Dune Digest 016 – Key On‑Chain Trends Shaping DeFi and Crypto Markets
June 2025 – The latest Dune Digest highlights a wave of activity across prediction‑market platforms, stable‑coin integration in Asian ecosystems, and the rollout of modular AMM designs that are redefining liquidity provision.
1. Prediction‑market power‑houses surge
- Polymarket’s $200 M round – The US‑based prediction‑market has closed a Series B at a post‑money valuation of roughly $1 billion, led by Founders Fund.
- Kalshi’s $185 M raise – Backed by Paradigm, the exchange secured a comparable valuation of $2 billion.
Both companies continue to attract capital despite the regulatory constraints that make their services less accessible to the broader public. Polymarket, in particular, has rebounded from a dip that saw its market‑cap fall from a $2.6 B peak in November 2024. Monthly trading volume climbed back above $1 billion in June 2025, indicating renewed user interest.
A notable development is Polymarket’s partnership with X (formerly Twitter). The joint effort will feed real‑time prediction data, Grok‑powered AI analysis, and X posts into a single product, giving users an integrated view of market sentiment and outcomes. Analysts view the collaboration as an early step toward “InfoFi”—a paradigm where information itself becomes a tradable asset.
Takeaway: Capital inflows and product integrations suggest prediction markets are solidifying their role as a niche but growing layer of the crypto ecosystem, with the potential to serve as data‑feeds for broader financial applications.
2. Kaia brings native USDT to the Asian Web3 space
Kaia announced native support for USDT, immediately unlocking a $100 M USDT supply on its chain. The update is rolled out through the LINE NEXT Mini‑Dapp platform and Kaia’s self‑custodial wallet, enabling users to send, receive, and spend stablecoins for payments, rewards, and DeFi services.
User activity on Kaia has normalized after an April record of 5.5 M daily active accounts; the current figure sits at roughly 500 K daily active accounts. While the numbers are lower than the peak, the stablecoin integration is expected to drive renewed growth, positioning Kaia as a conduit for dollar‑backed assets across Asian markets.
Takeaway: The move underscores a broader trend of Asian blockchain projects adopting mainstream stablecoins to bridge fiat and DeFi, potentially expanding the user base beyond crypto‑savvy participants.
3. EulerSwap – A DeFi DEX built on Uniswap v4 hooks
Euler’s newly launched EulerSwap has already recorded $300 M in cumulative trading volume while still in beta. The DEX leverages Uniswap v4’s hook architecture, allowing liquidity providers to earn swap fees, lending yields, and borrowing capacity on a single capital stack. This design dramatically improves capital efficiency for both traders and LPs.
Euler is also expanding its core lending protocol to Arbitrum, further extending its reach into Ethereum’s layer‑2 ecosystem.
Takeaway: EulerSwap demonstrates how modular AMM designs can create multi‑revenue streams for LPs, a feature that could become a benchmark for future DEX deployments.
4. Hyperliquid’s on‑chain derivatives engine scales
New data from Sealaunch’s Hyperliquid dashboard reveals:
- $1.57 T annual perpetual‑contract trading volume
- $309 M cumulative revenue, with $55 M generated in June alone
- $3.5 B locked across its cross‑chain bridges
Hyperliquid’s architecture—featuring the HyperBFT consensus and the HyperCore execution engine—delivers one‑block finality for perpetual contracts and supports up to 200 k orders per second. The protocol’s data is now exposed through Dune’s Sim API, opening the door for deeper analytics and developer integrations.
Takeaway: The platform’s performance metrics illustrate that on‑chain derivatives can achieve transaction throughput and revenue levels comparable to traditional centralized exchanges, reinforcing the viability of decentralized perpetual trading.
5. Uniswap v4 hook pools gain traction
Following Uniswap’s rollout of its Hook Design Lab cohort, hook‑enabled pools have quietly amassed $382 M in total volume. June’s average was about $8 M per day, driven largely by activity on the Unichain network. The top‑performing hooks include:
- EulerSwap – $325 M total volume
- Bunni – $388 M total volume
- Aegis – $70 M total volume
These pools now contribute close to 4 % of Uniswap v4’s overall volume, signaling that modular AMMs are beginning to capture meaningful market share.
Takeaway: Hook‑enabled pools are proving that customized AMM logic can coexist with the broader liquidity landscape, offering new pathways for protocol innovation and revenue generation.
Overall Analysis
The metrics compiled in Dune Digest 016 paint a picture of a maturing DeFi ecosystem:
- Capital confidence in prediction‑market operators is solidifying, even as they navigate regulatory scrutiny. Their data‑oriented products may soon become essential inputs for other on‑chain services.
- Stablecoin integration in regional blockchains like Kaia signals a strategic push to make Web3 financially inclusive and usable for everyday transactions.
- Modular AMM designs (Uniswap v4 hooks, EulerSwap) are unlocking new liquidity‑provider incentives and showing that protocol customisation can drive real volume.
- On‑chain derivatives platforms such as Hyperliquid are achieving scale that rivals established centralized venues, suggesting a future where high‑frequency, high‑volume trading can remain fully decentralized.
Collectively, these trends indicate a shift from experimental projects to infrastructure‑level services that are attracting significant capital, user adoption, and developer interest.
Key Takeaways for Stakeholders
| Segment | What to Watch | Potential Impact |
|---|---|---|
| Prediction markets | Integration of real‑time data feeds (e.g., X partnership) | Enhanced InfoFi use‑cases, data‑as‑asset monetisation |
| Stablecoin adoption | Expansion of USDT on Asian chains (Kaia) | Wider consumer entry points, cross‑border payments |
| Modular AMMs | Growth of hook‑enabled pools and DEXs like EulerSwap | New LP revenue models, increased capital efficiency |
| Derivatives | Hyperliquid’s on‑chain volume and API access | DeFi can capture high‑frequency trading demand |
| Layer‑2 expansion | Lending protocols moving to Arbitrum and other L2s | Better scalability, lower transaction costs |
Investors, developers, and regulators alike should monitor these developments as they are likely to shape the next phase of decentralized finance, moving it from niche experiments toward mainstream financial infrastructure.
Source: https://dune.com/blog/dune-digest-016
