📝 Editor’s Note:

Good morning, and welcome to OurNetwork’s latest, the second part in a two-part series looking at the onchain dynamics behind crypto's more culturally significant applications.

Thanks to Peter, Haisenberg, Seoul Data Labs, Feyikemi and smartymetrics for providing the coverage below.

– ON Editorial Team

Polymarket | Virtuals | pump.fun | Clanker | Star Atlas

• Polymarket, a decentralized prediction market on Polygon, has processed over $15.2B across 114M trades, with $1.13B in the past month alone. Volumes have been growing for five consecutive months after a post-election dip. Polymarket now processes five times more volume than all competitors combined. This is despite hosting 65% fewer markets than Kalshi, a key competitor with Polymarket.

• Polymarket’s velocity, a measure of how quickly bets cycle through the platform, rose five months in a row, hitting 0.029 in May (vs 0.014 in Jan). Politics (0.046) and Sports (0.029) lead due to constant headlines and fast-moving outcomes. Crypto lags at 0.014, as it attracts steadier, conviction-driven bets around long-term themes.

• Polymarket predicts over 90% of outcomes correctly a month before markets close. Accuracy rises to 95% within four hours prior to a market's closing. At 80% to 85%, sports accuracy is lower due to volatility. But overall, these stats show Polymarket isn’t just for betting but it’s an information market at scale.

• Virtuals is a decentralized launchpad and protocol for co-owning AI agents via tokenized launches. Its new Genesis Launch feature allows users to pledge VIRTUAL tokens and "Virgen Points" for allocation in new agent launches — in three months, 46,135 users committed 23.4M in VIRTUAL tokens to agent launches. The top 1%, 2,115 power users with 20+ launches, drove 20.2% of the capital $4.73M, showing strong early adoption skewed toward highly engaged participants.

• Decentralized exchange (DEX) volume highlights multi-chain dominance. Lifetime DEX volume hit $8.88B, across Base and Solana. Peak activity occurred on Jan. 10 ($160M on Base and $16.7M on Solana), signaling intense speculation around AI agents. Base chain hosted the largest single transaction of $107.7M on Jan. 17.

• Low graduation rate signals tough market conditions. Only 505 of 17,161 launched agents (2.94%) graduated. Graduation spikes align with volume surges (e.g. 20 graduations on Feb. 8 during $4.2M DEX activity), suggesting market validation correlates with viability.

• Pump.fun, a viral meme token launchpad on Solana, has gained significant traction since its January 2024 debut thanks to its simplicity and low barrier to entry. The platform uses a bonding curve that raises token prices as more users buy in with an automatic “graduation” triggered once a token’s market cap reaches $69,000. However, data shows that about 247,000 SOL, worth over $38M as of June 30, remains locked in vaults across 11.3M tokens that never graduated. This highlights a massive pool of trapped liquidity.

• Since its launch, Pump.fun has seen over 11.4M tokens created, but only 138K have successfully “graduated” to the DEX Raydium (now PumpSwap, a DEX from the Pump team), resulting in a graduation rate of just 1.21%. This low success rate highlights the highly speculative nature of the platform, where the vast majority of tokens fail.

• 81% of ungraduated tokens are 90 days old or more, which is practically ancient in crypto terms. With an upcoming token sale, it will be interesting to see how this vast pool of idle capital can be utilized in ways that benefit the protocol and its community.

• Clanker makes token creation on Base as simple as sending a Farcaster message. Since launch, it has enabled over 305,000 token launches by over 33,000 unique creators. But while creation is easy, traction isn’t — 77% of created tokens generate under $1,000 in volume, and 300,000 tokens had fewer than 10 holders.

• Less than 1% of tokens launched via Clanker remained active 90 days after creation. This high drop-off rate highlights just how short-lived most experimental tokens are in a low-friction and meme-driven ecosystem.

• The top-performing token reached over 123,000 holders and generated over $100M in trading volume, far outpacing the median. While rare, these outliers reveal that tokens launched through Clanker can go beyond hype and capture real, lasting attention.

• Star Atlas is a blockchain-based game with a space exploration theme. From January through May, there has been a consistent upward trend in asset trade volume by faction, which are the three player organizations of the game. The peak exceeded $8M in the week of Apr. 21, 2025. This growth likely stems from December's Dawn of the Freighter update. The peak in April may correlate with a major faction event or update, further boosting trading activity and indicating a robust, engaged game economy.

• Starting Jan. 27, 2025 to Mar 31, 2025 total referral revenue surpassed $90,000 with a $26,000 weekly peak during a three-week spike. This aligns with the Golden Carnival event, which ended in late February and offered rewards for Golden Tickets, which offered a chance to win in-game prizes.

• From January to May 2025, revenue for Star Atlas' decentralized autonomous organization (DAO) saw a decline of $394,000. Key sources like marketplace fees, crafting, rentals, and sinks all trended downward, possibly due to players shifting focus to high-reward events like the Golden Carnival.