Today's News Recap

Institutional Upgrade - FalconX partners with Standard Chartered to enhance crypto banking and cross-border settlement services for institutional clients. 

Public Debut - eToro goes public at $52 per share, exceeding expectations, with strong market debut on Nasdaq.

Bitcoin Blitz - Tether buys 4,812 BTC for $458M to fund a SPAC merger with Cantor; Steak 'n Shake begins accepting Bitcoin payments.

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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.

Filecoin Q1 Report

  • DePIN

  • Decentralized Data Layer

  • Programmable Infrastructure

  • Scaling via Layer-2 & Interop

Flow Q1 Report

  • Layer-1

  • Consumer Apps & NFTs

  • DeFi & Interoperability

  • Payments, Staking, and Governance

Tezos Q1 Report

  • Layer-1

  • Modular Architecture

  • Application Ecosystem

  • Developer & Governance Stack

Messari Research

Decoding Onchain Privacy

As the crypto industry matures, onchain privacy is evolving from a niche concern into foundational infrastructure. Privacy is no longer just a feature—it’s becoming a requirement for adoption. In this report, our analysts trace the trajectory of privacy in crypto—from Monero and Zcash to programmable privacy chains like Aztec and Aleo, and privacy middleware such as Railgun and Privacy Pools.

  • Modular, Programmable Privacy: Tools like Railgun and Confidential Token Extensions are embedding privacy across chains without compromising composability.

  • Regulatory Pressure vs. Innovation: Sanctions, delistings, and global fragmentation remain major challenges—even as zkKYC and privacy-aware compliance tools gain traction.

  • New Sector Breakdown: The report defines three core verticals: Private Payment Networks, Programmable Privacy Chains, and Privacy Middleware.

  • UX and Liquidity Remain Bottlenecks: Adoption still hinges on seamless integrations and large anonymity sets to preserve effectiveness.

The future isn’t about full anonymity—it’s about selective disclosure, privacy-by-default UX, and infrastructure-level innovation that balances user protection with accountability.

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