⚡️Onchain Users are Back. Here's What They're Doing

Bitcoin breaks out, Trump Media wants BTC, and onchain activity is ramping up

Read Time: ~4 minutes

⚡Snapshot

• Onchain activity returns

• Trump Media wants to buy Bitcoin

• 30% WBTC LP yield

• Circle announces IPO

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From store of value to economic engine: Bitcoin-backed loans

⚡Trump Media announces $2.5b Bitcoin treasury deal

Find the full announcement here

⚡Circle (USDC) files for IPO on NYSE

The ticker is CRCL

⚡Kamino Lend V2 is Live

5 core products & upgrades as Kamino crosses $4b AUM

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⚡Position Early on the Fastest Growing L1

Hyperliquid is a world-class trading experience with real upside. The next opportunity could be on the L1. TVL just crossed $1.4b.

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🔢Onchain Analysis

Onchain Activity Returns

Bitcoin’s all-time high break brought a surge of activity onchain.

May is shaping up to be one of the biggest months for DEX volume ever. It’s already the 5th highest, and the month isn’t over yet.

The past several days have seen some of the highest onchain DEX volume since January, and the third highest week of recorded volume.

PancakeSwap and BSC are leading the charge on a daily, weekly and monthly time frame. Solana is a close second.

On the Chain Ecosystem Fees dashboard, we can see activity trending up over the last year.

Onchain perps volume had its highest week ever, led by Hyperliquid facilitating most of the volume.

After a significant dip in activity from February to April, it’s refreshing to see a healthy resurgence in onchain activity. Without a clear narrative driving activity to a small sector of the market, more participants are simply using onchain products they enjoy and trying new things.

Speaking of trying new things, the Hyperliquid L1 ecosystem is one of them. It’s worth trying some of the applications that haven’t launched tokens yet. Many of them are running points programs.

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🚜Farm of the Week

Earn 30% on WBTC-USD Through Uniswap

With elevated trading volume, the WBTC-USDC pool on Uniswap currently boasts a 30% APY.

How it Works

Head to the pool on Uniswap, connect your wallet (you can use most major wallets) and deposit WBTC & USDC by clicking Add liquidity.

You can select Full range or Custom range. Given Bitcoin’s price action, a Custom range of ~20% is fine. That means Bitcoin can go up or down ~9% and you’ll be providing liquidity for that price range. You’ll have to watch closely if Bitcoin has a volatile week.

Risks

Risk level: Medium

• Impermanent loss - use the Impermanent Loss Calculator here

How to Earn Airdrops with Cookie.fun

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⚡Early signals that matter

Dynamo DeFi Pro is where serious users go to stay ahead.

Get immediate access to Pro calls, Discord alerts and curated onchain data →

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🛠️Tool Spotlight

Dune Trending Chains

Dune users creating new dashboards to track metrics can be a good indicator of what chains are increasing in popularity.

Click on any chain to see featured dashboards, activity at a glance, and the list of creators & community dashboards tracking metrics.

More helpful DeFi Tools: The Dynamo DeFi Crypto Tools List

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📅Key Events This Week

Macro Events

📊 CB Consumer Confidence data - May 27th

📊 Fed Meeting Minutes - May 28th

📊 US Q1 2025 GDP data - May 29th

📊 April PCE Inflation data - May 30th

📊 MI Consumer Sentiment data - May 30th

Token Unlocks: $589m Unlocking This Week

🔓Tokenomist: Track token unlocks and make better investment decisions. Use my code DDNM5 for 5% off Pro Plans.

🔓TORN (2.41%) - May 26th

🔓BIO (20.21%) - May 28th

🔓AXS (1.64%) - May 28th

🔓RON (2.91%) - May 28th

🔓STRK (1.14%) - May 30th

🔓MAV (3.15%) - May 31st

🔓OP (1.89%) - May 31st

🔓DYDX (1.03%) - June 1st

🔓PRIME (36.65%) - June 1st

🔓ZETA (5.34%) - June 1st

🔓SUI (1.32%) - June 1st

Launches & Updates

Note that these launches are mostly unvetted by the Dynamo DeFi team and this isn’t an endorsement of any of them.

🚀 Revuto pro launch - May 27th (Source)

🚀 Unipoly chain launch - May 28th (Source)

🚀 UDS gameplay playtest - June 1st (Source)

🚀 Ethereum expiry history public testing on Sepolia - June 1st (Source)

⚡Favorite Resources

If you want to dive deeper, here are some of my favorite resources:

🛠️ The Dynamo DeFi Crypto Tools List: A comprehensive list of 100+ crypto tools to help with portfolio tracking, analytics, airdrops and more.

🚀 RocketX: The 1-stop-shop to get the best rates for on-chain & cross-chain swaps.

🛡️ Ledger: The smartest way to secure your crypto. Buy & sell crypto with full control over your assets.

For more frequent content, follow me on Twitter and YouTube.

Until next time,

Dynamo DeFi