Solana Treasury - Solana gets another treasury firm with $2B plan backed by DeFi protocol Marinade.
Stable Partners - Paxos Labs and Aleo Network Foundation to launch U.S. Stablecoin.
XRP Exit - XRP Ledger creator David Schwartz leaves Ripple role after 13 years.
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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.
First constitutional committee election under CIP-1694; community validated roadmap and budgets
Work on Leios, Ouroboros Genesis, UTxO-HD; demos to extend Cardano smart contracts to Bitcoin via BitVMX + UPLC→RISC-V
Cardano Foundation launched Veridian (mobile DID) and Reeve (ERP→onchain financial records)
New perps (Strike), DEX activity consolidating; ecosystem still shipping despite lower usage
mETH Protocol offers liquid staking (mETH) and diversified restaking (cmETH) for institutional-grade ETH yield
cmETH surpassed $620M market cap since Q4 2024 launch, cementing its role in the restaking sector
Integrated with 40+ DeFi protocols and launched campaigns on Bybit to drive adoption
Republic Technologies became the first public company to hold an LST (mETH) on its balance sheet
Security-sharing protocol leveraging Bitcoin to secure BSNs
Activated stake slashing, marking Phase-2 and the debut of the first Bitcoin Supercharged Network (BSN)
Token Launch: BABY token (10B supply) went live with allocations across community, ecosystem, investors, team, and advisors; functions as gas, governance, staking, and rewards
Collector Crypt has quickly emerged as a leading force in tokenized trading cards, rivaling Courtyard in volumes and revenues despite offering only Pokémon cards. While CARDS has experienced sharp price volatility, underlying fundamentals remain strong, with consistent weekly revenues above $1 million, rapid sellouts of gacha packs, and record activity in its secondary marketplace. At a 3.4x price-to-sales ratio, well below peers,Collector Crypt’s business model and growth runway suggest valuations do not yet reflect its true potential.
