Arbitrum Launches DRIP for Targeted DeFi Incentives

Arbitrum’s DRIP (DeFi Renaissance Incentive Program), launched Sept 3rd, is a four-season, ~$40M (80M ARB), protocol-agnostic, asset-focused incentive scheme that rewards measurable actions rather than raw TVL. Season One targets leverage looping across lending markets: users earn ARB based on time-weighted average borrows of eligible assets over 10 bi-weekly epochs. Unlike “spray-and-pray” protocol grants, DRIP is designed for deeper liquidity, stronger composability, and stickier TVL. Early data shows positive momentum: total market size across participating protocols (Aave, Morpho, Fluid, Euler, Dolomite, Silo) edged up from $2.57B pre-program to $2.73B, with growth driven largely by USD pools showing strong cost effectiveness. Beyond market caps and volumes, DRIP is already connecting the dots between asset types, protocols, and liquidity. The campaign has also catalyzed new token launches on Arbitrum: syrupUSDC (Maple’s loans-backed stable), RLP (Resolv’s leveraged, delta-neutral first-loss token), and thBILL (Theo’s low-risk RWA bill token), quickly reaching $9M, $5M and $4.3M market cap respectively. Meanwhile, sUSDS has seen the fastest breakout, climbing from $4M to $19M market cap. Designed by Entropy Advisors and powered by Merkl, DRIP also provides full transparency via Entropy’s Dune dashboards, letting anyone track allocations, efficiency, and outcomes in real time.

Ondo GM and GLXY Push Tokenized Stocks Forward

The tokenization of stocks is accelerating the fusion of traditional finance and blockchain, offering 24/7 trading, fractional ownership, and DeFi composability while navigating regulatory guardrails. On Sept 3, 2025, Ondo launched Global Markets (GM), using “Directive Tokenization” (transfer-restricted tokens as instructions to a regulated broker-dealer) to bring 100+ U.S. stocks and ETFs onchain with direct exchange liquidity, no wrappers or SPVs. The following day, Galaxy Digital, in partnership with Superstate, directly tokenized its own Nasdaq-listed Class A common stock (GLXY) on Solana, delivering SEC-registered shares with full legal and economic rights, self-custody, and bilateral transfers among allowlisted holders, distinct from synthetic or wrapped assets /SPVs by ensuring direct ownership and compliance. Ondo GM’s TVL has already surpassed $63M, with ETFs like SPY and IVV leading at ~56%. Viewed through the risk–yield curve, these launches mark the next step after treasuries and private credit, shifting from low-volatility yield instruments to higher-risk and higher-yield assets and from synthetic exposure to regulated, direct ownership.

Onchain Forecasting Heats Up with Limitless

Limitless, a decentralized prediction market on Base, has reached $297.7M in lifetime volume, with ~97% coming from its v1 AMM ($289.9M) and $7.73M from its v2 central limit order book (CLOB). August was its strongest month yet with 2,172 monthly active traders and 99,216 trades, while cumulative fees total $104.5K. Notably, the v2 CLOB is accelerating, monthly volume climbed from $0.46M (Feb) to $2.47M (Aug), with $0.48M so far in September, on the back of an order-book UX, real-time expiries, and permissionless, user-created markets spanning crypto, stocks, and events. The surge follows a $4M round (Coinbase Ventures; Arthur Hayes advising) and lands just as Polymarket secured U.S. clearance, setting up sharper competition and strong mainstream tailwinds for onchain forecasting.

Trump Moves Beyond Meme Tokens

World Liberty Financial (WLFI) officially debuted for public trading on September 1, surpassing $260M in DEX volume on its first day. While trading has since slowed to around $330M cumulative volume, the trend is one of accumulation, as most trades skew toward “buy” rather than “sell.” WLFI now shows a $19.5B FDV, nearly 100B WLFI circulating, and 76K+ holders in its first week. Distribution, however, remains highly concentrated, with the top five addresses holding more than 70% of supply. More than 85K addresses received the initial USD1 airdrop (~$4M distributed), and WLFI also burned 47M tokens in early operations. Its lockbox holds 20.9B WLFI, with a planned 4.18B unlock this month. WLFI governs the ecosystem and its flagship USD1 stablecoin, whose supply has climbed from $2.1B to $2.6B in August, following expansions to Solana and Tron. That growth has made USD1 the sixth-largest stablecoin by supply, backed by fiat reserves and Treasuries for payments, lending, and cross-chain DeFi. Taken together, WLFI and USD1 signal that Trump’s involvement in crypto is moving beyond meme tokens toward more structured, institutional-style products.

Pokémon RWAs on Solana

On Solana, Pokémon TCG RWAs turn physical cards into redeemable, tradable assets with 24/7 markets, instant resells, vaulting, and DeFi hooks. As of early September, the niche totals about $165M in volume across three platforms: Collector Crypt ($153.1M volume; $9.97M gross revenue; $81.1M gacha; 4,358 gacha users), Phygitals ($11.39M; $1.56M gross revenue; 8,328 gacha users), and Emporium ($0.81M; $78K gross revenue). For comparison, Polygon-based Courtyard, a category pioneer, shows larger, longer-run scale with $419M total volume, $53M gross revenue, $243M spent on gacha, and 269K unique gacha users. Beyond classic RWAs like treasuries and private credit, tokenization is pulling more exotic culture assets on-chain because it boosts accessibility (fractional, global), efficiency (instant settlement, 24/7 liquidity), and composability (lending). Real revenue, community buzz, and “Polymarket-moment” expectations make tokenized cards a retail-friendly gateway in Solana’s growing RWA stack. Wen PSA-10 Charizard on Aave?

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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