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Binance Expands - Binance launches private IOI feature for large spot and loan orders via OTC desk.
Klarna Explores - Klarna furthers Stripe links, tapping Privy to explore potential crypto wallet after Tempo-based stablecoin foray.
dYdX Broadens - DYdX launches Solana spot trading, opens access to U.S. users.
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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.
Permissionless Bitcoin sidechain that brings EVM-style smart contracts to BTC while using BTC (rBTC) as gas
BTC is bridged 1:1 into rBTC via the PowPeg bridge so users can lend, borrow, swap, and farm yields without leaving the Bitcoin universe
Rootstock reuses Bitcoin’s hashpower through merged mining plus DECOR+ consensus, keeping security anchored to Bitcoin
Q3 showed modest DeFi TVL and fee growth, but softer usage: transactions, active addresses, and revenue (in BTC terms) all declined
A user-driven security network focused on preventing scams, malicious contracts, and risky transactions across Web3.
Transaction Simulation API launched: real-time, multichain transaction risk analysis for wallets, apps, and institutions.
Ecosystem profit grew +32.5% QoQ to $4.5M, driven by higher API usage and Chrome extension adoption
500M GPS Security Fund introduced: dual staking + bounty system that rewards security contributors and incentivizes user-led intelligence
Layer-1 smart contract blockchain using Liquid Proof-of-Stake (LPoS) for consensus
Token: XTZ (tez) is the native asset used for staking (“baking”), delegation, governance, and fees on L1 and on the Tezos-based L2
Tezos L1 transactions rose 21.5% QoQ; contract calls also increased, signaling healthier base-layer activity
L1 fees climbed 16.9% QoQ to 17,460 XTZ, while Etherlink L2 fees fell 36.7% QoQ to 50,220 XTZ as its Kernel 4.1 upgrade doubled gas throughput and lowered effective costs
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Memecoins as a sector are battered. Market capitalization has fallen from more than $100 billion earlier in 2025 to about $39 billion by late November, a collapse driven by drawdowns of over 90% for many top tokens. The cultural signal has also weakened. Google search interest for “meme coins” has slipped to levels not seen outside the early innings of past bull cycles. Across Crypto Twitter, traders increasingly frame the space as a fading trade. Many have moved on to prediction markets or stepped away entirely because the perceived risk-reward balance feels broken.
If we accepted sentiment at face value, we would expect memecoin volumes to have collapsed. But that is not what is happening, especially on Pump.fun. PumpSwap DEX continues to operate near the top of the market and currently sits as the fourth-highest-volume DEX overall, averaging $568.1 million in volume over the past week. The platform even set a new daily record on Dec. 7, 2025, with $1.1 billion in volume.
The platform’s financial performance reinforces this disconnect. Over the past week, Pump.fun generated an average of $2.7 million in daily fees and $1.2 million in daily revenue. The weekly graduation rate has risen to 0.82% from roughly 0.5% in October, and new token creation remains steady at around 20,000 per week.
All of this points to a simple but important takeaway: Pump.fun is surviving a storm that has washed out nearly everything else in its category. User behavior is telling us that the product works, the incentives work, and the culture around it, while quiet, hasn’t died. It’s rare for a platform to hold top-five revenue status in a cold market, especially against heavyweights like Circle, Tether, and Hyperliquid. If memes ever catch a bid again, Pump.fun won’t be starting from zero; it will be starting from a position of strength. Whether the next wave arrives next month or next year, the project appears built to endure long enough to find out.
