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Today's News Recap
SYRUP Surges - Maple Finance's SYRUP bucks bearish crypto slump with 23% upside move.
Buyback Divergence - PUMP plummets while BONK rallies on new buyback mechanism.
VERT Launches - VERT debuts Brazil’s first on-chain platform for private credit on XRP ledger.
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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.
Three primary chains—P-Chain (staking/governance), X-Chain (asset transfers), and C-Chain (EVM-compatible smart contracts)
Avalanche consensus, a unique PoS-based protocol using randomized sub-sampled voting to reach fast finality
AVAX has a fixed supply cap of 720 million, with all transaction fees burned
Avalanche enables bespoke execution via VMs (e.g. EVM, Subnet-EVM, WASM) across its expanding network of L1s
Market cap rose 17% QoQ to $26.5B; protocol revenue grew 20.5% QoQ to $915.9M
USDT makes up 99.2% of TRON’s stablecoin supply, with $80.3B in circulation on TRON (over 50% of global USDT)
Average daily transactions hit 8.6M (+12.6% QoQ); daily active addresses reached 2.5M
New integrations with Stripe-acquired Bridge, AEON Pay, SRM Entertainment, Privy, and others
Substrate-based layer-1 for DePIN, machine DeFi, and DePAI applications
3.5% disinflationary model; PEAQ used for fees, staking, and governance
Daily active addresses rose 10.5% QoQ
MachineX DEX, native stablecoin (upcoming), DePIN launchpad, staking tools
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Fundraising Friday
The East is Shipping, the West is Tweeting
By: Whynonah, Research Analyst
In 2023, China’s RMB overtook the U.S. dollar in outbound payments.
For decades, the East has been cast as the West’s looming rival; a narrative recycled with varying degrees of panic, prophecy, and political theatre. While the crypto industry might not be the best barometer of global power, it is a useful place to materially spot early shifts.
Just take a look at where talent and capital (arguably the two biggest ingredients for longterm success) are starting to cluster.
Let’s start with talent.
Asia now contributes 39.1% of new developers, the largest share globally, and continues to gain ground steadily. In contrast, North America and Europe, which once dominated, have seen consistent declines in developer share since 2017.
And now capital.
Asian-based crypto startups raised ~$3.1B in H1 2025, with June alone accounting for $1.7B. Outside of Asset Management, the most heavily funded sectors included Rendering ($500M), Communication and Messaging ($400M), Mining Operations ($296M), and Payments ($105M). Many of these rounds were categorized as strategic or accelerator. In contrast, during the same period, European-based startups raised $3.5B, while startups in the Americas brought in $8.9B. For even more context, 2024 saw Europe at $1.76 billion, Asia at $2.91 billion, and the Americas at $14.73 billion. Asia clearly leads in new developer share, but the capital situation is still murky.
Check back with me in a few months; the story is still being written :)
