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Today's News Recap
Legislative Momentum - Congress pushes pro-crypto bills during “Crypto Week,” with the GENIUS Act clearing the Senate.
ETF Surge - Bitcoin ETFs have hit $158B in assets, while Ethereum ETFs have topped $5B in net inflows.
Grayscale IPO - Crypto asset manager, Grayscale, files for US IPO.
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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.
Solana hosts over $418M in real-world assets (RWAs), up 140% YTD, led by Ondo’s USDY (42% share)
xStocks by Backed + Kraken launched in June; Superstate, Ondo, and Step Finance plan similar rollouts
R3 aims to port $10B in tokenized assets from Corda to Solana
RWAs integrate with Solana-native DeFi platforms (e.g., Kamino, Drift Institutional) for lending and liquidity
Safe{Wallet}: User-facing smart contract wallet for individuals and DAOs
Safe secured $52.3B in assets and surpassed 41.6M smart accounts by Q1 2025
Safe smart accounts processed $189.6B in volume (+65% QoQ) and $26.2B in DEX trades (+443% QoQ)
World Chain accounted for 91.2% of all transactions and 60% of new account creation. Ethereum led in assets secured.
Operates Arbitrum One (general-purpose, DeFi-focused L2) and Arbitrum Orbit (customizable L2s and L3s)
Hub for tokenized RWAs and TradFi integrations, hosting products from BlackRock, Franklin Templeton, and Robinhood
ArbitrumDAO via ARB token; onchain proposals and treasury control
Over 48 Arbitrum Chains live, ~$14B in combined TVL, and >1M weekly active users
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Two Bits
By: Chris Oh
After raising $85 million from top VCs, Blackbird is quietly solving a real-world problem with a blockchain-based solution. Blackbird is utilizing blockchain technology to help solve the loyalty problem in dining and is building a Layer-3 network (Flynet) on top of Coinbase’s Base to rethink how restaurants reward and retain guests.
Founded by Resy co-founder Ben Leventhal, Blackbird reimagines restaurant loyalty, which has long been stale and unable to drive value. It introduces a reward system centered around two tokens:
FLY: The primary rewards token that is issued to diners using Blackbird.
F2: The network’s gas and governance token, with plans of airdropping to network participants.
The user experience is seamless and no crypto knowledge is needed.
Diners check into restaurants via the Blackbird app (either by tapping via NFC or a button on their screen)
Pay the bill directly in the Blackbird app
Get FLY tokens as a reward
FLY is fixed to a dollar amount with 1 FLY = $0.01, this guarantees real reward value for guests where they get tokens that can be used towards a bill. Restaurants gain benefits as well, since they save about 50% on fees by having transactions clear on a blockchain instead of legacy payment rails.
Paying with Blackbird saves time. There is no waiting for the check, putting a card down, or any sort of back-and-forth. The entire checkout process can be done on the app, trimming a process that can take minutes down to just a few seconds.
Blackbird makes dining rewarding. Every eligible meal earns FLY tokens just for eating somewhere you would go anyway. Combine that with easier checkout processes and future airdrops and it's easy to see why Blackbird is gaining traction. After you’re done eating, Blackbird makes sure you leave with more than a full stomach.
Blackbird is currently live in New York City, San Francisco, and Charleston, with ~1000 restaurants onboarded. While this is an impressive start, expansion will be necessary for accessing broader markets. As the network expands, Blackbird could become a canonical example in crypto’s consumer adoption by making everyday behavior, like eating out, more efficient and rewarding.
