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Today's News Recap
Crypto Momentum - Bitcoin and altcoin treasuries surge, PayPal rolls out ‘Pay with Crypto’, SEC delays Truth Social bitcoin ETF.
Token Unveiled - Ethereum layer-2, Linea ,reveals token plans, taps SharpLink and others for distribution.
Dalio Endorses - Billionaire Ray Dalio backs 15% allocation to Bitcoin and gold amid U.S. debt spiral.
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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.
Layer-1 + layer-2 hybrid/application chain platform
Blends a relational database model with blockchain infrastructure
Enable scalable, application-specific chains called dappchains
Provides optional security anchoring to Layer-1 networks like Ethereum and BNB Chain via the Chromia Base Chain (CBC)
Three primary chains—P-Chain (staking/governance), X-Chain (asset transfers), and C-Chain (EVM-compatible smart contracts)
Avalanche consensus, a unique PoS-based protocol using randomized sub-sampled voting to reach fast finality
AVAX has a fixed supply cap of 720 million, with all transaction fees burned
Avalanche enables bespoke execution via VMs (e.g. EVM, Subnet-EVM, WASM) across its expanding network of L1s
Market cap rose 17% QoQ to $26.5B; protocol revenue grew 20.5% QoQ to $915.9M
USDT makes up 99.2% of TRON’s stablecoin supply, with $80.3B in circulation on TRON (over 50% of global USDT)
Average daily transactions hit 8.6M (+12.6% QoQ); daily active addresses reached 2.5M
New integrations with Stripe-acquired Bridge, AEON Pay, SRM Entertainment, Privy, and others
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Two Bits
Pump.Fun: The Final Extraction?
By: Austin Freimuth, Research Analyst
It's been over two weeks since the PUMP token TGE. The token continues to set new lows with price down 61% over the past two weeks. Meanwhile, competitor LetsBonk.fun now dominates across meaningful metrics like revenue, daily volume, bonded memecoins, and daily deployed tokens as Pump.fun’s market share trends toward zero.
This raises a clear question: what is Pump.fun's strategy here? Crypto Twitter's consensus paints Alon Cohen and the team as orchestrating one final extraction, with no intent to deliver on commitments. For those who already viewed the platform as enriching itself by enabling scammers at users' expense, these developments only confirm that assessment. For now, we're left speculating on Pump.fun's motives and how they'll execute on that bold vision to "kill Facebook, TikTok, and Twitch," all while tackling lingering headaches like competitive buybacks, the community airdrop, bot/rug fixes, and real utility for PUMP.
From my view, the Pump.fun team is not simply a group of value extractors and the platform’s past success calls for a close review that goes beyond Crypto Twitter's quick emotional judgments. They are one of the only projects that has created a platform with strong product-market fit and already made it one of the industry’s top revenue generators. Abandoning it now would defy logic, not to mention invite severe legal repercussions like RICO expansions tied to the ongoing $5.5 billion lawsuit.
Regaining launchpad dominance here is challenging and evolving into a hyperfinancialized social media platform with gamified streaming can potentially create a far stronger moat that rivals can't easily breach. The real risk here lies in execution, not abandonment. I'll gladly reassess if silence persists or new events contradict this point-of view. But for now, I remain optimistic that this isn't Pump.fun's end.
