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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.
Circulating market cap up 235% QoQ to $30M; token price rose 167%
Training nodes (+29%), Validators (+17%), Delegators (+21%)
Launched gmFLOCK, AI Arena v2 with Delegation Pools, and FLock OFF subnet on Bittensor
Integrated with Base MCP, Alibaba Cloud Qwen, SpoonOS, Infini, DIMO + Beacon
Infrastructure + payments/RWA platform bridging Web2/TradFi and Web3 with a focus on stablecoin settlement, tokenized collateral, and consumer payments
Circulating market cap and token price +12.7% QoQ; average daily transactions +14.4%
Partnership with Paxos International adds USDL (yield-bearing, Treasuries-backed stablecoin) as reserve collateral for USDV
New CEX listings, wallet integrations, trading competitions, and more.
Privacy-focused Layer-1 blockchain
Staked ALEO grew 14.3% QoQ to 1.3B tokens
Circulating market cap rose 5.8% QoQ
30+ live apps, bridge upgrades (Verulink), and dev events (zkHack Berlin, Codesprint) expanded the community
Stablecoins solved the “medium of exchange” problem in crypto, but lending remains constrained. DeFi credit markets today are either highly overcollateralized or rely on opaque, reputation-based lending. Enter 3Jane, a new credit-based money market on Ethereum that aims to unlock the next era of capital efficiency.
At its core, 3Jane introduces USD3, a yield-bearing dollar backed not by traditional collateral, but by pools of credit lines secured against verifiable proofs of creditworthiness. These proofs can include onchain assets, bank balances (via Plaid), centralized exchange holdings, credit scores (via zkTLS integrations with Credit Karma and VantageScore 3.0), and even future yield streams.
This design enables uncollateralized borrowing, a massive shift from current DeFi norms. Instead of parking excess capital, users can borrow directly against their “Jane Score”, a composite of onchain and offchain credit data, to unlock liquidity for trading, yield farming, or business needs.
For creditors, depositing USDC into 3Jane mints USD3 (currently offering ~8.5% APY). Funds are autocompounded and secured by the underlying credit pool. If defaults occur, 3Jane runs onchain debt auctions, allowing U.S. collections agencies to bid on non-performing debt. This mechanism is designed to preserve protocol solvency.
The protocol’s traction is notable:
$109.4 million in Total Value Verified (TVV) against USD3.
$8.2 million in TVL, with credit pools reaching $2.5M.
Raised $5.2 million in seed round funding with backing from Paradigm, Wintermute Ventures, and Coinbase.
Zooming out, unsecured credit markets represent $5.3 trillion globally, with U.S. cash flow financing alone topping $1.3 trillion. By bridging creditworthiness with DeFi rails, 3Jane is targeting one of the largest untapped opportunities in crypto.
If successful, 3Jane could unlock a permissionless and scalable credit primitive, expanding access to capital for cryptonative actors (i.e., traders, yield farmers, businesses, AI agents, etc.) secured not by idle assets, but by future productivity.