Dune launches real-time data feeds for 200 onchain trading venues

Dune opens real-time feeds from 200 onchain venues

Blockchain analytics platform Dune has launched real-time market data feeds that cover more than 200 onchain trading venues. The company says the goal is to bring data from decentralized markets into the trading systems used by traditional financial institutions.

The feeds deliver trade data from 12 blockchains, including Ethereum, Solana, Base and XLayer, about one second after a trade is executed, according to a Thursday announcement.

Onchain venues are trading platforms that run on a blockchain rather than through a traditional exchange. Dune's feeds cover spot trading on decentralized exchanges, plus perpetual futures on Hyperliquid and Lighter. Perpetual futures are contracts that track an asset's price with no set expiry date.

What the data covers

• More than 200 onchain trading venues are included in the service.
• Trade data comes from 12 blockchains, among them Ethereum, Solana, Base and XLayer.
• Data arrives roughly one second after execution, Dune says.
• The feeds cover spot trading on decentralized exchanges and perpetual futures on Hyperliquid and Lighter.
• Prices, trade sizes and transaction details are standardized across markets.

Who is using the feeds

Dune co-founder and CEO Fredrik Haga said quant funds, market makers, asset managers and bank trading desks are among the first clients. He declined to name them, citing nondisclosure agreements. According to Dune, these firms use the data to judge liquidity, compare prices between venues and test trading strategies before putting capital at risk.

Haga said most institutions are watching onchain markets first because they can no longer price these assets properly without them. He expects institutions to trade directly onchain later, as liquidity improves and regulation catches up.

He said what still holds institutions back is how messy the process is, noting that the same stock trades on many venues across different chains and that traders need to know what is trading where before they can act.

Tokenized stocks grow and draw objections

The market for tokenized stocks — company shares represented as blockchain tokens — has grown sharply over the past year. The sector has also seen fragmented liquidity and disputes over whether companies should have a say in how their shares trade onchain.

Recently, tensions arose around OKXICE, a joint venture between crypto exchange OKX and Intercontinental Exchange, the parent company of the New York Stock Exchange. The venture announced plans for a tokenized stock trading platform on Oct. 4. Since then, 16 companies, including Microsoft, Alphabet and Goldman Sachs, have filed objections to having their shares traded on the proposed platform. The report did not specify their reasons.

Market fragmentation is a separate concern. In May, Tiger Research director Ryan Yoon warned that trading the same tokenized stocks on multiple blockchain platforms could create price differences, increase slippage and make the market less efficient.

According to RWA.xyz data, the distributed value of tokenized stocks reached $3.58 billion, up from about $627 million a year earlier — an increase of roughly 470%.

What is confirmed

Dune announced the launch and the details of its coverage, including the number of venues, the blockchains involved, the roughly one-second delivery time and the markets covered. The figures on tokenized stocks come from RWA.xyz. The objections to the OKXICE plan, and Yoon's warning about fragmentation, are reported by Cointelegraph.

What is still unclear

Dune did not identify its first clients, citing nondisclosure agreements. The companies objecting to the OKXICE platform did not specify their reasons. Haga's expectation that institutions will trade directly onchain as liquidity and rules improve is a forecast, not a confirmed development.

Sources

• Cointelegraph