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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.
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ETH rebounded +37% in Q2 to $2,487, with spot ETFs driving $4B net inflows
- Public companies accumulated 1.2M ETH ($3B)
- Total staked ETH reached 35.7M ETH (29.6% of supply)
- DeFi TVL rebounded 33% to $62.4B
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Layer-1 blockchain built for high throughput and low-latency transactions, optimized for DeFi, gaming, NFTs, & mass adoption
- Market cap rose 31.3% QoQ to $9.44B, outpacing the broader crypto market (+23.5%)
- DeFi TVL +44.3% QoQ to $1.76B. DEX volumes hit an all-time high of $367.9M/day, led by Cetus ($170.7M) and Bluefin ($78.5M)
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Grayscale launched the SUI Trust, 21Shares filed for a spot ETF, and Fireblocks added SUI custody
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- Solana DeFi TVL rose 30% QoQ to $8.6B, driven by Kamino and Raydium
- App Revenue Capture Ratio jumped to 211%
- New Alpenglow upgrade is set to cut finality latency from 12.8s to ~100–150ms, a 100× performance boost
- Circulating market cap rose 30% QoQ to $82.8B
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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.
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On August 15, 2025, a new player launched their competitor into the memecoin wars on Solana.
Heaven is a new launchpad that wants to claim market share from Pump.Fun and other leading memecoin launchpads.
What sets Heaven apart from other launchpads?
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The God Flywheel: The protocol generates fees from all swaps on the platform. 100% of these fees are collected and then used to buy LIGHT tokens, which they then burn.
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Permissioned fee structure: Heaven’s has a permissioned fee structure, which allows anyone to launch a token but requires them to verify with the Heaven platform if they wish to opt in to receive rewards.
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No bonding curve: Since Heaven has its own AMM, it does not require a bonding curve to seed its liquidity; instead, Heaven adds a small amount of virtual SOL seeded into each pool, enabling creators to launch without upfront capital. This approach eliminates the need for external LP migration, avoids migration sniping, and allows unrestricted initial participation.
- Starseed: Starseed is the LIGHT ecosystem fund designed to quietly support and grow projects on the Heaven platform. Instead of disclosing trades, it operates as a mystery backer, releasing “chapters” every two weeks that signal the types of creators, memes, and projects it’s most interested in.
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How has Heaven fared in the great memecoin wars?
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While still early, Heaven has gained traction, quickly jumping to the number two spot in revenue right behind Pump.Fun over the course of five days.
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With the Heaven protocol receiving more traffic, it has been able to buy $2.0 million in LIGHT tokens, which it then burns. In those seven days, the LIGHT token has risen 613.2%, going from $0.029 to $0.21. During this time, they’ve been able to burn 2.37% of the total LIGHT supply.
While still early in its lifecycle, Heaven has quickly emerged as a notable player in Solana’s memecoin wars. Whether this momentum proves durable remains uncertain, but the protocol’s design ensures that sustained activity directly amplifies value accrual to its native token, LIGHT, via ongoing buybacks and burns.
In the weeks ahead, it’ll be interesting to see if Heaven is just a fleeting speculative flashpoint or a durable engine for creating and monetizing cultural assets.
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Disclosure: Authors may own cryptoassets named in this newsletter. For more information, please visit messari.io.
Unqualified Opinions, a Messari newsletter, is meant for informational purposes only. It is not meant to serve as investment advice. Please consult with your investment, tax, or legal advisor before making any investment decisions.
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