Today's News Recap
Reserve Ready - Arizona advances toward creating a Bitcoin reserve after final Senate approval.
XRP Upturn - XRP early investors take profits as regulatory wins strengthen XRP ecosystem.
ETF Update - South Korea plans to approve spot crypto ETF, signaling regulatory progress.
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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 blockchain built for real-world DePIN and decentralized infrastructure
High-performance EVM-compatible chain using DAG + Helios consensus
Emerging as local leader in Vietnam, where 21% of population owns crypto
$23.8M in Funding: Backed by Vietnam’s largest financial institution (SSI) and global investors
DePIN enabling permissionless compute coordination
Expands beyond node management with Staking Hub and real-time security tools, targeting full-stack decentralized compute
$52M+ in delegated assets, 17% of all BEAM staked, and growing validator share
NODE-to-Credits model bootstraps usage pre-launch, tying token value to real network activity
SAND: ERC-20 token for payments, staking, and governance within the ecosystem
LAND: ERC-721 NFTs representing digital real estate where users build and monetize experiences
Partnered with Jurassic World & ATEEZ, launched Alpha Season 5
Acquired software firm QED to expand internal dev capabilities
Messari Research
Between a Rock and a Hard Place: L2 Economics
By: AJC
Ethereum’s renewed focus on scaling its base layer, coupled with Base’s dominance, leaves most general‑purpose L2s squeezed between a cheaper mainnet and a shrinking share of onchain activity. Revenues are falling, and token valuations are implying growth trajectories that the data no longer support. Incremental tactics, whether incentive programs or broad partnerships, have shown limited effectiveness. L2s, therefore, face a stark choice: differentiate meaningfully or risk irrelevance.
