DEX Debut - MemeMax is set to launch a specialized perpetual decentralized exchange (DEX) in January 2026.
Kaito Controversy - Kaito AI implemented a new threshold requiring users to have at least 100 "yaps" to appear on project creator leaderboards.
Flow Reversal - Spot Bitcoin ETFs opened 2026 with strong inflows before briefly reversing on Jan. 6, with outflows concentrated in Fidelity’s FBTC while BlackRock’s IBIT continued to attract capital.
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ICMI: Messari’s Crypto Theses 2026 is now available for PDF download!
It is our annual deep dive into the key trends, technologies, and market forces shaping the year ahead in crypto. This year’s edition delivers forward-looking analysis across the State of Crypto, L1/L2 disruption, AI + DePIN, DeFi, and Consumer, designed to help investors and builders navigate what’s next.
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.
Aggregator and intent execution layer, designed to optimize trade execution across many liquidity venues and chains
Execution shifting from simple aggregation to intent-based routing with Fusion and Fusion+ driving the strongest growth across volume and active wallets.
Fusion rebounded sharply (+60.6% QoQ volume) as gasless, MEV-protected execution gained traction among active traders.
Fusion+ had its best quarter ever, with cross-chain volume and users surging as Solana became a native endpoint in 1inch’s intent architecture
Allora is a decentralized, self-improving AI network built on the Cosmos SDK that aggregates, evaluates, and continually enhances machine-learning model predictions for verifiable intelligence. Messari
The protocol links user demand to contributor rewards through an on-chain feedback loop where accurate inference providers earn based on measurable performance. Messari
The native ALLO token powers participation, staking, governance, and payments for prediction services, with a fixed supply and structured emissions that reward validators, workers, and reputational evaluators. Messari
Allora’s architecture organizes AI tasks into “topics” that function as economic prediction markets, aligning contributor incentives with real usage and facilitating scalable, verifiable AI outputs for applications.
Growth was integration-led, driven by partnerships across DeFi, DePIN, and RWA (DexTools, DCC, Staex, Nubila)
Fees rose sharply (+171% QoQ), reflecting higher utilization rather than fee inflation
Ecosystem visibility expanded via the $4M VietBUIDL Hackathon, AWS Cloud Day, Korean Blockchain Week, and regional programs
io.net replaced fixed token emissions with a demand-driven Incentive Dynamic Engine (IDE) that ties issuance and rewards to real compute usage and revenue.
A dual-vault system stabilizes GPU provider payouts in USD terms, reducing volatility and improving supplier retention.
Stress testing indicates the new tokenomics is more resilient to price shocks and demand downturns, supporting long-term network sustainability.
io.net operates as a DePIN protocol aggregating decentralized GPU supply to serve AI and machine learning workloads.