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THE DAILY INDEX

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MARKETS & BUSINESS

TLDR Crypto

RAIN AND VISA PARTNER TO ACCELERATE ONCHAIN CREDIT CARDS

Rain has joined Visa's stablecoin settlement pilot, enabling 24/7, 365-day USDC-based settlement for its Visa-issued cards and fully tokenizing its credit card receivables for improved capital efficiency and transparency. This partnership demonstrates how Rain's onchain infrastructure can power global, real-time payments and unlock credit access in underbanked markets through stablecoin-based financing and smart contract automation.

A REVIEW ON THE CURRENT STATE OF THE 'TRENCHES'

Despite earlier claims that memecoins were “dead,” Solana memecoin trading remains active, with Pumpdotfun generating $1.5M–$2M in daily volume. Around 150,000 wallets engage in daily memecoin trading, with 20,000–40,000 token launches and a graduation rate of 0.4–0.8%. Combined, major terminals facilitate over $100M in daily volume and 1–2 million transactions. Pumpswap, Pumpdotfun's native AMM, generated $25M in fees in its first month.

WHAT HAPPENED TO THE REVOLUTION?

The original promise of cryptocurrency—financial sovereignty—has been eclipsed by an emphasis on infrastructure over native monetary design. DeFi has gravitated toward dollar-denominated stablecoins and institutional adoption. Lacking mechanisms for supply, stability, and credit management, tokens like BTC and ETH have ceded ground to traditional financial models. Layer-1 tokens are increasingly commoditized, risking long-term value erosion. Reviving the crypto revolution requires building tokens with complete monetary systems rather than simply creating better rails for existing money.

STABLECOINS ARE SPEEDRUNNING COMMODITIZATION

Stablecoins are rapidly becoming commoditized utilities as issuers compete to distribute yield to users and incentivize partners. Leading players like Tether—backed by deep liquidity—are expected to pass on yields as competitive pressure increases. Meanwhile, payment-optimized chains will generate returns through validator fees and custom protocols. Over time, apps and exchanges will abstract stablecoins under a “USD” label, auto-routing funds to the best-yielding source. As platforms evolve into full-service payment providers, they are expected to internalize margins and capture more global payment volume.

3 MONTHS AFTER MAINNET: WHERE ABSTRACT STANDS TODAY

Abstract, a consumer-focused Layer 2, has onboarded 1.31 million unique wallets, processed 51.3 million transactions, and secured $46.66 million in Total Value Locked. With 500–700k daily transactions and 50–100k daily active wallets, Abstract issues each user a smart-contract wallet and offers a Consumer Portal with streaming, swaps, quests, and discovery tools. Its vertically integrated design—eliminating MetaMask, seed phrases, and gas fees—creates a self-reinforcing flywheel of adoption and engagement.

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