XRP Rewards - Uphold relaunches XRP rewards debit card in US after discontinuing it in March 2023.
Token Crash - Plasma’s XPL token crashes 80% as hype fades amid woeful debut.
Stablecoin First - KRWQ launches as first Korean won stablecoin on Base.
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Can Dabba Launch a New Telco in 2025?
In this week’s Messari Podcast, Messari CTO Diran Lee sits down with Karam Lakshma, CEO and co-founder of Dabba, to explore how the company is reimagining internet access in India through a deepin-powered network model. Karam shares how Dabba is aggregating thousands of local cable operators, tokenizing infrastructure deployment, and leveraging Solana and BONK to build a new kind of decentralized telecom—one designed to connect the next hundred million users.
Watch the full discussion on YouTube, Spotify, or Apple Podcasts.
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.
XRP ended Q3 at $2.85 (+27% QoQ), with $170.3B circulating market cap (+29% QoQ)
XRP futures listed (Apr–May ’25), positioning XRP for potential U.S. spot ETF approval in Q4–Q1
Ripple’s RLUSD reached $88.8M on XRPL (+34.7% QoQ), the network’s largest stablecoin
XRPL hit an all-time-high RWA cap of $364.2M (+215% QoQ), led by tokenized treasuries, commercial paper, and real estate
Strengthened role as a privacy-first yet compliant Layer-1 by integrating with Request Finance, joining USDG’s Global Dollar Network, and listing on Revolut and Binance Alpha
Market cap: +50.5% QoQ → $117.6M
Token (ALEO): +15.7% QoQ → $0.22
Developer tooling matured, and partnerships expanded across fintech, compliance, and privacy infrastructure
POL’s market cap rose 39.2% QoQ to $2.36B, outperforming the broader market (+20.7%)
Polygon PoS active addresses up 13%, transactions up 20%
Polygon processed $1.82B in payment volume across 50+ platforms and $380.8M in Mastercard/Visa card transactions
Launch of Agglayer CDK Enterprise, enabling permissioned, privacy-first EVM chains with built-in interoperability
Privacy has always been the sexy, hot-nerd idea in crypto: the kind of thing everyone agrees sounds important, but few actually care about in practice. For years, privacy was dismissed as a niche at best and suspicious at worst, often linked to money laundering or attempts to evade regulation.
But the crypto landscape is changing. The market is no longer dominated by Gen Z degens chasing the next 100x coin. We’re now seeing serious, sophisticated capital enter the space. Bitcoin, Ethereum, and Solana ETFs are live. Corporate treasuries are adding crypto to their balance sheets. All types of assets are being tokenized onchain.
When billions move onchain, privacy ceases to be a luxury and becomes a necessity. Institutional investors don’t gamble on yield farms. They demand confidentiality, compliance, and control.
In an earlier Messari Enterprise report, “Decoding Onchain Privacy,” I argued that usability will determine who wins the privacy race. It’s unrealistic to expect users or institutions to migrate to entirely new chains just to gain privacy. Instead, privacy needs to be built directly into existing onchain experiences.
Privacy has always been the sexy, hot-nerd idea in crypto: the kind of thing everyone agrees sounds important, but few actually care about in practice. For years, privacy was dismissed as a niche at best and suspicious at worst, often linked to money laundering or attempts to evade regulation.
But the crypto landscape is changing. The market is no longer dominated by Gen Z degens chasing the next 100x coin. We’re now seeing serious, sophisticated capital enter the space. Bitcoin, Ethereum, and Solana ETFs are live. Corporate treasuries are adding crypto to their balance sheets. All types of assets are being tokenized onchain.
When billions move onchain, privacy ceases to be a luxury and becomes a necessity. Institutional investors don’t gamble on yield farms. They demand confidentiality, compliance, and control.
In an earlier Messari Enterprise report, “Decoding Onchain Privacy,” I argued that usability will determine who wins the privacy race. It’s unrealistic to expect users or institutions to migrate to entirely new chains just to gain privacy. Instead, privacy needs to be built directly into existing onchain experiences.