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Whether you're a trader, builder, investor, or analyst, this newsletter is your go-to source for cutting through the noise and getting straight to the most relevant on-chain insights.

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Zora Coins Turn Posts Into Markets

Launched on February 21, 2025, Zora Coins have redefined the platform's economics by transforming each post into its own ERC-20 token, each with a supply of 1 billion tokens. Upon publishing, creators receive 10 million tokens and earn 50% of the trade fees. Since the launch, the platform has seen 197k coins created by 66k unique creators; nearly $70 million in total trading volume by 570k unique traders; $318k in total rewards distributed. This innovative approach has not only enhanced creator engagement but also introduced new monetization avenues within the Zora ecosystem.

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Euler's Comeback

Six months after launch, Euler v2 has made a stunning comeback, earning over $250k in fees and soaring past $800 million in TVL—a massive jump from $711 million of last week. This ‘phoenix’ of DeFi lending (in March 2023 suffered a $200 million flash loan exploit) owes its rise to relentless innovation. Key drivers include the addition of Midas RWA’s mMEV & mEDGE as collateral, allowing users to borrow against yield-bearing LYTs while earning 30%+ APY; and the addition of Resolv Labs new lending markets for $USR, $USDC, and $wstUSR. From ashes to nearly a billion, Euler’s proving resilience pays off.

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lvlUSD Levels Up

Level’s lvlUSD is a decentralized stablecoin backed by USDC and USDT, designed to generate DeFi-native yield. Users stake lvlUSD for slvlUSD, which accrues value via lending (Aave) and restaking (EigenLayer). In the past month, supply tripled to $90M, with $34M staked and liquidity spreading across Pendle ($22M) and Curve ($3M). On March 18, Level raised $2.6M in a round led by Dragonfly.

For more on yield-bearing and other stablecoins, check our report.

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Sonic’s USDC Boom

This week, Sonic surpassed $250 million in bridged USDC (USDC.e)—a major milestone just months after its December launch. On March 20, Sonic and Circle announced that native USDC is coming to the network via CCTP V2, promising smoother UX, reduced liquidity fragmentation, and long-term growth. With over $850M in TVL, deep stablecoin liquidity, the Fee Monetization (FeeM) program and major DeFi protocols like Aave and Pendle expanding into the ecosystem, Sonic is quickly establishing itself as a rising DeFi hub.

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RWA on Arbitrum Hits $160M

This week, tokenized real-world assets (RWA) on Arbitrum hit an all-time high of $160M, with 80% in US Treasuries and 15% in EU Treasuries. Leading the pack is Franklin Templeton’s BENJI (48%), followed by Spiko’s EUTBL (15%). A big driver behind this growth is Arbitrum DAO’s Stable Treasury Endowment Program (STEP), which is both onboarding institutions—like BlackRock, Securitize, Ondo, OpenEden, and Franklin Templeton—and diversifying the DAO’s treasury beyond ARB. STEP 1 alone has already generated $500k+ in interest revenue, setting the stage for long-term sustainability.

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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, we’d love to hear from you.

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The data must flow.

Dune Team