Onchain trading terminals experienced a significant week, moving a total of $6.35 billion, marking the most substantial activity since the launch of TRUMP in January 2025. Leading this surge in trading volume were Fomo and gmgn, with Fomo contributing $2.38 billion and the gmgn trading bot adding $2.07 billion. Together, these two were responsible for 70% of the total volume.
Other notable contributions came from Pump.fun, which recorded a volume of $489.5 million, and basedbot, reaching $450.5 million. These figures highlight continued robust activity within the onchain trading ecosystem, driven by key platforms playing significant roles in the market dynamics.
The PONS token soared to more than $600 million and led the Robinhood Chain ecosystem during the referenced period. New meme coins and infrastructure tokens moved past the $100 million mark in reported activity, with ZCAT, Stonk, MEME and Marscoin named among those reaching that threshold. These reported figures indicate distinct high-performing tokens within the ecosystem during the same reporting window.
Pump.fun distributed daily callout rewards in the range of $300,000 to $1,000,000 per day over the past week, as reported. The reporting specified that these callout rewards were issued daily during that period. Fee rebates remained within the ecosystem and on the applications, and the reporting stated that those fee rebates helped drive volume metrics. The combination of callout rewards and retained fee rebates was identified in the reporting as part of application-level incentives present during the period.
The preceding paragraphs summarize reported token performance and application incentives from the referenced material. No other token performance figures or incentive amounts were provided in this section of the reporting.
Total decentralized exchange (DEX) volume across 787 protocols tracked by DefiLlama reached $9.18 billion on the day and $217.33 billion over the prior 30 days, representing a 1.81% increase over the week. The protocol count used in the reporting was 787. The reported 30-day and daily figures reflect the aggregate DEX activity across that set of protocols. The week-over-week change was reported as an increase of 1.81%.
Single trading sessions in early 2025 cleared $45 billion. Current DEX volume remains at roughly 20% of those early-2025 highs. The comparison between single-session peaks and current aggregate volumes highlights the gap between the recent activity and the 2025 extremes. Despite the week-over-week increase in aggregate DEX volume, the overall level remains a fraction of the early-2025 peaks.
There was discussion of a possible local top following the launch of a Hunter Biden coin, but the reporting stated that the available data does not support that interpretation yet. The reporting included the questions “Is this a local top sign? Or is the onchain party just getting started?” and the statement “The signal is that this is the trading apps cycle.” The reporting also cited optimism tied to application-level incentives with the quotation “If Pump and Fomo keep sharing these creator rewards every day in big size, it’s hard to see the trenches slowing down too soon.” The reporting identified callout rewards and fee rebates as incentives present during the period. Those incentives were described as contributing to the volume metrics observed during the week.
Overall, the reporting presented a picture of renewed activity in onchain trading while noting that aggregate DEX volumes remain well below early-2025 peaks. Observers conveyed cautious optimism about the trading apps cycle and the role of incentives in sustaining recent volume.
