The Week Stocks Went Onchain

This week, tokenized equities broke into the mainstream. Kraken and Bybit launched xStocks on Solana, offering 60+ tokenized versions of top US stocks like AAPL, GOOGL, and TSLA. In just a few days, over 12,700 wallets traded over 60 assets for $20M+ in volume, with daily activity peaking at $8.5M on July 2. Meanwhile, Robinhood debuted stock tokens for EU users (with dividend support) and revealed plans for its own L2 on Arbitrum, built specifically for real-world assets and 24/7 trading. In a landmark move, Centrifuge partnered with S&P Dow Jones Indices to bring the S&P 500 Index onchain. Finally, on July 4th Ondo Finance announced its acquisition of Oasis Pro, an SEC-registered broker-dealer, ATS, and transfer agent, giving Ondo the regulatory infrastructure to build a fully compliant tokenized securities ecosystem in the US.

This exceptional week marked an inflection point in the tokenization narrative, where years of infrastructure gave way to real products, real users, and real institutional momentum.

Moonshot and Jupiter Try to Unseat Pump.fun

Jupiter entered Solana’s memecoin arena this week with JUP Studio, a sophisticated launchpad built for “culture architects.” On July 3 alone, it saw over 5,300 token launches, 15.3% of all new tokens that day. Meanwhile, Moonshot rolled out Create, a tool that made launching a token as simple as using Apple Pay, quickly capturing over a third of all new tokens deployed on June 28. Since April, launchpads like LetsBonk, LaunchLab, Boop, Believe, Moonshot, and JUP Studio have flooded the space, all riffing on Pump.fun’s formula while layering in new mechanics and incentives. Whether these new features move the needle remains to be seen. For now, Pump.fun’s grip on the market looks largely unshaken.

Mapping Gamer Activity on Ronin

After Flipside sunset its dashboard tool, analyst @defi__josh migrated to Dune and dropped a must-see Ronin Games dashboard. It tracks over 545M transactions and 23M gamers across 13 top titles like Axie Infinity, Pixels, and Wild Forest. 2024 saw daily game transactions surge past 1.5M, with activity spreading well beyond Axie. Pixels now leads in overall transactions (42%) and active gamers (45%), highlighting Ronin’s growing diversity. In 2025, overall activity dipped, but Axie staged a comeback, reclaiming the top spot in daily usage. Josh is one of several Flipside analysts now rebuilding on Dune, a shift that’s bringing more talent, more insight, and deeper coverage across more chains and protocols.

If you're one of these analysts, check out our Migration Path for tips on bringing your dashboards to life on Dune.

The Revenue Meta, Visualized

As crypto matures, the “token meta” is giving way to a new phase: protocols are expected to earn real revenue. A new dashboard by Sealaunch breaks down exactly who’s delivering, tracking onchain revenue across sectors and apps. Stablecoin issuers—essentially Tether and Circle—dominate the field, generating over $9B in annualized revenue, which accounts for 67% of total revenue across all categories. Other sector leaders by annualized revenue include Pump.fun (launchpads, $786M), Hyperliquid (dexs, $614M), and Phantom (wallets, $432M). Momentum is building in DEX aggregators (e.g. CowSwap, up 1040% MoM) and RWA (Ondo, $10M annualized). Axiom leads trading apps with nearly $316M annualized. This dashboard is essential context in a cycle where real business models matter more than ever.

ether.fi Cash Turns Restaking Into Real Spending

Launched on Scroll in September 2024, ether.fi Cash is quickly becoming a standout example of crypto-native banking. In June, cumulative spend jumped by $6M, reaching a total of $10M. To date, the product has seen over 95K transactions, 3K active cards, $3M borrowed and $350K in cashback distributed. Users are also holding more than $52M in non-custodial UserSafe balances, led by liquidETH and liquidUSD. ether.fi Cash lets users pay directly with stables or borrow against liquidETH without giving up custody. It extends ether.fi’s restaking foundation, using (re)staked assets as collateral and turning passive yield into spendable liquidity for everyday payments.

Nothing in this newsletter constitutes financial advice.

Always do your own research.

Dune Digest is all about cutting through the noise and surfacing the most relevant on-chain trends. If you have insights, dashboards, or data-driven stories that belong in the Digest, drop your suggestions here.

The data must flow.

Dune Team

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