Plasma Launches $XPL Sale After $1B+ Deposits

This week Plasma, a new L1 purpose-built for stablecoins, held its $XPL public sale powered by Sonar, the token sale infrastructure from Echo. The process began with a two-phase deposit window on Ethereum, where users locked over $1B in stablecoins—58% USDC, 40% USDT, and the rest in DAI and USDS. A total of 2,930 addresses participated, with an average deposit of $341K; the largest single deposit reached $49.9M. The token sale went live on July 17, offering $50M of XPL at a $500M FDV. So far, over $35M has been committed from more than 1,000 users, averaging over $33K per commitment. All vault deposits will be bridged to Plasma’s Mainnet Beta, where participants can withdraw funds and claim tokens. The structure—based on time-weighted deposits and onchain transparency—reflects Plasma’s ambition to build a stablecoin-native financial system with fairer and more programmable capital formation.

Morpho Hits $8B+ in Total Deposits

Morpho’s growth shows no signs of slowing down. This week, the protocol surpassed $8B in total deposits, fueled by cross-chain expansion and product innovation. Katana, launched just a few weeks ago, already became the fourth-largest chain by lending deposits with over $200M. It also launched on Unichain, claiming the top spot there, and expanded to TON via TAC. With Morpho V2’s intent-based lending gaining traction, the protocol is increasingly cementing itself as the backbone of efficient, permissionless lending across the modular DeFi stack.

Mass Rises in the Race for Mobile-First DeFi

Mass, a mobile-first DeFi app, is gaining attention as part of the broader shift toward simplified onchain trading experiences. The app supports perps trading via Hyperliquid (integrated on July 2), tokenized US equities via Dinari, and credit markets through Aave, all accessible through a gasless, mobile interface. As of mid-July, the app has surpassed 1.3K unique users, with 470+ active this month, mostly on Base and Arbitrum, and has processed over 22,000 transactions. Cumulative fees exceeded $76K, with an all-time high of $5K in a single day. Mass has been frequently cited in discussions around the “Hyperliquid mobile app arms race,” alongside apps like Phantom and Lootbase for its accessible UX and integrated DeFi stack. While still early, the recent growth reflects growing interest in mobile-native, retail-focused DeFi tooling.

Symphony Hits $40M Total Volume as Sei Activity Surges

Symphony, the first native DEX aggregator on Sei Network, reached $40M in cumulative volume this week alongside major product updates and broader network momentum. On July 10, it launched the open alpha of Composer, a bonding curve tool for token launches featuring SEIYAN rebates and automatic DEX listings. Symphony has processed over 557,000 swaps from 3,400+ traders, with $1.1M in daily volume and $16.4M in the past 30 days, solidifying its role in Sei’s DeFi infrastructure. The milestone coincides with Sei’s explosive growth: TVL surpassed $680M (+224% YTD), daily active users hit an all-time high of 880K, and transactions crossed 2M on July 14.

The State of Solana, Visualized

Solana’s 2025 momentum is visible across token launchpads, DeFi, staking, and more, and this dashboard by The DeFi Report captures it in depth. The dashboard tracks key metrics like $2.5M+ in daily Real Economic Value (REV), ~8% SOL staking yield (with over 6% from issuance), and a breakdown of 57M SOL in liquid staking (14% of total). It features a standout validator map built via scatter chart, and shows Helius leading with 13.2M active stake. Other highlights include $11B in stablecoin supply, $9B+ in TVL, insights into DEX and launchpad volumes, stablecoin velocity, and SOL’s evolving token economics, making it one of the most comprehensive views of the Solana ecosystem to date.

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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