MegaETH Mania

The MegaETH public sale, a highly anticipated event in the crypto space this week, kicked off on October 27, and concluded after 72 hours on October 30, attracting over 53K bidders who committed $1.39 billion, 27 times its $49.9 million hard cap. Interestingly, 10% of bidders placed the max bid of ~$186K. Around 91% of funds were placed in the unlocked option, while only 9% chose locked bids. Allocations are set to be calculated by November 5, with refunds and distributions following shortly after. This follows MegaETH's earlier $10 million raise on Echo in December 2024, which marked the largest fundraising on the platform to date and sold out in under three minutes. MegaETH is an innovative Ethereum Layer-2 blockchain designed to deliver unprecedented performance as the "first real-time blockchain". The immense hype surrounding the project stems from its bold technical claims addressing Ethereum's scalability bottlenecks, and a successful $20 million seed round in June 2024 backed by prominent figures including Ethereum co-founder Vitalik Buterin, Dragonfly Capital, and ConsenSys founder Joseph Lubin. MegaETH aims for a mainnet rollout in Q4 2025.

x402 Unlocks Payments for the Agentic Web

Coinbase's x402 protocol, reviving the unused HTTP 402 "Payment Required" status code to enable seamless, internet-native micropayments for AI agents and services, has exploded in hype this week amid rapid adoption by tech giants like Coinbase, Cloudflare, Google, and Visa. Across EVM chains, x402 volume has surged to over $800,000 per day at its peak, totaling $3.9 million in volume and 3.6 million transactions this month. Solana contributed another $47,000 across 44,000 transactions. Over 98% of value and activity remains on EVM, and especially on Base. A key driver of this growth has been facilitators, infrastructure providers that handle signature verification, replay protection, and settlement. They now process virtually all x402 transactions, led by Coinbase Developer Platform (2.45M txs, explaining much of Base's dominancee), X402rs (457K), and PayAI (382K). This momentum inspired widespread community discussions on its role in powering the agentic Web3 economy, such as enabling "machine-to-machine commerce", where AI models charge per question and agents pay autonomously, potentially making AI agents the internet's biggest spenders.

Phantom’s CASH and the Evolution of Wallets

Phantom’s launch of CASH, a USD-backed stablecoin on Solana, marks a new phase in how wallets are evolving into full-fledged payment platforms. Since its debut in late September 2025, supply has climbed to $76 million across over 3,000 holders, with daily transfers often exceeding $50 million in volume. CASH was the first stablecoin issued through Stripe’s Open Issuance platform, acquired via Bridge, which streamlines compliant, app-native stablecoin creation. CASH is open, neutral, and fully backed 1:1 with USD, allowing platforms that originate supply to retain 100% of the net revenue it generates. Within Phantom, users can now fund accounts instantly, send funds to friends via usernames, use stablecoins in DeFi (Kamino), or spend globally through a Visa-compatible virtual card. This follows Phantom’s earlier integration of perpetual futures trading powered by Hyperliquid, which quickly became one of the largest venues for Hyperliquid activity. Together, these developments underscore the distribution power of wallets: by embedding issuance, trading, and payments directly into their interfaces, wallets are becoming full-stack financial platforms, and the primary access point for stablecoins in everyday use.

Pump.fun Acquires Padre, Expands Beyond Launchpads

On October 24, 2025, Pump.fun, the leading Solana memecoin launchpad, acquired the multichain trading terminal Padre for an undisclosed sum, its second acquisition this year after Kolscan in July. The deal strengthens Pump.fun’s trading infrastructure and expands its reach beyond Solana to Ethereum, BNB Chain, and Base amid a cooling memecoin market. Padre, launched in July 2024, had processed over $1.1 billion in lifetime volume, 6.8 million trades, and 40,000 users, generating $10.9 million in fees. In the past weeks, Pump.fun reclaimed dominance in Solana’s memecoin ecosystem, capturing over 90% of daily token launches, graduations, volume and fees. This move signifies Pump.fun's ambition to own the full memecoin ecosystem stack, combining launchpads with professional-grade trading features like low-latency routing, real-time data, cashback rewards, and multi-DEX liquidity, to attract serious retail traders, diversify revenue streams beyond token launches, and solidify its competitive edge against rivals like LetsBonk.

Farcaster Surges on Clanker Integration, Warplet Frenzy, and Pro Growth

Farcaster had a breakout week driven by major ecosystem moves and surging user activity. It began on October 23 with the acquisition of Clanker, the memecoin launchpad on Base, which hit an all-time high of $140 million in trading volume over October 24–25. As part of the integration, 66% of Clanker’s protocol fees are now routed to $CLANKER buybacks, while 7% of total supply was locked into a one-sided LP position to support liquidity and reduce circulating supply. Since the deal, the Clanker + Farcaster LPs have generated over $973,000 in combined fees, including $573,000 from LP positions and $400,000 in protocol fees, growing Farcaster’s treasury to more than $536,000 in $CLANKER and reinforcing a sustainable, onchain revenue model. Momentum continued on October 25, when Farcaster opened free account signups, removing the previous $5 fee and invitation system to boost accessibility. The following day, the Warplet NFT mint, a DNA-based, profile-linked collection, went viral. Since Oct 27, Farcaster added 37K new pro subscribers generating more than $597K in revenue and signaling strong product-market fit as Farcaster transitions toward a sustainable, composable social token economy anchored on Base.

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 onchain 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

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