Today's News Recap
Earnings Bets - Polymarket brings prediction markets to company earnings after US clearance.
ORQO Launch - ORQO debuts in Abu Dhabi with $370M in AUM, sets sight on Ripple USD yield.
Standing Up For Stables - Coinbase Policy Chief pushes back on bank warnings that stablecoins threaten deposits.
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Messari Protocol Reporting
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.
Rebounded 63% QoQ to $0.28; circulating market cap grew 86% to $1.57B
TVL hit an all-time high of $609M (+68% QoQ), led by Yei Finance and Takara Lend
Daily volumes hit $24.6M (+53% QoQ); Sailor led, DragonSwap launched DRG token
Supply reached $277M, boosted by Circle’s launch of native USDC on Sei
Circulating market cap rose 30% QoQ to $489M, with price climbing to $0.61, slightly outperforming ETH
$16.6M in Q2 trading volume, led by mid-tier wallets holding most liquidity
Claimed rewards increased 7.5% QoQ to 4.1M APE; MAYC and BAKC holders grew share
Transitioned from a decentralized DAO to ApeCo (administered by Yuga Labs) for treasury, grants, and product oversight
First-party, pull-model oracle network delivering real-time prices for crypto, equities, FX, commodities, rates
TVS hit $5.31B (+4.8% QoQ)—one of the few oracles to grow in Q2’25
648k price updates (+10.8% QoQ); cumulative updates reached 759M across 100+ chains
OIS staking climbed to 938M PYTH (+46.9%)
Two Bits
From Twitch to Pump.fun: Streaming’s Next Evolution
By: Mohamed Allam
This weekend, Pump.fun streaming had its first breakout. A token called Bagwork hit nearly $50 million in market cap in just two days.
The Bagwork duo leaned fully into streaming degeneracy: streaking at football games, getting tattoos at market cap milestones, leaking Drake songs, and pulling stunts most people would never touch. That chaos is exactly what makes Pump.fun different. It is a platform where anything goes, and the upside for creators is massive. It is the perfect stage for a new generation of degen youth who thrive on this kind of content. Sad reality maybe, but Pump.fun knows it — the team is in their early twenties and knows what the next generation wants.
The Bagwork team pulled in close to $200,000 in creator fees without selling a single token. Pump.fun’s model gives creators a cut of every trade, which means they can make money without dumping on their community. That does not kill rug pulls completely, but with earnings like that the incentives shift. From a game theory perspective, streamers have more reason to keep bringing in viewers and traders to their token, generating steady revenue if they want to play the long game. The real challenge for Pump.fun is finding career streamers, not just opportunists chasing a quick cash grab.
To put it in perspective: the Bagwork guys made in two days what top Twitch streamers usually earn in a month. Pump.fun collapses that timeline and gives creators a direct line to their audience without middlemen. Streamers build, audiences trade, everyone gets paid.
Streaming itself is still young. It only really blew up in the past decade with Fortnite and League of Legends streamers on Twitch. Pump.fun is trying to compress that entire growth curve, aiming to pull off in a year or two what Twitch needed ten years to build. The path forward is simple: onboard the right streamers and keep users engaged. If they nail the incentives, Pump.fun could become the biggest consumer app in crypto. If not, it could burn out just as quickly as it rose.
That’s all for today, folks! As always, if you think I missed the mark, have suggestions, or just want to chat crypto, feel free to reach out to me on LinkedIn. Until next time!