Morning Minute is a daily newsletter by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt.

GM!

Today's top news:

• Crypto majors are slightly green ahead of Jackson Hole, with SOL leading; BTC at $79.6k
• ETH ETFs see $225M in inflows, nearly even with BTC's $242M
• Hyperliquid hits a new ATH over $86 before retracing
• Pump.fun hits its second-highest day of revenue since January 2025
• New Solana meme coin $fone runs to $35M in its debut

Solana Has Its Best Month Ahead of Major Inflation Change

SOL is having its strongest stretch in years. The token climbed back above $105 for the first time since January and is up roughly 44% in August, its best month since 2024.

On the same day the price surged, Solana closed the first binding onchain governance vote in its history—one that determines how much SOL the network inflates (or disinflates) going forward. All three proposals cleared quorum and passed. The vote marks a milestone for the network's governance system: earlier Solana decisions of this kind were settled by offchain stakeholder debate among validators and core developers, so a binding onchain referendum puts token holders' economic preferences directly on record for the first time.

SGP-0002 doubles the disinflation rate—the speed at which new SOL issuance shrinks each year—from 15% to 30%. Solana already trends toward a fixed 1.5% inflation floor; the change reaches that floor by 2029 instead of 2032 and removes roughly 18.9 million SOL from the projected issuance schedule. The cost falls on stakers, since issuance is what pays them. 21Shares estimates staking yield drops from about 5.25% today to around 2.25% within three years. Smaller validators could be squeezed out entirely, which is the trade-off the network accepted in exchange for a tighter supply schedule.

SGP-0003 approaches supply from the other side. It splits the transaction fee into a base fee that still pays validators and a new resource fee, tied to how much compute a transaction burns, that gets destroyed outright. Daily burns would rise from about 650 SOL (roughly $48,000) to as much as 9,000 SOL (around $668,000). The design echoes Ethereum's EIP-1559, which began destroying the base portion of Ethereum transaction fees in 2021 and turned ETH supply deflationary during periods of heavy network usage—making fee-burning one of the most closely watched supply mechanics in crypto.

Not everyone supported the changes. Solana Company, the Nasdaq-listed treasury firm trading as HSDT, backed the constitution but voted against both economic proposals, arguing that institutional stakers need predictable yield more than a faster cut. DeFi Development Corp voted the other way on all three, then put money behind its position, buying 19,000 SOL for $1.86 million at an average of $98.14. That was DFDV's first SOL purchase since October 2025, funded partly by unwinding its ZeroStack position, and it lifts the treasury to roughly 2.33 million SOL. DFDV shares gained more than 16% Thursday and have doubled in a month, though they remain about 90% below the May 2025 high.

On the demand side, Charles Schwab said it plans to add SOL, AVAX, and LINK to Schwab Crypto, putting SOL in front of tens of millions of brokerage accounts. The move is part of a broader push by mainstream brokerages and fintech apps into direct crypto trading, a channel that largely didn't exist for SOL during its earlier price cycles.

Heading into September, Solana faces a supply schedule the network just voted to tighten, a distribution channel about to widen, and treasury companies buying again for the first time in ten months—while leading apps like Pump.fun and Fomo see explosive growth. In Warner's assessment, it is "quite the bullish setup."

Macro, Crypto and Markets

• Crypto majors are slightly green with SOL leading; BTC even at $79.6k; ETH +0.1% at $2,504; SOL +2% at $106; HYPE +1% at $83 (briefly hit $85)
• Top alt movers include ENA (+13%), STX (+6%) and JUP (+6%)
• Oil +1% at $83; Gold even at $4,650
• Stock futures are flat ahead of Warsh's comments at Jackson Hole; DOW even, Nasdaq -0.2%
• About 81,700 Bitcoin options worth $6.44 billion expire on Deribit on Friday, with a fifth of the exchange's Bitcoin open interest settling in one session
• Ledger rejected claims it had been hacked after OneKey reproduced a transaction-replacement bug in an outdated Ethereum app, saying the flaw was patched August 13 and never exploited outside a lab
• CZ told a Hong Kong conference that Bitcoin will overtake gold, possibly in the next bull run, with the market value gap now around tenfold
• Ethena ended monthly VC unlocks and bought back locked tokens from selling seed investors as holders vote on a fee switch routing 95% of net revenue to ENA buybacks; the token rose 23%
• MoonPay added Kamino to PayBox, letting users lend and borrow on Solana by talking to ChatGPT or Claude, with the AI able to act autonomously inside preset limits

Corporate Treasuries & ETFs

• Bitcoin ETFs saw $242M in net inflows on Thursday; ETH ETFs saw $225M in inflows

Meme Coin Tracker

• Meme leaders were mixed; DOGE -1%, SHIB -1%, PEPE -3%, PENGU even, TRUMP +18%, SPX -5%; Fartcoin -2%
• Robinhood chain saw major gains again; PONS +10%; AI +33%, Pipedog +20%, DELTA +20% and CHILL +16x; Cashcat -10% at $200M
• Solana leaders included fone (+500% to $34M), Zoe (+50%), and GTA6 (+240%); Ansem +20% at $340M
• The GTA VI leaker claimed about $146,000 in creator fees and dumped 15.4 million tokens hours before Rockstar's gameplay reveal, sending CYBERLEEK down 46% to a $7 million cap from a $25 million peak

Token, Airdrop & Protocol Tracker

• Pump.fun hit 100k active users in its app for the first time, while revenue hit a new local high at $3.27M
• Stonkfun teased that its Launchlab integration will arrive soon, changing deployments, adding bonding curves and enhancing the UX

What Is Happening in NFTs?

• NFT leaders were mostly flat; Punks +1% at 32.2 ETH, BAYC -1% at 7.9 ETH, Pudgy -2% at 4.3 ETH
• Quotrons (+113%), Templars of the Storm (+110%) and RH Machines (+93%) led top movers
• FWA's latest drop 'Save ETH' debuted at 0.054 ETH, just above mint price; FWA fell to $16M