Dune Digest #029 Highlights a Wave of New L1 Activity, Perps‑DEX Growth and DeFi‑Yield Innovations
September 2024 – A series of on‑chain developments revealed by Dune’s weekly “Digest” underscore accelerating capital flows into stable‑coin‑centric infrastructure, a surge in perpetual trading on Binance Smart Chain and a growing focus on extracting otherwise wasted MEV for protocol treasuries.
1. Plasma – A Stable‑Coin‑Optimised Layer‑1 Takes Off
Launch and bridge architecture
Plasma, a tether‑backed L1 designed specifically for stable‑coin throughput, went live on September 25. The network relies on LayerZero’s Omnichain Fungible Token (OFT) framework together with Stargate to enable cross‑chain bridges.
Capital influx
On its first day, LayerZero recorded a record $4.6 billion in volume, while Plasma alone attracted roughly $3.5 billion of inbound assets—about $2.28 billion in USDT0 and $844 million in USDe. Since the start of the week (Sept 23), net inflows have topped $5.4 billion, representing roughly 8.6 % of all USD inflows routed through LayerZero. The activity stems from more than 9 000 unique addresses, 25 000 inbound messages and the operation of 17 active OFTs.
Ecosystem partnerships
Plasma launched with a roster of over one hundred DeFi projects. Notably, Aave’s market share on Plasma now exceeds that on Ethereum’s core, and Ethena has adopted the protocol’s USDe/sUSDe as primary synthetic‑dollar collateral. Liquidity providers such as Fluid, Euler and Binance Earn (with XPL incentives) have added depth, while Maple’s syrupUSDT— the first yield‑bearing asset on Plasma—reached its $200 million pre‑deposit cap within hours. The Plume × Nest nBASIS deployment brings multichain USDT staking to the platform.
Takeaway
Plasma’s rapid onboarding and sizable stable‑coin inflows position it as one of the most active L1 launches of the year, signaling continued demand for purpose‑built chains that can handle high‑volume, low‑fee stable‑coin traffic.
2. Aster – Perpetual Trading on BNB Chain Explodes
Growth metrics
Aster, a decentralized perpetual‑exchange operating on BNB Chain, posted a total value locked (TVL) of $1.44 billion, up $715 million in the past week. USDF and asBNB constitute the bulk of locked assets ($341 million and $319 million, respectively). Cumulative trading volume now exceeds $650 billion, with $48.2 billion recorded in the last 24 hours and $113.5 billion over the preceding seven days.
User activity
The platform now counts 2.71 million cumulative users, with 590 k new accounts in a single day. Active traders in the past 24 hours topped 70 k, while 7‑day trader count sits at 107 k. Fee revenue climbed to $16.6 million (24 h) and $39.5 million (7 d), pushing lifetime fees past $72 million. The protocol’s ALP token is delivering an APY of roughly 25.7 % on BSC.
Market share shift
Aster’s seven‑day average volume eclipsed that of Hyperliquid (≈$20.9 billion vs $10.4 billion), granting BNB Chain the top spot for perpetual‑exchange volume in the 24‑hour window ($36.6 billion). Nonetheless, analysts have flagged potential wash‑trading concerns given the pace of growth.
Takeaway
Aster’s rapid ascent highlights BNB Chain’s emerging role as a hub for high‑frequency perpetual trading, but the sustainability of its volume surge will depend on robust market‑manipulation safeguards.
3. Morpho Extends USDC Lending to Coinbase Users
New on‑chain savings loop
Morpho has integrated USDC lending directly into the Coinbase app, turning the stablecoin—traditionally non‑yielding—into a revenue‑generating asset. Deposits are funneled into Morpho vaults curated by Steakhouse Financial; borrowers, including Coinbase’s own USDC‑loan customers, pay interest that accrues automatically to depositors.
Rapid vault growth
From September 18 to September 25, the Steakhouse USDC vault’s cumulative supply expanded from about $4.4 million to $35 million, while the total amount originated for borrowers rose from $6 million to $38 million. Borrowing activity now approaches $1 billion.
Strategic impact
The move demonstrates a “DeFi mullet”—a consumer‑friendly front‑end paired with institutional‑grade back‑end—bridging traditional finance user expectations with decentralized yield mechanisms.
Takeaway
Morpho’s partnership with Coinbase may accelerate mainstream DeFi adoption by delivering on‑chain yields without requiring users to leave familiar interfaces, potentially catalyzing further stable‑coin‑centric lending products.
4. Flare’s FAssets Enable On‑Chain XRP Liquidity
FXRP launch
Flare introduced FAssets on September 24, allowing users to mint FXRP—an over‑collateralised ERC‑20 token pegged 1:1 to XRP. Within the first day, roughly 4.5 million FXRP were minted, quickly depleting the initial 5 million supply cap. The protocol plans to double the cap to 10 million in the coming week.
Backing and reserves
The system employs mixed collateral and a new Core Vault (multi‑sig, time‑locked) to safeguard assets. Early data shows more than 1 000 unique minters, a Core Vault TVL of about $12.5 million and roughly 4.6 million XRP locked as reserve.
Broader implications
FXRP can be deployed across Flare’s L1 for lending, liquidity provision, and trading—e.g., on Kinetic Markets or Flamix perps. The launch signals the first step toward “XRPFi,” a broader vision of bringing non‑smart‑contract assets such as BTC and DOGE into composable DeFi environments.
Takeaway
Flare’s rapid minting activity demonstrates strong market appetite for tokenised versions of legacy assets, laying groundwork for cross‑chain DeFi ecosystems that extend beyond native smart‑contract tokens.
5. Chainlink’s Smart Value Recapture (SVR) Begins Harvesting MEV
Mechanism overview
Since its December 2024 debut, Chainlink’s SVR lets protocols reroute oracle calls through a special feed that captures “non‑toxic” MEV—primarily liquidation profits—redirecting up to 80 % of extractable value back to protocol treasuries.
Early adopters
Aave was the first to implement SVR on Ethereum in March 2025, initially covering assets such as tBTC, LBTC, AAVE and LINK. By June, SVR covered roughly 27 % of Aave’s total value locked.
Revenue generation
In the past week, SVR reclaimed about $500 k of MEV, with $340 k stemming from Aave liquidations alone. Cumulatively, the system has captured $1.7 million of non‑toxic MEV since launch.
Takeaway
SVR illustrates a shift toward turning what was previously a cost (MEV loss) into a revenue stream, potentially reshaping treasury models for DeFi protocols and encouraging broader adoption of value‑capturing oracle solutions.
Overall Insights from Dune Digest #029
- Stable‑coin infrastructure is scaling – Both Plasma and Flare’s FAssets showcase how purpose‑built L1s and tokenised assets can attract billions in liquidity in a matter of days.
- Perpetual‑exchange dynamics are evolving – Aster’s surge underscores BNB Chain’s emergence as a hub for high‑frequency derivatives, yet the market must address concerns over volume integrity.
- Mainstream finance meets DeFi – Morpho’s integration with Coinbase highlights a growing trend where traditional custodial platforms embed on‑chain yield products, lowering barriers for retail participants.
- MEV capture becomes a protocol revenue source – Chainlink’s SVR proves that “wasted” liquidation profits can be reclaimed, potentially leading to more resilient treasury strategies across DeFi.
The data presented are for informational purposes only and should not be construed as financial advice.
Source: https://dune.com/blog/dune-digest-029
