Presented by
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.
Citi cuts Coinbase - Citi cut its Coinbase (COIN) price target to $400 from $505 following crypto market weakness and the stock's plunge from record highs.
BTC erases Trump Pump - Bitcoin (BTC) erased gains previously associated with positive sentiment surrounding Donald Trump, falling below the $67,213 mark.
Gemini Exits - Gemini Space Station Inc. is exiting the U.K., European Union, and Australia markets, focusing operations solely on the U.S. and Singapore businesses.
How likely are you to evaluate an enhanced Messari advisory service in the next 6 months?
Introducing Messari Spotlights
Messari Spotlights is a new way to turn onchain data into a clear, compelling story. It combines live metrics, analyst takeaways, and embedded calls to action in a single interactive experience. Teams use Spotlights to explain what is happening, why it matters, and what to do next.
Spotlights are fully customizable. Every element can reflect a project’s identity, priorities, and message. Analyst Takeaways add context behind the numbers. Embedded calls to action guide readers into the next step.
First Spotlight: Dabba Network
Our first Spotlight features Dabba Network. It shows how decentralized connectivity adoption is evolving through real usage data, paired with analyst insight. It is a clean example of how projects can shape their narrative using trusted Messari data and context.
Explore the Spotlight here:
https://messari.io/dashboards/dabba-network
If you want to control the story behind your data, Messari Spotlights is built for that.
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.
Eric Manoukian (@CryptoRick98) · Research Analyst
As of September 2025, India had 46.1 million fixed wireline broadband subscribers, representing less than 5% penetration in a country of over 1.4 billion people. Connectivity is primarily scaled through mobile access, leaving fixed infrastructure underdeveloped relative to other large economies such as China and the United States.
India’s broadband and wireless internet market is dominated by three national operators, which together account for 61.7% of total internet subscribers. This centralized state of the telecom industry has produced uneven coverage optimized around high return-on-investment (ROI) and high-Average Revenue Per User (ARPU) clusters, resulting in selective rollout, uneven service quality, slow remediation, and chronic underinvestment in peri-urban areas that sit between urban centers and rural regions, as well as other long-tail neighborhoods.
Dabba operates as a decentralized execution model that is aligned with India’s regulatory framework. By aggregating Local Cable Operators (LCOs) as its deployment and maintenance layer, Dabba decentralizes last-mile execution, lowers capital barriers, accelerates deployment, and aligns incentives around coverage, uptime, and service quality.
Dabba has demonstrated clear product-market fit over the past 12 months. In one year, the network scaled from 1,600 to 100,000 deployed hotspots, grew daily active users from 5,000 to 500,000, expanded LCO partners from 3 to over 50, and increased monthly recurring revenue (MRR) from $9,600 to $600,000.
by: Austin Weiler @0xWeiler - Research Analyst
Rayls is a blockchain infrastructure stack designed for institutions and retail users to transact onchain and connect private institutional chains with public chains to access DeFi primitives. It preserves client privacy, supports regulatory compliance, and is composed of Privacy Nodes, Private Networks, the Enygma privacy framework, and the Rayls Public Chain.
A Privacy Node is a permissioned, private EVM chain self-operated by a financial institution to execute intra-institution transactions that abide by internal control rules.
In June 2024, Nuclea, a Brazil-based financial market infrastructure and payments processor, launched Rayls’ first privacy node in production and issues 40,000 tokenized credit receivable assets per month.
On Dec. 5, 2025, Rayls partnered with AmFi, a private credit tokenization platform, to issue $1 billion in tokenized real-world assets on Rayls by 2027.
In June 2025, Rayls launched the Public Chain testnet, and plans to launch mainnet in March 2026.
by: Jake Koch-Gallup @immutablejacob · Research Analyst
Over 50 payments-focused applications on Polygon PoS facilitated $3.57 billion in transfer volume, up 96.5% QoQ and 399.2% YoY.
Stablecoin-linked crypto cards processed $362.6 million in combined Mastercard and Visa volume across ten card programs.
Polymarket recorded an all-time high average daily open interest of $253.9 million in Q4, up 88.1% QoQ and 49.7% YoY, surpassing its prior peak of $169.6 million in Q4 2024 during the U.S. election cycle.
Polygon PoS DeFi TVL ended 2025 at $1.16 billion, with QuickSwap and Polymarket’s TVL increasing by 12.2% and 103.4% QoQ, respectively. Stablecoin supply grew 80.1% YoY to $2.96 billion, driven primarily by USDC, which rose 36.2% QoQ to $1.34 billion.
Polygon upgraded its core infrastructure through the Rio and Madhugiri hardforks, enabling near-instant finality and establishing a clear path toward ~5,000 TPS through architectural and consensus-level upgrades.
by: Matt Kreiser @KreiserMatt · Research Analyst
U.S. spot XRP ETFs launched in November 2025, reaching $1 billion in AUM in less than four weeks, the fastest to do so since ETH. The offering significantly expands U.S access to XRP for investors previously limited by custody and compliance barriers.
The XRPL is primed for institutional adoption, as necessary identity, financial, compliance, and privacy features are being implemented. These include multipurpose tokens (MPTs) with metadata to store RWA parameters, a native lending protocol, confidential MPTs using Zero Knowledge Proofs (ZKPs), and credentials to control access via KYC/AML.
Permissioned Domains (XLS-80) is scheduled to go live in February and builds on Credentials, allowing entities, such as institutions, to require specific credentials, including Know Your Customer (KYC) requirements, to access their offerings on the XRPL.
Ripple’s USD-pegged stablecoin, RLUSD, closed 2025 with a market cap of $235 million on the XRPL (+164% QoQ), making it the network’s largest stablecoin.
The XRPL closed 2025 with an all-time high distributed RWA market cap of $281.2 million (+37% QoQ) as issuance grew for several RWAs launched in Q2 2025, including Ondo’s OUSG tokenized treasury fund, Guggenheim’s Digital Commercial Paper, and tokenized real estate issued by Ctrl Alt.
by: Jonny Kreiser @Jonnytoshi · Research Analyst
Storage utilization rebounded 90.2% QoQ as the network stabilized following the V2 fork. Utilization rose to 35.5% from 18.1%, though total storage capacity fell to 6,880 TB from 7,080 TB in Q3 2025.
Sia completed the final V2 cleanup fork, dubbed “V2: The Final Cut,” on Dec. 2, 2025. The upgrade removed remaining V1 fields, fixed a difficulty-adjustment bug, and moved the network toward a single transaction and consensus format.
The Sia Storage app progressed through internal alpha with reliability and UX improvements, including iOS and Android compatibility. If the app can become reliable at scale, it could be Sia’s clearest path to expanding beyond operator-led usage into new renter onboarding.
SC token price fell 43.7% QoQ to $0.0015 as an estimated $1.2 trillion was erased from total crypto market value over the six weeks preceding Nov. 18, 2025.
Network activity on Sia continued to decline in Q4 2025 as average daily transactions fell 20.2% QoQ to 1,770, while daily new storage contracts fell 11.6% to 590.
In most bear markets, the industry doesn’t bleed uniformly. There are always specific assets or "pockets" that exhibit structural resilience, often outperforming the broader market or at least providing a buffer against the most aggressive drawdowns. Finding these assets is no easy feat, especially in a market as volatile as the one we are navigating right now.
As of writing, February 5, 2026, Bitcoin has broken down beyond levels many thought would hold. We’ve officially entered the territory where even the largest market participants are feeling the heat. Notably, the likes of Michael Saylor & MicroStrategy are officially underwater by billions, and they aren't alone; many in the ETH camp (Tom Lee & BitMine) are seeing similar paper losses as the market retests multi-year lows.
Is the HYPE real?
While everything is taking a nosedive, Hyperliquid has shown strength. I don’t think its resilience is just a fluke; it's driven by several core fundamental shifts:
HIP-4 Launch: The recent introduction of ‘Outcomes’ (prediction market primitives) has transformed Hyperliquid from a simple perp DEX into a comprehensive financial engine (which has always been the north star).
Whale Dynamics & Smart Money: Multicoin Capital may have recently swapped a portion of its ETH for HYPE, signaling a shift in strategy and an acknowledgement of the HYPE team and vision.
Real Revenue vs. Incentives: Unlike many protocols that rely on incentive programs, Hyperliquid is generating actual revenue. In January 2026 alone, the protocol generated over $71 million in gross income, driven by a surge in perp trading and a new foray into non-crypto assets, such as precious metals.
Supply Dynamics: The protocol's buyback mechanism, using fee revenue to repurchase HYPE, creates a "cash flow-mapped" valuation that can provide a floor during broader market sell-offs.
What to do from here?
The "wait and see" approach is often the hardest to execute, but it's currently the most prudent.
Set Your Happy Prices: Identify the assets you have a long-term view on. Don’t chase the falling knife; set limit orders at prices where you would be genuinely happy to own the asset, regardless of further short-term volatility.
Narrative Scouting: Watch for emerging sectors. Is there a shift toward RWA’s, cross-chain infra, or DeFi? Are projects still turning revenue despite the price action?
The Reading List: Use this downtime for deep research. Bear markets are for building and for learning. If you’ve been putting off that whitepaper or technical deep-dive, now is the time to educate yourself so you’re ready for the next rotation.
