Dune Digest #041 Highlights Shifting Dynamics in DeFi Fundraising, Tokenomics, and On‑Chain Payments
January 2026 – A weekly roundup from Dune Analytics uncovers how recent on‑chain activity is reshaping capital‑raising strategies, fee structures, stable‑coin deployment, and the real‑world use of crypto.
1. Infinex’s INX Token Sale Falls Short of Target
What happened
Infinex wrapped up its public offering of the INX token in early January through the Sonar platform. The round sold 5 % of the total token supply at a fully‑diluted valuation (FDV) of $99.99 million. Tokens were locked for a year, with an optional early‑unlock mechanism. The sale featured a lowered fundraising goal, removed caps, and a “fair‑allocation” model designed to attract a broad participant base.
Outcome
Despite the concessions, only about 650 investors contributed roughly $3.2 million—well under the $5 million target. The shortfall is stark given that the accompanying Patron NFT program suggested a much larger implied valuation.
Analysis
The result signals a broader market correction in DeFi capital raising. Investors appear less persuaded by brand‑driven narratives and more focused on demonstrable utility and cash‑flow potential of app‑layer tokens. The episode underscores three emerging best practices for token launches:
- Clear value accrual – Tokenomics must be directly tied to product usage.
- Tight issuance sizing – Over‑allocation invites skepticism.
- Alignment with on‑chain revenue – Tokens priced on future cash‑flow perform better than those priced on hype alone.
For LPs and partners, the market is increasingly filtering out projects that lack on‑chain monetisation pathways.
2. Uniswap DAO Fires Up Fee‑Backed UNI Burns
What happened
At the end of December the Uniswap DAO activated its long‑awaited fee switch. A portion of the protocol fees harvested from both Ethereum v2/v3 pools and the Unichain sequencer is now earmarked for UNI buy‑backs and token burns.
Key figures
- Approx. 100.1 million UNI were destroyed in the initial burn, equating to roughly $594 million at current prices.
- Ongoing burn rate is about 4.4 million UNI per year, underpinned by an estimated $26.6 million in annualised fee revenue.
Analysis
The move pivots UNI from a pure governance token to a fee‑backed, deflationary asset. This hybrid model aligns token holders’ incentives with the protocol’s economic health and sets a new benchmark for DEX token design. However, competitors such as Aerodrome already channel 100 % of fees to token holders via vote‑escrow mechanisms, delivering even stronger LP incentives. The implication for existing DEXes is clear: credible fee capture must be integrated into token economics or risk losing relevance.
3. Jupiter Introduces JupUSD – A Solana‑Native Stablecoin
What happened
On 5 January Jupiter, the Solana‑based aggregator, launched JupUSD in partnership with Ethena Labs. The stablecoin is reserve‑backed, with 90 % of its backing coming from USDtb (linked to BlackRock’s BUIDL) and the remaining 10 % supplied by USDC to provide liquidity.
Early traction
- Around $14 million was deposited into Jupiter Lend within the first 24 hours.
- Total circulating supply quickly reached ~ $11.7 million, held by roughly 808 addresses.
Analysis
JupUSD is less a novelty and more a strategic vertical integration. By issuing its own stablecoin, Jupiter captures reserve yield, reduces reliance on external issuers, and creates a seamless liquidity layer across its ecosystem (swaps, perpetuals, DCA, lending, prediction markets). In a Solana stablecoin market that has grown to roughly $15 billion by the end of 2025, the race is shifting from “who can issue a stablecoin” to “who can embed it most deeply into user workflows.” Future competitive advantage will be driven by distribution reach, on‑chain yield capture, and the breadth of native use cases.
4. Bitget‑Morpho Collaboration Brings On‑Chain Earn to CeFi Users
What happened
Bitget partnered with the Morpho protocol and the Arbitrum ecosystem to roll out an on‑chain Earn product for USDC and USDT. The product offers up to 12 % APR, features no lock‑up periods, instant redemption, and real‑time interest accrual.
Performance
- The vault has attracted more than $50 million of USDT since launch, becoming one of the largest Morpho vaults on Arbitrum.
Analysis
The offering illustrates a growing “CeFi‑as‑distribution‑layer” model: centralized exchanges act as the front‑end for on‑chain yield strategies, abstracting gas fees and complex UX while preserving the security and composability of DeFi protocols. This hybrid approach allows CEXs to diversify product suites without taking on balance‑sheet risk, and gives DeFi protocols access to vast, sticky capital pools. Expect more such integrations as stable‑coin yield products become core to exchange roadmaps.
5. Crypto Card Spending Accelerates Toward Mainstream Adoption
What the data shows
Dune’s tracking of crypto‑card transactions reveals a 420 % year‑over‑year increase, from roughly $23 million in January 2025 to $120 million by December 2025. Of the total, about $91 million was processed through Visa and $30 million via Mastercard. Visa‑linked spend alone surged 525 % YoY, climbing from $14.6 million to $91.3 million.
Key drivers
Products such as EtherFi, Gnosis Pay, and Cypher dominate the growth, converting on‑chain balances into everyday spend while stablecoins settle the underlying transactions.
Analysis
The rapid expansion signals that crypto payments have moved past experimental pilots to operational deployment. Card products now act as a critical distribution layer, translating on‑chain assets into fiat‑compatible spend. Stablecoins underpin this bridge, delivering near‑instant settlement and dramatically lower friction compared with traditional cross‑border payment rails. For fintechs and legacy banks, the trend suggests a pressure to embed tokenised dollars or develop their own stablecoin solutions to stay competitive on cost, speed, and user experience.
Key Takeaways
| Area | Trend | Implication |
|---|---|---|
| Token sales | Investors favour utility‑linked valuations over brand hype. | Future token launches must demonstrate clear on‑chain revenue streams. |
| DEX economics | Fee‑backed, deflationary token designs are becoming the norm. | Projects lacking credible fee capture may lose market share to models like Aerodrome. |
| Stablecoins | Vertical integration (own‑stablecoin) is a strategic differentiator. | Ecosystem players will compete on reserve yield capture and deep product integration. |
| CeFi‑DeFi bridges | Exchanges are leveraging DeFi protocols to offer high‑yield products without balance‑sheet exposure. | Expect a proliferation of “earn” solutions on centralized platforms. |
| Payments | Crypto card spend is scaling rapidly, driven by stablecoin settlement. | Real‑world usage of on‑chain assets is cementing, pressuring traditional payment networks to innovate. |
Conclusion
Dune Digest #041 paints a picture of a maturing decentralized finance landscape where capital efficiency, token economics, and real‑world utility are the new yardsticks of success. Investors, developers, and incumbents alike will need to adapt to these evolving expectations if they hope to capture value in the coming years.
The analysis presented here reflects publicly available on‑chain data and should not be construed as financial advice. Readers are encouraged to conduct their own due diligence before making investment decisions.
Source: https://dune.com/blog/dune-digest-041
