A Note from Our CEO - Diran Li
As of this week, I’ve stepped into the CEO role at Messari.
For those I haven’t met yet, I've been with Messari since 2018 and previously served as CTO. Over the years, I’ve had the chance to meet with many of you, and that continuity carries forward into this next chapter.
Messari remains a trusted guide to navigating crypto. Our focus is on delivering high-quality research, insights, and workflows that enable better decisions in an increasingly complex market.
I’m also always open to hearing from you directly. Feel free to reach out at [email protected].
Thanks for being part of the Messari community.
— Diran Li, CEO
Kalshi raises over $1 billion - Prediction market platform Kalshi has raised over $1 billion in an ongoing funding round led by Coatue Management.
Crypto market steadies - The CoinDesk 20 Index (CD20) remained virtually flat on Friday, with Bitcoin up only 0.8% and Ether adding less than 0.1%.
Stablecoins the go-to for corporate treasury - A Ripple survey of over 1,000 global finance leaders indicates digital assets are now viewed as urgent, not optional, for competitiveness.
CLARITY Act: What It Means for Crypto Market Structure
The CLARITY Act is Congress’s most significant attempt to define a market structure for digital assets in the United States. In this webinar, Messari breaks down the bill’s evolution across House and Senate drafts, the proposed frameworks for asset classification and regulatory oversight, and the key provisions shaping the debate. We also examine the political vote math, contested issues such as stablecoin rewards and DeFi compliance, and the most likely legislative outcomes. Join us for a clear, practical analysis of how the CLARITY Act could reshape crypto markets and institutional participation.
Register here to attend.
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: Eric Manoukian · @CryptoRick98 · Research Analyst
Base is the only major Layer-2 (L2) without a native token. As of March 3, 2026, it leads all Ethereum L2s in DeFi TVL and sequencer revenue, yet competes against networks that deploy DAO treasuries, governance mechanisms, and speculative flywheels it lacks entirely.
Three catalysts have converged over the past 12 months. The Base team publicly acknowledged exploring a native token at BaseCamp 2025, Base exited the Optimism Superchain to gain full economic sovereignty, and the regulatory environment has become significantly clearer.
Every major L2 governance token has failed to sustain value. ARB, OP, and STRK have each lost over 85% of their value since January 2025. None launched with mechanisms that create structural demand beyond governance voting.
The recommended framework for BASE is a four-pillar hybrid model. Sequencer staking, token-weighted governance, network-wide utility, and a 20% Coinbase strategic reserve each generate independent demand for BASE while keeping 100% of sequencer revenue with Coinbase.
A 1.1% revenue line may become a billion-dollar balance sheet asset. Base's $77.9 million in sequencer revenue represents 1.1% of Coinbase's top line. At a $6 billion fully diluted valuation and 20% strategic reserve, that translates to $1.2 billion in equity value with zero dilution to existing earnings.
By: Matt Kreiser · @KreiserMatt · Research Analyst
Stellar’s RWA market cap (excluding stablecoins) surpassed $1 billion on Jan. 21, and increased 184% in 2025 from $301 million to $855 million. The increase was driven primarily by the issuance of new assets such as treasuries from Spiko and real estate from RedSwan, alongside the growth of Franklin Templeton’s U.S. Government Money Fund (BENJI) and Etherfuse’s government debt offerings.
On Jan. 22, the X-Ray privacy protocol upgrade went live on Stellar, laying the groundwork for zero-knowledge (ZK) cryptography so developers can build privacy-preserving, regulatorily compliant applications on the network.
Stellar’s stablecoin market cap increased 53% year-over-year from $159 million to $244 million, driven by PayPal’s PYUSD launch on the network in September, and USDC’s 45% YoY increase in market cap to $223 million.
U.S. Bank is testing custom issuance of its own stablecoin on Stellar, underscoring the network’s institutional appeal due to its reliability (>99.99% uptime), affordability (settlement at <$0.01 USD), and built-in asset controls for regulatory compliance.
Stellar is realizing increased DeFi composability, thereby achieving greater capital efficiency and DeFi TVL, as more protocols are launched and issued assets are adopted on the network. This includes lending and borrowing protocol Templar, which will soon support freely transferable RWAs on Stellar.
By: Alexander Beaudry· @ahbeaudry · Research Analyst
Average daily volume on Rango increased 42.4% QoQ to $14.6 million, driven by expanded usage on Ethereum and BNB Chain, which grew 40.1% QoQ and 74.6% QoQ respectively.
Average daily transactions on Rango increased 11.9% QoQ to 21,995, while average daily active addresses rose 19.2% QoQ to 14,102. BNB Chain and Solana together accounted for over 60% of user activity.
Rango expanded its infrastructure integrations with XRPL, ZetaChain, Monad, CCTP, and Garden Finance, extending support for native BTC bridging, omnichain smart contracts, and more efficient USDC routing.
Rango’s 2026 roadmap introduces a phased rollout of core features aimed at simplifying DeFi UX and automating cross-chain execution. With plans to launch gasless swaps, AI-assisted intent routing, and a fully integrated trading terminal, Rango is evolving from an aggregator into a comprehensive access layer for multichain financial applications.