Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt.
Good morning!
Here are the key updates for today:
- Major cryptocurrencies are showing slight gains ahead of the Jackson Hole meeting, with Solana leading the pack; Bitcoin is priced at $79.6k
- Ethereum ETFs have recorded $225 million in inflows, closely matching Bitcoin’s $242 million
- Hyperliquid reached a new all-time high of over $86 before pulling back
- Pump.fun achieved its second-highest revenue day since January 2025
- New Solana meme token $fone debuted with $35 million
🗳️ Solana Experiences Strong Month Ahead of Significant Inflation Changes
Solana (SOL) is enjoying a remarkable month, overshadowing the challenges of the past two years.
The cryptocurrency surpassed $105 for the first time since January, marking a 44% increase in August, its best monthly performance since 2024. Coinciding with this surge, Solana successfully completed its first binding on-chain governance vote, which determines the future inflation rate of SOL.
All three proposals received majority support and passed:
- SGP-0002 increases the disinflation rate, doubling the speed at which new SOL issuance decreases from 15% to 30% annually. This change will expedite reaching a fixed 1.5% inflation rate by 2029, three years earlier than previously projected, and will eliminate approximately 18.9 million SOL from the expected issuance. Stakers will face a decrease in their returns, with 21Shares estimating staking yields to drop from about 5.25% to roughly 2.25% over three years, potentially pushing smaller validators out of the market.
- SGP-0003 modifies the transaction fee structure, dividing it into a base fee for validators and a new resource fee that is permanently destroyed based on transaction computation. Daily token burns could rise from around 650 SOL (approximately $48,000) to as much as 9,000 SOL (around $668,000).
However, not everyone supported these changes. Solana Company, the Nasdaq-listed treasury firm under the ticker HSDT, opposed the economic adjustments, arguing that institutional stakers prioritize stable yields over accelerated reductions. Conversely, DeFi Development Corp endorsed all three proposals and invested in the changes, acquiring 19,000 SOL for $1.86 million at an average price of $98.14. This marks DFDV’s first SOL purchase since October 2025, partly funded by liquidating its ZeroStack position, increasing its treasury to roughly 2.33 million SOL. DFDV shares surged over 16% on Thursday and have doubled in value over the past month, although they remain approximately 90% lower than their May 2025 peak.
In summary, significant supply changes are on the horizon for Solana, complemented by a pivotal announcement from Charles Schwab, which plans to incorporate SOL, AVAX, and LINK into Schwab Crypto, significantly broadening SOL's market exposure.
As September approaches, Solana's supply schedule is tightening, distribution channels are expanding, and treasury firms are re-entering the market after a ten-month hiatus. This comes at a time when leading Solana applications like Pump.fun and Fomo are experiencing rapid growth, creating a bullish outlook.
🌎 Macro Crypto and Markets
- Major cryptocurrencies are slightly up, with SOL leading; BTC steady at $79.6k; ETH +0.1% at $2,504; SOL +2% at $106; HYPE +1% at $83 (briefly reached $85)
- Notable altcoin movers include ENA (+13%), STX (+6%), and JUP (+6%)
- Oil +1% at $83; Gold remains steady at $4,650
- Stock futures are flat ahead of Warsh’s comments at Jackson Hole; DOW unchanged, Nasdaq -0.2%
- Approximately 81,700 Bitcoin options valued at $6.44 billion are set to expire on Deribit this Friday, with one-fifth of the exchange’s Bitcoin open interest being settled in a single session
- Ledger has denied allegations of a hack after a transaction-replacement bug was reproduced in an outdated Ethereum app, stating the issue was fixed on August 13 and was never exploited outside a controlled environment
- CZ stated at a Hong Kong conference that Bitcoin may surpass gold, potentially in the next bull market, as the market value gap is currently about tenfold
- Ethena concluded its monthly VC unlocks and repurchased locked tokens from early investors as holders vote on a fee switch directing 95% of net revenue to ENA buybacks, resulting in a 23% increase in the token price
- MoonPay integrated Kamino into PayBox, allowing users to lend and borrow on Solana through ChatGPT or Claude, with the AI operating autonomously within set parameters
Corporate Treasuries & ETFs
- Bitcoin ETFs saw $242 million in net inflows on Thursday, while ETH ETFs attracted $225 million
Meme Coin Tracker
- Performance of meme coins was mixed; DOGE -1%, SHIB -1%, PEPE -3%, PENGU unchanged, TRUMP +18%, SPX -5%; Fartcoin -2%
- Robinhood chain experienced significant gains again; PONS +10%; AI +33%, Pipedog +20%, DELTA +20%, and CHILL up 16x; Cashcat down 10% at $200 million
- Solana's top performers included fone (+500% to $34 million), Zoe (+50%), and GTA6 (+240%); Ansem rose 20% to $340 million
- The GTA VI leaker claimed about $146,000 in creator fees and sold 15.4 million tokens just before Rockstar's gameplay reveal, leading to a 46% drop in CYBERLEEK's market cap from $25 million to $7 million
💰 Token, Airdrop & Protocol Tracker
- Pump.fun reached 100k active users for the first time, while revenue peaked at $3.27 million
- Stonkfun teased upcoming Launchlab integration which will enhance deployments, introduce bonding curves, and improve user experience
🚚 Updates in NFTs
- NFT leaders remained mostly stable; Punks +1% at 32.2 ETH, BAYC -1% at 7.9 ETH, Pudgy -2% at 4.3 ETH
- Top movers included Quotrons (+113%), Templars of the Storm (+110%), and RH Machines (+93%)
- FWA’s latest drop ‘Save ETH’ launched at 0.054 ETH, just above mint price; FWA's value decreased to $16 million