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The Energy Network uses household devices to increase grid capacity. Launched by Fuse, a $400M ARR scale-up. Check out the first live product demo here.
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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.
by: Austin Freimuth @oztxn · Research Analyst
In November 2025, CMC20 launched on BNB Chain as Reserve’s core broad-market onchain index, allowing holders to gain diversified exposure to the top 20 cryptocurrencies by market capitalization through a single token.
CMC20 supports permissionless minting and redemption. Any market participant can arbitrage price discrepancies between the index token and its underlying assets, helping keep prices aligned without relying on authorized intermediaries.
CMC20 has shown high trading activity relative to its size, with an average daily turnover of 56.5%, driven by roughly $3.1 million in daily trading volume against a market capitalization averaging about $5.9 million.
CMC20 affects Reserve’s fee generation and RSR supply dynamics through trading activity. Periods of higher minting activity increase platform fee revenue, which is currently used for RSR token burns but can be redirected through governance over time.
by: Austin Weiler @0xWeiler· Research Analyst
Pyth’s average daily price updates increased 31.4% QoQ from 675,100 in Q3 to 886,700 in Q4. Cumulative price updates reached 907.1 million at the end of Q4, up 10.3% QoQ from 822.0 million.
In Q4, Pyth’s total value secured (TVS) decreased 32.1% QoQ from $6.2 billion at Q3-end to $4.2 billion at Q4-end, in line with TVS declines across all major oracle networks in Q4.
Pyth price feed listings increased 27.0% QoQ to 2,850 at Q4-end from 2,250 at Q3-end, contributed in part by the Oct. 13 partnership with Kalshi to publish prediction market data onchain.
On Sept. 24, Pyth launched Pyth Pro, a data service for institutions that provides 1ms updates across all Pyth price feeds. The service generated $352,600 in Q4 revenue.
On Dec. 12, Pyth introduced the Pyth Reserve, a token buyback initiative to allocate 33% of monthly protocol revenue to open-market PYTH purchases, and on Jan. 5, the DAO executed its first purchase, acquiring 2,157,100 PYTH.
by: Matt Kreiser @KreiserMatt · Research Analyst
Sei experienced a sharp reset in DeFi activity in Q4 2025 as TVL (USD) fell 63.5% QoQ to $157.2 million alongside a 33.4% QoQ decline in stablecoin supply, reflecting broader DeFi deleveraging during the quarter.
DeFi drawdowns were concentrated in lending and driven by Yei Finance and Takara Lend. Together, they accounted for 76.1% of the quarterly loss in TVL, highlighting how Sei’s TVL concentration amplified the impact of withdrawals.
Network activity remained an area of strength for Sei, growing for a 6th straight quarter. Average daily active addresses (DAAs) increased 492.2% YoY to 1 million, and average daily transactions made by active addresses rose 598.7% QoQ to 2.3 million.
Trading infrastructure continued to expand despite DEX volume declining 33.9% QoQ. Average daily DEX volume (USD) declined to $28.8 million, but DragonSwap retained AMM dominance, and Oxium launched onchain perpetuals in November.
Liquid staking consolidated as Silo Stake exited the market. Splashing Stake ended the quarter with a 95.1% share of Sei’s liquid staking TVL following Silo's shutdown as iSEI tokenholders withdrew the SEI from the protocol.
Canton’s CC tokenomics follow a burn-and-mint equilibrium (BME) model. Network fees are denominated in USD and paid by burning CC at the spot price, while new CC is issued as validator rewards. This allows for an opportunity for CC to become deflationary. If burn volume exceeds emissions, net supply contracts.
Recent data suggest the burn side is accelerating. Daily burns have increased to ~15 million CC, from roughly ~5 million in Jul 2025, and the burn-to-mint ratio is now ~0.65. If this continues to accelerate with continued chain adoption, the burn-to-mint ratio could exceed 1.0, at which point the network becomes net deflationary. Multiple factors appear to be contributing to the narrowing gap.
First, the January 2026 halvening reduced issuance per block by 50%. In parallel, the super validator (SV) share of issuance declined from 48% to 20%. If the issuance schedule holds, the next halving in ~3 years will further reduce the SV share to 10%. SV emissions become a progressively smaller component of new supply into the early 2030s, improving Canton's long-run inflation profile relative to many L1s.
Second, governance proposal CIP-0098 targeted low-utility reward farming. The primary goal is to lower effective emissions and reduce structurally incentivized sell pressure. In combination with the halving, this tightens the supply side while burn activity continues to scale with network usage.
On the demand side, burn volume is supported by network activity metrics cited for Canton, including 700+ validators, 15M+ monthly transactions, and over $6T in tokenized real-world asset value transacted through the network. If sustained, this activity base provides a durable source of fee burn that is less dependent on short-term incentive programs. On the topic of sustained network usage…
NASDAQ was approved as a super validator via CIP-0097, with up to 10 SV weight allocated through a milestone-based, escrowed program. A significant step towards additional institutional participation in network security and governance. More importantly, it may indicate that major market infrastructure providers are taking a direct operational role in Canton rather than remaining purely as users or integration partners. Of course, this is speculative.
Canton is positioned for institutional adoption, with an emphasis on privacy-preserving, compliant transaction execution, including atomic cross-domain settlement. The broader context referenced includes DTCC tokenizing U.S. Treasury securities on Canton in H1 2026 following an SEC no-action letter, J.P. Morgan minting a deposit token on Canton, and Fireblocks integrating custody and settlement support.
From an adoption lens, NASDAQ’s participation can be interpreted as optionality on future market structure. Tokenized equities are a plausible extension after fixed income and cash-like instruments, and NASDAQ has publicly explored how tokenization could map onto existing crypto rails. At the very least, NASDAQ is building internal familiarity and operational capability on an institutional-grade network. The more forward-looking scenario is that this groundwork enables new settlement workflows as tokenized equities mature and regulatory pathways develop, alongside an incoming 24/7 TradFi market.
Netting these dynamics, Canton’s setup is defined by two measurable levers. First, declining issuance growth due to protocol-level changes, and second, rising burn associated with usage. Whether the network crosses into net deflation depends on the persistence of transaction-driven burns relative to emissions, but for now, it is clearly trending aggressively towards that regime.
