Let There Be $LIGHT

Heaven has quickly emerged as one of the most talked-about platforms on Solana, blending an AMM and launchpad into a single hub for meme tokens and new projects. Its key innovations include a “no bonding curve” design that uses virtual SOL to provide instant liquidity without migration, a permissioned fee structure that protects legitimate creators while blocking scams, and “the god flywheel,” where 100% of protocol revenue is used to buy back and burn $LIGHT. This creates a strong deflationary loop that has already driven $3.6M in buybacks and burned 3.5% of supply. The platform shows significant traction, with 308M lifetime volume, 35K tokens launched, 108K wallets onboarded, and over 26K daily active users generating $34M in daily volume and ~$370K in fees. With $LIGHT now at ~13K holders and a $147M market cap, Heaven represents a new wave of community-driven, high-velocity DeFi models, where exchange activity, speculation, and token value creation are tightly fused, potentially setting a template for the next generation of retail-driven crypto platforms.

JokeRace Breaks Out with Persuasion Markets

JokeRace has undergone one of the most interesting product evolutions in crypto, shifting from DAO hackathon tooling into what it now calls “persuasion markets.” Starting in 2022 with crowdsourced voting experiments, the app reframed in 2023 as a contest platform for tokenized communities, adding monetization and token-gated voting. By 2024, it leaned into being a social product with customizable reward mechanics and multi-chain expansion. This year, it introduced vote-to-earn v2 with exponential price curves: early voters pay less, earn more, and can persuade others to follow, creating both higher upside and a more engaging game dynamic. The model flips voting into a prediction + persuasion market, where users are rewarded not just for being right, but for being early and convincing. The data reflects traction: 46K voters, 12K entries, 7.8K paid submitters, 55K paid votes, and $1.86M total spent. Crucially, most of this has come in just the past two months: $77K spent in July, $1.6M in August, with protocol revenue hitting $165K in August alone. The emergence of persuasion markets signals a broader trend, social consensus itself becoming a financialized game, where communities don’t just decide outcomes but actively speculate on them.

Football.Fun Reboots Fantasy Football on Base

Football.Fun is a fantasy sports prediction app built on Base, blending fantasy sports with onchain trading. Like Sorare, it lets users collect digital representations of top European players, build squads, trade them in a marketplace, and earn rewards tied to real match performances. But its design introduces key differences: instead of seasonal NFT cards, players are represented by fractional token shares with fixed supply, ensuring no resets and a more liquid real-time market. Progression comes through pack openings and skill-based leaderboards, creating both familiarity and fresh mechanics for fans. The launch of its Pro version has supercharged adoption: 1,985 unique depositors and $3.5M deposited to date, driving $5.9M in trading volume. Beyond the numbers, Football.Fun reflects a bigger shift, the fusion of fandom, speculation, and gaming into onchain-native experiences, and shows how Base is emerging not just as a DeFi hub, but as fertile ground for viral consumer crypto apps.

Tracking BENJI, Franklin Templeton’s Flagship RWA

Franklin Templeton’s BENJI tokenized U.S. Treasury fund has become a flagship example of RWAs moving onchain, now managing $686M AUM across 850 investors. While Stellar hosts ~65% of assets, recent expansions to Arbitrum, Base, Ethereum, Avalanche, and Polygon signal growing multichain adoption. The fund has already paid out more than $50M in dividends, maintains a steady ~4.1% yield, and has processed over $87M in P2P transfers, showing how investors are actively using it beyond simple holding. Entropy’s dashboard captures BENJI’s scale, cross-chain flows, and investor behavior, offering a clear window into how one of TradFi’s largest institutions is driving tokenized money markets into the crypto economy.

Kiln DeFi Product Growth Fueled by Wallet Integrations

Kiln DeFi has become one of the fastest-growing yield products of 2025, with TVL climbing from <$1M a year ago to $18M in April, then accelerating to $178M in July and reaching $395M by August 22. Growth is driven by wallet integrations that embed stablecoin yields directly into user flows: Ledger Live (63% of TVL, $250M+), Trust Wallet (26%, $100M+), Safe (6%, $24M), and most recently Bitpanda’s DeFi Wallet for 7M users. Deposits in USDC, USDT, DAI, and EURC are funneled into protocols like Aave, Compound, Morpho, Spark, and Sky, offering up to 9.9% APY in a non-custodial, SOC2-compliant setup. Kiln’s trajectory highlights how DeFi is shifting from protocol-level UX to embedded yield as a feature, with wallets and apps emerging as the primary distribution layer.

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.

The data must flow.

Dune Team

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