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Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. Zora Launches Attention Markets: Zora introduced “Attention Markets” on Solana, letting users trade viral trends as assets for 1 SOL per launch.

2. Pump.fun Unveils Cashback Coins: Pump.fun redirected token deployment fees to active traders after revenue plunged from $148M to $31.8M year-over-year.

3. Kalshi Faces Nevada Lawsuit: Nevada regulators sued Kalshi for allegedly running unlicensed sports betting markets. Kalshi argues its event contracts fall under federal CFTC oversight.

4. 💡Feature of the Day - Moonwell Hit by Governance Exploit: Moonwell lost $1.78M after a governance update mispriced cbETH, triggering liquidations.

   
   All this and more in today’s headlines!

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📰 News Highlights:

Zora Attention Markets [Source][Source][Source][Source]

Zora launched “Attention Markets” on Solana, turning viral trends into tradable assets. Users can deploy a “Trend” for 1 SOL (around $85), a deliberate friction point meant to filter out spam and low-effort topics.

Instead of betting on tokens alone, traders can now take positions on hashtags and cultural moments before they go mainstream. Zora is essentially betting that attention itself is the next financial primitive.

The move, however, sparked backlash from the Base community, where Zora previously thrived. Critics see the Solana pivot as following retail liquidity rather than ecosystem loyalty.

While Zora’s token rose on the news, some builders accused the team of low conviction. Despite the criticism, Zora’s tools remain live on Base—but the strategic focus has clearly shifted.

Pump.fun Cashback Pivot [Source][Source][Source]

Pump.fun introduced “Cashback Coins,” redirecting fees from token deployers to active traders. The change comes after a massive revenue drop—from $148 million in January 2025 to just $31.8 million a year later.

With fewer than 1.7% of wallets making over $10,000, memecoin fatigue has become hard to ignore. The new model lets creators waive their 0.3% fee so rewards flow back to traders instead.

The pivot aims to realign incentives and revive Solana’s memecoin momentum. Meanwhile, Coinbase recently sunset its Creator Rewards program on Base after weak payouts.

Some critics argue removing creator fees could discourage long-term development. Still, analysts suggest widespread pessimism may signal a market bottom if trader value starts returning.

Kalshi Nevada Lawsuit [Source]

Kalshi is being sued by Nevada regulators for allegedly operating unlicensed sports betting markets. The Nevada Gaming Control Board argues Kalshi’s event contracts function like sportsbooks without proper state oversight.

Kalshi counters that it falls under the exclusive jurisdiction of the Commodity Futures Trading Commission, framing its contracts as commodity derivatives rather than gambling.

The case could reshape prediction markets nationwide. If federal courts side with Kalshi, states may lose authority to restrict these contracts. The political backdrop adds fuel, with Donald Trump Jr. advising Kalshi and broader support for prediction markets growing in Washington.

At stake is whether event contracts become nationally accessible financial products—or remain tightly controlled by state gaming laws.

💡 Feature of the Day: 

Moonwell Governance Exploit [Source][Source]

Moonwell suffered a $1.78 million exploit after a governance update mispriced Coinbase Wrapped Staked ETH (cbETH) at $1.12 instead of roughly $2,200. Liquidation bots quickly drained positions, leaving bad debt across Base and Optimism deployments.

Despite prior audits, a simple oracle configuration error triggered the cascade. The incident highlights how governance proposals can become unexpected attack vectors.

The controversy deepened after security experts flagged that parts of the affected code were co-authored by Anthropic’s Claude 4.6 model. The debate over “vibe coding” resurfaced, with critics warning against shipping AI-generated code without deep review.

Developers argue AI is a useful tool—but not a substitute for rigorous testing. The broader takeaway: even minor configuration mistakes can unravel complex DeFi systems.

😂 Crypto Meme of the Day: 

Meme of the day provided by @coinsauce

And that’s it for this today.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com