$40M Exploit Hits GMX V1

On July 9 at 12:30 PM UTC, GMX V1 on Arbitrum was exploited for approximately $40 million due to a re-entrancy vulnerability. The attacker found a way to manipulate GMX’s internal average short price of BTC, from an inflated value of over $109,000 to under $2,000. Using a flash loan, they bought GLP at the normal price, opened a large position, then cashed out the GLP at a highly inflated price of over $27, draining around $40 million from the pool. The incident triggered a 25% drop in GMX’s TVL, from $441 million on July 8 to $329 million on July 10, with large outflows in USDC, WBTC, and ETH. GMX immediately halted trading and paused GLP minting and redemption on both Arbitrum and Avalanche. GMX V2, its markets, and the GMX token were not affected. In a recent twist, the attacker has agreed to return the stolen funds in exchange for a $5M white-hat bug bounty.

NEAR Intents See Breakout Growth

NEAR Intents, a key part of NEAR’s chain abstraction framework that lets users express what they want to do (like swap, stake, or bridge) without worrying about execution, has seen a major surge in adoption. Daily volume jumped from around $1.5 million pre-June to a peak of $24 million on June 26, helping push 30-day volume to $225 million and all-time volume past $424 million. Daily swap activity rose from ~5,000 to over 53,000 per day, with NEAR, Zcash, and Ethereum leading by volume. On June 30, NEAR Mobile released a fully rebuilt app with native Intents support and other new features, making intent-based interactions more accessible to mobile users. With current TVL above $9 million, NEAR Intents is emerging as one of the most successful real-world applications of intent-based architecture, combining simplicity, scale, and multi-chain reach.

Pump’s Grip Slips as It Gears Up for $PUMP Launch

Just a week after we asked whether new launchpads could challenge Pump’s dominance on Solana, Let’s Bonk did exactly that. For five straight days, it captured over 60% of all token deployments, 70% of token graduations and trading volume, generating more than double the revenue of Pump. It peaked on July 8, when Let’s Bonk accounted for 65% of tokens launched and 75% of graduations, while Pump dropped to just 25% market share, its lowest yet. The only metric where Pump held its lead was active addresses, with roughly double the number of Let’s Bonk, a sign of its earlier market presence and deeper distribution. But just as it looked like Pump might be losing its crown, on July 9, it unveiled $PUMP, its 1 trillion-supply token, with 33% allocated to an ICO (split between 18% private and 15% public), 24% to community initiatives, and the rest to team, investors, and ecosystem funds. The public sale kicks off July 12 but degens are already speculating with PUMP-USD perps live on Hyperliquid. The Solana launchpad face-off is reaching a new level, with Pump going on offense.

Maple Becomes #1 Onchain Asset Manager

Maple Finance has officially surpassed BlackRock’s BUIDL fund in total assets under management, becoming the largest asset manager onchain. Between July 9 and 10, Maple added over $100 million in deposits, pushing its total AUM to $2.9 billion, ahead of BUIDL’s $2.3 billion. It’s a major milestone for the onchain RWA space, and a clear signal that traditional finance incumbents don’t automatically have the upper hand when entering this new market. In the race to scale tokenized assets, crypto-native players like Maple are setting the pace.

Centrifuge Brings the S&P 500 Onchain

The tokenization race continues to accelerate with the most iconic benchmark in global finance. On July 1, Centrifuge announced a landmark collaboration with S&P Dow Jones Indices to launch the first-ever tokenized S&P 500 Index fund, along with a new onchain Proof-of-Index (PoI) infrastructure that enables compliant, programmable index-tracking funds using S&P DJI’s official daily index data. This move marks one of the first times S&P DJI is directly licensing its indices to onchain providers. The upcoming fund, SPX, managed by Anemoy Capital and Janus Henderson, follows the success of Centrifuge’s earlier tokenized product JTRSY, which reached $430M+ in AUM. Coming just a week after the explosion of tokenized equities via Robinhood, Kraken, and Bybit, Centrifuge is unlocking a 24/7, programmable version of the world’s most traded index, with massive implications for DAOs, fintechs, and institutions looking to access or build on the most trusted benchmark in capital markets.

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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