Loud Bets on Attention as Currency

On May 31, Loud launched its $LOUD token on Solana via an “Initial Attention Offering” (IAO) on HoloLaunch, allocating tokens based on KaitoAI’s mindshare scores. Users tweet about Loud to earn mindshare, and the top contributors receive weekly SOL rewards sourced from real trading fees in the $LOUD/SOL pool on Meteora. The IAO saw heavy participation: Phase 1 had 973 claimers (687 fully exited), and Phase 2 saw 4,102 claimers (3,310 fully exited). Loud is a bold SocialFi experiment testing whether attention, converted into fees and redistributed in SOL, can sustain value.

Noble's USDN Vaults Are Filling Fast

Noble data went live on Dune on May 26, and by June 2, the team had already cooked up a full dashboard covering USDN. USDN, Noble’s yield-bearing stablecoin, is backed by short-term US Treasuries and returns yield directly to holders—$681K so far across 24,195 wallets. Users can swap USDC for USDN and allocate their holdings to either the Points Vault (which offers points multipliers the longer you stay) or the Boosted Yield Vault (which earns a current APY of 4.07%, plus yield forfeited by Points Vault users). The dashboard highlights strong early momentum, with $107.8M in USDN issued, $76M locked in the Points Vault, $31M in Boosted Yield, and 10,920 new users in the last 30 days, positioning USDN as one of the most promising stablecoin experiments on Cosmos and beyond.

EUTBL Overtakes BENJI as RWA Diversifies on Arbitrum

A milestone moment for tokenized real-world assets: Spiko’s EUTBL, backed by EU Treasuries, has officially surpassed Franklin Templeton’s BENJI in market cap on Arbitrum. According to Entropy’s dashboard, EUTBL now leads with $82.76M (up 21.9% in the last 30 days), edging out BENJI at $82.12M. Beyond market cap, EUTBL also boasts broader adoption, with 480 holders versus BENJI’s 6. This marks the first time a non-US treasury-backed RWA tops the charts—EUTBL now leads with nearly 31% market share—signaling growing demand for diversification and ushering in a more globalized phase of the tokenization market.

OpenSea’s OS2 Officially Out of Beta

On May 29, OpenSea’s OS2 platform officially came out of beta, making it fully available to all users. This marks the public launch of OpenSea’s rebuilt experience, which now supports token trading across 19 chains, including Solana fungibles. OS2 also introduces Voyages, a quest-based rewards system that distributes XP for on-chain activity like swaps, minting, and sharing galleries. The result is a more composable and engaging platform that bridges tokens and NFTs. Overall activity has been ticking up: OpenSea recorded 467K monthly active users in May, its highest since May 2023, with June already past 200K.

TRON Breaks Records in USDT Volume

TRON continues to show strong momentum. In the second week of May, it reached an all-time high of $166B in USDT transfer volume, capping a steady growth over the past six years. Daily active addresses and monthly transactions have also been climbing, with over 3.5 million addresses and 273 million transactions recorded in May 2025, the highest levels since 2023. As TRON’s stablecoin activity accelerates, its expanding presence in real-world payments, underscored by a new partnership with AEON Pay, reinforces its position as a leading blockchain for everyday crypto use.

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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, drop your suggestions here.

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Dune Team