Today's News Recap

Derivatives Surge - Deribit exceeds $40B in bitcoin options open interest amid $15B quarterly expiry, indicating high derivatives activity.

Ripple Rejected - Ripple's $50M settlement deal is blocked as the judge questions their merit, while XRP slides 5% amid selling pressure despite whale transfers.

Euro Momentum - Euro stablecoins' market cap nears $500M, rivaling Bitcoin's H1 gains amid continued profit-taking in major cryptos like Solana.

Full News Recap

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Full Market Overview

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.

Rumpel Pulse Report

  • Point tokenization and pre-TGE liquidity protocol

  • Offer liquidity for offchain points before token launches, solving airdrop risk and capital lockup issues

  • Converts offchain loyalty points into tradable ERC-20 tokens (pTokens), redeemable post-TGE via the Rumpel Vault

  • Live point farming strategies across 12+ partners including Ethena, Pendle, Karak, Zircuit, Symbiotic, and Mellow

Rango Exchange Q1 Report

  • Cross-chain DEX + bridge aggregator

  • Processed $538M in Q1 2025—its strongest quarter yet—across 914K transactions and 70+ blockchains

  • Supports 97 DEXs and 23 bridges; Mayan Finance, 1inch, and Jupiter were top contributors to volume

  • Daily active addresses jumped 70% QoQ, with major growth on Solana, BNB Chain, and Ethereum

LayerZero Pulse Report

  •  Interoperability & cross-chain messaging across 130+ blockchains

  • Market cap +53% YoY to $245B; transfer volume hit $3.7T/month, outpacing Visa

  • OFT (Omnichain Fungible Token) standard allows stablecoins to maintain a unified supply across chains

  • 25% of major issuers now use OFT, including Tether (USDT0), Ethena (USDe), PayPal (PYUSD), Ondo (USDY), Frax (frxUSD)

Two Bits

State of Crypto Fundraising: June 2025

By: Jake Koch-Gallup

Hello folks, welcome back to Fundraising Friday. With June almost over, I thought I’d share an overview of crypto funding for this month. 

I also write a quarterly Crypto Fundraising report, and the Q2 edition will be out in July (keep an eye out). If you want more granular data, I publish a free weekly Crypto Venture report on Messari. Okay…enough shilling Messari reports, here is June’s overview of crypto funding.

Funding Rounds

In June 2025, crypto startups raised $1.12 billion across 132 deals. With a couple of days still left in June, we may inch past May’s matching $1.12 billion total.

The three biggest June deals combined raised $420 million (38% of the month’s total), all announced this week:

Mergers and Acquisitions

There were 19 acquisitions in June 2025, a 37% decrease from May. Here are the top three most notable:

  • Stripe → Privy – tightens Stripe’s fiat-to-crypto onboarding flow with wallet infrastructure for 75 million accounts.

  • Robinhood → Bitstamp – adds a globally regulated exchange plus its retail/institutional user base across the E.U., U.K., U.S., and Asia.

  • Consensys → Web3Auth – integrates social-login MPC wallet tech into MetaMask and its dev stack.

Newly Launched Funds

Six new Web3 funds raised $425 million, down 36% from the $660 million raised across eight funds in May. Month-to-month dips can sometimes just be noise; Q2’s State of Crypto Fundraising report will reveal whether this dip is meaningful.

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By the way, the data I use in all my Crypto Fundraising reports is pulled from Messari’s Fundraising database. We have data on 18.2K+ crypto venture rounds, 1.1K+ M&A deals, and profiles for 16.7K+ investors. You can easily manipulate this data through our screener and save custom views, like this Funding Rounds June 2025 screener.

Thanks for nerding out with me on crypto fundraising, and see you all soon!

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