Today's News Recap
Regulatory Milestone - Senate passes landmark stablecoin and GENIUS Act bills, signaling critical federal crypto regulation progress.
Market Jitters - XRP drops 5% amid high-volume selling pressure, while Bitcoin traders monitor key Fed meeting data.
Exchange Exploit - Iranian crypto exchange Nobitex seemingly exploited for over $48 million: ZachXBT.
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Top Assets
In Messari News
New Research Podcast
This week on STSP: The Enterprise crew dives into why Bitcoin is acting more like digital gold, breaks down the rise of onchain order books (CLOBs) and the Hyperliquid takeover, debates whether L1s should be valued on revenue or narrative, and explores whether we're headed for a stablecoin arms race. Plus: pump.fun’s valuation, geopolitical market reactions, and what we’re farming onchain.
Get the full discussion on YoutTube, Spotify, or Apple.
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.
Built-in oracle (FTSO) and data connector (FDC) infrastructure enables secure, cross-chain data feeds and validation
Creates decentralized, overcollateralized representations (like FXRP) of non-smart contract assets for DeFi use
Flare brings XRP into DeFi with FXRP, enabling one of crypto’s most liquid assets to earn yield and power smart contracts
After USD₮0 launch, Flare’s TVL tripled in under two weeks—now supporting deep liquidity for lending, AMMs, and staking
EVM-compatible chain with dual-token staking using BB & BBTC
$514M+ TVL & scaled across multiple chains without Incentives
BounceBit Prime launching: Institutional-grade product combining tokenized Treasuries (like BUIDL) with crypto arbitrage
2025 roadmap includes an RWA credit market, settlement layer, and jurisdiction-specific yield products.
DAO migrated treasury & protocol governance fully onchain via ApeChain under AIP-582, adopting a formal DAO Constitution
3.8M APE distributed in staking rewards, with BAYC holders receiving ~71% of rewards this quarter
New initiatives include Ape-branded 3D printing (AIP-514), Ape Shoes merch drop (AIP-540), and more
Messari Research
Fading Faith in the Monetary Premium
By: Kinji Steimetz
Enterprise Exclusive
This report explores the decline of the monetary premium thesis in Layer-1 token valuation, arguing that markets are moving away from treating L1s as currencies tied to onchain economic zones and toward frameworks grounded in revenue and value capture. Using tokens covered by Blockworks Research, we analyze how metrics like Real Economic Value (REV) are beginning to shape valuation expectations, with Solana serving as a practical anchor for benchmarking. We contrast REV with GDP and DES frameworks, examine what’s priced into current multiples, and assess how dispersion across tokens reflects evolving investor preferences for scalability, defensibility, and recurring protocol revenue. The result is a more grounded, comparative approach to valuing L1s — one that reflects the market’s growing focus on business fundamentals over monetary aspirations.
