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Adoption Efforts - China to let banks pay interest on digital yuan to drive adoption.
Surprise Strategy - Flow’s controversial planned rollback to undo $3.9 million exploit ‘blindsided’ some partners.
Acquiring Eyes - South Korean financial group Mirae Asset eyes crypto exchange Korbit acquisition.
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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.
Usage is growing fast: Q3’25 marked the 5th straight quarter of network activity growth
~824K average DAAs (+93.5% QoQ) and ~2M daily tx by active addresses (+87.1% QoQ)
Gaming is biggest activity driver, gaming transactions up sharply QoQ and multiple consumer-style titles contributing meaningful daily address activity
DEX activity hit new highs with spot volume up to ~$43M average daily (+75% QoQ)
Decentralized cloud storage network where users pay to store encrypted data across independent storage providers
Q3 2025 was a transition quarter, dominated by the completion of Sia’s major V2 upgrade rather than organic demand growth
V2 positions Sia for better long-term scalability, faster syncing, browser-based access, and easier developer integrations
The Sia Foundation professionalized its ecosystem strategy, accelerating app, wallet, analytics, and SDK development post-upgrade
120M+ total transactions, daily activity +54% and active addresses +63% QoQ, driven largely by gaming and NFT applications
New CRC2 NFT standard introduces onchain metadata, modular programmability, and ERC-721/1155 interoperability, plus an EVM bridge
Chromia advanced its Physical AI initiative (ChromBot) and expanded its VectorDB and AI Inference extensions, positioning the chain as a backend for verifiable AI systems
From Our Sponsor
Power Finance is building financial infrastructure for the Electron Economy, a world in which computation is the primary driver of value and electricity is the universal economic input. As autonomous agents increasingly dominate compute demand, Power Finance positions itself as the onchain settlement and risk-management layer that connects power markets, computation, and digital finance.
The protocol starts from a first-principles insight: every unit of computation maps directly to energy consumption. Yet power markets remain inaccessible, centralized, and disconnected from DeFi, leaving investors without exposure to one of the most fundamental sources of real economic activity. Power Finance addresses this gap by making electricity programmable, tradable, and composable onchain.
Its architecture centers on a dual-token model. $PWRd is a GENIUS Act–compliant stablecoin, fully backed by segregated dollar reserves and used for real-time settlement across power-linked transactions. $PWRs is a staking token representing claims on capital deployed into yield-generating power derivatives markets. By staking $PWRd to mint $PWRs, participants gain exposure to returns derived from electricity consumption and volatility rather than correlated DeFi lending or inflationary emissions.
Critically, Power Finance ties yield to real economic throughput. Returns are anchored in power markets, creating a new category of onchain yield directly linked to computation and energy demand.
Operationally, the protocol emphasizes instant settlement, continuous liquidity, and regulatory alignment through a regulated Commodity Pool Operator (CPO). This structure enables smaller trade sizes, real-time margining, and programmable credit while remaining compatible with institutional compliance requirements. For autonomous agents, it provides financial rails that allow power consumption, hedging, and settlement to occur continuously and atomically.
Power Finance reframes electricity not as a static commodity, but as a financial primitive. By tokenizing power flows rather than abstractions, it positions itself as the settlement layer for agentic computation.
