Sandbox Within a Sandbox
Ethereum gaming metaverse “The Sandbox” is building their very own Ethereum L2 called SANDChain.
According to their website, the network will be developed using the ZK stack, and aims to become the hub for creators to manage communities and monetize content seamlessly.
The network will be fueled by 3 main drivers of value, which include SANDpoints to represent user’s on-chain reputation and loyalty, Creator Points to incentivize builders and Creator Tokens that are tied to a creator’s brand value.
A testnet launch is scheduled for October 14 where SAND will be the native gas token powering this upcoming L2.
Additionally, SAND holders will be able to gain early access to new features in the Sandbox ecosystem and stake their assets to earn rewards.
Since the news, SAND is up by 5.0% from $0.261 to $0.274 today.
Phantom Cashes In
The Solana-focused crypto wallet Phantom has announced CASH, a new stablecoin that will position themselves as a new consumer financial platform.
CASH is built in collaboration with Stripe and Bridge and will support new features such as a Phantom Visa debit card and peer to peer payments.
According to Phantom Cash’s FAQ, builders and companies utilizing CASH get to keep 100% of net revenues.
The stablecoin will go live on Solana first, but will make its way to other chains in the future.
Going the Full Yard
Andre Cronje, the founder of Yearn Finance and Solidly, is back with another billion-dollar project.
His latest project, known as Flying Tulip has recently completed a $200M private seed funding round at a $1B valuation.
Flying Tulip aims to be an ‘all-in-one’ on-chain platform that combines spot and derivatives markets, insurance, and its own ftUSD stablecoin, within a unified margin system.
The project is expected to be deployed on Ethereum, Avalanche and Solana, but will be initially launched on Sonic with zero-fee trading.
The fundraising round started last month on August 14th, with participation from CoinFund, DWF Labs and Virtuals Protocol.
The project plans to raise an additional $800M at the same valuation by conducting a public sale of its native FT token in the near future.
Flying Tulip’s fundraising mechanism includes an on-chain redemption right, where investors are allowed to burn and redeem their purchased FT tokens to reclaim their original investment.
However, FT tokens will remain non-transferable until the completion of the public sale.
Setting the Date for MET
The Jupiter-linked Solana DEX Meteora is set to airdrop their MET token on October 23.
The announcement was made at the Solana Apex crypto conference in Singapore.
A total of 15% of the token supply is set to be airdropped to Meteora’s users.
Meteora co-lead 0xSoju further proposed a 3% airdrop to JUP stakers.
User activities on the Meteora platform from 2024 up till June 30 2025 is considered for MET’s Token Generation Event (TGE).
In Other News…
BNB Chain’s X Account Compromised. Binance Co-founder CZ, urged users not to click on any links posted by that account until further notice. The breach was followed by a bogus post asking users to visit malicious sites to claim their “BSC rewards”.
The Rumbling. Tether CEO Paolo Ardoino announces that the video streaming platform Rumble will soon launch a crypto wallet powered by Tether, later this year. This will potentially convert the 51M active monthly users of the platform to use stablecoins within the US.
Pendle Compromised. Decentralized yields marketplace Pendle disclosed that an on-chain wallet has been drained. The Pendle team affirms that the team “has not been hacked and all funds remain safe,”. However the attacker is minting additional PT/YT tokens and dumping them.
Tether Acquires Additional $1B in Bitcoin. According to blockchain analytics firm Arkham, USDT issuer Tether has acquired $1B worth of Bitcoin on the last day of Q3. This acquisition will boost Tether’s Bitcoin treasury holdings up till $12.4B.
Aptos Joins The WLFI Family. L1 blockchain Aptos announced a collaboration with the Trump-linked World Liberty Financial. WLFI’s USD1 stablecoin will be deployed on Aptos starting October 6 with incentives across all of Aptos’s DeFi protocols.
Ripple CTO Steps Down. David Schwartz, the CTO of Ripple Labs, the team behind XRP, is stepping down from his CTO role but will stay on in the firm’s board of directors. Dennis Jarosch, the senior VP of engineering, will replace Schwartz.
$8B Crypto Sanction Evasion Revealed. Internal files belonging to Moldovan oligarch Ilan Shor were leaked recently, revealing his complex operation. Shor was deeply intertwined with Russia’s financial apparatus and has at least $8B worth of stablecoin transactions in the last 18 months.
“Trillions”. Stablecoin L1 network Plasma reposted a quote by White House AI and Crypto Czar David Sacks describing the potential value of stablecoins. The impactful signoff of “trillions” became a memecoin on the network, surging past $60M in market capitalization. Although Plasma has not endorsed the meme, they continue to use the “Trillions” tagline.
Perp Season Outshines Memecoins. Data analyst “Adam Tehc” reported that the recent growth and attention in trading on perpetual exchanges has led to bonding curve trading volumes on Solana memecoin launchpads hitting a 6 month low. He then added that seasoned memecoin traders are not too worried as they believe memecoins are “cyclical” and that a rebound will come soon.
EDEN Goes Live Today. OpenEden is a RWA focused DeFi project and their EDEN token will go live today. The token was announced 2 weeks ago and users may check their airdrop eligibility now.
Are You Part of the Turtle Club? Turtle Club has just announced their TURTLE token. Turtle is an on-chain DeFi club, monetizing and incentivizing users to perform various DeFi activities across partner protocols. Tentatively, 13.9% of the token supply is allocated for airdrops.