Insights into On-Chain Cultural Projects: Polymarket's July Trading Volume Exceeds $380 Million, pump.fun's Cumulative Revenue Surpasses $80 Million
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Insights into On-Chain Cultural Projects: Polymarket's July Trading Volume Exceeds $380 Million, pump.fun's Cumulative Revenue Surpasses $80 Million
Polymarket's betting volume surpasses $1 billion, Lens DAU growth outpaces Farcaster.
Navigating Web3 tides with focused insightsAuthor: OurNetwork
Translation: TechFlow
Exclusive on-chain news:
On-Chain Culture
Polymarket, pump.fun, Zora, Lens, Farcaster, Jokerace, Fantasy Top, TYB
Polymarket’s monthly trading volume exceeded $380 million in July with 43,000 active traders; pump.fun total revenue surpassed $80 million;
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The world's largest prediction market, Polymarket, continues to break its own records. In July, Polymarket's monthly betting volume exceeded $380 million, with 43,000 active traders. Since the platform's inception, it has processed over $1 billion in total value. Built on Polygon, Polymarket accounts for 6% of Polygon PoS transaction fees.
Dune Analytics - @rchen & Twitter - @smyyguy
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Solana’s meme coin launchpad and marketplace, pump.fun, hit an all-time high in daily protocol revenue on July 30 ($2.31 million), even surpassing Ethereum in 24-hour revenue ($2.29 million). Total revenue has exceeded $80 million, with over 1.5 million tokens issued.
Dune Analytics - @hashed_official & DeFiLlama
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ENJOY, the first tradable ERC-20 token on the Zora network, has surpassed 50,000 holders. The current holder count hovers just under 55,000, having processed nearly 7 million transactions to date.
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Transaction-level insight: "Just as dollars have cents and bitcoin has satoshis, Ethereum currently uses wei as its smallest unit. A wei is one billionth of an ether... We need a new unit that’s more accessible to ordinary people, both in name and scale." Zora has launched Sparks—one millionth of an ETH—as a new metric for Ethereum. The Sparks symbol is open-source, exists on-chain, and can be minted (nearly 29,000 have been minted so far).
① Polymarket
Polymarket Betting Volume Surpasses $1 Billion
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Polymarket is the world’s largest prediction market (built on tools from Polygon and Safe) and has gained mainstream attention as a “more reliable” indicator of public opinion and likely events. Since 2020, it has generated over $1 billion in betting volume through 5.6 million bets. Recent hot topics (in the last month, $387 million) include the European Championship, U.S. elections, and crypto ETFs.
Dune Analytics - @petertherock
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A key component behind Polymarket’s success is Safe, which serves as a non-custodial wallet allowing traders to deposit and withdraw funds. To date, there are 109,000 Safes holding $14 million—a 134% monthly increase. This growth signals further expansion in betting volume.
Dune Analytics - @petertherock
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So far, the largest markets have centered around U.S. election themes. President Joe Biden has appeared in 210 markets, accumulating $48 million in betting volume. Additionally, 11,000 bettors placed $24 million on non-political topics such as crypto ETFs.
Dune Analytics - @petertherock
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Transaction-level insight: On the prediction market, the largest single bet was worth $140,000, placed by the owner of a specific Safe on whether the Ethereum ETF would be approved by May 31.
② Lens
Lens maintains DAU around 30,000, daily posts reach 100,000, growing faster than Farcaster
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Over the past three months, Lens has tripled its daily active users (DAU), growing from 10,000 to 30,000. Post volume shows a similar trend, rising from 20,000 to 100,000 per day. By contrast, Farcaster grew 1.25x, increasing from about 40,000 DAU three months ago to 55,000 today. Its post volume started at approximately 990,000 and has now dropped to 660,000.
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In terms of internal competition, Phaver (53%), Hey (32%), and Orb (9%) account for 94% of DAU. However, when examining high-quality users, Orb (40%), Hey (13%), and Phaver (28%) capture 85%. Orb’s mobile-first and creator-first strategy has proven successful.
Dune Analytics - @sealaunch & @aave_labs
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Lens Protocol has generated $674,000 in revenue: 98% comes from minting Lens profiles, while paid collection fees (5%) make up the rest. Among the 100,000 daily posts, roughly 1,000 are collectibles, with about 13% being paid—over 50% of which are completed via BONSAI.
Dune Analytics - sealunch & sealaunch_team
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Transaction-level insight: This post features the studio version of Oswaldo Torres’ single “Una causa perdida.” Released as a collectible on Lens, it has five editions, each priced at 2,000 BONSAI (~$20). In the text, the artist shares that the song was recorded and produced in Barquisimeto, Venezuela, and will be part of a 5-song EP marking his solo career. The piece hasn’t been collected yet. 5% of revenue goes to the Lens treasury, the rest to the artist.
③ Farcaster
Evgeni Averkin | Website | Dashboard
Farcaster stabilizes at 600,000–700,000 daily posts, with DAU between 70,000–100,000, but zero-reaction posts surge to 80%, indicating declining engagement
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Following the exodus of farmers and speculators mentioned in ON-242, Farcaster activity bottomed out in June 2024 and stabilized in July. Daily posts dropped from a peak of 1.2 million in May to a steady 600,000–700,000 in July, while DAU remained between 70,000–100,000. This resilience suggests that despite reduced speculation, core users remain active. However, stable DAU coupled with reduced activity indicates a shift toward more passive user behavior on the platform.
lookerstudio.google.com
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From May to July, Farcaster averaged $11,000 in daily revenue, declining since late May. Recent revenue primarily comes from new users renting storage, as FID governance closely correlates with storage leasing from June to July (difference of 1–3%). The larger gap in May (+20%) indicates higher spending by existing users during the speculative peak.
lookerstudio.google.com
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Farcaster’s engagement landscape is shifting toward lower interaction. The proportion of posts with zero reactions increased from 48% on April 1 to 80% on July 30, while other categories declined—posts with 1–5 reactions dropped from 44.4% to 16.6%. Transaction counts reflect this trend too, falling from 44,696 monthly in April to 7,647 in July—a drop of 83%.
④ Fantasy Top
$15M revenue, $2.5M hero earnings, 35,000 users, card inflation
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Fantasy is a social finance (SocialFi) trading card game where players use crypto Twitter influencer cards to compete online, leveraging their social capital and research expertise to profit. Over the four months since Fantasy Top launched, the card economy was designed to prevent inflation by requiring the burning of five cards to upgrade. Initially, total cards stayed below 215,000, but since July, that number has surpassed and continued to rise, with most new cards being freely minted, causing devaluation and oversupply of low-tier cards.
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A major incentive for Fantasy Top heroes is earning profits through trades on Fantasy Top. They earned about 800 ETH. However, after the initial hype, heroes' profit growth stalled. With increasing supply and declining overall revenue, their motivation has significantly weakened compared to the first month.
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Fantasy Top has reached 35,000 active users—an impressive milestone. Interestingly, 29,500 users joined in the first week after launch. Despite launching new features, the Fantasy team has struggled to attract new users but successfully built a strong fan base.
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Transaction-level insight: Data shows that Fantasy’s trading volume has declined since the initial hype but remains economically viable, with users still making solid profits. 40% of Fantasy Top users are profitable, 29% are losing money, and 31% are uncertain. For example, this user earned 290 ETH by selling only 15% of purchased cards, while another user earned 12.5 ETH over the past two weeks.
⑤ TYB (Try Your Best)
Glossier (a beauty brand with a cult following) joins over 52 consumer brands; TYB app reaches 100,000 users (mostly first-time wallet holders); users completed 260,000 challenges in July
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TYB is a brand-facing on-chain community rewards platform featuring brands like Glossier, Rare Beauty (founded by Selena Gomez), the Outset (by Scarlett Johansson), Juneshine, Cult Gaia, Ouai, and more. Users earn rewards by completing challenges and co-creating content with brands, redeemable for direct discounts or exclusive opportunities. Over 100,000 new wallets were created using Magic embedded wallets. Most users are new to crypto, making TYB their first on-chain wallet. In July, these users completed 260,000 challenges and earned 23 million brand coins.
TYB Internal Dashboard
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Community ROI is real. Average TYB users spend 10.2% more than non-TYB members. TYB members place orders 26% more frequently than non-members. So far in 2024, TYB members have spent $2.7 million within the ecosystem and redeemed over $60,000 in discounts.
TYB Internal Dashboard
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On July 25, Glossier (originally a community-led brand) launched its “G Collective”, with 14,000 users claiming Glossier NFTs within a week. The first 500 members received a physical keychain as a “fan proof” collectible. Within the TYB app, users climb leaderboards by participating in challenges. Currently, user “eliserosee” leads the leaderboard with 4,800 Glossier coins earned.
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Transaction-level insight: This is user “urihamas”’s on-chain wallet, showing recent transactions. She is an active member of Saysh, Pitaya Foods, Eadem, and The Skinny Confidential communities. You can also see her recent activity on her TYB profile. Over the past month, she exchanged tokens worth $510.72 through 20 transactions. She redeemed brand tokens into discount codes applied directly at Shopify checkout. By contributing to their favorite brands/communities, users earn token rewards redeemable for future benefits.
⑥ JokeRace
Jokerace revenue up 175% MoM, reaching $15,000 across 275 contests
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On Jokerace, you can create an on-chain contest where participants submit entries and voters choose winners. As a creator, you can award prizes to winners or simply run voting-only events. Jokerace has two revenue streams: entry submissions may require a fee to join; voting may also require payment. Since monetization began, Jokerace has hosted 275 contests (41% paid), generating $15,000 in revenue, split evenly with contest creators (81 unique creators).
Dune Analytics - @socialgraphvc
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A key metric is the number of votes and voters. Last week, there were 396 unique voters casting 660 votes—the highest this year—but still below December’s peak of 896 voters and 989 votes. 72% of voters participated only once, indicating a need for cross-promotion among users.
Dune Analytics - @socialgraphvc
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Jokerace’s flywheel: converting voters into creators, retaining creators. There are currently 86 creators, 17 of whom started as voters, with a median conversion time of 120 days. Creator retention is challenging: average M1 retention is 10%, M3 is 11%. Several cohorts show 0% retention. How do creators stay engaged?
Dune Analytics - @socialgraphvc
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Transaction-level insight: The highest-earning contest confirmed the fictional wedding of two on-chain crypto influencers. It received 17,000 votes at 0.0001 ETH each, totaling $5,300. The next two top contests were Base’s meme contest ($2,500) and Greenpill’s podcast next-season theme ($1,600). These three contests accounted for 82% of total revenue. Why? Creators leveraged their social influence to generate buzz—and once again, entertainment proves its value in crypto.
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