Today's News Recap
Crypto Sanctions - OFAC sanctions Iranians over $100M illicit oil sales using crypto.
Set on Solana - Forward Industries doubles down on Solana strategy with $4 billion equity offering.
BitGo Approval - BitGo wins German approval to start regulated crypto trading in Europe
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In Messari News
New Research Podcast
This week on Fully Diluted, Botanix co-founders Willem Schroé and Alisia Painter join Messari's Dylan Bane to unpack a Bitcoin Layer-2 built for real finance. Botanix is a proof-of-stake Bitcoin L2 where 50% of gas fees flow to stakers via STBTC—a liquid, up-only, native Bitcoin yield backed by on-chain economic activity (not points or new tokens). We cover how users bridge BTC → Botanix → stake → earn, instant peg-outs, and why the team’s Spiderchain design prioritizes decentralization and censorship resistance (federation today, dynafed next, more than 1,000 nodes over time).
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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.
Rebounded 63% QoQ to $0.28; circulating market cap grew 86% to $1.57B
TVL hit an all-time high of $609M (+68% QoQ), led by Yei Finance and Takara Lend
Daily volumes hit $24.6M (+53% QoQ); Sailor led, DragonSwap launched DRG token
Supply reached $277M, boosted by Circle’s launch of native USDC on Sei
Circulating market cap rose 30% QoQ to $489M, with price climbing to $0.61, slightly outperforming ETH
$16.6M in Q2 trading volume, led by mid-tier wallets holding most liquidity
Claimed rewards increased 7.5% QoQ to 4.1M APE; MAYC and BAKC holders grew share
Transitioned from a decentralized DAO to ApeCo (administered by Yuga Labs) for treasury, grants, and product oversight
First-party, pull-model oracle network delivering real-time prices for crypto, equities, FX, commodities, rates
TVS hit $5.31B (+4.8% QoQ)—one of the few oracles to grow in Q2’25
648k price updates (+10.8% QoQ); cumulative updates reached 759M across 100+ chains
OIS staking climbed to 938M PYTH (+46.9%)
Messari Research
Enterprise Note: Takeaways from the USDH Vote
By: Sam Ruskin and AJC
Hyperliquid has established itself as both a sovereign ecosystem and a powerful distribution channel. Native Markets now faces the challenge of turning alignment into scale, a test that will determine whether USDH can grow beyond its cultural resonance and secure a durable position alongside the industry’s leading stablecoins.
