Messari Monthly: Intern Takeover

Key Insights

• USDe supply surged 55% in July to 8.5 billion, making it the third-largest stablecoin by issuance. Regulatory alignment, the launch of USDtb, and the upcoming StablecoinX listing positioned Ethena to serve both institutional and DeFi markets.
• Veda’s TVL grew 68% month-over-month in July to $4.2 billion, driven by deep integrations with partners like Mantle, Ether.fi, and Plasma. Its architecture as a composable yield middleware has made it a dominant player in DeFi.
• PENGU’s price consistently outperformed Pudgy NFTs in July, reacting faster and more sharply to major events like the ETF acknowledgment. This divergence highlights PENGU’s role as the ecosystem’s liquid, market-driven asset, while Pudgy NFTs continue to function as slower-moving brand collectibles.
• Hyperliquid’s builder codes are rapidly emerging as a core monetization engine for wallets and DeFi apps, accounting for $14 million in revenue over 30 days and empowering platforms like Phantom and Axiom to generate millions in monthly trading fees without building native infrastructure.

This monthly report showcases four distinct perspectives from the Messari interns for August. Each section features a unique chart or graphic, accompanied by in-depth analysis that contextualizes the data and examines its broader implications for the crypto industry.

Ethena's Play for the TradFi Play