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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.
Prediction Market Contender - Crypto.com launched OG, a standalone prediction markets platform offering CFTC-regulated sports event contracts and potential margin trading capabilities.
TRM Raises $70m - TRM Labs achieved unicorn status following a $70 million Series C funding round, bringing its valuation to $1 billion.
Coinbase Has a Gambling Problem - The Nevada Gaming Control Board filed a civil lawsuit against Coinbase alleging its prediction markets constitute unlicensed sports betting under state law.
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In This Edition of Fully Diluted:
Founder Karam Lakshman discussing how Dabba has become one of the fastest-growing DePIN networks globally, expanding from 1,000 to 75,000 WiFi hotspots in just 18 months with nearly 500,000 daily active users.
The project taps into India's unique market structure, where 100,000 small cable operators need capital and technology to transition from cable TV to broadband internet as consumers cut the cord.
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.
Youssef Haidar @0xYoussef_ · Research Analyst
BlackRock tokenized $500 million on Avalanche through BUIDL, its onchain money market fund. This deployment increased RWA TVL 68.6% QoQ and 949.3% YoY to $1.33 billion at year's end.
The Avalanche ETF race accelerated as Bitwise and VanEck incorporated staking into their S-1 filings. Bitwise’s BAVA proposal notably includes plans to stake up to 70% of holdings, marking a significant shift in how regulated investment vehicles approach native network yield.
TIS Inc., one of Japan's largest payment firms, launched a multi-token platform on Avalanche via AvaCloud. The platform enables Japanese banks to issue and manage stablecoins, tokenized deposits, and digital securities.
The Granite upgrade officially activated on Nov. 19, 2025, introducing dynamic block times and native biometric authentication. These technical milestones allow for sub-two-second transaction settlement and let users sign transactions via FaceID or TouchID, drastically lowering the friction for mainstream adoption.
Avalanche’s DeFi ecosystem showed resilience as TVL denominated in AVAX rose 41.9% QoQ to 102.8 million AVAX. This indicates a "sticky" liquidity base, as users maintained stablecoin and non-native positions in DeFi protocols on Avalanche instead of bridging value elsewhere.
FLock shipped the AI Arena v2.1 update, which tightened incentive alignment by removing delegation-driven reward dilution for operators and smoothing the unlock schedule to minimize volatility.
The number of training and validator nodes is up 2871.4% YoY and 1523.5%, respectively. The FLock network now has 208 training nodes and 276 validator nodes supporting the network
FLock assisted 7 finalists in the second cohort of the United Nations Development Programme’s Sustainable Development Goals Blockchain Accelerator in Q4 2025.
Training and validator nodes received $2.7 million in FLOCK for participating in the AI Arena.
FLock.io is integrating the x402 protocol to enable agentic commerce with onchain payments, micropayments, and autonomous economic capabilities for its decentralized AI agents
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.
By: Shale Ferdana (@0x_Cloud)
On February 3, Ethereum co-founder Vitalik Buterin took a strong stand on his vision for Ethereum’s future, arguing for a new approach to the network’s Layer-2 (L2) landscape. His position was based on two core observations. First, progress towards stage-2 rollups has been slow and more difficult than expected. Second, Ethereum L1 is scaling, as evidenced by its low fees and the projected increase in gas limits during 2026.
In his tweet, Vitalik draws a line between “Ethereum scaling” solutions and sidechain-style networks. In his framing, Ethereum scales when new blockspace inherits Ethereum’s full security and neutrality guarantees, while a high-TPS environment whose L1 connection ultimately depends on a multisig bridge is distinctly separate, even if it is EVM-compatible and marketed as “Ethereum aligned.” He extends this critique to projects that signal reluctance to progress beyond stage-1 rollup designs, whether due to ZK-EVM safety concerns or other requirements that mandate operator control. While he acknowledges these constraints may be rational for specific users, he argues they should not be treated as central to the rollup-centric roadmap’s definition of scaling. Instead, he views them as opting into a different trust model and, consequently, as outside the future core of Ethereum’s scaling strategy, particularly as L1 itself expands its capabilities.
Vitalik offered his advice to L2s, arguing that projects should stop competing on commoditized scaling and instead differentiate on unique product and technical value. He pointed to features such as privacy, application-specificity, ultra-low latency, and throughput beyond the capabilities of L1s as examples of distinct value-adds that L2s can offer. He also expressed growing conviction in a native rollup precompile that would make ZK-EVM proof verification an Ethereum protocol feature, enabling more streamlined EVM verification and stronger interoperability with L1. Because it would be enshrined in the protocol, the precompile would be upgraded alongside Ethereum and remediated via a hard fork if critical issues arise. The precompile would also enable synchronous composability between rollups, allowing a smart contract on one network to call a contract on a separate chain in a single transaction.
Reception to Vitalik’s vision in the Ethereum ecosystem has been largely positive. A plethora of different L2 founders took the opportunity to express support and highlight their network’s unique value proposition:
Declan Fox, head of Linea, expressed support for the native rollup precompile as the network was designed specifically to sync with this feature despite technical complexities.
Namik Muduroglu, a founding member of MegaETH, pointed to the network’s throughput capacity and low latency as key features that align with Vitalk’s vision for valuable L2s.
0xCyp, lead at Status Network, highlighted the network’s built-in privacy, gasless transfers, and native yield as examples of unique design features that set an L2 apart.
Vitalik’s post signals an important shift away from vague “ETH alignment” toward a clearer framework in which differentiated L2s pursue distinct objectives within the broader Ethereum ecosystem.
