Today's News Recap
New Kraken Platform - Kraken to host token sales through Legion on its new Launch platform.
Nvidia Investment - Nvidia to invest $5B in intel and develop data centers, PCs.
Plasma Plans - Bitfinex-backed Plasma blockchain to launch mainnet and XPL token next week.
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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.
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
What’s Happening in the SOL Trenches?
By: Misery, Protocol Research Analyst
Pump recently announced a new approach to creator fees with Project Ascend. This included two major updates: Dynamic Fees V1 and an improved coin takeover (CTO) process boasting a 10x faster CTO turnaround, which went live Monday, September 1, 2025.
The fee structure applies to tokens on the Pump bonding curve and PumpSwap canonical pools, including existing tokens, and enables creators to capture significantly more fees. Pump produced this table to illustrate the delta:
This new fee structure incentivizes deployers to maintain volume through their token rather than being reliant on selling their own supply. This adjustment made waves onchain and marked an inflection point in the price of the Pump token as well, nearly tripling since the update.
So far, the trenches have shown an affinity for projects with a mission rather than established clout (high follower/subscriber count folks coming from other platforms). Projects that have a clear intention, selfish or selfless, rather than being tokenized clout associated with an already established entity, did well after the change, with new projects maintaining >$1m in volume every day over the past weekend, including:
Streamercoin: Mission to donate all creator fees back to streamers, big or small, with $183k donated in just one week since its launch
Kindness: A longstanding project on TikTok with over 1M followers, 63M views, and >$100k in donations to people in need from creator fees since the launch on Pump.
Bagwork: A group of friends, white T-shirts, and some sharpies who took to Pump pledging to work for their bags and ended up with >$100k in fees, a private flight to Las Vegas funded by Alon (Co-founder of Pump), tickets to the Canelo vs. Crawford fight, and undoubtedly the best weekend of their lives so far.
Those projects are cooling off now, but the tailwinds from the weekend are clear. Daily fees are inching closer to $4m, numbers not seen since February of this year. Price and revenue are signaling that Pump is here to stay, and it will be exciting to see where it can go from here. Pump has created a platform that gives anybody access to distribution and liquidity for their idea, so long as they can sell it. The crypto community loves to give back, gamble, and take risks, and now Pump is more inviting than ever for new participants to go live and share their story or vision. Traders speculate on where a streamer’s story might go, while streamers are rewarded for their continued efforts on a project. A new game has started on Pump, and for those wishing to engage in it, be privy to those attempting to take advantage of this beautiful thing, and have fun.