Dune Digest – Issue 017: Blog Overview

Dune Digest #017 – Weekly On‑Chain Highlights (July 2024)

By the Dune Analytics editorial team

1. Tokenized equities hit the mainstream

The past week marked a decisive moment for the tokenisation of traditional assets. Both Kraken and Bybit rolled out xStocks on the Solana network, delivering more than 60 synthetic representations of major U.S. equities—including Apple, Alphabet and Tesla. Within a handful of days the programme attracted roughly 12,700 distinct wallets and generated over $20 million in trade volume, with a single‑day peak of $8.5 million on July 2.

Robinhood entered the space for European users, issuing dividend‑eligible stock tokens and simultaneously announcing a dedicated Layer‑2 roll‑up on Arbitrum that will be optimised for real‑world assets and continuous 24/7 trading.

Centrifuge, in partnership with S&P Dow Jones, announced that the S&P 500 Index will be available on‑chain, signalling growing institutional interest in blockchain‑based index exposure.

Finally, Ondo Finance disclosed its acquisition of Oasis Pro, an SEC‑registered broker‑dealer, ATS and transfer‑agent. The deal gives Ondo a fully compliant infrastructure for building a U.S.‑focused tokenised securities ecosystem.

Takeaway: The convergence of exchange‑level product launches, regulatory‑grade acquisitions and index‑level on‑chain representation suggests that tokenised equities are moving from niche experimentation to a broadly accessible asset class.

2. Memecoin launchpads and the “token meta” shift

Jupiter expanded its footprint on Solana by launching JUP Studio, a launchpad aimed at cultural‑driven token projects. On July 3 alone the studio facilitated more than 5,300 new tokens, accounting for roughly 15 % of all token creations that day.

Moonshot followed with Create, a one‑click token issuance tool that captured over one‑third of all new token deployments on June 28. The surge of launchpads—such as LetsBonk, LaunchLab, Boop, Believe and JUP Studio—has largely been built on the formula popularised by Pump.fun, albeit with added incentive layers. While the long‑term impact of these new mechanics remains to be proven, Pump.fun still dominates the launchpad market.

Takeaway: The explosion of easy‑to‑use launchpads is lowering the barrier to entry for token projects, but the market continues to be concentrated around a few established players. The real test will be whether these tools translate into sustainable ecosystems rather than short‑lived token‑pumping cycles.

3. Analytics talent migration – from Flipside to Dune

After Flipside announced the sunset of its dashboard suite, a number of its analysts have migrated to Dune. Notably, analyst @defi__josh released a comprehensive Ronin Games dashboard that tracks more than 545 million on‑chain transactions across 13 leading titles (including Axie Infinity, Pixels and Wild Forest). The data shows daily game‑related transactions surpassing 1.5 million in 2024, with Pixels now leading in both transaction share (42 %) and active player count (45 %). Although overall activity dipped in 2025, Axie Infinity reclaimed the top spot for daily usage.

The move underscores Dune’s growing role as the go‑to platform for deep on‑chain analytics, drawing talent and offering richer multi‑chain coverage.

Takeaway: The migration of skilled analysts enhances Dune’s analytical depth, providing the broader community with higher‑quality insights into emerging on‑chain trends, especially in the gaming sector.

4. On‑chain revenue landscape – real business models in focus

A newly published dashboard from Sealaunch breaks down annualised revenue across on‑chain sectors. Stablecoin issuers (primarily Tether and Circle) dominate, pulling in more than $9 billion a year—about 67 % of total on‑chain revenue.

Other notable earners include:

The data illustrates a clear shift: protocols are increasingly judged by the cash they generate rather than purely by TVL or transaction count.

Takeaway: As the market matures, sustainable revenue generation is becoming the primary metric for evaluating protocol health, with stablecoins still the cash cow but niche sectors like RWA and DEX aggregators gaining traction.

5. Crypto‑native banking gains momentum – ether.fi Cash

Launched on Scroll in September 2023, ether.fi Cash is emerging as a prominent example of blockchain‑based banking. In June the product’s cumulative spend rose by $6 million, crossing the $10 million threshold. To date the platform has processed over 95 k transactions, supports ≈3 k active cards, and has facilitated $3 million in borrowing alongside $350 k in cashback. Users hold more than $52 million in non‑custodial balances (mainly liquidETH and liquidUSD), leveraging restaked assets as collateral for everyday payments.

Takeaway: The growth of ether.fi Cash highlights how DeFi primitives—staking, borrowing and payments—are being combined into consumer‑facing financial products, foreshadowing a broader move toward crypto‑native everyday banking solutions.

6. Key takeaways from the week

The information presented here is for editorial purposes only and does not constitute financial advice. Readers are encouraged to conduct their own research before making any investment decisions.

— The Dune Team

The data must flow.

Source: https://dune.com/blog/dune-digest-017