Howdy!

So, World War III. How about that? People are already saying the markets have priced in nuclear escalation. Which...sure, pal.

Today we’re covering SOL prices doing their best impression of a screensaver, LAUNCHCOIN cratering, and whether or not Blockworks has quietly rewritten the rules of token due diligence.

Let’s do it.

Midweek Markets: Obligatory self-promotion edition

This isn't a promo piece. This is a totally normal weekly markets update that just so happens to include news of a sweeping transparency initiative that may reshape token due diligence forever, thanks to your friendly neighborhood content goblins at Blockworks.

Just so we're all clear.

The week began with SOL in a minor rotation. We're still off local highs, but prices remain steady within the $140-$150 range. Bitcoin similarly hodls around $104k, reasonably unfazed by geopolitical noise out of the Strait of Hormuz. 

Though, if we're reading tea leaves, crypto will likely remain range-bound until there's clearer direction from the Fed or a decisive break in macro volatility.

Kamino v2 is now three weeks old. According to a recent report from Blockworks Research, it has pulled $230m in new deposits, $90m in fresh loans and turned looping PT-tokens into an institutional-grade yield strategy.

Jupiter volumes are cooling from memecoin fever highs but still dominate Solana's DEX flow. Margin markets are consolidating. Drift now commands ~$923m in deposits and ~$230m in borrows, with growing integration between perps and lending. MarginFi, sidelined by earlier exits, is stirring again.

Maple and Apollo markets are open for business, offering exposure to real-world private credit through syrupUSDC and sACRED. Multiply strategies remain dominant, with SOL utilization north of 80% across major markets.

A problem that persists, though, is that when it comes to Solana's most sophisticated DeFi strategies, so much of this activity remains difficult to track and trust. Underlying mechanics tend to be scattered across contracts, governance threads and backwater Discord channels.

Which brings us, in a very convincing segue, to Blockworks' new Token Transparency Framework.

Launching this week, the framework introduces an open-source standard for token project disclosures. It establishes 18 weighted criteria across four categories, including project purpose, revenue sources, equity-token relationship, token allocation and vesting schedules, related-party transactions, market-making agreements and more.

Each project is scored out of 40 based on the completeness and materiality of its disclosures, with Blockworks acting as the first audit layer atop these self-reported filings.

Early adopters include Jito, Jupiter, Raydium, Morpho, Aerodrome and Stride, all of which have completed filings and received published transparency scores. 

Transparency is a baseline for trust. As capital rotates between lending markets and perps platforms, protocols are leaning into increasingly complex primitives, from principal token loops and private credit vaults to structured auto-compounding strategies.

With macro still mostly in wait-and-see mode, eyes are back on core infrastructure: lending dynamics, staking derivatives and real volume durability. Expect protocols with clear risk frameworks and transparent capital flows to lead the next rotation.

— Jeffrey Albus

P.S. Fill out our short audience survey and help us build a better Lightspeed. Thank you!

From token design and modular infra to ZK systems and economic coordination — this is where the best builders on the planet will gather. 

Names like Joseph Lubin, Luca Netz, and Jordi Alexander are already on the agenda. If you’re tracking where the space is actually going, this is the room.

June 24-26 | Brooklyn, NY

Checking in on that internet capital markets narrative:

LAUNCHCOIN, the flagship token of the Believe startup token launchpad, is down 48% this week. Believe lets founders launch tokens for startup ideas, and LAUNCHCOIN lets users launch Believe tokens with X posts. 

Believe’s market share of daily active addresses has declined from nearly 40% a month ago to roughly 5% today, according to a Dune dashboard.

— Jack Kubinec

Here’s one way to deal with snipers:

Vertigo listed a memecoin called PAWSE that crash-tested a new mechanic to prevent sniping, or quick purchases of new coins by bots. The app initially collected a 100% fee on trades not placed through the frontend of Bullpen, a trading terminal co-signed by the popular crypto influencer, Ansem. 

This was meant to prevent token-sniping bots from buying up the PAWSE supply. Vertigo later said “not a single snipe got through” and promised full rebates for third-party users who paid “insane taxes” trying to buy PAWSE anywhere other than Bullpen.

— Jack Kubinec

A message from Jiani Chen, a member of the growth team at the Solana Foundation: