The Weekly: Three Crypto Growth Trends

It’s been over a month since @fate_computer‘s announcement.

And they’ve already launched a new basket: 30+ prediction markets, one thesis — ‘never bet against Elon’.

Weekly Summary

We cover:

• three areas of crypto showing strong underlying growth

• market update

Three Crypto Growth Trends

Crypto markets remain selective, but beneath the headline price action there are areas where adoption and economic activity are accelerating. This week, we highlight three charts showing growth across very different parts of the market: tokenised equities, onchain credit and consumer trading.

1. Tokenised stocks are finding users

Tokenised equities have moved beyond simply growing assets on-chain — the number of users interacting with them is now accelerating.

The number of tokenised stock holders has risen to 1.33 million, up 93% over the past 30 days, while monthly active addresses have increased 42% to more than 600,000. Monthly transfer volume has also jumped 195% to $23.5 billion.

This is occurring alongside continued growth in assets, with distributed tokenised stock value reaching $2.33 billion.

The important shift is that user and transaction growth is now substantially outpacing asset growth, suggesting the market is becoming more actively used rather than simply accumulating tokenised AUM. Recent growth has been spread across products including xStocks, Ondo and tokenised exposure to names such as SpaceX.

Total on-chain asset holders of tokenised stocks (source: RWA.xyz).

2. Demand to borrow USDe is rising

USDe borrowing on Aave has increased sharply over the past month. Active USDe loans on Ethereum have risen 35.7% to $544 million, taking utilisation to 73%, while deposits sit at $741 million. Borrow APY has consequently risen to 3.32%, with supply APY at 1.81%.

The growth appears primarily linked to USDe’s role as a funding asset within leveraged DeFi strategies rather than conventional borrowing demand.

USDe active loans (source: TokenLogic)

Aave explicitly supports borrowing USDe against Ethena-related collateral such as sUSDe and Pendle PT-sUSDe, allowing users to recursively increase exposure to Ethena yields.

In simple terms, USDe is increasingly being used as onchain leverage infrastructure: yield-bearing assets are posted as collateral, USDe is borrowed against them and the capital can be recycled into additional yield exposure. The result is greater capital efficiency, but also greater leverage embedded within the system.

3. Pump.fun revenues are reaccelerating

Pump.fun is another area where underlying economics have improved materially. Daily revenue has risen from roughly $600k–$1.0m through much of June and early July to around $1.4m–$1.7m recently, driven by growth across Pump.fun, PumpSwap and its Terminal trading product.

The driver is a recovery in trading activity combined with Pump.fun’s expansion beyond its original token launchpad.

PumpSwap allows it to monetise tokens after they graduate from the bonding curve, while Terminal extends monetisation into more general trading activity.

That broader funnel is beginning to show up in the numbers. Ecosystem trading volume recently reached $2.97 billion over a week, its highest level since January, while weekly protocol fees exceeded $10 million.

The significance is that Pump.fun is increasingly monetising the full lifecycle of speculative trading activity, rather than relying solely on new token launches.

Pump.fun total revenue by product (source: Blockworks).

Market Update

Crypto markets declined moderately last week (-2.27%) as the consolidation within the broader wedge pattern continued.

BTC has faced resistance at the $65k level.

The CLARITY Act failed to reach a Senate vote before the August recess, pushing the next key procedural vote to 15 September.

The bill still requires 60 votes to advance, with disagreements around stablecoin rewards, ethics provisions and banking protections leaving passage increasingly uncertain ahead of the November midterms.

At the same time, long-term DeMark signals and RSI divergences have meant that technical damage has remained relatively limited.

With the broader risk-on market continuing outside of crypto, it increasingly feels that crypto will be joining the party fashionably late.

Altcoin market cap continues to consolidate (like beta) but is getting to a make-or-break outcome.

Looking ahead, gold has broken out after a prolonged period of seller exhaustion, providing a potentially constructive signal for liquidity-sensitive assets.

Given gold has historically led global liquidity by roughly a year, the breakout suggests the liquidity expansion could continue into 2027, potentially extending the broader bull market.

State of Yields

Stablecoin lending yields:

• ~3.36% on Aave (USDC) — no change from last week.

• ~2.11% on Aave (USDe) — marginally lower than last week.

• ~4.82% on Maple (syrupUSDC) — 2 bps higher than last week.

Fixed-rate DeFi lending: yield premium in fixed markets:

• Pendle sUSDAi: ~10.1% (Oct 2026 – Feb 2027 maturities).

• sUSDe: ~4.15% — 15 bps lower than last week.

ETH yield benchmarks:

• Lido staking: ~2.14%.

About Re7

Re7 Capital is a research-driven digital asset investment firm specialising in DeFi yield and liquid alpha strategies.

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