Not all Ethereum layer 2s are dying, but many general-purpose chains no longer have a reason to exist
In this week's edition of The Protocol Newsletter, we're looking at the state of the Ethereum layer-2 ecosystem.
READIncoming from terran broadcast towers. Filtered for alien · UAP · disclosure / crypto frequencies. Cached ten minutes, refreshed on next sweep.
// sources · coindesk · decrypt · cointelegraph · theblock · thedebrief · vice
Coinbase launches pre-IPO markets, starting with Elon Musk’s SpaceX
Coinbase launches pre-IPO markets starting with SpaceX, offering non-US users perpetual futures tied to private company valuations amid rising competition.
READFG Nexus offloads additional $17.8M Ether as losses top $100M
FG Nexus offloads another 10,000 ETH, pushing realized and paper losses above $100 million as the Ethereum treasury firm continues cutting exposure.
READCoinbase Launches Pre-IPO Perps, Starting with Elon Musk's SpaceX
Elon Musk's aerospace company SpaceX is set to IPO, with current estimations making him the world's first trillionaire on its completion.
READPolymarket says No for May, Yes for June after Strategy's recent bitcoin sale
UMA voters ruled that Strategy's June 1 disclosure counted for the June contract, even though the company said it sold bitcoin during the final week of May.
READPolymarket’s UMA vote upholds ‘No’ outcome on Strategy bitcoin sale market despite backlash
The dispute centers on Strategy's disclosure that it sold 32 BTC for roughly $2.5 million between May 26 and May 31.
READIsrael’s tax authority ‘disappointed’ in voluntary crypto disclosures: Report
After expecting billions of dollars worth of crypto holdings to be reported during a voluntary disclosure period, the country's tax office said only 58 filers took advantage of the
READWhy Ethereum Could Tank Another 25% Before Finding a Bottom: Analysis
ETH just crashed below $2,000 and is now trading near $1,841. Prediction markets place a 71% chance on a drop to $1,500—and the charts aren't pushing back.
READSouth Korea charges CATFI memecoin operators in first DEX rug-pull case: Report
South Korean prosecutors reportedly charged a group over the CATFI memecoin rug pull, marking the country’s first DEX rug-pull case under crypto law.
READPump.fun accounts for over one-third of Solana’s Q1 revenue despite memecoin slowdown
Pump.fun pulled in $124.7 million in Q1 2026, making it Solana’s largest revenue generator even as memecoin activity cooled, while the network’s RWA market cap crossed $2 billion.
READRoaring Kitty-linked RKC memecoin crashes as developer cashes out $729K
A Solana memecoin linked to Roaring Kitty’s X account crashed after its developer cashed out $729,000, raising hack and sniping concerns.
READIggy Azalea faces class lawsuit over MOTHER memecoin
A class-action group has accused rapper Iggy Azalea of not following through on delivering utility and business integrations for her memecoin, Mother Iggy.
READTop memecoin holders expected to attend Trump luncheon
The US President has confirmed his attendance for the Florida event, but it's unclear whether Tron founder Justin Sun, suing the Trump family's crypto business, will appear.
READWhite House confirms Trump to address memecoin gala on Saturday
US President Donald Trump will appear at an event for holders of the TRUMP memecoin after the White House previously said it wasn’t locked into his schedule.
READCaitlyn Jenner escapes memecoin lawsuit as judge says token not a security
A group of JENNER memecoin buyers sued Jenner and her late manager, Sophia Hutchins, in November 2024 claiming they lost thousands when the token plummeted in value.
READTRUMP whales load up as Mar-a-Lago luncheon approaches
Large holders are accumulating TRUMP ahead of a Mar-a-Lago event for top token holders, even as the memecoin trades down over 30% since March.
READSenators question Trump memecoin event attendance amid schedule clash: Report
With a potential scheduling conflict, several senators want to know if the president plans to attend a luncheon for memecoin holders in Florida or is just seeking to generate fees.
READ'Memecoin messiah' lost $60M trading mostly SPX6900: He's still not selling
Trader Murad Mahmudov may lose another $1.56 million if its top bet, SPX6900, drops another 20% in the coming weeks.
READ‘Hawk Tuah’ girl Haliey Welch says memecoin implosion ‘traumatized’ her
Welch said the fallout from the HAWK memecoin left her wary of crypto, adding she still does not fully understand the sector more than a year later.
READTrump memecoin whales pile in ahead of Mar-a-Lago gala
CoinCarp data shows over 91% of TRUMP supply is concentrated in the top 10 wallets, and 97% is held by the top 100 wallets.
READTrump offers memecoin holders another gala to boost token from lows
Donald Trump is billed as the keynote speaker at an event in Florida for his top memecoin holders, which comes as the token hits an all-time low.
READBonk.fun warns hackers hijacked domain in wallet-drainer attack
Bonk.fun warned users not to use its site after attackers hijacked the domain and pushed a fake wallet-draining prompt.
READJapan PM Takaichi disavows ‘Sanae Token’ after memecoin hits $28M peak
Japanese PM Sanae Takaichi said she had no knowledge of the token, as Kyodo reported the FSA was considering whether unregistered operators were involved.
READHow SocialFi, memecoins and AI pushed Base to the top of the L2 ladder
Base rode SocialFi, memecoins and AI agents to the top of Ethereum’s layer-2 ladder before turning inward to rebuild its core stack.
READPump.fun rolls out trader cashbacks in tweak to memecoin model
The rewards model follows months of criticism that too few Pump.fun traders were breaking even on the platform, let alone profiting.
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