Oil Shock - US strike on Venezuela puts Bitcoin in focus as oil slides.
Data Breach - Crypto wallet firm Ledger faces customer data breach through payment processor Global-e.
Stablecoin Momentum - PwC deepens crypto push as U.S. rules shift and stablecoins go mainstream.
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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.
Aggregator and intent execution layer, designed to optimize trade execution across many liquidity venues and chains
Execution shifting from simple aggregation to intent-based routing with Fusion and Fusion+ driving the strongest growth across volume and active wallets.
Fusion rebounded sharply (+60.6% QoQ volume) as gasless, MEV-protected execution gained traction among active traders.
Fusion+ had its best quarter ever, with cross-chain volume and users surging as Solana became a native endpoint in 1inch’s intent architecture
Transactions surged +685% QoQ to 7.9M, marking U2U’s strongest quarter and signaling real onchain demand
Growth was integration-led, driven by partnerships across DeFi, DePIN, and RWA (DexTools, DCC, Staex, Nubila)
Fees rose sharply (+171% QoQ), reflecting higher utilization rather than fee inflation
Ecosystem visibility expanded via the $4M VietBUIDL Hackathon, AWS Cloud Day, Korean Blockchain Week, and regional programs
Decentralized cloud computing marketplace that lets users buy compute (CPU, GPU, storage) directly from a global network of providers
Fee revenue increased ~11% QoQ in AKT terms and ~4% in USD, supported by higher deployment volume and tooling improvements
New compute leases rose ~42% QoQ to ~27,000, driven by expanded model support and developer tooling enhancements
GPU usage remained robust with utilization consistently >50%, despite a slight drop in total GPU capacity
The trajectory of personal privacy is provoking a renaissance. Financial privacy is a natural top priority in a world defined by digital surveillance and expanding tax regimes. It is rational for individuals to seek ways to preserve currency-based exchange without every action being traced back to their identity. Not every transaction requires identities on both sides. Exceptions will exist, but they should remain exceptions.
Naturally, that renaissance is currently being incubated in crypto. Proof-of-Work privacy L1 tokens saw a significant re-rate, with tokens like ZEC and XMR up 750% and 118% YTD, respectively. Private, encrypted money is the goal, but these expressions are volatile and might not be for everyone. While private, encrypted money is the goal, these expressions are volatile and limit capital optionality. Apps like the Zashi wallet for ZEC are steps in the right direction to improve the user experience, but do not solve for the asset’s volatility.
These operate as private stores of value, but do not support a private shared state. What if the user did not have to forfeit their stables for the sake of privacy? Umbra has emerged at this nexus, aiming to provide confidentiality on Solana without sacrificing usability or compliance.
Umbra is Solana's incognito mode, enabling encrypted, unlinkable, yet auditable transactions. Built on Arcium's encrypted compute infrastructure, it utilizes zero-knowledge proofs (ZKPs) and multiparty computation (MPC) to conceal sender, receiver, and amounts onchain, while preserving Solana’s speed and low fees. The protocol offers compliance-friendly features, such as encrypted wallet registration and optional viewing keys for lawful audits. Umbra enables a comprehensive, private DeFi experience while preserving user privacy.
Beyond its technology, Umbra launched its token through MetaDAO’s platform, meaning governance and ownership rest squarely with its token holders from day one, as IP is surrendered to the DAO. The Umbra team raised over $150 million, but secured $3 million. These measures ensure that token holders have the final say with MetaDAO’s futarchy governance, aligning Umbra with the ownership token ethos of putting power in the community’s hands. In addition to falling under both the privacy and ownership umbrellas, Umbra also benefits from the fat-wallet thesis. The SDK launching with Arcium’s mainnet will allow protocols to integrate privacy directly into their ecosystems, all benefiting Umbra.