Dune Digest #009: Stablecoin Supply, DEX Shifts, Wallet Innovation and Incentive Flows

The latest edition of Dune’s on‑chain newsletter highlights record usage of Gnosis Pay, the rapid rise of Unichain on Uniswap v4, a surge in USDO’s circulating supply, the rollout of Ethereum’s EIP‑7702, and a new transparency window into Kaito’s reward distribution.

Gnosis Pay Tops $2 M in Weekly Volume

Gnosis Pay posted a fresh all‑time high last week, processing more than $2 million in transactions across three fiat stablecoins. EUR payments alone accounted for roughly $1.8 million, while GBP and USDC volumes also grew. USDC, which barely crossed the $1 k threshold at the end of April, jumped to $3 k in the final week of the month and accelerated to $13 k in the first week of May after the platform’s launch in Brazil.

The service recorded 31.4 k payments from 3.5 k active users and handed out $38.2 k in cashback rewards during the same period. These figures suggest that Gnosis Pay is gaining traction as a crypto‑native payment layer, expanding its reach both geographically and across multiple currencies.

Unichain Claims Dominance on Uniswap v4

Since mid‑April, Unichain has emerged as the primary chain for Uniswap v4 activity. Daily trading volume now sits near $300 million, roughly double the volume seen on Ethereum, and the chain now handles over 60 % of all v4 transactions. Its market share rose from 11 % to 30 %, surpassing Base, which fell to 22 %.

The surge aligns with an aggressive liquidity‑incentive campaign, indicating that developers and traders view Unichain’s positioning on Uniswap v4 as a strategic growth lever. The shift also underscores a broader trend of DEXs seeking alternative L1/L2 environments to capture higher throughput and lower fees.

USDO’s Supply Breaks the $200 M Barrier

OpenEden’s yield‑bearing stablecoin USDO posted a notable supply expansion, crossing the $200 million mark for the first time. The token’s supply rose by $45 million in just two days, reaching $204 million total, with $201 million residing on Ethereum and the remainder on Base.

USDO’s growth follows its earlier milestone of $100 million less than a month ago, reflecting mounting demand for stablecoins that provide on‑chain yield without requiring staking. Backed 1:1 by U.S. Treasury Bills and reverse repos, USDO offers a daily rebasing reward, positioning it at the intersection of traditional finance yields and decentralized finance accessibility.

Ethereum Introduces Account‑Abstraction via EIP‑7702

The Pectra upgrade brought EIP‑7702 to mainnet, a pivotal step toward account abstraction. The new standard enables users to temporarily augment an externally owned account (EOA) with smart‑contract capabilities, unlocking features such as gas‑free transactions, batched operations, and programmable recovery mechanisms.

Early adoption data from Entropy Advisors shows over 3,500 authorizations have been executed. Delegated contracts are led by WhiteBIT (≈55 % of usage), followed by OKX Wallet (≈27.7 %), MetaMask (≈7.9 %), and Ambire, one of the first wallets to support the protocol. These initial numbers signal growing interest in hybrid wallet models that blend the simplicity of EOAs with the programmability of smart accounts.

Kaito Reveals More Than $72 M Distributed in Rewards

Kaito’s analytics dashboard now includes a “Total Value Distributed” metric, which shows that the ecosystem has allocated over $72 million in rewards beyond the initial $KAITO airdrop. A single distribution on May 1 accounted for $30 million, distributed among content creators (“yappers”), stakers, and token holders. The figure aggregates incentives delivered in the five months since the platform’s launch, offering a clearer picture of the tokenomics driving user engagement.

Analysis

1. Payments on‑chain are gaining mainstream relevance. Gnosis Pay’s multi‑currency growth, especially the rapid uptake of USDC in Brazil, illustrates that crypto‑based payment solutions are expanding beyond niche markets and beginning to capture everyday spenders.
2. Liquidity incentives are reshaping DEX geography. Unichain’s capture of a majority of Uniswap v4 volume demonstrates how well‑funded incentive programs can quickly reallocate trader activity away from established chains like Ethereum and Base.
3. Yield‑bearing stablecoins are bridging TradFi and DeFi. USDO’s swift supply expansion shows that investors are looking for low‑risk, regulated‑backed assets that still deliver on‑chain yield, a niche that could see more entrants in the coming months.
4. Account abstraction is moving from theory to practice. Early usage of EIP‑7702 suggests that developers and wallet providers are ready to experiment with more user‑friendly transaction models, which could lower barriers to entry for new users.
5. Transparent reward tracking boosts ecosystem confidence. Kaito’s new TVD display highlights the importance of clear incentive accounting for community trust, a trend that may become a standard expectation across DeFi protocols.

Key Takeaways

• Gnosis Pay: $2 M+ weekly volume, strong multi‑currency adoption, and growing cashback usage indicate rising consumer confidence in crypto payments.
• Unichain: Now processes >60 % of Uniswap v4 trades, daily volume ~ $300 M, and holds a 30 % market share, signaling a shift in DEX liquidity sourcing.
• USDO: Supply > $200 M, backed by U.S. Treasury assets, reflects intensifying demand for compliant, yield‑generating stablecoins.
• Ethereum EIP‑7702: Over 3.5 k authorizations show early signs of account‑abstraction adoption, with major wallets already integrating the feature.
• Kaito: $72 M+ in distributed rewards demonstrates a robust incentive model that could sustain user growth and activity.

All data referenced are derived from Dune’s on‑chain analytics dashboards and partner research firms. The information presented does not constitute financial advice; readers are encouraged to conduct their own due diligence.

Source: https://dune.com/blog/dune-digest-009