Dune Digest #020 – Mid‑July On‑Chain Pulse
By the Dune Analytics Team
1. Ethena’s USDe crosses the $7 bn mark
Ethena’s algorithmic stablecoin, USDe, moved past the $7 billion supply threshold in early July, underscoring the protocol’s rapid expansion at the crossroads of decentralized finance (DeFi) and traditional finance (TradFi). The surge reflects growing demand for a “digital dollar” that can be minted on‑chain while still earning yields from ETH staking and other revenue streams.
2. StablecoinX’s $360 m fundraising round
StablecoinX Inc. announced a $360 million financing round on 21 July, of which $60 million came from the Ethena Foundation in the form of ENA tokens. The capital will be used for two primary purposes:
- Acquisition of ENA: Approximately 8 % of the ENA token supply will be purchased over the next six weeks.
- Nasdaq IPO preparation: The proceeds will fund the company’s effort to list a US‑listed ticker (“USDE”) on the Nasdaq exchange, creating a direct equity exposure to the stablecoin ecosystem.
3. Strata Season 0 – a new minting pipeline for USDe
The day after StablecoinX’s announcement, the Strata platform launched its “Season 0” programme, enabling users to mint a wrapped version of USDe (pUSDe) by depositing either USDe or its interest‑bearing counterpart eUSDe. Partnerships with yield‑enhancing protocols such as Pendle and Morpho allowed participants to earn points that can be redeemed for additional rewards. Within three days, the new pool amassed roughly $19 million in total value locked (TVL), indicating strong appetite for structured yield products built on the USDe infrastructure.
4. Anchorage Digital partners with Ethena for USDtb
On 24 July, Anchorage Digital entered a strategic partnership with Ethena to issue USDtb, the first GENIUS‑compliant stablecoin that meets on‑shore regulatory standards. The collaboration aims to give institutional investors a programmable, audit‑ready stablecoin that can be seamlessly integrated into existing treasury workflows.
5. The “flywheel” model
Ethena’s recent moves illustrate a self‑reinforcing loop:
- Integration layer: New on‑ramps such as Strata and Anchorage increase USDe adoption.
- Revenue scaling: Greater circulation drives staking rewards, delta‑hedging profits, and fee income.
- Yield conversion: Once the protocol’s fee switch is activated, this revenue turns into tangible yield for ENA holders.
- Equity market link: StablecoinX’s Nasdaq vehicle creates a feedback channel, allowing public‑market participants to capture ENA upside while supporting buy‑backs.
6. Converge – a unified EVM stack
All of the above activities are anchored on Converge, a high‑throughput Ethereum‑compatible chain co‑developed with Securitize and Arbitrum. Converge natively supports USDe, USDtb and an indexed USDe (iUSDe), and it allows real‑world assets (RWAs) to be composable with DeFi primitives. The native token sENA will be used for governance and gas fees, further aligning incentives across the ecosystem.
7. Coinbase’s Base App rebrand fuels SocialFi surge
Coinbase rebranded its wallet as the “Base App,” positioning it as a crypto‑first social platform that blends wallet functions, a feed, trading, payments, and mini‑apps on its Layer‑2 chain, Base. The launch triggered a dramatic uptick in activity around Zora Coins: daily token creations jumped from about 4 k to over 15 k (peaking at 38 k), unique creators rose from 1.5 k to roughly 12 k, and daily trade volume climbed from roughly $1 m to more than $6 m. The metrics suggest a shift from static wallet experiences toward dynamic, socially driven on‑chain economies.
8. Uniswap v4 hits new milestones
Uniswap’s latest iteration, v4, surpassed $100 billion in cumulative trading volume and broke the $1 billion TVL barrier. The protocol now accounts for roughly 30 % of all Uniswap trades, while v3 still holds about 60 % due to its deep liquidity. Unichain, a scaling solution that routes transactions off‑chain, has become the dominant conduit for v4, often processing more daily transactions than Ethereum itself and responsible for nearly half of v4 activity. Daily trading on v4 averages $634 million, and cumulative swap fees have topped $41.6 million. The ecosystem is seeing an explosion of “hooks”—customizable smart‑contract modules—that enable dynamic fee structures and automated strategies.
9. Yala cements its role in BTC‑Fi
Since its May launch, Yala’s BTC‑backed stablecoin, $YU, has attracted over $200 million in TVL, with $122 million of $YU minted. The protocol uses over‑collateralized Bitcoin and liquid staking tokens to provide a stablecoin that fuels vaults, AMMs, and a Stability Pool. Approximately $74 million of $YU is locked in the Stability Pool, and DEX volume exceeds $68 million, driven largely by Solana (74 % of $YU trading) and a smaller share on Ethereum’s Uniswap. Yala’s Season 1 airdrop on 22 July distributed 34 million $YALA tokens to nearly 10 k participants; within a few days, $8.8 million worth of airdropped tokens were claimed, reflecting both broad reach and deep engagement.
10. Noble’s USDN gains traction
USDN, Noble’s yield‑bearing stablecoin backed by short‑term U.S. Treasury bills, recorded $1 billion in total transaction volume only four months after its March 2025 launch. The token now circulates $115.8 million across roughly 30 k wallets, and has paid out $1.34 million in yield to users. Monthly active users top 10 k, with nearly 2.8 k new participants in the last 30 days. Swap activity with USDC has reached $371 million, averaging $5.6 k per trade. Notable vaults include a Points Vault holding $78 million and a Boosted Yield Vault with $34 million locked, delivering a 4.15 % APY plus reward redistribution. Noble’s recent global ambassador program signals ambition to expand stable‑coin infrastructure worldwide.
Key Takeaways
| Area | Insight |
|---|---|
| Stablecoin Supply | USDe’s $7 bn supply milestone validates the growing appetite for on‑chain dollar assets. |
| Capital Infusion | StablecoinX’s $360 m raise—partly in ENA—links stable‑coin growth directly to public‑market equity exposure. |
| Yield Layers | Strata’s rapid TVL accumulation shows that structured yield products can accelerate stable‑coin adoption. |
| Institutional Bridge | Anchorage‑Ethena partnership creates a compliant on‑shore stablecoin (USDtb), broadening institutional access. |
| EVM Unification | Converge’s multi‑asset support and native governance token (sENA) aim to streamline DeFi‑TradFi interoperability. |
| Social Finance | Coinbase’s Base App catalyzes a shift toward social, app‑centric crypto experiences, as evidenced by Zora activity spikes. |
| DEX Evolution | Uniswap v4’s volume surge and hook ecosystem indicate that modular DEX architectures are gaining developer traction. |
| BTC‑Fi Emergence | Yala’s Bitcoin‑backed stablecoin and airdrop demonstrate that BTC can serve as a foundation for DeFi liquidity. |
| Yield‑Bearing Stablecoins | USDN’s rapid transaction volume and vault participation highlight demand for low‑risk, treasury‑backed yields. |
What’s next?
- Ethena’s fee switch: Activation will convert protocol revenue into real yield, potentially boosting ENA’s price dynamics.
- Nasdaq listing timeline: Market participants should monitor regulatory filings as StablecoinX moves toward its USDE ticker.
- Base App ecosystem: Continued growth of mini‑apps and on‑chain social tokens could reshape user acquisition strategies for wallets.
- Uniswap v4 hooks: Expect increased innovation as developers experiment with fee‑customization and automated strategies.
The data presented here are for informational purposes only and do not constitute financial advice. Readers should perform their own due diligence before making investment decisions.
The Dune Digest team continues to cut through the noise, surfacing the most consequential on‑chain trends. If you have a data‑driven story or dashboard you’d like featured, submit your suggestion through the Dune community portal.
The data must flow.
Source: https://dune.com/blog/dune-digest-020
