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Today's News Recap
CFTC Sprint - CFTC launches next phase of ‘Crypto Sprint’ initiative based on Trump’s crypto roadmap, seeks public input.
Ripple Japan - Ripple partners with SBI to roll out RLUSD stablecoin in Japan by Q1 2026.
CBDC Ban - CBDC ban clears House, moving Trump closer to checking off final crypto campaign pledges.
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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.
Gaming-first chain evolving into a general-purpose, permissionless blockchain
Transitioned to permissionless smart contracts (Open Ronin) → opened chain to DeFi, infra, and consumer apps beyond gaming
Rocket Pool launched, Katana V3 adoption rose, and $3M DeFi Blitz incentive program boosted liquidity
Marketplace volume up 13% QoQ; OpenSea captured ~50% of Ronin NFT trades
ETH rebounded +37% in Q2 to $2,487, with spot ETFs driving $4B net inflows
Public companies accumulated 1.2M ETH ($3B)
Total staked ETH reached 35.7M ETH (29.6% of supply)
DeFi TVL rebounded 33% to $62.4B
Layer-1 blockchain built for high throughput and low-latency transactions, optimized for DeFi, gaming, NFTs, & mass adoption
Market cap rose 31.3% QoQ to $9.44B, outpacing the broader crypto market (+23.5%)
DeFi TVL +44.3% QoQ to $1.76B. DEX volumes hit an all-time high of $367.9M/day, led by Cetus ($170.7M) and Bluefin ($78.5M)
Grayscale launched the SUI Trust, 21Shares filed for a spot ETF, and Fireblocks added SUI custody
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Fundraising Friday
Stargate M&A: Bidding or Bluffing
By: Hayden Booms
Who Wants What
LayerZero wants Stargate back. Wormhole wants to keep it from going cheap or at least get a peek under the hood. The tokenholders will decide the outcome.
LayerZero’s Stargate Bid
LayerZero has formally proposed to acquire Stargate, the bridging protocol it launched in 2022. Stargate has since grown into the most used bridge in crypto ($70B+ in lifetime volume).
Terms of the proposal:
Swap: All circulating STG will convert to ZRO at a fixed ratio of 1 STG = 0.08634 ZRO.
Unlock: Locked veSTG will be released.
Revenue sharing: veSTG snapshot holders get 50% of Stargate revenue for six months; the rest goes to ZRO buybacks. After that, 100% of revenue supports ZRO buybacks.
Governance: Stargate DAO dissolves, operations fold into the LayerZero Foundation.
Wormhole Signals Intent to Bid
On August 20, the Wormhole Foundation stepped in, calling LayerZero’s ~$110M offer a lowball given Stargate’s ~$92M treasury, $345M TVL, and ~$4B in July bridge volume.
Wormhole’s counter-position:
LayerZero’s bid undervalues Stargate’s brand, code, and ~$2M in annual revenue.
Wormhole signaled intent to bid higher and requested a 5-day pause to make a bid.
Strategic angle: Wormhole’s intent to bid pressures LayerZero’s offer, gives it a look under the hood at Stargate’s data, and could strengthen its product by acquiring Stargate.
The Vote
As of August 21, over 88% of the votes are in favor of LayerZero acquiring Stargate. The vote concludes on August 23 at 6:15 PM EST.
What can Wormhole do?
Wormhole submitted its intent to bid after the vote began, and its request to pause the vote was denied. Wormhole is now reviewing an NDA with Stargate ahead of a potential bid.
Bidding or Bluffing?
Wormhole’s late move looks less like a serious bid and more like an opportunistic way to peek under Stargate’s hood. Barring a dramatic swing in the vote, LayerZero is on track to acquire Stargate at an attractive valuation, while Wormhole’s posturing reads as little more than onchain M&A gamesmanship.
