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Phantom x Kalshi - Phantom integrates with Kalshi to bring prediction markets to its web3 wallet.
YouTube Upgrade - YouTube now allows US creators to receive payouts in PayPal’s PYUSD stablecoin.
DTCC Authorized - DTCC subsidiary authorized to offer tokenization service for US securities beginning 2026.
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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.
Forte testnet launched, introducing native onchain automation via Actions, Agents, and Scheduled Transactions
TVL up 53% QoQ to $104.1M, led by MORE Markets, KittyPunch, and Increment Finance
Liquid staking surged, with LST TVL up 93% QoQ as stFlow and Ankr integrations deepened
Stablecoin supply grew 10.5% QoQ, with PYUSD (USDF on Flow EVM) becoming the dominant stablecoin
Permissionless Bitcoin sidechain that brings EVM-style smart contracts to BTC while using BTC (rBTC) as gas
BTC is bridged 1:1 into rBTC via the PowPeg bridge so users can lend, borrow, swap, and farm yields without leaving the Bitcoin universe
Rootstock reuses Bitcoin’s hashpower through merged mining plus DECOR+ consensus, keeping security anchored to Bitcoin
Q3 showed modest DeFi TVL and fee growth, but softer usage: transactions, active addresses, and revenue (in BTC terms) all declined
A user-driven security network focused on preventing scams, malicious contracts, and risky transactions across Web3.
Transaction Simulation API launched: real-time, multichain transaction risk analysis for wallets, apps, and institutions.
Ecosystem profit grew +32.5% QoQ to $4.5M, driven by higher API usage and Chrome extension adoption
500M GPS Security Fund introduced: dual staking + bounty system that rewards security contributors and incentivizes user-led intelligence
From Our Sponsor
Onchain analytics strongly suggest that Polymarket has achieved product-market fit and successfully grown beyond the 2024 U.S. Presidential election.
The platform transitioned into a diversified prediction market, with user activity today significantly exceeding its election-day figures. On Nov. 5, 2024, Polymarket saw 48,611 daily active users (DAUs). As of Dec. 10, 2025, the number of DAUs stands at 78,909, having recently peaked at 89,243 in late November.
The 2024 Presidential Election functioned as a massively successful Go-To-Market (GTM) strategy. It onboarded millions of users who came for the election but stayed for the product. This is best illustrated by breaking down the current volume by market category and comparing it to Election Day 2024.
During Election Day, the platform was almost exclusively driven by political markets, which accounted for 93.7% of all volume. Other categories, such as sports and crypto, were negligible, accounting for 4.1% combined. Fast-forward to Dec. 9, 2025, and things look very different. The distribution is far more balanced. While Politics remains a key pillar at 34.9%, it no longer dominates. Sports (32.6%) and Crypto (27.9%) are now significant contributors to the platform's activity.
Perhaps the most telling statistic is the percentage of users on the platform who did not trade any U.S. election markets. On Election Day 2024, only 4% of active users did not trade election markets. Today, 45% of the platform’s daily active user base has not traded these markets. This 11.2x increase shows that trading shares in future outcomes has product-market fit independent of the U.S. election cycle.
Polymarket used the world’s largest political event to bootstrap liquidity for a general-purpose prediction market and reach product-market fit. Sustained growth in DAUs and the decline in election-only participation show demand has expanded well beyond the platform’s breakout moment.
