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Today's News Recap
Case Closed - SEC and Ripple end appeals, closing landmark crypto case as XRP soars.
Pricey Pledge - Ethereum Foundation pledges to match up to $500,000 in donations backing Roman Storm’s legal fight.
Liquidity Boost - Pump.fun creates liquidity arm to back memecoins amid revenue slump.
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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.
Decentralized Physical Infrastructure Networks (DePIN)
19,000+ active Satellite Miners in 145+ countries, making it the world’s largest decentralized RTK (Real-Time Kinematics) network
Revenue rose 19% quarter-over-quarter to $963K, with annualized revenue approaching $3M
3.8M GEOD tokens were burned in Q2 (+67% QoQ), signaling steady usage and growing economic activity
Decentralized Wireless Network (DePIN)
Cellular coverage via a hybrid network (T-Mobile + Helium Hotspots)
2,721 TB of carrier data offloaded in Q2 (+138.5% QoQ); total paid traffic surpassed 5,520 TB
311,200 Helium Mobile sign-ups (+94.1% QoQ)
Becoming a Global Trading Engine through innovations like:
Decibel (a fully onchain CLOB trading protocol),
Shelby (Web2-grade data availability layer), and upgrades like Baby Raptr (faster consensus finality)
Increased 87.9% in APT, signaling stronger tokenized ecosystem usage despite market volatility
Quarterly DEX volume surged 310.3% to $9B, driven by Hyperion and ThalaSwap V2
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Fundraising Friday
DAT Companies
By: Jeremy Koch
In the first week of August, there was over $1.34 billion raised.
The top four largest deals:
Verb Technology (TON Strategy Co.): $558 million
Satsuma Technology: $218 million
Ripple Acquired Rail: $200 million
ZOOZ Power: $180 million
Verb Technology, soon rebranding to TON Strategy Co., secured a massive $558 million private placement to establish the first publicly listed treasury reserve focused on Toncoin (TON). Satsuma Technology raised $218 million in an oversubscribed convertible note round, with $125 million settled in Bitcoin, adding over 1,000 BTC to its balance sheet to fuel AI and digital asset strategies, highlighting the appeal of BTC as a corporate reserve asset. Ripple's $200 million acquisition of Rail, a stablecoin-powered global payments platform, aims to integrate Rail's infrastructure with Ripple's RLUSD stablecoin, enhancing cross-border transaction efficiency and expanding into the burgeoning stablecoin ecosystem. Rounding out the list, ZOOZ Power, an EV charging firm, announced a $180 million private placement to launch a Bitcoin treasury reserve, allocating 95% of proceeds post-debt repayment to BTC holdings.
These deals reflect broader shifts in the crypto sector, where companies are increasingly treating cryptocurrencies like Bitcoin as strategic treasury assets, akin to MicroStrategy's BTC playbook, to drive shareholder value amid favorable regulatory tailwinds.
Around 75% of all Treasury companies are focused on acquiring bitcoin.
