Today's News Recap
Satoshi's Stacks - Satoshi Nakamoto holds over 120 million BTC, making him the 11th richest, with implications for Bitcoin's supply and market influence.
Bitcoin Backers - The US government and officials, including the White House crypto czar and Trump’s crypto advisor, express support for Bitcoin and consider strategic reserves.
Exploit Fallout - Major hacks and security incidents, including Cetus Protocol's $223 million exploit, prompt full compensation plans and community votes on repayments.
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In Messari News
New Research Podcast
In this episode, Infinex Founder, Kain Warwick breaks down how Infinex is rewriting the rules of crypto UX. From building its own wallet and signing infrastructure to full-stack app architecture, Infinex is ditching the dApp playbook to offer users a seamless, centralized-like experience—without sacrificing custody. If you're curious about the future of crypto applications and the battle to onboard the next wave of users, this one’s for you.
Get the full discussion on Youtube, Spotify, or Apple.
Top Assets
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.
Modular L2 with institutional ambitions
Core yield engines: mETH & function (FBTC)
Sustained activity through incentives and innovation
Evolving into a vertically integrated finance platform
Modular AI infrastructure stack
Novel consensus: proof-of-archival-storage + proof-of-time
Decoupled execution with domain customization
Purpose-built for AI agents and applications
Bitcoin-Centric Smart Contract Platform
Novel Hybrid Consensus: Satoshi Plus
Dual Staking and BTCFi Innovation
Expanding Bitcoin DeFi Ecosystem
Two Bits
f(x) Protocol: Early Signs of PMF?
By: Qorban Ferrell
In November 2024, I covered f(x) Protocol's v2 whitepaper release. Since then, usage has accelerated.
For those unfamiliar, here’s a quick refresher on the protocol’s core components:
xPOSITION (Leveraged Position)
Up to 7x leverage on ETH and BTC
Zero funding fees under normal market conditions
Soft liquidation mechanism
fxUSD (Stablecoin)
Fully collateralized onchain
Minted and redeemed based on xPosition demand
Earns sustainable onchain yield via fxSAVE vault
Since v2 went live in January 2025, f(x) Protocol’s TVL has climbed past $100 million.
fxUSD has followed suit, hitting all-time highs above $50 million in market cap.
Most fxUSD is deposited in fxSAVE, which offers competitive, sustainable yields. The system feeds itself: more leverage boosts yields, which grows fxSAVE deposits and deepens protocol liquidity.
With an expansion to Base and support for short positions on the horizon, f(x) Protocol may have more room to run.