DeFi NFT Digest 48 (June)
Compare Uniswap and Pancakeswap
Is the DEX leader changing? Let's deep dive.
PancakeSwap's explosive growth began in May 2025.
For Uniswap taken into account total trading fees paid by Uniswap traders and total transaction fees paid by Unichain users
Earnings measures net profit retained after accounting for both operational costs and token-based user incentives. Calculated as revenue minus token incentives.
Liquidity turnover measures the capital efficiency of deposited liquidity on the protocol. Calculated as trading volume divided by total value locked (TVL) over a time period.
This PancakeSwap rise can be attributed to a combination of favorable factors:
- Infinity Upgrade Fully Rolled Out (Late April–May), this upgrade has steadily improved Multiple pool types for capital efficiency & low price impact, Customize fees & Hooks for better rewards, Save gas on every transaction, Swap & LP on Infinity, starting with BNBCHAIN
- Explosive Memecoin Activity (May–June)
- Introduced one-click cross-chain token swaps, simplifying multi-chain trading and further boosting activity
- Launch of the capital-efficient PancakeSwap v3 AMM on Solana July 1, 2025
News
NFT XCM on Polkadot is out in a test environment.
Test the NFT XCM Demo: https://xcm-nft.unique.network
NFT XCM is an initiative developed and led by the Unique Network team, designed to simplify the transfer of NFTs (Non-Fungible Tokens) across Polkadot parachains and projects that will unleash the capabilities.
Orange Cap Games Acquires Moonbirds, Mythics, & Oddities from Yuga Labs. Moonbirds are also headed to the Otherside, with full 3D-rigged avatars ready to explore everything this next-generation digital world has to offer. These avatars will be accessible not just in Otherside but also to native Moonbirds creators and builders who want to expand the universe in their own ways. As part of this deal, the future on-chain components of the Moonbirds IP will exist either on a mainnet blockchain, or if it’s on an L2, that the only L2 we would consider will be ApeChain.
Telegram Gift Marketplace Portals is confidently gaining market share and has already reached a 35% share. Its success is largely due to fees that are four times lower than those of its competitors and compensation of up to 0.2 TON for entering gifts that were not previously on the platform.
Pudgy Penguins will be partnering with NASCAR to bring Pengu to NASCAR fans worldwide.
Pudgy Penguins partners with Lufthansa’s Miles & More program, Europe’s largest frequent flyer program to bring rewards to The Huddle. Every purchase in fiat or $PENGU on the Pudgy Shop earns you miles, redeemable with 300+ partners for flights, experiences, & more.
Dogecoin will see a slew of casual mini-games released throughout the rests of the year via the DogeOS application layer, utilizing the DOGE network for the games’ reward system and more.
Published by PlaysOut, approximately 15 Doge-themed games spanning various genres will be rolled out by the end of the year, with the first title expected in August. These casual mini-games will be playable via the MyDoge wallet and PlaysOut mobile app.
The games are expected to utilize the Dogecoin blockchain, with leaderboards, quests, and competitions likely to reward gamers with DOGE token airdrops. Plus, in-game items and skins are set to be tradable as Dogecoin NFTs, otherwise known as Doginals.
DogeOS is an application layer built on top of the Dogecoin blockchain, allowing developers to create and deploy apps and games using the O.G. meme coin's network. The EVM-compatible layer-2 network is currently in the testnet phase.
PlaysOut is a mini-game publisher that works with game developers who have been successful on the Chinese superapp WeChat, bringing their games to the Western world. By sharing revenue with PlaysOut, the publisher will translate the game from Chinese to English, “reskin” the assets, and deal with distribution.
OpenSea began depricating the outdated OpenSea interface (OS1). Almost all OS1 features have been included or improved in the new version of OpenSea. However, as of June 16, the following OS1 features will be disabled:
- Deals
- English auctions
- Multi-currency listings/offers
- Testnets
- OS1 non-creator interface: All trading, collection, and search operations will now take place on the new platform. Your assets, orders, and data are already available there — no action is required on your part.
- Shopping cart: Although you can purchase multiple items at once in the new OpenSea, they removed the “Shopping Cart” feature.
Gondi unveils a full stack liquidity solution for NFTs.
▫️ NFT Marketplace to collect and trade.
▫️ Simplified and a more powerful NFT Lending Market.
▫️ Manage your entire NFT collection, assets and debt.
TradFi giant CBOE has filed Form 19b-4 for the proposed Canary Capital's PENGU ETF, which will invest in NFT Pudgy Penguin and the $PENGU token.
Development
Cornell Tech debuts Liquefaction working use case to let users borrow tokens without ownership.
The application, called Take My Ape, launched on the Oasis Sapphire network, uses a process known as Liquefaction, which allows users to temporarily access blockchain assets — such as a Bored Ape NFT — without actually owning them.
Liquefaction enables users to define smart contract rules, allowing others to access an asset under specific conditions, including time and action limitations. This process is known as “encumbering” a private key in a trusted execution environment (TEE) — a secure area inside a physical processing chip separated from the main operating system.
The application restricts what users can do with the token using a single entity address ownership" protocol, preventing them from selling it.
Sharing token access has practically unlimited utility for creative users, such as the ability to double-dip on loyalty points or sign private, off-chain agreements that are invisible to the public.
Liquefaction can undermine the security and economic models of many applications and resources, such as locked tokens, DAO voting, airdrops, loyalty points, soulbound tokens, and quadratic voting.
Market
Disclaimer. To date, analytical tools are still evolving and provide only approximate data that do not cover all chains, DAG systems and other types of distributed ledgers, as well as NFTs or less common types, such as utility or financial.
Global Markets (30D). All the data has decreased.
- NFT Sales Volume is over $514 millions.
- NFT Transactions is over 6 millions.
Since nftpulse.org lacks data on a large number of blockchains, we are temporarily excluding data from this service in order to provide our readers with the most objective information possible.
Despite a number of announcements this month, the Pudgy Penguins didn't even make it into the top ten collections. This month, we are seeing a surge of interest in the Guild of Guardians Heroes collection on the Immutable blockchain. There are a number of reasons for this:
- Special Anniversary Event
- GOG will resume regular Leaderboard Competition
- Enhanced GOG token utility
Blockchains by NFT Sales Volume.
NFT lending stats
NFT Lending TVL for all chains in June 2025.
Top-10 NFT lending protocols. Blur flipped Gondi.
