The Bright Side: Onchain Growth

Price action often overshadows the progress we're making as an industry. When prices are suppressed, pessimism floods timelines and it feels like it's all over. That's a disservice to the teams still building. Growth should be celebrated, not just green candles.

So we're launching The Bright Side: short pieces, charts, and quick commentary, all on the growth we're seeing in crypto. Bringing optimism and drawing attention to what moves us forward. This first issue covers onchain activity that's picked up over the summer. Overall activity is nowhere near past peaks, and yet certain ecosystems and protocols have found ways to thrive. 

Life in the Solana trenches

Solana processed 1.32B transactions in the week of August 24, past the 800M peak of the 2024-2025 memecoin season. That’s roughly double its January base. A revival in memecoin trading on Pump.fun drove most of it, with fomo as the new entrant.

Pump.fun's weekly revenue has grown for six weeks straight, from $6M in the week of July 13 to $17.5M in the week of August 24, with daily active wallets hitting a high of 673k.

fomo, the hit social trading app peaked at 93K daily active users on Solana. Beyond transactions, revenue is picking up as well. Solana application had $143M in revenue in August, the most since January and 81% above the April low.

Coinbase > Base pipeline

Base TVL crossed $5.5B on August 26, a high for the year and just under the $5.58B record set on October 7, 2025. $3.9B of that, or 70%, sits in Morpho's markets, and $3B of it is cbBTC deposited through Coinbase's crypto-backed loan product built on Morpho. Because that collateral is bitcoin-denominated, holding $3B through a year in which BTC fell roughly 37% shows the growth in the deposits.

Uniswap's Robinhood Chain payoff

Uniswap processed 39.9M swaps in the week of August 24, up 4.3x from an April low of 9.2M and 38% above the prior high of 28.9M a week earlier. The fee switch turns that activity into supply reduction. The protocol executed its largest dollar-value UNI burn on August 21, roughly 150,000 UNI worth about $590,000. Robinhood chain is the reason behind the surge. Over $30B in DEX volume has run through Uniswap on the chain since its July 1 launch, accounting for 91% of all DEX volume there. As of writing, Robinhood Stock Tokens make up $1.3B while crypto-native tokens and memecoins make up the rest.

Stable active address growth

Monthly active stablecoin addresses reached 55.3M in July, up 25% year-on-year. USDT accounted for 69%, with USDC representing 27%. Although stablecoin supply has remained at ~$300B since the start of the year, address counts continued to grow. The demand behind them is payments and dollar access, on top of being trading collateral. Retail-sized transfers hit a monthly record of 162M transactions in August, reflecting the rise in consumer adoption

And that’s a wrap for this issue. Prices will do what they do. Builders keep shipping, products that work keep compounding and the industry keeps growing. More charts and commentary to come.