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🪙 Fomo overtakes GMGN as top trading app by revenue

Fomo has surpassed GMGN to become the largest trading app by 7-day revenue across all blockchain networks.

The milestone comes as Fomo reports $4 billion in lifetime trading volume and $75 million raised in a Series B funding round.

The shift marks a notable change at the top of the mobile crypto trading app market, where competition for retail trading volume has intensified across chains.

Source

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💵 South Korea Plans Won Stablecoins and FX Reform

South Korea has released a roadmap to make the Korean won a freely convertible currency, combining foreign exchange reforms with a legal framework for won-backed stablecoins and new digital payment infrastructure.

The plan pairs currency liberalization with formal regulation of won-denominated stablecoins, signaling that Seoul intends to integrate digital assets into its broader monetary reform agenda.

If implemented, the framework would position South Korea as one of the few major economies with a regulated domestic stablecoin tied directly to its national currency.

Source

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📊 US-Iran Tensions Wipe $80B from Crypto Markets

Escalating US-Iran tensions triggered an $80 billion drop across crypto markets, with Bitcoin and Ethereum among the assets hit as geopolitical risk sentiment shifted sharply.

The selloff followed US strikes on Iran and Senator Tom Cotton's public push for continued military action, adding uncertainty to global risk markets including digital assets.

Geopolitical escalations have historically prompted short-term crypto outflows as traders reduce exposure to volatile assets during periods of international instability.

Source

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⚖️ US Traders Pile Into 100x Leveraged Perpetual Futures

The Trump administration has opened American markets to perpetual futures contracts — highly leveraged derivatives products that have long been restricted for US retail traders.

US day traders are now piling into "perps" offering leverage of up to 100x. The products have a stark track record: data cited in the report shows 70–97% of day traders lose money using them over time.

Perpetual futures are considered among the riskiest instruments in crypto due to the speed and scale at which leveraged positions can be liquidated, making their arrival in mainstream US retail markets a significant regulatory shift.

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🌐 Zcash launches node targeting 50,000 private transactions per second

The Zcash ecosystem has introduced Zakura, a new node client designed as the first live component of Project Tachyon — a broader effort to scale Zcash from roughly one private shielded transaction per second to Visa-level throughput of 50,000 TPS.

Zakura is part of a roadmap that also includes the NU7 network upgrade. Together, these components aim to make fully private payments practical at payment-network scale, not just for individual users.

The announcement comes amid challenges: a recent vulnerability disclosure and a 48% drop in ZEC's price underscore the execution risks still ahead for the project.

Source

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🔐 BonkDAO Governance Exploit Drains 4.4 Trillion BONK

An attacker exploited BonkDAO's governance system on July 6, draining 4.426 trillion BONK tokens — worth approximately $21.2 million — from the protocol's treasury.

The attacker has since sold 800 billion BONK for around $2–2.48 million and still holds an estimated 2.4 trillion tokens, creating persistent selling pressure. BONK's price has fallen roughly 40% since the incident.

Governance exploits of this kind highlight the risk of poorly secured on-chain voting mechanisms, where an attacker can pass malicious proposals and execute treasury withdrawals without breaking smart contract code. Users with BONK exposure should monitor on-chain activity closely as further sales remain possible.

Source

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