Contents

Summary
1. Active Users
2. Chain TVL
3. Protocol TVL
4. Stablecoins
5. Bridge Activity
6. Protocol Fees
7. DEX Activity
8. DEX Developers

Summary

• Adoption trends strengthened across digital assets in May, with activity broadening across users, liquidity, and capital flows. 

• Daily active users rose across major chains, led by Solana and Tron, with continued traction on BSC and Base (Figure 1). 

• TVL growth in USD terms was positive across most large chains; Ethereum contributed the largest absolute gains (~$10bn), while Tron and Base delivered the strongest relative growth (Figure 2a/b).

• The largest protocols mostly experienced positive TVL change, perhaps driven by the base effect (i.e., the rally in token prices such as ETH) as hinted by Lido’s impressive +$6B TVL (Figure 3b).

• Stablecoin flows were mixed: Hyperliquid and Sui recorded strong inflows, while outflows from Ethereum and Solana weighed on aggregate balances (Figure 4b). 

• Bridge flows reflected rotation toward high-velocity chains, with Solana and Base capturing net inflows and Ethereum seeing the largest outflows (Figure 5b). 

• Protocol fee growth was uneven: BSC and Bitcoin led, while activity moderated elsewhere - the monthly change in Solana’s fee capture was notable (Figure 6a/b).

• DEX activity remained concentrated, with PancakeSwap (BSC) and Uniswap (ETH) driving net gains, and Rubicon (ETH) posting the largest percentage increase in volume (Figure 7a/b). 

• While Lido continues to lead in absolute activity amongst DEX protocols, developer activity was generally down in May (Figure 8 a/b).

• Overall, the month marked a continued recovery in on-chain activity, with selected ecosystems consolidating leadership in user and liquidity growth.