State of Stablecoins 2025. Dropping tomorrow, July 22 (free to everyone). We cover cross-border payments, dollar access, and stablecoins at the frontier across 100+ pages. @MessariCrypto x 18 contributing partners.

the treasury cos are about to buy all your coins best panic sell them all 15 minutes before market open

"Retail's share of trading volume has gotten back to above 20% recently which it hadn't done outside of immediately after the pandemic and the 2021 meme-stock craze." Citadel Rubner via @neilksethi

great day to sell your hype to the AF

vibe

$GLXY has A LOT of room to run and should act as one of the highest beta crypto stocks vs other top crypto names in the market given its much smaller relative market cap of sub $10B vs $COIN at $104B $HOOD at $94B $CRCL at $57B + great AI exposure via their massive data center

wonder if pump can flip green on the day in this scenario 🥲

"nothing stops this train" train be like

Our soft launch of Phantom Perps just crossed $350M in trading volume in its first week 🤯

Hyperliquid and Pump are two onchain products that probably have the deepest distribution, so they don’t really need incentives The point of incentives is to drive user acquisition and deepen distribution Most generic incentive programs fail to really achieve this objective long term, because the incentives act as a cushion for a subpar product or UX i.e. the experience without incentives is simply not good enough to warrant the markets attention Products that struggle to find distribution organically should 100% still be thinking about incentives, but it’s not as simple as just slapping on volume/liquidity incentives and hoping it sticks long term Projects need to put more soul in their marketing/awareness and product design to build something where incentive driven user acquisition can drive meaningful retention