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Today's News Recap

Regulatory Review - The U.S. House is set to review major crypto bills during "Crypto Week," including the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance Act.

ETF Delay - Fidelity’s Solana ETF approval is delayed until fall, causing a short-term SOL dip and heightened uncertainty for other altcoin ETFs.

Market Stillness - The crypto market remains calm amid major political shifts and looming U.S. crypto regulation, as institutions quietly accumulate and traders await a catalyst.

Full News Recap

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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.

Humanity Protocol Pulse Report

  • Identity & Privacy Infrastructure: Middleware / Identity Verification

  • Use palm biometrics and ZK proofs to verify users’ liveness and uniqueness without storing raw biometric data

  • Verified users generate non-transferable Human IDs to attest to traits like age, location, or access

  • Acquired Moongate to integrate onchain ticketing—tickets are bound to Human IDs, preventing scalping and fraud

Shadow Pulse Report

  • DePIN / Cloud Compute Marketplace

  • Lease revenue surpassed $1 million (+38% QoQ)

  • Average GPU capacity rose 55% to 897 units, with usage up 54%

  • AI training/inference, websites, blockchain nodes, game servers

Dabba Pulse Report

  • Deploys real-world WiFi hotspots across India

  • DBT used for staking, hotspot setup, and burned via fiat-priced bandwidth

  • Over 13,000 hotspots sold, supporting 100,000+ devices/day and consuming 50,000+ GB daily

  • Plans to scale to 100k+ hotspots and 2M devices

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Read the Case Study

Two Bits

How f(x) Enables Leveraged Shorts Without Funding Fees

By: Qorban Ferrell

f(x) Protocol TVL has gone parabolic since I covered them in May, recently surpassing $230 million. There has been strong demand for the protocol’s initial leveraged product. On June 25, f(x) revealed a new adddition: short positions with no funding costs. 

The v2.1 whitepaper outlines how these short positions, or sPOSITIONS, work under the hood.

  1. sPOSITIONs are fully onchain leveraged shorts that let traders profit from price declines in ETH or BTC-backed assets without paying recurring funding fees. Traders use fxUSD, f(x)'s stablecoin, as collateral to take inverse exposure with up to 10x leverage.

  2. Each short is created through a single atomic transaction. The protocol flash-loans the target asset (e.g., stETH), sells it for fxUSD, then combines the proceeds with the user’s original fxUSD deposit to borrow stETH from the protocol’s long reserve. That borrowed stETH is used to repay the flash loan, leaving the user short the asset without ever needing to manage it directly.

  3. The short position stays open with fxUSD locked as full collateral. Since the protocol already holds the user's fxUSD, there are no ongoing borrowing costs. Funding fees are only introduced when long-side collateral utilization exceeds protocol-defined thresholds.

  4. To reduce liquidation risk, the protocol uses automated rebalancing if leverage drifts too high due to market movements. If price action pushes leverage past a critical threshold, the protocol performs a controlled liquidation using the user’s fxUSD collateral, which preserves both solvency and the fxUSD peg.

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