Aave and Morpho continue in their fight for market dominance on Base. Same-transaction supply flows directly between the two protocols picked up in July, reaching nearly $35m in reallocated supply. Although the same-transaction supply shifts are small relative to the total supply of the protocols, it is a potentially useful indicator of who's strategy is working at attracting capital. For example, in Q1 this year Morpho managed to attract over $28.5m directly away from Aave, while Aave only attracted $3.5m from Morpho. In Q2 the flows reversed with Aave edging Morpho out attracting $27.9m from its competitors supply, compared to Morpho's $25.3.

Pumpfun has now flipped Bonkfun to take the lead on most major metrics again. Revenue - Pumpfun ~ $1.2m - Bonkfun ~ $0.2m Mints - Pumpfun ~ 23.9k - Bonkfun ~ 3.9k Bonded Tokens - Pumpfun ~ 151 - Bonkfun ~ 51 Launchpad Volume - Pumpfun ~ $155m - Bonkfun ~ $24m

A relatively new launchpad, @BagsApp, is now the third most popular Solana launchpad in terms of launches. BAGS is built on top of @MeteoraAG's DBC and has a mobile app. Over 2,700 tokens launched yesterday, and 2,900 the day prior.

Jupiter landing rates continue to improve. Up to 70% of transactions using Jupiter's router are landing compared to less than 30% earlier this year. This is true for both Public AMMs, such as Raydium and Meteora, and Prop AMMs like SolFi and HumidiFi

NEW DASHBOARD: We are now tracking @DriftProtocol, Solana's largest perps exchange. Built by @0xSharples, we cover Drift's financials, volume, and activity broken down by the market and token traded. Here is a quick look at the latest dashboard

Stablecoin swap DEX volume on Ethereum hit a 2-year high last week. Over $11B of volume was recorded, the highest since early 2023. This was mainly a result of the emergence of @0xfluid, which contributed over 50% of this volume last week.

Monthly Solana app buybacks had Pumpfun as the leader, mainly a result of the $19m in buybacks during the first two days. Bonkfun trailed in buybacks, executing $16.7m in buybacks in July, but outearned Pumpfun during the month $37m vs $17m Other benefactors of Bonkfun's success are $RAY and $GP, with $5.7m and $2.2m in buybacks, respectively.

Over $136M of Bitcoin volume was recorded yesterday on Avalanche's C-Chain. This is the highest recorded amount for 2025 so far. Over 70% of the Bitcoin volume was driven by @BlackholeDex.

Spot FX volume on Base continues to go vertical. Over $173 million in spot volume last week. Most of this volume takes place on @AerodromeFi.

The market appears to love the risk curation provided by vaults. Over 92% of value supplied to Morpho markets comes from Morpho vaults. On Ethereum this jumps to over 98%.