Weekly Hot Project Updates: Pump fun launches USDC trading pair, Sui introduces free stablecoin transfers, BNB Chain releases post-quantum cryptography migration report, etc. (0517–0523)

1. Solana Q1 on-chain application revenue reached $342.2 million, RWA market cap increased to $2.01 billion link

Messari report shows that in Q1 2026, the total on-chain application revenue (Chain GDP) for Solana was $342 million, with PumpFun revenue reaching $124.7 million, remaining the highest-earning application; the real economic value (REV) decreased by 1% to $89.5 million, ranking second only to Hyperliquid among all networks. During the same period, Solana DeFi TVL dropped 22% to $6.16 billion, mainly due to a 33% decline in SOL price rather than user outflow. The on-chain RWA market cap on Solana grew 43% to $2.01 billion, with BlackRock BUIDL market cap rising to $525.4M, PRIME increasing to $361.2M, and ONyc up to $145.4M. The report also mentions that Solana plans to launch the Alpenglow consensus upgrade in version 4.1 of Agave, replacing the current PoH, Tower BFT, and gossip voting propagation mechanisms with Rotor data dissemination and Votor off-chain voting mechanisms, reducing transaction finalization time from approximately 12.8 seconds to 150 milliseconds.

2. Pump fun new token enables USDC pairing link

Solana token issuance platform Pump fun has enabled USDC pairing for newly issued tokens starting May 21, with existing SOL pairing tokens unaffected. Since launching in January 2024, Pump fun’s token graduation mechanism is estimated to have locked at least 5.07 million SOL (about $430 million) in liquidity pools, and this adjustment may impact SOL ecosystem fund flows. Previously, most of Pump fun’s trading fees were denominated in SOL, requiring the platform to convert some income into stablecoins, which sparked controversy over “value extraction from the Solana ecosystem.” This adjustment comes shortly after Solana Foundation Chair Lily Liu stated that “memecoins do not define Solana.”

3. BNB Chain releases post-quantum cryptography migration report link

BNB Chain published the “BSC Post-Quantum Cryptography Migration Report,” stating that the feasibility of post-quantum cryptography schemes has been verified in testing. The scheme replaces transaction signatures with NIST standard ML-DSA-44 and consensus voting aggregation with pqSTARK, maintaining compatibility with existing 20-byte addresses, RPC, SDK, and wallets. However, testing shows signature size increases from 65 bytes to 2,420 bytes, block size in 2,000 TPS scenarios grows from about 130 KB to approximately 2 MB, and cross-region TPS drops by about 40%. BNB Chain notes that network and data layer expansion issues caused by data bloat remain major challenges for production deployment.

4. Sui blockchain launches gasless stablecoin transfer feature link

Sui announced the launch of a gasless stablecoin transfer feature on the mainnet. The official states this is a protocol-level feature allowing users and enterprises to perform peer-to-peer transfers without paying gas fees or holding SUI tokens, meaning stablecoin transfers supported on the Sui network now cost $0. The initial supported stablecoins include USDsui, SuiUSDe, AUSD, FDUSD, USDB, USDC, and USDY, with support from Fireblocks.

5. L2Beat: Lighter has achieved trustless emergency exit link

L2Beat reports that all ZK circuits used by the Lighter perpetual contract DEX L2 (including Lighter verifier and Lighter Desert verifier) have been regenerated from source code, enabling a truly trustless, permissionless emergency exit. This means users can independently generate ZK proofs to verify their account status on L2 and withdraw funds on L1 via the Desert verifier, even if the sequencer fails or acts maliciously. Previously, Solana co-founder Toly criticized Lighter as another form of CEX.

6. x402’s real trading volume is about $50k daily, Base accounts for 93% of the volume link

Since April, the real activity trading volume of x402 has stabilized at about $50k per day; Solana’s x402 sellers are twice as many as on Base, but 93% of the real x402 trading volume is driven by Base; over the past 30 days, Blockrun and StableEnrich have been the most used x402 services, both belonging to tool aggregators.

7. BENJI becomes the largest tokenized money market fund on Ethereum link

Franklin Templeton’s BENJI has become the largest tokenized money market fund on Ethereum; in the past month, BENJI’s market cap on Ethereum increased by 50% to $1.4 billion, surpassing BUIDL’s $1.1 billion market cap.

8. Echo Protocol: regained control of keys, destroyed remaining 955 eBTC from attacker link

Echo Protocol officials announced that due to a leaked admin key, unauthorized minting of eBTC occurred on Monad, resulting in approximately $816k in losses. The team has now regained control of the admin keys and destroyed the remaining 955 eBTC held by the attacker. The official states that this incident appears limited to Monad, with no evidence of an breach on Aptos; the exposure on Aptos is about $71k. The team has paused cross-chain functions deployed on Monad and upgraded related contracts, while warning users to beware of phishing links for fake refunds, claims, and recovery portals.

Previously, PeckShield cited dcfgod’s disclosure that Echo Protocol was hacked on Monad. The attacker minted about 1,000 eBTC worth approximately $76.7 million, and used related processes to deposit 45 eBTC (about $3.45 million) into Curvance as collateral, borrowing about 11.29 WBTC (about $868k). The attacker then bridged WBTC to Ethereum and exchanged for ETH, with about 384 ETH (around $822k) transferred to Tornado Cash.

9. Zero Network will gradually shut down, users must withdraw assets by July 31 link

Ethereum L2 network Zero Network announced it will gradually shut down, focusing resources on Zerion API and wallet. Users must withdraw NFTs, ETH, or other tokens from Zero Network to Ethereum mainnet or other chains by July 31, 2026; cross-chain deposits are immediately disabled, withdrawals remain open until July 31, after which the network will fully close and stop block production. Zero Network’s developer is Zerion, a DeFi and NFT portfolio manager, which has received over $22 million in funding from Wintermute and Coinbase Ventures.

10. On-chain development startup Syndicate Labs announces closure link

A16z-backed on-chain development startup Syndicate announced via post that after five years of development, due to fundamental changes in the Rollup market and a significant contraction in market size (EVM Rollup is no longer the mainstream standard), Syndicate Labs has decided to shut down. The official clarifies that this decision is unrelated to recent cross-chain bridge attacks; affected clients and all SYND holders on Commons Chain have been fully compensated through treasury reserves. Syndicate had previously raised over $27 million.