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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.
DeCharge is a DePIN EV charging network that lets individuals and businesses deploy chargers and earn real usage-based revenue instead of relying on centralized operators.
The protocol combines physical charging hardware, onchain data verification, and a capital layer to track performance and distribute cash flows transparently.
DePINFi pools allow stablecoin financing of charging sites, with yields driven by real-world metrics like uptime and energy delivered.
A planned CHARGE token will power payments, incentives, governance, and access, effectively turning EV charging into an onchain energy capital market.
Stable launched its Layer-1 blockchain mainnet on Dec. 8, 2025, designed specifically to support high-throughput, low-cost USDT transfers for both retail users and institutions.
Unlike typical chains, Stable uses USDT as the native gas/payment token, removing reliance on volatile tokens for transaction fees.
The protocol’s native token, STABLE, has a 100 billion supply and is used for governance and securing the network via staking/delegation, not for paying gas fees.
Architecturally, Stable combines a delegated Proof-of-Stake consensus, an EVM-compatible execution layer, and optimized storage/RPC to enable fast settlement and familiar developer tooling.
Huma is a decentralized PayFi protocol that provides settlement liquidity and credit for payment use cases like cross-border payments and card settlements by linking liquidity providers with borrowers through smart contracts.
In Q3 2025 Huma 2.0 deposits grew sharply, total transaction volume reached $1.7B, and credit originations increased, showing rising protocol usage and engagement.
The protocol supports two product lines: Huma Institutional (permissioned for accredited investors) and Huma 2.0 (permissionless Solana-based deposits with Classic and Maxi yield strategies).
HUMA is the utility and governance token used for staking, rewards, and participation in protocol incentives, with market cap increasing modestly in the quarter.
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On January 6, Morgan Stanley entered the crypto ETF game with SEC S-1 filings for spot Bitcoin and Solana ETFs. The filings outline products designed to track the spot prices of BTC and SOL, offering investors regulated exposure without direct custody. The Solana ETF stands out in particular, as it contemplates incorporating staking rewards into the fund’s structure, a feature that could differentiate it from earlier crypto ETF offerings and appeal to yield-oriented investors. The staking services will be managed by a third-party entity, which has yet to be determined.
Notably, the January 6th filings exclude Ethereum and XRP, despite both assets having established institutional interest and ETFs. The omission suggests that Morgan Stanley may be prioritizing Bitcoin’s role as a macro asset alongside Solana’s positioning as a high-throughput smart contract platform, rather than offering broad, multi-asset crypto exposure out of the gate. Whether this reflects regulatory considerations, internal conviction, or a phased product strategy, the decision underscores how selectively large financial institutions are approaching crypto as they expand their ETF lineups.
Solana ETFs have had a steady start this year, with $62.1 million in net inflows year-to-date as of January 12, indicating consistent demand for SOL exposure. While short-term flows across crypto ETFs have been mixed, the longer-term trend shows sustained investor interest across the space. Since launching on July 1, 2025, Solana ETFs have already attracted $827 million in lifetime inflows, a notable figure given the products' recent market introduction.
Zooming out, crypto ETFs continue to build scale overall. Bitcoin ETFs, which began trading on January 11, 2024, have accumulated $56.5 billion in lifetime inflows, while Ethereum ETFs, which went live on July 23, 2024, have reached $12.5 billion. Together, these figures highlight the growing role of ETFs as a preferred on-ramp for institutional and retail crypto exposure, with Solana increasingly carving out its place alongside more established products.
