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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.
DeCharge is a DePIN EV charging network that lets individuals and businesses deploy chargers and earn real usage-based revenue instead of relying on centralized operators.
The protocol combines physical charging hardware, onchain data verification, and a capital layer to track performance and distribute cash flows transparently.
DePINFi pools allow stablecoin financing of charging sites, with yields driven by real-world metrics like uptime and energy delivered.
A planned CHARGE token will power payments, incentives, governance, and access, effectively turning EV charging into an onchain energy capital market.
Stable launched its Layer-1 blockchain mainnet on Dec. 8, 2025, designed specifically to support high-throughput, low-cost USDT transfers for both retail users and institutions.
Unlike typical chains, Stable uses USDT as the native gas/payment token, removing reliance on volatile tokens for transaction fees.
The protocol’s native token, STABLE, has a 100 billion supply and is used for governance and securing the network via staking/delegation, not for paying gas fees.
Architecturally, Stable combines a delegated Proof-of-Stake consensus, an EVM-compatible execution layer, and optimized storage/RPC to enable fast settlement and familiar developer tooling.
Huma is a decentralized PayFi protocol that provides settlement liquidity and credit for payment use cases like cross-border payments and card settlements by linking liquidity providers with borrowers through smart contracts.
In Q3 2025 Huma 2.0 deposits grew sharply, total transaction volume reached $1.7B, and credit originations increased, showing rising protocol usage and engagement.
The protocol supports two product lines: Huma Institutional (permissioned for accredited investors) and Huma 2.0 (permissionless Solana-based deposits with Classic and Maxi yield strategies).
HUMA is the utility and governance token used for staking, rewards, and participation in protocol incentives, with market cap increasing modestly in the quarter.
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Lighter has maintained solid volume retention since concluding its Season 2 airdrop on December 26, 2025. In the two weeks prior, it averaged 23.6% daily volume market share and 12.3% open interest (OI) market share among perp DEXs. Post-airdrop, these shares declined 6.3% and 2.9%, respectively, averaging 17.3% for volume and 9.4% for OI. Most of the lost share moved to Hyperliquid, which gained 3.7% points in volume share and 1.4% in OI share over the same period.
The sharper decline in volume relative to OI is expected. Open interest represents committed capital with liquidation risk, making it a cleaner measure of genuine user activity. Volume is easier to farm. Lighter retaining roughly three quarters of its OI share suggests the protocol has attracted sticky users beyond just airdrop hunters.
