Dune Digest #026: DeFi Incentives, Tokenised Equities, On‑Chain Prediction Markets and Emerging Real‑World Assets
September 2025 – 03 Sep 2025
The latest edition of the Dune Digest shines a spotlight on a set of coordinated on‑chain initiatives that are reshaping liquidity provision, asset tokenisation and the frontier of real‑world‑asset (RWA) markets. Across Arbitrum, Solana, Base and a newly listed DeFi‑oriented token, the data reveal a shift from raw TVL‑driven rewards toward activity‑based incentives, a surge in regulated equity tokenisation, and a growing appetite for niche RWAs such as trading‑card‑game tokens.
1. Arbitrum’s DRIP – A “measurable‑action” rewards model
What it is
The DeFi Renaissance Incentive Program (DRIP), launched on 3 September, is a four‑season, $40 million (80 million ARB) grant that distributes rewards based on the amount of assets actually borrowed, rather than on static capital locked. The first season focuses on “leverage looping” – users earn ARB proportional to the time‑weighted average of their borrow positions across a suite of lending protocols (Aave, Morpho, Fluid, Euler, Dolomite and Silo).
Early impact
- Total market size across the participating protocols rose from $2.57 B to $2.73 B, a 6 % increase in just the first few weeks.
- USD‑denominated pools showed the strongest cost‑efficiency gains, indicating that the incentive structure is attracting high‑velocity capital.
| Beyond TVL – composability and new products The programme has already spurred the launch of three new tokens on Arbitrum: |
Token | Underlying asset | Approx. market cap* |
|---|---|---|---|
| syrupUSDC | Maple‑backed loans | $9 M | |
| RLP | Resolv’s leveraged, delta‑neutral first‑loss token | $5 M | |
| thBILL | Theo’s low‑risk RWA bill token | $4.3 M | |
| sUSDS (fastest breakout) | Synthetic US‑dollar stablecoin | $19 M (up from $4 M) |
*Market caps are snapshots from the Dune dashboard.
Analysis
DRIP’s activity‑based model appears to be more effective at generating sticky liquidity than the “spray‑and‑pray” grant schemes that have dominated previous incentive rounds. By rewarding borrowing rather than simply depositing, the program encourages deeper integration across protocols, which could raise the bar for composability incentives in the broader ecosystem.
2. Tokenised US Equities and Nasdaq Shares
Ondo’s “Global Markets” (GM)
On the same day DRIP launched, Ondo introduced a “Directive Tokenisation” platform that brings over a hundred U.S. stocks and ETFs onto Arbitrum as transfer‑restricted tokens directly linked to a broker‑dealer. The approach eliminates the need for wrapper contracts or SPVs, giving investors true on‑chain ownership.
- TVL for GM has already topped $63 M, with exchange‑traded funds—most notably SPY and IVV—accounting for roughly 56 % of locked value.
Galaxy Digital & Superstate partnership
A day later, Galaxy Digital took a historic step by tokenising its own Nasdaq‑listed Class A common stock (GLXY) on Solana. The token is fully SEC‑registered, carries all economic and legal rights of the underlying share, and can be transferred peer‑to‑peer among approved holders.
What this means
These launches move tokenised equities from the realm of “synthetic exposure” toward regulated, direct ownership. For DeFi investors, the new bridge offers 24/7 trading, fractional exposure, and the ability to embed these assets into lending, borrowing or yield‑optimisation strategies without sacrificing compliance.
3. Limitless (Base) – Prediction‑Market Maturation
Volume & user growth
The decentralized prediction market on Base, Limitless, has accumulated $297.7 M in lifetime trading volume. Approximately 97 % of that volume originates from its original AMM (v1), while the newer central limit order book (v2) contributed $7.73 M.
- August marked a record month: 2,172 active traders executed 99,216 trades, generating $104.5 K in fees.
- The v2 CLOB is gaining traction; monthly volume rose from $0.46 M (Feb) to $2.47 M (Aug), with $0.48 M already logged in September.
Context
The surge follows a $4 M funding round led by Coinbase Ventures and coincides with Polymarket receiving U.S. regulatory clearance, underscoring a broader mainstream acceptance of on‑chain forecasting.
4. World Liberty Financial (WLFI) – A Politically‑Charged Token Launch
Market debut
WLFI listed on September 1 and recorded $260 M of DEX volume on its first day. Cumulative volume has settled around $330 M, with a clear buy‑side bias.
- Full‑dilution valuation (FDV): $19.5 B.
- Supply concentration: Top five wallets hold >70 % of total tokens.
- Airdrop: Over 85 k addresses received the initial “USD1” airdrop (≈$4 M).
USD1 stablecoin
WLFI’s native stablecoin, USD1, grew its supply from $2.1 B to $2.6 B in August after expanding onto Solana and Tron. It now ranks as the sixth‑largest stablecoin by supply, backed by fiat reserves and Treasury bills, and is being used for payments, lending and cross‑chain DeFi activities.
Implication
While the token’s political branding attracted headline attention, the data suggest a more conventional trajectory toward institutional‑grade stablecoin usage and a market‑making focus, rather than pure meme‑driven speculation.
5. Pokémon TCG RWAs on Solana – Gaming Assets Join the RWA Stack
Volume snapshot
Three Solana‑based platforms that tokenise physical Pokémon Trading Card Game (TCG) cards collectively generated $165 M in trading volume this month:
| Platform | Volume | Gross revenue | Gacha users |
|---|---|---|---|
| Collector Crypt | $153.1 M | $9.97 M | 4,358 |
| Phygitals | $11.39 M | $1.56 M | 8,328 |
| Emporium | $0.81 M | $78 k | — |
For comparison, Polygon’s Courtyard, a pioneer in tokenised gaming assets, has amassed $419 M in total volume, $53 M in revenue and a much larger user base (≈269 k unique gacha participants).
Why it matters
The tokenisation of collectible cards illustrates how on‑chain representation can unlock liquidity for niche cultural assets, creating new revenue streams (gacha, resale, lending) and expanding the definition of “real‑world assets” beyond traditional finance. As the RWA stack diversifies, such projects could serve as entry points for retail participants unfamiliar with DeFi.
6. Cross‑Cutting Themes & Takeaways
| Theme | Observation |
|---|---|
| Incentive design | DRIP’s borrowing‑based rewards are delivering measurable growth in market size, pointing to a potential industry‑wide shift toward activity‑oriented incentives. |
| Regulated tokenised securities | Ondo and Galaxy Digital demonstrate that on‑chain equity tokenisation can be achieved without wrappers, offering true ownership and opening pathways for DeFi composability of regulated assets. |
| Prediction‑market maturation | Limitless’s growth, especially in its CLOB component, suggests that hybrid AMM‑CLOB models may become the norm for on‑chain forecasting platforms. |
| Concentration risk | WLFI’s token distribution is heavily skewed, raising governance and market‑impact concerns despite strong trading volumes. |
| Expansion of RWAs | From Treasuries and private credit to tokenised Pokémon cards, the RWA frontier is broadening, with on‑chain markets delivering 24/7 liquidity and fractional access. |
Overall outlook
The data from Dune Digest #026 illustrate a maturing DeFi landscape where incentive mechanisms, regulatory alignment, and asset diversification are converging. Programs that reward concrete on‑chain actions—such as borrowing or market‑making—appear to generate more durable liquidity than traditional grant models. Simultaneously, the tokenisation of regulated equities is narrowing the gap between traditional finance and decentralized protocols, potentially inviting institutional capital. Finally, the expansion of niche RWAs underscores the sector’s drive to capture value from cultural and entertainment assets, further blurring the line between finance and everyday life.
The information presented is for educational purposes only and does not constitute financial advice. Always conduct your own due diligence before participating in any on‑chain activity.
Source: https://dune.com/blog/dune-digest-026
