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Today's News Recap
ETF Greenlight - SEC approves in-kind creation and redemption for Bitcoin, Ether ETFs.
Traffic Surge - Hyperliquid says API outage was caused by ‘spike in traffic,’ not a hack or exploit.
Saylor Raises - Michael Saylor's Strategy raises $2.5B in record stock offering to buy more Bitcoin.
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In Messari News
NEW Research Podcast
In this week’s episode of STSP, the Messari team tackles one of the boldest predictions in crypto: a $3.7 trillion stablecoin market within five years. With surprising support from the U.S. Treasury and major TradFi firms integrating stablecoins behind the scenes, the narrative is rapidly shifting. The pod also covers the boom in Ethereum treasuries, the pump-and-fizzle of Pump.Fun, Zora’s content-token rise, and a new wave of NFT and DePIN adoption. It’s a wide-ranging, high-signal look at where the cycle might go next—and why attention, trust, and execution are more important than ever.
Top Assets
Messari Protocol Reporting
Messari's protocol reports give you a deep dive on the foundation and state of top crypto protocols, including key metrics and notable events. See the complete list of protocol reports here and get a preview of our latest report below.
Layer-1 + layer-2 hybrid/application chain platform
Blends a relational database model with blockchain infrastructure
Enable scalable, application-specific chains called dappchains
Provides optional security anchoring to Layer-1 networks like Ethereum and BNB Chain via the Chromia Base Chain (CBC)
Three primary chains—P-Chain (staking/governance), X-Chain (asset transfers), and C-Chain (EVM-compatible smart contracts)
Avalanche consensus, a unique PoS-based protocol using randomized sub-sampled voting to reach fast finality
AVAX has a fixed supply cap of 720 million, with all transaction fees burned
Avalanche enables bespoke execution via VMs (e.g. EVM, Subnet-EVM, WASM) across its expanding network of L1s
Market cap rose 17% QoQ to $26.5B; protocol revenue grew 20.5% QoQ to $915.9M
USDT makes up 99.2% of TRON’s stablecoin supply, with $80.3B in circulation on TRON (over 50% of global USDT)
Average daily transactions hit 8.6M (+12.6% QoQ); daily active addresses reached 2.5M
New integrations with Stripe-acquired Bridge, AEON Pay, SRM Entertainment, Privy, and others
From Our Sponsor
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Messari Research
CeFi’s Crypto Expansion
By: Kinji Steimetz, Enterprise Research Analyst
This report examines the growing trend of U.S.-based CeFi platforms entering crypto markets and identifies four core strategies driving this movement: building competing products like perpetuals to capture existing demand, leveraging onchain protocols for regulatory workarounds as seen in Coinbase’s integration with Morpho, experimenting with backend infrastructure substitution through initiatives like Robinhood Chain, and servicing onchain users through tokenized products and embedded financial tools. While these developments aim to enhance compliance, efficiency, and distribution, they remain targeted and incremental rather than signaling a systemic shift away from legacy systems. The analysis highlights how regulatory clarity and competitive pressures shape CeFi’s approach and explores the implications for DeFi protocols navigating this evolving landscape.
