what broke, and what's next.

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Which RWAs are actually being used in DeFi? Which are true permissionless assets and which are ledger entries?

Introducing the new DefiLlama RWA dashboard.

450+ RWAs tracked & classified by:
* Transferability
* Redeemability
* KYC requirements
* Self custody options
* Asset class

Plus two new metrics: DeFi Active TVL & Active Marketcap.

DeFi Active TVL represents the proportion of an asset that’s actually being used in DeFi and not sitting idle, to clearly gauge whether they’re productive.

Active Marketcap is the portion of a coin's marketcap that excludes internal addresses such as treasuries and team addresses, to show what’s in users’ hands onchain rather than closed loops or internal bookkeeping.

Join us tomorrow on X at 11am EST for a discussion about RWAs and tokenization.

https://x.com/i/spaces/1gqGvrjdvbjGB?s=20

Transient capital. Short-term incentives. Disconnected governance.

The vote-escrow model emerged to fix what liquidity mining broke, evolving at the protocol level through Curve, Solidly, and Aerodrome.

@katana_network builds on that evolution.

Within "Katana: Bringing ve(3,3) to the Chain Level," we break down how Katana transforms ve-tokenomics from a protocol tool into a network-wide coordination engine:
→ Chain-level emissions instead of siloed liquidity wars
→ vKAT directing incentives across the entire DeFi stack
→ avKAT restoring liquidity without breaking alignment
→ Bi-weekly gauge voting across DEX, lending, perps, and yield
→ Emissions designed to transition from inflation to revenue-backed buybacks

This is ve(3,3), extended to the base layer.

Katana treats liquidity as shared infrastructure:
➰Emissions attract liquidity.
➰Liquidity deepens execution.
➰Execution generates fees.
➰Fees flow back to aligned voters.
➰Rewards compound into more locked KAT.

As emissions give way to Vaultbridge yield, AUSD yield, chain-owned liquidity returns, and sequencer fees, the model shifts from subsidy to sustainability.

A coordination layer for an entire chain.

🌐Check out the full report here.

Our Yield Dashboard just got smarter.

Pools now include a Yield Score (coefficient of variation). This measures whether a yield is consistent or inflated by short-term spikes.

Use yield score to:
> Evaluate the reliability of a single pool
> Compare stability across pools

Ever had to use a new wallet or DeFi protocol, googled it, and worried about picking the wrong one from a scam ad?

DefiLlama Search is designed to help avoid phishing attacks.

Whitelisted, manually vetted links for thousands of DeFi apps, wallets, and websites.

https://search.defillama.com