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Over 35 projects raised ~$2.22B last week, led by Binance and Mesh. MoonPay acquired Iron, and Sol Strategies purchased Laine. Kyle (DeFiance Capital) emphasized crypto’s need for first-principles thinking, Anagram explored stablecoins as programmable money, and Hildebert Moulié analyzed the $5B cost of geoblocking airdrops. Here's your breakdown of key deals and insights ??

What does Ethereum’s dominance mean for 2025? Q4 2024 highlighted Ethereum’s resilience and continued leadership across DeFi, institutional adoption, and network upgrades. Here’s what stood out: ?? Ethereum’s TVL surged 121.6% YoY to $66.3B, outpacing most major Layer-2s and reinforcing its role as the primary settlement layer. ?? ETH ETF holdings grew 63.6% QoQ to 3.6M ETH ($11.9B AUM), reflecting increasing institutional exposure and demand. ?? Stablecoins on Ethereum hit $110.8B, now accounting for over 50% of the total stablecoin supply, solidifying its role in onchain finance. ?? Ethereum staking saw its first-ever quarterly decline, suggesting that staking participation may be stabilizing as rewards decrease. ?? The Pectra upgrade (March 2025) is set to introduce improvements in staking efficiency, transaction cost optimization, and Layer-2 scalability. With strong onchain activity, growing institutional engagement, and major upgrades ahead, Ethereum continues to shape the broader crypto ecosystem. ?? Read the full Ethereum Q4 report: https://messari.co/4bOi7lS

Bitcoin is digital gold. Could it be more than that? Babylon Labs says yes. Babylon offers a security-sharing protocol that leverages Bitcoin's security to secure Bitcoin Secured Networks (BSNs). What are those? Protocols that need economic security to remain secure and operate properly, such as Layer-1 proof-of-stake (PoS) networks or data availability (DA) protocols. This is similar in concept to EigenLayer, which was the first to market with restaking ether for security. With Babylon, bitcoin tokenholders that desire yield can deposit (stake) bitcoins to provide security for BSNs. Staked bitcoins are delegated to Finality Providers (FPs), which serve as the validators that secure BSNs. Babylon’s Phase-1 attracted 57,290 BTC in deposits, or 0.29% of bitcoin's circulating supply. The protocol accumulated the third-highest amount of bitcoin behind just BlackRock and Fidelity Investments! Of that amount, 41,032 had been liquid staked, an increase of 181.7% QoQ. Lombard continued to be Babylon’s leading liquid staking protocol, ending Q4’24 with a TVL of 15,959 BTC, up 157.5% QoQ as LBTC became the 5th largest bitcoin derivative. Looking forward, Babylon's Phase-2 is set to introduce stake slashing with the launch of Babylon Genesis, Babylon's Layer-1 network that will serve as the first Bitcoin Secured Network (BSN). Check out my Messari State of Babylon Q4 2024 report for a deeper dive! https://lnkd.in/dSPCJt8V

Over 25 projects raised ~$200M last week, led by Across and DoubleZero. Mysten Labs acquired Parasol, Polymath merged with AnalytixInsight, and One Click acquired KeyFi. Foundation Capital launched its $600M Fund 11. a16z crypto categorized token types, Shayon Sengupta highlighted JTO on Solana, and Ryan Watkins analyzed Hyperliquid’s opportunity. Here's your breakdown of key deals and insights.

What happened at ETH Denver 2025? Here’s what stood out to Messari Analyst, Dylan Bane, at the conference: ?? AI agents were still in focus, but with more scrutiny. While AI tokens drove market activity in late 2024, conversations shifted toward realistic adoption timelines and tangible use cases beyond basic memecoin agents. ?? DePAI & Robotics gained traction. Decentralized Physical AI (DePAI) projects like GEODNET, IoTeX, and Peaq dominated discussions. VCs are betting on AI-powered robotics as the next major DePIN use case. ?? Sentiment was muted. Attendance was down, innovation felt slow, and the AI agent hype cycle cooled after February’s price crash. The market downturn weighed on overall morale. ?? zk-TLS is heating up. The ability to port user data from Web2 into Web3 was a major theme, but execution challenges and legal hurdles remain. GTM strategy will be key in 2025. ?? Stablecoins are winning institutional adoption. MetaMask x Mastercard’s partnership, Wyoming’s stablecoin plans, and growing TradFi interest signal that institutions are serious about stablecoins—but innovation is largely concentrated among major players. ETHDenver 2025 made one thing clear: the next cycle won’t be driven by hype alone. Real adoption and execution will define the winners. Read the full report: ?? https://messari.co/3XutZ6M

Are you coming to Paris Blockchain Week? Join Messari's Eric Turner, CFA for the opening panel discussion at #PBW2025, "What's Next for 2025?" Plus, be sure to swing by the Messari booth afterward to connect with the team and experience our latest premium features firsthand. We hope to see you there!

What happened with Bitcoin in Q4??Here’s what drove Bitcoin’s strongest quarter yet: ?? BTC ended 2024 at $93,400, up 48% QoQ and 121% YoY. The rally was fueled by post-election market sentiment, increased institutional adoption, and aggressive BTC acquisitions by Strategy. ?? Bitcoin ETFs also played a major role, with AUM surging 80% QoQ to $108.43 billion. BlackRock's IBIT became the most successful ETF launch in history, ending its first year with over $50 billion in AUM. ?? Bitcoin’s mining industry thrived, with hashrate hitting a record 890 EH/s.?Miner revenue surged 41% QoQ to $40.1 million, as BTC’s price growth offset the impact of halving. Mining difficulty increased by 15% QoQ, further reinforcing network security. ?? Bitcoin layers and DeFi saw substantial growth.?Bridged BTC rose 39% YoY to 326,600 BTC, while Bitcoin DeFi TVL increased 693% QoQ to $6.51 billion, ranking Bitcoin as the fourth-largest chain by TVL. Babylon led this expansion, capturing 82% of Bitcoin DeFi TVL. ?? NFT activity rebounded, with trading volume up 116% QoQ to $4.7 million.?Magic Eden maintained dominance, but OKX’s NFT marketplace rapidly gained market share, increasing volume by 281% QoQ. Read the full State of #Bitcoin report: https://messari.co/41EVWv8

Over 35 projects raised ~$558M last week, with Ethena securing $100M for its crypto-native stablecoin. Bankless Ventures launched its second fund with a $50M target, while Phantom, Self Labs, and Bluefin made strategic acquisitions. ZachXBT joined Paradigm as an incident response advisor, and Ryan Watkins explored the role of RWAs, DePINs, and Agent Collectives in mass adoption. Here’s a breakdown of the key deals and VC insights ??

Messari’s Summer Internship Program is back! After running one of the most recognized crypto research internships in NYC last summer, we’re doubling down on our commitment to developing the next generation of industry leaders. The 2025 program is a 10-week immersive? internship in our NYC office including: ?? Hands-on mentorship from Messari Analysts aka the brightest minds in crypto ?? Intensive training on technical concepts and advanced research techniques ?? Exclusive access to industry events and networking opportunities ?? Competitive pay with full-time job opportunities for top performers Program Details: ?? June 3 - August 8, 2025 ?? NYC HQ | Tues-Thurs in-office, Mon & Fri remote ?? Limited to 5 exceptional candidates Who Should Apply? ?? Students passionate about crypto, DeFi, and blockchain research ?? Strong analytical, communication, and quantitative skills ?? Curious minds eager to work with top institutional-grade crypto research ?? Applications open Feb 24 - March 7, 2025! For more information on the application and recruitment process join the info session on February 26th - RSVP Here: https://lu.ma/hs16nc11 Don’t miss this chance to kickstart your career at the forefront of crypto research. Apply now and be part of something big! ?? Learn more & apply: https://messari.co/43gfZS1

Over 25 projects raised ~$138M last week, with Blockaid securing $50M for blockchain cybersecurity. The Somnia Ecosystem Fund launched with $270M to back Somnia Web3 startups. Meanwhile, Jesse Walden explored how onchain securities could reshape startup ownership and governance. Here’s a breakdown of the key deals and VC insights ??