Presented by
Today's News Recap
TeraWulf Takeoff - TeraWulf jumps 22% on $3.7B AI hosting deal, with Google taking 8% stake.
Bitcoin Boom - Bitcoin crosses Google to become fifth-largest asset as Fed rate cut bets rise.
XRP Excels - XRP breaks key resistance after ripple-SEC win — is $8 next?
New here? Ask Copilot up to 5 free queries per day with Messari Basic.
Top Assets
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.
Independent network designed to scale Bitcoin and enable programmability
Total CORE + BTC staked rose 30% QoQ to $706M; CORE staked jumped 40%
56% of BTC stakers now also stake CORE for boosted yields; 41% of them are in the top “Satoshi” tier
Layer-2 (L2) built on Optimism’s OP Stack; part of the Superchain for cross-L2 interoperability.
Unique contract callers surged 303% QoQ and daily active addresses rose 121% QoQ
Boba Ethereum dominated, driving 95% of transactions and nearly all usage gains
HybridCompute 2.0 live – enables native smart contracts to access offchain AI models, Web2 APIs, and enterprise data
Decentralized indexing protocol providing onchain data
Query volume hit an all-time high of 6.49B (+5.8% QoQ)
1,673 new Subgraphs launched (+46.3% QoQ) and active Subgraphs reached a record 14,023
Usage-based revenue increased 6.4% QoQ to $128.9K
From Our Sponsor
Introducing the Chainlink Reserve—a strategic reserve of LINK tokens designed to support the long-term growth of the Chainlink Network by accumulating LINK using offchain revenue from large enterprises adopting Chainlink and onchain service usage. Through a unified platform offering, Chainlink is uniquely positioned to power and benefit from the growing tokenization trend as more and more of the world’s largest financial institutions adopt blockchain to tokenize trillions of dollars of assets onchain.
Messari Research
Evaluating The Future of Internet Payment Protocols
By: Sam Ruskin and Lincoln Murr
This report examines how the internet’s lack of a built-in payment protocol forces value transfer through siloed, intermediary-controlled systems like SWIFT, ACH, and card networks, which introduce cost, latency, and geographic constraints. It explores how stablecoins, with their programmability, global accessibility, and microtransaction capabilities, can form the foundation for internet-native payments.
The analysis breaks down the proposed payment architecture into four modular layers (application, coordination, routing, and settlement) highlighting the coordination layer as the missing piece for enabling seamless, automated payments between humans and autonomous agents. Protocols like X402 and the Interledger Protocol are identified as key to bridging this gap, paving the way for a permissionless, machine-readable payment infrastructure built for the modern internet.
