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Court Rejection - UK Supreme Court rejects $12B BSV claim against Kraken, Binance.
Tokenized Fund - JPMorgan launches tokenized money-market fund on Ethereum.
Onchain Impact - Kula brings $50M of impact investing onchain with community-governed RWA model.
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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.
120M+ total transactions, daily activity +54% and active addresses +63% QoQ, driven largely by gaming and NFT applications
New CRC2 NFT standard introduces onchain metadata, modular programmability, and ERC-721/1155 interoperability, plus an EVM bridge
Chromia advanced its Physical AI initiative (ChromBot) and expanded its VectorDB and AI Inference extensions, positioning the chain as a backend for verifiable AI systems
Forte testnet launched, introducing native onchain automation via Actions, Agents, and Scheduled Transactions
TVL up 53% QoQ to $104.1M, led by MORE Markets, KittyPunch, and Increment Finance
Liquid staking surged, with LST TVL up 93% QoQ as stFlow and Ankr integrations deepened
Stablecoin supply grew 10.5% QoQ, with PYUSD (USDF on Flow EVM) becoming the dominant stablecoin
Permissionless Bitcoin sidechain that brings EVM-style smart contracts to BTC while using BTC (rBTC) as gas
BTC is bridged 1:1 into rBTC via the PowPeg bridge so users can lend, borrow, swap, and farm yields without leaving the Bitcoin universe
Rootstock reuses Bitcoin’s hashpower through merged mining plus DECOR+ consensus, keeping security anchored to Bitcoin
Q3 showed modest DeFi TVL and fee growth, but softer usage: transactions, active addresses, and revenue (in BTC terms) all declined
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Ethereum enters 2026 with a cleaner relationship between price and fundamentals than at any point since NFT mania. At a price of $3,125 as of Dec. 9, 2025, ETH appears to be a constructive long for allocators when viewed through MVRV and its dominance in tokenized assets.
The MVRV Z-Score assesses whether ETH is overvalued or undervalued in relation to its fair value. It compares market value, defined as the spot price times circulating supply, to realized value, which is the cumulative capital inflow into ETH. Formally, the MVRV Z-Score equals the difference between the market cap and the realized cap, divided by the standard deviation of the market cap, measured cumulatively from the first available data point.
During the 2021 to 2022 NFT boom, ETH’s MVRV Z-Score spiked toward 6, signaling extreme exuberance. Since the Merge, the metric has mean-reverted and now oscillates largely between 0 and 2, with 0 indicating undervaluation, 1 approximating fair value, and 2 leaning toward overvaluation. On May 7, 2025, the Pectra upgrade, a major technical milestone for Ethereum, went live with ETH near $1,800 and an MVRV Z-Score around -0.1. In the subsequent move to new all-time highs, MVRV climbed toward 2. Following the Fusaka upgrade on Dec. 3, 2025, ETH traded around $3,189 with an MVRV Z-Score of 0.47, indicating an undervalued reading at a meaningfully higher price level, which suggests a similar post-upgrade setup with improved structural positioning.
Onchain data reinforces the bull case for Ethereum. Within tokenization, Ethereum is the primary settlement rail. According to RWA.xyz, Ethereum secures $11.9 billion in tokenized TVL and garners a 65.9% market share, when excluding stablecoins from the count. Other base layers and rollups have traction but much smaller footprints. As institutions migrate treasuries, credit, and other real-world assets onto crypto rails for capital efficiency and operating cost savings, Ethereum’s liquidity, tooling, and compliance-oriented ecosystem deepen its moat.
An MVRV Z-Score that signals undervaluation, constructive post-upgrade behavior, and rising dominance in tokenized assets all point in the same direction, yet this still reflects only a sliver of the Ethereum bull case. As spot ETFs channel regulated capital into ETH and DATs steadily accumulate ETH supply, the free float tightens, and the price becomes increasingly sensitive to incremental demand. For allocators seeking scalable smart contract exposure with real economic throughput, ETH at current levels looks less like late-cycle risk and more like an opportunity to build core exposure into 2026.
