Kraken Acquisition - Kraken buys Small Exchange for $100 million to launch US derivatives trading platform.

Australia ATM Action - Australia's government proposes new powers for AUSTRAC to restrict crypto ATMs.

Bug Hunt - Ripple, Immunefi launch $200K bug hunt for XRPL’s new institutional lending protocol.

Full News Recap

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This week on Fully Diluted, we talk with Yan, founder of Openmind, about the rise of physical AI—robots powered by LLMs that move, perceive, and coordinate autonomously. We cover why Openmind is starting with quadrupeds, key home use cases, privacy-by-design, and why crypto rails are essential for machine-to-machine economies. 

Watch the full discussion on YouTube, Spotify, or Apple Podcasts.

Full Market Overview

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.

State of Stellar: Real-world Assets

  • Stellar has been a leading network for real-world asset (RWA) issuance since 2021

  • Over $533M in RWAs (excl. stablecoins) now live on Stellar, up 25% YoY; total RWA access (including stablecoins) exceeds $3B

  • RWAs on Stellar include Franklin Templeton (BENJI), WisdomTree, Ondo Finance (USDY), Mercado Bitcoin, Centrifuge, RedSwan, and Archax

  • Centrifuge introduced freely transferable RWAs on Stellar, enabling full DeFi composability—a critical step for onchain utility

State of the Superchain H1 2025

  • The Optimism Superchain is a network of 34 OP Chains that account for over 50% of all L2 activity and more than 10% of all crypto activity

  • Optimism Superchain GDP totaled $396.5M YTD, while Optimism Collective revenue totaled $8.3M

  • SuperStacks incentives spanned April 16 to June 30, causing Superchain TVL to increase 54% from $3.36B to $5.17B

  • Morpho’s TVL increased 246.9% YTD to $1.74B as it grew in market share and launched on OP Mainnet and Unichain

Roam: Incentive Redesign Fuels Global Network Growth

  • Decentralized Wireless (DeWi) / DePIN

  • Roam’s node count surged 427.5% YTD, reaching 6 million nodes across 3M+ users and 578M+ total check-ins

  • Over 14.98B points issued and 10.08B burned show a highly active, utility-driven ecosystem with strong conversion into ROAM tokens

  • Competes with Helium and other DeWi protocols but differentiates through focus on WiFi + eSIM, decentralized identity, and active user participation

BitMine (BMNR) is executing its Ethereum Treasury Strategy, dubbed the “alchemy of 5%”, with the goal of acquiring 5% of ETH’s circulating supply. As the largest Ethereum treasury globally, BMNR’s holdings have surged over the past quarter.

Following the crypto liquidation event on October 10, BitMine announced a purchase of an additional 202,037 ETH ($239 million), pushing its total holdings past 3 million ETH. The company views short-term volatility as a strategic opportunity, guided by its belief that the current ETH price represents a “discount to the future.” Chairman Tom Lee has described such market dislocations as moments when investors gain “at the expense of traders.”

Strategic Highlights:

  • Halfway to Target: As of October 12, BMNR controls over 2.5% of ETH’s circulating supply, more than halfway to its 5% goal.

  • Market Position: BMNR remains the world’s largest Ethereum treasury and the second-largest crypto treasury overall, trailing only Strategy Inc. (MSTR). Its stock ranks as the 22nd most traded in the U.S., and averages $3.5 billion in daily volume.

BMNR’s methodical accumulation reflects a long-term conviction that Ethereum will anchor the modernization of the financial system. By securing a sizable share of ETH’s supply, BitMine is positioning itself as a key player in the digital asset economy’s infrastructure layer.

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