DeFi Deal - Gleec buys Komodo’s cross-chain DeFi stack in $23.5M deal.
Strategy Check - Strategy establishes $1.44B cash reserve, slashes 2025 profit, BTC yield targets.
Sony Bank Stablecoin - Sony Bank to launch US stablecoin for games and anime.
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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.
VeChainThor is a Layer-1 smart contract platform launched in 2017, focused on real-world enterprise and sustainability use cases
Daily active addresses: +85.2% QoQ to 62.8k; daily new addresses: +54.4% QoQ to 40.9k
+32.3% QoQ to 370k, ending a two-quarter decline and reflecting broader onchain usage
~81.5% of gas now from EVM-based transactions, with EVM gas consumption up ~51% QoQ
Layer-1 smart contract blockchain using Liquid Proof-of-Stake (LPoS) for consensus
Token: XTZ (tez) is the native asset used for staking (“baking”), delegation, governance, and fees on L1 and on the Tezos-based L2
Tezos L1 transactions rose 21.5% QoQ; contract calls also increased, signaling healthier base-layer activity
L1 fees climbed 16.9% QoQ to 17,460 XTZ, while Etherlink L2 fees fell 36.7% QoQ to 50,220 XTZ as its Kernel 4.1 upgrade doubled gas throughput and lowered effective costs
High-performance L1 for real-time apps: Somnia targets internet-scale throughput, sub-second finality, and ultra-low fees to support gaming, social, and interactive digital worlds
After a 6-month testnet (10B+ txs, 118M wallets), launched mainnet and the SOMI token, ending Q3 with a $112M market cap
Averaged 14.3M daily transactions in September and generated 199k SOMI in fees, showing meaningful retention beyond airdrop farming
By: Dylan Bane, Chris Davis, and Armita
Devconnect 2025 brought more than 15,000 attendees to Buenos Aires for one of Ethereum’s largest and most technical gatherings to date. Despite a challenging market backdrop, builders showcased meaningful progress across Ethereum’s infrastructure, L2 ecosystems, stablecoin adoption, DePIN deployments, and the emerging agentic internet. On-the-ground observations highlighted Argentina’s uniquely advanced crypto culture, where stablecoins and Bitcoin function as everyday financial tools. The report synthesizes key takeaways from Messari analysts across programming, adoption trends, regional dynamics, and the broader direction of the ecosystem.
