State of Stablecoins 2025 🧵 (You can read the full report here for free)

messari.co/3UqWIYa

State of DePIN 2024 🧵 (You can read the full report here for free)
messari.co/3WacKam

6 hot takes for 2025 🧵 Hyperliquid's Outperformance May Be Over - @AvgJoesCrypto

On Dec. 30, 2023: 1 BTC = 396 SOL. A year later, 1 BTC = 493 SOL. Despite the 2024 buzz, SOL lagged BTC.

At $27B FDV, HYPE is:
- 1/4 of SOL's FDV.
- 1/2 of $COIN's MC.
- Equal to $FTT's peak FDV.

Hyperliquid will be a dominant narrative in 2025, but the market might have anticipated it in Q4.

$21T is needed to transition the grid to clean energy by 2050 due to CO2 goals & rising demand.

Challenges:
1️⃣ Rapid, cost-effective capacity scaling.
2️⃣ Integrating decentralized energy resources into an outdated grid.

Navigate the DePIN Energy Sector with @dylangbane🧵 Solar is now the world's cheapest energy source.

But, the fossil fuel-based grid isn't ideal for clean, decentralized energy sources like solar, wind, and batteries.

DePIN protocols can help:

⚡ Incentivize DER deployment

⚡ Enhance grid coordination via VPPs/DRPs

⚡ Tokenize DERs/carbon credits for better liquidity and transparency

Bear or Bull, Solana is accelerating.

But keeping up can feel "impossible", even for Toly or Raj.

Introducing solana.messari.io

All the answers you need - all in one link - no login required ⬇️ x.com/aeyakovenko/st… Let's start with the table stakes - key network metrics:

- Transaction Fees
- Daily Transactions
- Active Addresses
- TVL, etc.

Those are must-haves. But alone they don't tell the whole story.

To make better decisions, the best analysts go beyond the numbers ⬇️

Liquidity fragmentation across blockchains is one of DeFi's largest challenges, leading to high costs and low capital utilization.

@EverclearOrg introduces the first Clearing Layer to solve liquidity fragmentation. Let's explore what Everclear is and why it matters 🧵 The Problem 🔎

Fragmented liquidity between chains leads to high costs & low capital utilization for solvers, market makers, & CEXs. Rebalancing is complex, costly, and often slow.

As the number of chains grows, so do rebalancing requirements. A better solution is needed.

Copilot wasn't the only product announcement we made this week.

Introducing Community Centers from Messari - the next evolution of community relations.

More than just a dashboard. Coming first to @Solana and @avax

Director of Product, Ken Yip walks us through
🧵⬇️ Crypto moves fast 🏃‍♂️

"The frameworks and methods of yesterday won't work for the needs of tomorrow."

✨ Introducing Messari Copilot – All of Crypto. One Assistant.

Messari Copilot taps into 30+ TB of crypto data from our own vault of:
✍️ Research
💰 Fundraising
⛓️ Onchain metrics
📊 Market and social data
📰 News/Podcasts

Built for Trust. Built for Speed.
Let’s dive in 🧵⬇️ 1/ Deep 360° Coverage

Get the most comprehensive view of the crypto landscape:
📊 Real-time market and onchain data
🏦 Institutional-grade asset monitoring
✍️ Advanced Research
💰 Fundraising events
🎧 AND curated third-party sources (news, social, podcasts)

All in one place 🔍

DePIN continues to grow 🌐

With fundraising volume up 296% year over year, the total market cap grew 400% to $20 billion.

It’s Time for a #DePIN Sector Update 🧵⬇️ 1/ Since our last Sector Map, we’ve added four DePIN sub-sectors:

• Decentralized Gaming Infrastructure (DeGIN) - Compute Network
• AI Data Layer - Bandwidth Network
• Robotics - Mobility Network
• Manufacturing - Mobility Network

Exploring AI x Crypto 🤖

This sector has seen explosive growth, with numerous projects now valued over a billion dollars with $230M invested in July 2024 alone.

Let's dive into the intersection of decentralized AI and blockchain technology.
🧵⬇️ First, let's break down some key components in AI x Crypto:

1. Decentralized Compute Networks: Networks of GPUs for model training and inference.
2. Model Coordination Platforms: Incentivizing model development and specialized inference settings.

1/ The crypto space's evolution has necessitated stronger server infrastructure to meet the increasing performance requirements of blockchains and their applications.

@Old_Samster dives into why advanced physical infrastructure is crucial.👇🧵 @Old_Samster @Filecoin @sphere_labs @akashnet_ 2/ Newer chains like @avax and @Solana demand significantly higher processing power compared to @Ethereum.

This has driven validators towards being hosted in data centers, given their increased demand for processing power, low latency, and high uptime.

1/ Scalability is a key factor in the crypto space, with the modular approach gaining popularity. However, @Solana has taken a contrarian stance.

@kelxyz_ explains how @jump_firedancer, a validator client developed by @jump_ aims to enhance Solana's monolithic approach.🧵 2/ @jump_firedancer's first milestone, "fd_quic," demonstrated impressive transaction propagation throughput of 1M transactions per second (TPS) in initial performance tests.

But there's more work to be done to achieve the full potential of Firedancer.

1/ Closing out Q1 quarterly reports for 2023, our State of @trondao, $XRP Ledger (XRPL), @Stacks mark our final three releases.

Explore individual protocol highlights and access the full reports below.👇🧵 2/ @JamesTrautman_'s State of @trondao Q1 23' report ⬇️

+Dynamic Energy Model resulted in revenue up 65.5%
+Circulating Mcap of $TRX increased by 18.1%
+Prominent protocols #justlend & #juststables saw TVL increase at 26% and 21% respectively

🔗 zpr.io/YHp2NGq9R926

1/ In a bear market, it's crucial to focus on long-term market developments and product announcements to understand what may support or drive new waves of app development.

@Saypien_, @Old_Samster, & @chasedevens dive into this week's key developments and product announcements.🧵 2/ Aligned, a high-performance compute provider, predicts the zero-knowledge proofs (ZKPs) market to reach $10B by 2030.

ZKPs verify computations and ensure privacy in transactions. #Ethereum is expected to capture 66% of the market.

1/ @xmtp_ is revolutionizing Web3's messaging layer with its generalized protocol and network.

@sunnydece explains how XMTP enables end-to-end encrypted messaging between on-chain addresses and the project's approach to mass adoption.🧵 2/ How does @xmtp_ work?

XMTP acts as a bridge between blockchain addresses, allowing secure messaging.

XMTP inbox is tied to a user's address and portable between apps.

Users can access and send messages through various apps, fostering continuity and interconnectedness.

1/ @ph0rt0n compares the financial, network, and ecosystem analyses of 14 Layer-1s (L1) in Q1'23.

Featured L1s include @avax, @BNBCHAIN, @Cardano, @ethereum, @harmonyprotocol, @hedera, @NEARProtocol, @Polkadot, @0xPolygon, @solana, @Stacks, @tezos, @trondao, and @WAX_io. 👇🧵 2/ The crypto market rebounded in Q1'23, with the market cap of featured Layer-1 (L1) smart-contract platforms increasing by an average of 83% QoQ, but still down 58% YoY.

@ethereum had the highest market cap, over 2x the other networks combined.

1/ Decentralization is key to a resilient Proof-of-Stake network.

Let's explore the benefits, challenges, and new standards set by @sunnydece and @theSamPadilla for measuring and improving operational decentralization in public PoS networks. 🧵 2/ In a PoS system, validators play a crucial role as the backbone of global computing platforms.

They validate and record transactions, ensuring consensus on the chain of blocks.

Understanding their functions and operational factors is essential to measure decentralization.

1/ @solana, known for its low transaction costs and quick confirmation times, has found its strength in consumer products with lower-value transactions.

@0xallyzach dives into some key insights and trends shaping Solana's ecosystem and user activity. 🧵 2/ Despite the decline in on-chain liquidity, @solana's developer ecosystem has shown resilience.

They have been actively building new functionalities, especially in the consumer sector, including programmable #NFTs and compressed NFTs.

1/ The average user experience (UX) in crypto is notoriously lackluster, creating friction points that sour potential users on specific products and/or crypto in general

@bloomberg_seth explains how Account Abstraction and smart accounts look to change this.🧵 2/ Smart accounts introduce a number of features aimed at improving UX, including:

+Gasless Transactions
+Seamless Multichain Operations
+Key Management
+Spending Tiers and Limits

1/ Decentralized solutions for storing structured and dynamic data are crucial for Web3 apps, yet they have been lacking.

But emerging projects are now addressing this need.

@Old_Samster shares insights on these solutions below.👇🧵 2/ The Web3 app stack consists of four main components:

+Smart contract layer
+File storage
+Database
+General infrastructure

To create fully decentralized applications, decentralized databases must be included.

1/ Missed this week's top trends in crypto? Don't worry, we've got you covered!

From speculative market behavior to tokenholder activism, @chasedevens, @kunalgoel, @kelxyz_, @0xallyzach, and @Old_Samster recap the must-know themes below 👇🧵 2/ Milady

After a memecoin crazed week, a specific subset of NFTs saw a resurgance.

Since the beginning of April, the floor prices of Remilia NFT collections (eg @miladymaker & @REMILIONAIRE) have skyrocketed while other blue chip collections have fallen.