Stacy in Dataland (´⊙~⊙`)

Polygon and Arbitrum now host over $245M in tokenized global bonds, which is 85% of the entire market.

A week after the largest Bybit hack, open interest on Bybit's Ethereum perpetual contracts plummeted from $3.3 billion to $1.8 billion. Coupled with the simultaneous drop in Ethereum's price, open interest further declined to a cyclical low of $1.5 billion in early April, the lowest since February 2024. However, since hitting that low, the market has shown a steady recovery, with open interest jumping to $3.9 billion, well above pre-hack levels.

The average number of reactions per cast on Farcaster has increased 2.75x since the start of 2025. Tipping apps like noiceapp and Tipn could have a significant impact on engagement growth on the platform.

Dropped some detailed research on the performance of Kaito Earn projects post TGE. Enjoy reading!

The fastest growing project by social volume (i.e. number of social media mentions) was $OKB, with a 228.57% increase in activity in June. Notably, the second-fastest growing project was $PAXG, a fully physical gold-backed token.

Tokenized RWAs exploded from $5B in 2022 to $24B by June 2025, led by onchain T-Bills. The next wave of growth could come from stocks that open up access to 24-hour programmable markets.

Despite Polkadot’s 36.9% drop in transactions due to the Neuroweb upgrade, ecosystem transactions grew 76.3% year-over-year. Moonbeam, Mythos, and peaq saw growth and became ecosystem boosters: • Moonbeam processed 16.7 million transactions (+6.5%); • Mythos grew 12% with over 30 million MYTH staked; • peaq grew 84% to 10.1 million transactions, launching its first project DePIN and the onchain time (UMT) protocol.

Using a sum-of-the-parts model benchmarked against Robinhood and Coinbase, Hyperliquid’s fair FDV falls between $51.05B and $59.6B. At $40B, it looks anything but overpriced — possibly even undervalued given its fundamentals and ecosystem momentum.

Here's my summary of Coingecko's RWA report. Read it here.

$USDC usage on Ethereum hit an all-time high in Q2 2025 — a strong signal of growing confidence in stablecoins within the Ethereum ecosystem.

DeFi activity is on the rise on TRON. SunSwap swaps surpassed $3B in 2025, while JustLend deposits tripled to peak at $740M. Stablecoin inflows and rising borrowings show TRON's liquidity is growing rapidly.

Solana’s stablecoin supply dipped 6.5% in June, ending the month at $10.8B. USDC dropped by nearly $1B, while FDUSD surged almost 200%, climbing from $104M to $304M — signaling shifting preferences on the network.