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Today's News Recap
Signal Slump - Golden cross signal fades as XRP slumps below $3.
Tourist Wallet - Thailand’s digital tourist wallet rolls out, with crypto link still stuck in sandbox.
ByBit Leverage - Crypto exchange ByBit introduces 10x spot margin trading in Europe.
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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.
Solana DeFi TVL rose 30% QoQ to $8.6B, driven by Kamino and Raydium
App Revenue Capture Ratio jumped to 211%
New Alpenglow upgrade is set to cut finality latency from 12.8s to ~100–150ms, a 100× performance boost
Circulating market cap rose 30% QoQ to $82.8B
Decentralized derivatives exchange on Base using the Oyster AMM
Launched WTI crude oil and gold perpetual markets on Base with USDC settlement,
Up to 10x leverage, and pricing from Pyth (WTI) and Chainlink (gold)
Rolled out “Synthia,” an AI agent enabling onchain swaps and transfers via natural language commands on X
Independent network designed to scale Bitcoin and enable programmability
Total CORE + BTC staked rose 30% QoQ to $706M; CORE staked jumped 40%
56% of BTC stakers now also stake CORE for boosted yields; 41% of them are in the top “Satoshi” tier
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Two Bits
Solana TPS ATH
By: Matthew Nay
Solana recently reached an unprecedented milestone when block #360650523, led by validator Cavey Cool, processed 43,066 transactions in a single block. At its peak, the network hit 104,529 transactions per second (TPS), the highest ever recorded on mainnet. The block itself consisted primarily of no-op transactions (“no operation” calls that don’t execute meaningful computation, but are often used for benchmarking throughput). While these serve as a stress test rather than real-world transfers, the performance shows what Solana could handle in practice: 100,000 nanotoken transfers per second, 80,000 p-token transfers per second, 75,000 AMM oracle updates per second, 65,000 Token22 transfers per second, or even 10–20,000 swaps per second under the new p-token standard.
This performance leap is made possible in part by Solana’s recent increases to its compute unit (CU) limits. The network has raised its per-block capacity from 48 million CUs to 50 million earlier this year, and then to 60 million earlier in July. A new proposal (SIMD) is already under discussion that would expand this further to 100 million CUs, giving developers even more room for building advanced, high-throughput applications. These incremental upgrades illustrate the ecosystem’s commitment to scaling sustainably without sacrificing stability.
A central piece of this vision is the development of Pinocchio tokens (p-tokens), a new standard designed to maximize efficiency in Solana’s execution environment. P-tokens minimize overhead by streamlining token logic, enabling much higher throughput for common operations such as transfers and swaps. If adopted widely, this standard could be the key to unlocking tens of thousands of complex transactions per second, further demonstrating Solana’s reputation as the highest-performance blockchain in production. A proposal to bring this to the mainnet is currently under review.
