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Payments Trial - Swiss Bank AMINA trials Google Cloud's Ledger for instant payments.
Big Buyback - Trump-backed World Liberty Financial spends $10m buying back own token.
Prediction Push - Robinhood makes prediction market push with purchase of former FTX platform LedgerX.
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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.
Combines privacy-preserving federated learning with onchain incentives to let communities collaboratively train AI models without sharing raw data
Market cap more than doubled QoQ (+104%) as exchange listings (Coinbase, Upbit) boosted awareness and liquidity
Training nodes (+6%), validators (+5%), and delegators (+10%) all increased, signaling healthy contributor growth
New long-term staking model aligns incentives, boosts yield for longer lockups, and reduces mining-and-dumping behavior
Modular Layer-2 that separates execution, data availability (DA), and settlement to improve scalability and reduce costs
MNT governs Mantle’s treasury, roadmap, and key protocol parameters
MNT’s price rose 199.8% to $1.8, aided by deeper Bybit integration
Circulating market cap surged 189.8% QoQ to $5.7B
Public Layer-1 blockchain focused on the Machine Economy – enabling robots, devices, vehicles, and other machines to act as onchain economic agents
Positioning as a leading chain for robotics + machine RWAs (e.g., tokenized robo-farm in Hong Kong, Combinder energy devices, Silencio audio DePIN, XMAQUINA physical-AI DAO, Teneo AI-agent network)
Market cap up ~69% to ~$129M, 5.6M transactions (+19% QoQ)
Multiple CEX listings improve PEAQ liquidity and reach
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Bank runs and currency collapses often begin long before the underlying structures weaken. Even with substantial reserves, once an event breaches the narrative threshold, perceptions of what other investors think take precedence over fundamentals and trigger a self-fulfilling prophecy.
In models of global games, a market outcome can remain stable for extended periods of time, then suddenly flip when investors begin second-guessing each other’s beliefs. When expectations flip, a speculative attack may form due to investor uncertainty about how others will react, even when fundamentals remain stable. Even with intact reserves or ample collateral, a small movement in these higher-order beliefs can trigger a self-fulfilling run. This dynamic indicates why currency pegs break, why solvent banks face withdrawals, and why speculative attacks occur without any deterioration in the underlying asset.
Strategy’s current funding environment makes this coordination failure more likely. In January 2025, Strategy introduced a new layer of fixed obligations through its preferred stock, requiring continuous external funding. Now that funding sources are narrowing, critics claim that Strategy will be forced to liquidate BTC to service its obligations, while supporters insist that the fundamentals remain strong. The divide between critics and supporters is precisely the environment in which global game dynamics take hold.
Strategy’s core fundamentals remain unchanged: there are no debt covenants requiring BTC sales, and the software business breaks even. What has changed is a decreased ability to raise funding through at-the-market (ATM) stock sales and increased doubts about the sustainability of preferred dividends. If investors expect other investors to tolerate ATM issuance, the equilibrium remains stable, but if they expect other investors to exit ahead of issuance, then the selling pressure itself creates the conditions for a downward spiral. Thus, Strategy’s fate is anchored to the expectations underlying common stock issuance, rather than to a particular BTC price
