Pump.fun has launched Project Ascend, aimed at improving token sustainability and creator mechanisms. A key element includes the implementation of dynamic fees for creators on the PumpSwap platform.
Project Ascend and Dynamic Fees
Pump.fun has introduced Project Ascend, which features a new fee structure for creators called "Dynamic Fees V1" for PumpSwap. Fees vary based on token market cap levels: higher-cap tokens face lower fees, potentially limiting short-term speculation and steering projects towards long-term growth.
Creators have already claimed over $2.4 million in fees in just one day, demonstrating early traction. However, high trader losses last month highlight existing risks.
Tokenization of GLXY Stock by Galaxy Digital
Galaxy Digital, in partnership with asset tokenization platform Superstate, announced plans to tokenize the GLXY stock on the Solana blockchain. Verified investors who pass KYC can convert GLXY stock into tokens via the "Opening Bell" platform, enabling trading on selected DeFi platforms. This marks the first instance of a public company's stock being directly traded on a public chain.
Powell's Rate Cut Signals
At the Jackson Hole meeting on August 22, Jerome Powell signaled rate cuts, increasing the odds of a September cut to 90%. On the same day, Donald Trump threatened to fire Fed governor Cook, who later announced plans to sue. Trump's removal of Cook and his push for greater influence underscore growing political tensions.
Project Ascend by Pump.fun represents a significant step towards enhancing mechanisms for token creators, while Galaxy Digital's stock tokenization on Solana opens new avenues for traditional and blockchain markets. The Fed's statements may have a considerable impact on market conditions and crypto investors.
