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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.
Coinbase adds stock, ETF trading as it expands beyond crypto - Coinbase has rolled out U.S. stock and ETF trading to all U.S. customers, expanding its offerings beyond digital assets as part of a goal to become an "everything exchange."
Morning Minute: Ethereum's Next Upgrade Features Censorship Resistance - Ethereum's Hegota network upgrade, targeted for the second half of 2026, will introduce FOCIL (EIP-7805) focused on censorship resistance.
Crypto markets bleed as bitcoin hovers above liquidation zone - Bitcoin (BTC) is currently trading at $63,248.77, marking a 3.66% decline. Ethereum (ETH) stands at $1,826.69, down 4.76%.
New Webinar Series - A Valuation of RAILGUN
Crypto valuation is still driven by narratives and multiples.
What if you valued a protocol like a real business with revenue, cash flows, and distributions?
Join our live Messari session as we present a full intrinsic valuation of RAILGUN using observable onchain fee generation and explicit staker mechanics. We will walk from TAM and adoption to cash flow, terminal value, and per token intrinsic value across bear, base, and bull scenarios.
You will leave with a clear intrinsic value range per RAIL and a reusable valuation framework you can apply to other protocols.
Built for institutional investors, research, strategy, and risk teams.
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: Alexander Beaudry · @ahbeaudry · Research Analyst
DeFi TVL grew 41.6% QoQ to $2.65 million, driven by the introduction of lending primitives. Gearbox and Tokos together accounted for nearly 59% of total TVL, signaling a structural shift toward credit-based use cases.
SOMI entered a post-airdrop price discovery phase in Q4, with market cap declining to $40.4 million, down 64.7% QoQ.
Somnia completed the final phase of its initial token distribution in Q4, closing the Somnia Odyssey airdrop after distributing SOMI to over 95,000 contributors.
DEX activity normalized following post-mainnet highs, with average daily volume declining 87.1% QoQ to $299,500. While absolute volumes fell, market share stabilized among leading venues and new entrants such as Elix expanded Somnia’s market structure.
Strategic partnerships in Q4 expanded Somnia’s functional surface area, spanning lending, prediction markets, cross-chain liquidity, identity, creator and gaming distribution, and community tooling.
By: Jeremy Koch · @ItsFloe · Research Analyst
Falcon Finance is diversifying the synthetic dollar collateral base by integrating Real-World Assets (RWAs), such as gold and Mexican CETES, to back USDf. This transition from a purely crypto-native funding rate model to a multi-collateral "control tower" approach enhances protocol resilience against market volatility while establishing a yield profile.
Falcon Finance is accelerating the utility of tokenized RWAs by launching a $50 million ecosystem fund to bridge the gap between institutional-grade yield and onchain liquidity.
The implementation of FIP-1 introduces a tiered staking architecture that incentivizes sticky capital through the Prime FF model. By granting long-term stakers 10x governance weight and significantly higher yield accrual compared to the 0.1% baseline, the protocol effectively aligns its trajectory with committed stakeholders rather than short-term speculative flows.
By: Qorban Ferrell · @Degenerate_DeFi · Research Analyst
Strategy posted the fifth-largest quarterly loss in U.S. corporate history in Q4 2025, and since BTC's October peak, MSTR has underperformed BTC by 28%.
Strategy's annual obligations have grown from $645 million to $860 million in five months, driven primarily by STRC's expanding notional base and its variable dividend rate, which has climbed from 9.00% to 11.25%.
The $2.25 billion USD Reserve buys time but does not change the underlying math for common shareholders. Whether Strategy funds obligations through ATM issuance or reserve drawdowns, both paths lead to mNAV compression.
100% of Strategy's $8.2 billion convertible debt is now out of the money, up from 78% in November.
Management's claim that converts are safe unless BTC falls to $8,000 obscures the real risk to common shareholders. At that price, debt claims would consume virtually all of Strategy's BTC NAV, leaving common and preferred equity worthless.
