Kaia’s Parabolic Rise

The Kaia blockchain’s growth is going parabolic. This dashboard shows that it added 15.8 million new wallets in March alone. Weekly active wallets paint a similar picture: averaging 850K in January, they’ve now doubled to 1.8 million, with a peak of 8.3 million in the last week of March. In the same week, transactions peaked at 27.7M, while transactions per second (TPS) hit an all-time high daily average of 85. This explosive adoption positions Kaia as a competitive Layer-1 player, and Asia’s Web3 community seems to be all in.

Ondo Finance's RWA Surge

According to this dashboard by 21co, as of April 2025, Ondo Finance has overtaken Hashnote and Franklin Templeton to lead the tokenized government securities market—a key subset of the broader real-world asset (RWA) space—with over $721 million in assets, primarily driven by its flagship product OUSG. More than half of this ($436 million) is issued on Ethereum. In addition to OUSG and USDY, Ondo recently announced plans to bring stocks onchain via Ondo Chain, a new Layer-1 blockchain purpose-built for institutional-grade RWAs, and Ondo Global Markets. Positioned as the “Capital Markets Layer,” Ondo is developing infrastructure to make traditional assets interoperable with crypto.

USDC on Polygon Is Speeding Up

A new metric could help sharpen how we evaluate stablecoins: velocity. Defined as transfer volume divided by circulating supply, stablecoin velocity measures how frequently a unit of stablecoin changes hands within a given timeframe. It adds valuable context to raw supply and volume data by revealing how actively a token is used. According to this dashboard by petertherock, the velocity of USDC on Polygon has climbed sharply from 0.84 in January to a peak of 3.7 in April. For context, that’s more than double the velocity of M1 (1.6) or M2 (1.3) money stock. As stablecoins become more ubiquitous, velocity could emerge as a key metric for a more complete picture of their economic activity and utility.

peaq Powers the Machine Economy

peaq is a Layer-1 blockchain built for DePIN and Machine Real World Assets. peaq's dashboard shows that the network has reached 3.7M total addresses—2.2M of which are machines. User growth is accelerating, with a record 96K new daily users on March 29 and 30K+ daily active users on average. The growth is driven mainly by Teneo Protocol, which processes and stores machine data for AI and data marketplaces; and Silencio, a DePIN project using smartphones as noise pollution sensors. peaq is emerging as critical infrastructure for the growing machine economy.

Ostium Pushes RWA Perps Frontier

Ostium Protocol is a decentralized exchange on Arbitrum that brings perpetuals trading for real-world assets fully on-chain. According to this dashboard, the platform has recently surpassed $1 billion in total trading volume, up from $300 million just a month prior. This rapid growth is driven by a lean but active user base of 1,200 users, with 300 active in the last 24 hours. In the past month, open interest climbed from $300,000 to $9 million, with $8 million of that coming from Forex and commodities—highlighting a shift toward traditional markets. At the same time, daily fees surged 10x to $20,000, with total fees reaching $280,000 to date.

Ondo and Ostium reflect a broader trend: DeFi protocols increasingly build two-way bridges between crypto and traditional finance—bringing real-world assets on-chain and extending crypto-native tools to traditional markets.

Nothing in this newsletter constitutes financial advice.

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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, we’d love to hear from you.

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Dune Team

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