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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.
Stablecoin volume reached $35 trillion in 2025 - Total stablecoin transfer volume reached at least $35 trillion in 2025, marking nearly a 20% increase from 2024's $27.5 trillion.
The bank of the future - Seventy-seven percent (77%) of current stablecoin users report they would open a digital asset wallet directly with their current bank today.
UAE sits on $344 million - The United Arab Emirates (UAE) currently holds an unrealized profit totaling $344 million from its Bitcoin mining endeavors.
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.
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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: Whynonah @whynonah · Research Analyst
Stacks saw QoQ growth across several metrics, including DeFi TVL in STX (+120.8%), average total STX stacked (+6.1%), and DeFi diversity score (+1, from 4 to 5).
In contrast, several metrics declined QoQ, including STX price (–57.3%), circulating market cap (–56.9%), protocol revenue (–32.2%), DeFi TVL in USD (–5.8%), average daily transactions (–15.1%), and average daily active addresses (–34.3%).
Dual Stacking launched on October 30, introducing a BTC-native yield pilot where users pair sBTC with STX in contracts to earn BTC-denominated rewards. Dual Stacking represents Stack’s first step toward self-custodial Bitcoin staking, a research initiative published that would allow BTC holders to earn native Bitcoin yield by locking BTC on L1 while using STX as staking capacity.
Ecosystem execution accelerated through governance + infrastructure rollout, as the Stacks Endowment became operational with a $27 million 2026 budget, Stacks Labs went live as a core operating entity, and integrations like Dexscreener SIP-010 support and WalletConnect expanded distribution for apps and assets.
Clarity 4 was activated in Q4, delivering network throughput improvements that now see 95.7% of blocks arriving within 5 seconds and ~⅓ confirming in <2 seconds. The upgrade primes the Stacks network for product launches later in 2026.
By: Matthew Nay @NaytheForceBwU · Research Analyst
The Application Revenue Capture Ratio (Chain GDP divided by Real Economic Value) grew from 262.8% to 375.5%. An increasing App RCR signals that an ecosystem is increasingly monetizing activity occurring on the network.
Stablecoin market cap on Solana grew 5.3% QoQ to an all-time high of $14.9 billion. USDC stayed flat at $10 billion while PYUSD grew 95.5% QoQ to $871 million.
RWA value on Solana grew 58.7% QoQ to $1.1 billion, driven by the growth of products like BlackRock’s BUIDL and Figure’s PRIME.
Validator client diversity advanced as Firedancer surpassed 100 days on mainnet and Frankendancer adoption grew, marking a critical step toward resilience and long-term performance ahead of Alpenglow’s expected launch.
Five new spot SOL ETFs launched and cumulative flows reached $1.0 billion, led by Bitwise’s BSOL and Rex Osprey’s SSK.
By: Evan Zakhary @ItsEzak· Research Analyst
UXLink operates as a partner-facing onboarding layer that structures user acquisition through referrals, quests, and Proof-of-Link participation.
Integrations with Sonic SVM, DeAgentAI, and KiteAI extend UXLink’s campaign infrastructure into emerging application ecosystems, including AI-oriented consumer environments.
UXLink’s AIRDROP2049 campaign with KiteAI illustrates its quest-based distribution model, using UXUY incentives to route participation into partner ecosystems.
OKX listed UXLINK for spot trading in July 2024, while Binance Futures introduced a USDS-Margined UXLINK/USDT perpetual contract in September 2024, expanding token access across both spot and derivatives markets.
