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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.
Bitcoin Falls - Bitcoin fell below $70,000, hitting a low of $69,917.20 amid a deepening crypto selloff before U.S. equity markets opened.
House Launches Probe - Rep. Ro Khanna launched an investigation into World Liberty Financial (WLFI) regarding a reported $500 million investment from a UAE royal family entity.
XRP Slips further - XRP has dropped to $1.44, its lowest price point since November 2024, driven by broader crypto risk aversion following Bitcoin's decline.
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In This Edition of Fully Diluted:
Sam Elfarra, Community Spokesperson at TronDAO, reveals how Tron’s first-mover advantage on USDT has created a liquidity revolution in emerging markets, making crypto accessible to the unbanked and transforming cross-border payments.
This episode dives into how Tron balances decentralization with high-speed performance, how it’s fighting illicit activity, and why they aim to move trillions efficiently, safely, and inclusively.
Read the full Tron report here.
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.
Austin Weiler @0xWeilerRayls 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.
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.
Network usage increased 1.6% QoQ to 78.7 million minutes, bringing total processed volume to +174% YoY, reflecting a higher and more stable baseline of application-driven demand following earlier acceleration in 2025.
Demand-side fees declined 5.9% QoQ to $191,700, despite higher throughput, while still marking a 162% YoY increase in total fee generation.
AI-driven fees totaled approximately $134,000 in Q4 (-9% QoQ) and continued to account for over 70% of total protocol revenue, confirming AI inference as the primary driver of network monetization.
Staking participation rose above the 50% target in Q4, contributing to moderating inflation dynamics; however, total staking rewards declined 27.3% QoQ to $13.1 million, driven mainly by LPT price depreciation.
Livepeer refined its real-time AI video strategy in Q4, publishing a network vision update and a phased 2026 roadmap, outlining infrastructure, go-to-market, and enterprise readiness priorities.
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.
