FalconX Expansion - Crypto prime broker FalconX to buy ETF provider 21Shares.
Buyback Proposal - Aave DAO proposes $50 million annual token buyback program funded by protocol revenue.
Private Transactions - Coinbase is building private transactions for Base, CEO Brian Armstrong says.
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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.
LPT’s circulating market capitalization increased 4.8% QoQ, rising from $259.5 million to $271.8 million
Demand-side fees grew 76% QoQ to $203,700, alongside a 94% increase in total processed minutes to 89.4 million
AI driven fees rose 131% QoQ to $147,100, accounting for over 70% of total protocol revenue
Total staking rewards increased 30% QoQ to $18.1 million
Fifth-largest DeFi network by TVL ($6.2B)
TRON hit all-time highs in Q3 2025, with market cap up 19% QoQ to $31.6B and revenue up 30.5% QoQ to $1.2B
Major integrations with MetaMask, Chainlink, Graph Protocol, and deBridge enhanced interoperability
TRON was selected by the U.S. Department of Commerce to record GDP data and sponsored major global blockchain events
Manifesto 2.0: pivot from protocol-first to distribution-first. The App and Agent Hub becomes the primary surface for publishing, discovering, and calling AI agents
WARD will launch in Q4 2025 with a 1 billion supply for network payments, validator bonds, incentives, and governance
Chain support extends execution to Solana, Ethereum, Base, and BNB Chain.
New integrations with DeBridge’s cross-chain bridging and Hyperliquid’s upcoming AI trading terminal
Zora, a financialized social media platform that enables users to trade creators and their content, has seen a remarkable surge in growth over the past month. On the platform, each creator coin is paired with liquidity in the ZORA token, while each content coin is paired with its corresponding creator coin. In other words, a user’s posts are linked to their creator coin, which in turn is linked to ZORA. As a result, every purchase of a content or creator coin deposits ZORA into liquidity pools.
Because Zora leverages Uniswap V4, which hosts all liquidity pools within a singleton contract, Zora’s adoption can be roughly measured by tracking the amount of ZORA deposited into the Uniswap V4 smart contract.
Currently, the amount of ZORA deposited in Uniswap V4 has reached an all-time high of 94.5 million ZORA (equivalent to $8.9 million). This is nearly a 54x increase since June 1, when deposits totaled just 1.7 million ZORA ($17,000 at the time). Zora’s growth can be attributed to a variety of factors. First, the platform has attracted a growing roster of high-quality creators, including technologists like Balaji Srinivasan ($4.8 million market cap), design studios such as PROPAGANDA ($5.9 million), and media outlets like Coinage Media ($3.8 million). The long tail of smaller creators has also contributed meaningfully as there are now over 637,500 unique creator coins.
Another major driver has been the reflexive nature of Zora’s tokenomics. Since ZORA serves as the platform's monetary asset, increases in its price boost the market capitalization of creator and content coins across the ecosystem. This dynamic fuels a feedback loop: as the ZORA price rises, creator and content coins become more attractive, prompting users to buy more, which in turn pushes the ZORA price higher.
This reflexivity was on full display in October. Following ZORA’s listings on Robinhood (October 9) and Upbit (October 17), ZORA’s price climbed 82%, from $0.052 to $0.094. Around the same time, ZORA deposits in Uniswap V4 accelerated sharply, confirming the ecosystem's reflexive nature.
Of course, reflexivity cuts both ways; a prolonged decline in ZORA’s price could negatively impact its creator economy. Still, Zora’s growth in 2025 has been striking, and continued momentum seems likely if the platform can sustain its pace of onboarding new creators and users.