DeFi & L1L2 Weekly — 📈 Tokenised stocks trading volume on xStocks averaged $3.6 million; Hyperliquid’s latest mainnet upgrade introduced the CoreWriter contract

Tokenised stocks trading volume on xStocks peaked at $8.6 million; Hyperliquid’s latest mainnet upgrade introduced the CoreWriter contract; Buterin proposed EIP-7983 to cap transaction gas usage.

Quick Take

• Tokenised stocks trading platform, xStocks, averaged US$3.6 million in daily trading volume and peaked at $8.6 million.

• Hyperliquid’s latest mainnet upgrade introduced CoreWriter, a smart contract that allows decentralised applications (dapps) to interact with HyperCore’s perpetuals exchange directly.

• Paxos launched the USDG stablecoin in the European Union (EU).

• Ondo Finance acquired Oasis Pro, a Financial Industry Regulatory Authority (FINRA) member and US SEC-registered broker-dealer.

• Vitalik Buterin proposed a protocol-level cap on transaction gas usage to enhance security, stability, and zero-knowledge Virtual Machine (zkVM) compatibility.

• Wormhole added support for the Bitcoin Layer-2 (L2) network Stacks.

• World Liberty Financial proposed a community proposal to make its WLFI governance token transferable and tradeable.

Weekly DeFi Index

This week, the market capitalisation, volume, and volatility indices grew by +5.39%, +9.73%, and +53.50%, respectively.

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• 1inch Wallet added Solana support on 30 June, enabling direct swaps and advanced features for Solana tokens.

• Unichain, which incorporates Uniswap v4, saw its total value locked (TVL) increase by 36% in June 2025 to around $855 million. The chain focuses on yield generation and is set to launch a decentralised validation network that lets independent validators stake UNI tokens, enhancing decentralisation in security and governance.

• Cosmos-based decentralised exchange (DEX) Osmosis (OSMO) have numbers of updates:

  • Approve a protocol change to reduce staking rewards from 50% to 25% which takes place on 10 July 2025.

  • Eliminate inflationary incentives for liquidity providers, redirecting all emissions to the community pool to lower inflation.

  • The Osmosis Foundation released a tokenomics roadmap that aims to make the OSMO supply deflationary by the end of 2025. This includes plans to boost burn rates and enhance transparency.

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Chart of the Week

Despite rapid innovation and recent momentum, on-chain trading of tokenised stocks remains relatively low compared to traditional equity markets and even other crypto assets. On-chain data showed that xStocks averaged $3.6 million in daily trading volume and peaked at $8.6 million since its launch on 30 June. In comparison, the 24-hour trading volume of Solana (SOL) was around $9 billion on Jupiter DEX at the time of writing.

The low trading activity may stem from limited market liquidity. Tokenised stocks often suffer from low market depth, leading to wide bid-ask spreads and price slippage. xStocks’s daily active users and daily active transactions saw an average of 4,315 and 14,126, respectively, since its launch on 30 June. Tesla and Circle led the trading activity on the platform, with the S&P 500 index also seeing strong demand.

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News Highlights

• Hyperliquid’s latest mainnet upgrade on 5 July introduced CoreWriter, a contract that allows HyperEVM dapps to interact directly with HyperCore’s perpetuals exchange.

• Paxos launched the USDG stablecoin in the EU, highlighting its compliance with the Markets in Crypto-Assets (MiCA) regulation and its support from financial institutions like Mastercard and Fiserv.

• Ondo Finance acquired Oasis Pro, a FINRA member and SEC-registered broker-dealer, to strengthen its tokenised security offerings in the United States.

• Vitalik Buterin proposed EIP-7983, an improvement proposal that places a protocol-level cap on transaction gas usage to enhance security, stability, and zkVM compatibility. The proposed cap of 16.77 million would prevent single transactions from overwhelming block capacity and reduce the risk of denial-of-service (DoS) attacks.

• Blockchain interoperability protocol Wormhole added support for Stacks, an L2 network on Bitcoin. This integration allows Stacks’s native assets, sBTC and STX, to move across other blockchains such as Solana and Sui using Wormhole’s infrastructure.

• World Liberty Financial, a DeFi protocol co-founded by the Trump family, proposed a community proposal to make its governance token, WLFI, transferable and tradeable. This move aims to transition the protocol from a closed governance model to an open, DeFi-oriented one, allowing token holders to vote on key decisions. The proposal has drawn scrutiny from Democratic lawmakers who expressed concerns about a potential conflict of interest.

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Recent Research Reports

• InfoFi: This report introduces the notable players in the Yap-to-Earn, Attention Market, and Reputation Market categories of InfoFi, as well as the significance and challenges of InfoFi’s development.

• Crypto Credit Market: This report offers an overview of the crypto credit market and emphasises the design of a decentralised lending ecosystem. It also examines how traditional financial players are piloting blockchain-based credit frameworks, including experiments with on-chain private credit.

• Research Roundup Newsletter [Jul 2025]: We present to you our latest issue of Research Roundup, featuring our deep dives into ‘InfoFi’ and ‘Crypto Credit Market’.

Interested to know more? Access exclusive reports by signing up as a Private member, joining our Crypto.com Exchange VIP Programme, or collecting a Loaded Lions NFT. The latest crypto market insights are also available via the dashboard.

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Author

Research and Insights Team

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