Messari's Unqualified Opinions
by Messari
Crypto has real use cases - now. Learn about them here.
Episodes
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Interview with Octra: Private DeFi, Encrypted AI & On-Chain Privacy's Future | Messari Fully Diluted
In this episode of the Fully Diluted, AverageJoesCrypto sits down with Alex, co-founder of Octra, a privacy-focused L1 blockchain built around Fully Homomorphic Encryption (FHE). Unlike mixers or ZK-based privacy tools, Octra performs computations directly on encrypted data without ever…
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edgeX's Explosive Q4: RWA Perps, Upcoming TGE & Circle Integration
Research Analyst @CryptoRick98 sits down with KF, co-founder of edgeX, to break down the State of edgeX Q4 2025 report. The conversation covers edgeX's explosive growth in TVL, perp trading volume, and fees — all achieved amid one of the most volatile quarters in crypto history. KF also discusses...
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Equity Perps, Uniswap Buybacks & BitTensor's Decentralized Inference
In episode 21 of Messari's Fully Diluted, Alex Beaudry is joined by analysts Hayden Booms, Dillon Shirley, and Qorban Ferrell to break down the most important moves happening across DeFi, derivatives, and on-chain AI. The team dives deep into Hyperliquid's HIP3 markets, Uniswap's fee switch...
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How USD.AI Disrupts Private Credit with On-Chain GPU Financing
Conor Moore, co-founder and COO of USD.AI, joins Messari's Fully Diluted podcast to discuss the emerging on-chain credit market for GPU-backed loans. USD.AI provides financing for neoclouds and AI infrastructure companies, competing directly with traditional banks and private credit funds. The...
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Will Prediction Market Volumes Continue to Grow? Bull vs Bear Case | Messari Fully Diluted
The Messari team analyzes prediction markets after the Super Bowl drove record volumes across Kalshi and Polymarket. With $6.2 billion in weekly volume split between sports betting and political markets, the question is whether this represents a local top or sustainable growth. Will prediction...
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The Electric Dollar: How Stablecoins Will Finance AI's Future
Dylan Bane sits down with Anirudh from Robot Ventures to discuss a provocative thesis: stablecoin issuers could become the marginal buyers of US debt, helping finance the explosive growth of AI infrastructure.Anirudh explains how Tether and Circle have already become the 15th largest holders of…
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DePIN Growth, Trade XYZ Explosion & BitTensor Updates | Messari Fully Diluted
The Shoot the Sh*t Podcast #19 dives deep into DePIN's real state in 2026. While token prices are down dramatically, revenue is surging and networks are becoming genuinely profitable. InfraFi emerges as the most exciting DePIN development, offering stablecoin holders 10-15% yields by financing...
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The Secret to Tron’s Rapid Adoption in Emerging Markets
Sam Elfarra, Community Spokesperson at TronDAO, reveals how Tron’s first-mover advantage on USDT has created a liquidity revolution in emerging markets, making crypto accessible to the unbanked and transforming cross-border payments. With annualized settlement volumes nearing $8 trillion and...
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How Dabba Scaled from 1K to 75K WiFi Hotspots in 18 Months | Messari Fully Diluted
Dabba is building the future of connectivity in India through decentralized physical infrastructure on the Solana blockchain. This episode of Fully Diluted features founder Karam Lakshman discussing how Dabba has become one of the fastest-growing DePIN networks globally, expanding from 1,000 to...
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State of DePIN 2025 | Fully Diluted
In this episode of Fully Diluted, Messari’s Dylan Bane sits down with Sal Gala, co-founder and managing partner at Escape Velocity Ventures, and Connor Lovely, founder at Proof of Coverage Media, to explore the current state of DePIN in 2025. They delve into the evolution of DePIN, its revenue...
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Drones x DePIN: Spexi and LayerDrone Are Building a Global Spatial Data Network | Fully Diluted
Drones, not satellites, might power the next generation of maps and spatial AI. In this episode of Fully Diluted, Messari’s Dylan Bane sits down with Alec Wilson, COO of Spexi and founding contributor to LayerDrone, to break down how their DePIN-powered drone network is creating a standardized,...
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Exploring Railgun: The Future of Crypto Privacy | with Messari Research
Join us for another episode of Fully Diluted with Messari Analysts Matthew Nay, Sam Ruskin, Qorban Ferrell, and Jake Koch-Gallup.This week, we explore Jake's insightful analysis of RAILGUN, a cutting-edge ZK privacy tool for EVM networks, and discuss its valuation and market impact. We also cover...
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Consumer Crypto 2026: Prediction Markets, Wallet Wars & the Next Speculative Cycle | Fully Diluted
Prediction markets may be the first real breakout product for consumer crypto—and they’re only getting started. In this episode of Messari’s 2026 Theses consumer series, we’re joined by Tulip King and Baba, two former Messari analysts, to unpack where consumer crypto actually goes next. The...
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Theses 2026 on DeFi: Perps & Equity Perps, Prediction Markets, Stablecoin Yield w/ Messari Alumni
Perps are leveling up from a crypto-native niche into a global trading primitive—and equity perps may be the breakout narrative of 2026. In this year-in-review episode of Messari: Unqualified Opinions, Messari Research Analysts Sam and Qorban are joined by Messari alumni Sunny and Kunal to unpack...
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Theses 2026: Crypto x AI – Why BitTensor Could Be the “Bitcoin of Open AI Competition” | Fully Diluted with Messari Research
In this episode, Dylan, Sami and Seth break down why crypto + AI isn’t just a moral counterweight to Big Tech—it’s a faster innovation engine. They explain how BitTensor’s subnet model turns AI development into an open, incentive-driven competition (similar to how Bitcoin relentlessly optimized...
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Theses 2026: Ethereum, L2s, and the Battle for the Everything Exchange | Messari's Fully Diluted
Messari’s Theses 2026 multi-chain roundtable breaks down who’s really winning the L1 / L2 wars and what that means for the next cycle. The Enterprise team dives into: - How Ethereum clawed back from peak despair in 2025 - Why Arbitrum and Base are pulling away from the L2 pack - What a Robinhood…
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State of Crypto 2026: Winners, Losers, and Big Bets for the Next Cycle | Messari's Fully Diluted
In this episode of the Messari Thesis Podcast, the Enterprise research team recaps the wild year that was 2025 and lays out their highest-conviction bets for 2026. We dig into why Bitcoin has clearly separated from the rest of the market, how Hyperliquid and a handful of standout apps stole the...
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State of Crypto AI, Monad & L1s: Where We Really Are in the Cycle | Messari's Fully Diluted
How much of “crypto AI” is still just narrative—and how much is finally real? In this episode, Messari’s Enterprise team unpacks findings from Messari’s newly released State of AI Report and what they mean for decentralized AI, infra, and the broader market. Chris walks through why post-training,...
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Swarm Intelligence & Crypto AI: Inside Fortytwo’s Decentralized Inference Network | Fully Diluted
What if the smartest AI didn’t live in a hyperscale data center—but across millions of everyday devices? In this episode, Chris Davis sits down with Ivan Nikitin, co-founder of Fortytwo, an AI network built on crypto rails that turns idle consumer hardware into a global swarm of specialized…
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Crypto as Capital Formation: DePIN, AI & Zero-Employee Orgs With Multicoin | Messari's Fully Diluted
In this episode, Messari's Chris Davis sits down with Shayon Sengupta, Partner at Multicoin Capital, to unpack how crypto-native markets are reshaping everything from wireless networks and AI compute to data collection and talent markets. They trace the lineage from Bitcoin mining to Helium and...
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Rewiring Crypto: How DoubleZero Builds a High-Speed Network for Solana & Beyond | Fully Diluted w/ Messari Research
The public internet wasn’t built for high-performance blockchains.In this episode of Fully Diluted, Messari’s Dylan Bane and Matthew Nay sit down with Austin Federa, co-founder of DoubleZero, to unpack how a global mesh of privately contributed fiber links is becoming the low-latency “private...
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Monad Mainnet Is Here: The Fastest EVM Chain Goes Live | Fully Diluted with Messari Research
Monad is gearing up for one of crypto’s most anticipated launches — a high-speed, censorship-resistant L1 built to merge scalability with true decentralization. In this episode of Fully Diluted, Dylan Bane and Matthew Nay sit down with Monad’s Kevin and Jack to discuss the tech behind Monad’s...
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Can You Launch a New Telco in 2025? Dabba’s Plan to Connect India via Can You Launch a New Telco in 2025? Dabba’s Plan to Connect India via DePIN | Messari Podcast
Messari CTO Diran Lee sits down with Karam Lakshman, CEO & co-founder of Dabba, to unpack how a DePIN marketplace, local cable operators, and crypto incentives could build a new Telco in the world’s toughest market—India. We cover broadband vs. mobile realities, Dabba’s business model and token...
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ETH’s Q3 Surge: DATs Grab 3.8% of Supply, ETH ETFs Outpace BTC | Fully Diluted with Messari Research
Q3 was ETH’s quarter. Messari Research digs into why ETH ETFs saw more inflows than BTC, how ETH-focused DATs amassed ~3.8% of ETH supply in one quarter, and what MNAV convergence means for future buy pressure. We also cover stablecoin growth (and USDe’s breakout), the slow-but-real maturation of...
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Helius on Privacy’s Next Wave: Zcash, Solana, & Future of Onchain Markets | Fully Diluted with Messari Research
In this episode of Fully Diluted, Messari’s Dylan Bane and the Messari Research team sit down with Mert Mumtaz, Co-founder and CEO of Helius, to unpack the evolving privacy landscape in crypto. They dive deep into Zcash’s resurgence, Solana’s growing DeFi ecosystem, and the regulatory and…
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Robots With Wallets: OpenMind’s Vision for Physical AI & On-Chain Coordination | Fully Diluted with Messari Research
On this episode of Fully Diluted, Messari’s Dylan Bane and Chris Davis sit down with Yan, founder/CEO of OpenMind (and Stanford engineering professor on sabbatical), to unpack the near-future of physical AI—LLMs embodied in robots that can navigate homes, talk, learn, and even pay for services....
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Stablecoin Neobanks, Perp Wars & Double Zero | Fully Diluted with Messari Research
In this Episode, Messari's Enterprise team digs into three hot threads: why stablecoins are the best onramp for mainstream users, whether on-chain neobanks can beat custodial fintech, and the latest in the Perp Wars (Hyperliquid vs. Aster/Lighter). We close with Double Zero’s launch, token design...
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Injective: The Finance L1 — MEV-Resistant, Pre-IPO Perps, EVM | Fully Diluted with Messari Research
Injective CEO Eric Chen joins Messari’s Dylan Bane on Fully Diluted to unpack a finance-first Layer-1 built for performance and markets. Injective is a Cosmos SDK chain with instant finality (~25k TPS) and MEV-resistant orderbook/financial modules that power apps like Helix. We cover…
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Botanix: The Bitcoin L2 Paying Native BTC Yield | Fully Diluted with Messari Research
Botanix co-founders Willem Schroé and Alisia Painter join Messari's Dylan Bane on Fully Diluted to unpack a Bitcoin Layer-2 built for real finance. Botanix is a proof-of-stake Bitcoin L2 where 50% of gas fees flow to stakers via STBTC—a liquid, up-only, native Bitcoin yield backed by on-chain...
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Exotic RWAs & the New Crypto Frontier | Fully Diluted with Messari Research
This week, the Messari Enterprise team digs into the next big unlocks and headwinds across crypto: 🔹 Exotic RWAs (Pokémon cards, watches, wine): why tokenizing non-financial collectibles finally improves UX (instant settlement, lower trust frictions) and could onboard normies. 🔹 Macro setup…
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Still Early: Crypto Venture After Hype With Framework | Fully Diluted with Messari Research
VC Brandon Potts (Framework Ventures) joins Fully Diluted to cut through the noise on crypto venture right now. We cover why “let the token rip” is a dead-end playbook, where real demand and distribution come from, and why the next wave looks like application-specific infrastructure, stablecoins…
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Helium Revenue Burn, Fed Pivot, and Prediction Markets | Fully Diluted with Messari Research
In this week's episode, the Messari Enterprise team covers a loaded agenda: 🔹 Helium Mobile’s move to burn 100% of revenue in HNT 🔹 Fed pivot sparks a rally in ETH and TradFi equities 🔹 Capital rotation across majors, altcoins, and onchain flows 🔹 Hyperliquid smashes volume records and…
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Chainlink’s Future: Tokenization & Institutional Adoption | Unqualified Opinions by Messari Research
In this episode of Unqualified Opinions, Messari’s Whynonah sits down with Johann Eid , Chief Business Officer at Chainlink, to explore the evolution of Chainlink from solving the oracle problem to becoming a cornerstone of institutional blockchain adoption. Johann shares personal insights on the...
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Ethereum’s Surge, Institutional Buying & DeFi Impact | Fully Diluted with Messari Research
Ethereum is up over 45% this month, outpacing every major asset — but what’s fueling this explosive move? In this episode, Matthew Nay and the Messari Enterprise team break down the drivers behind ETH’s outperformance, the institutional treasury race between Bitmine and ESB, and how these moves...
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$3.7T Stablecoins? Treasury’s Bet & Pump.Fun’s Fall | Fully Diluted with Messari Research
💡 Ask Messari Copilot: How will stablecoins reshape global finance if Treasury demand and TradFi adoption continue accelerating? 👉 See Copilot's Response: https://messari.io/copilot/share/stablecoin-future-79313968-8b6e-4ae5-b1cf-2fa779c6f098 In Episode 10 of Shoot the Pod, the Messari…
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Stablecoins Are Changing Global Payments – Artemis' Anthony Yim| Fully Diluted with Messari Research
Want a comprehensive look at the stablecoin sector from top Messari analysts and industry-leading contributing partners? 📥 Download the FREE State of Stablecoins 2025 report live now: https://messari.io/report/state-of-stablecoins 💡 Ask Messari Copilot: What do you think is the biggest untold...
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The Future of Global Payments with Sphere Labs' Arnold Lee | Fully Diluted with Messari Research
Want a comprehensive look at the stablecoin sector from top Messari analysts and industry-leading contributing partners? 📥 Download the FREE State of Stablecoins 2025 report live now: https://messari.io/report/state-of-stablecoins 💡 Ask Messari Copilot: How should emerging markets balance the...
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Pump Token Launch, Bonk Takeover & Phantom’s Big UX Play | Fully Diluted with Messari Research
💡 Ask Messari Copilot: How is Phantom’s integration with Hyperliquid reshaping the future of on-chain perps and trading UX? 👉 See Copilot's Response: https://messari.io/copilot/share/phantom-and-hyperliquid-integration-fe7767d4-8f7c-4efc-96d7-76682a2b2c75 This episode of STSP covers the major...
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Humanity Protocol: Solving Identity in a Deepfake World | Fully Diluted with Messari Research
In this Fully Diluted episode from ETHCC, we sit down with Terrence Kwok, founder of Humanity Protocol, to explore how palm biometrics, zero-knowledge proofs, and decentralized identity validators are coming together to build a new foundation for trust in the digital age. We cover: - The…
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Crypto Onchain? Tokenized Stocks, Stablecoins, & Neo-Banking | Fully Diluted with Messari Research
💡 Ask Messari Copilot: How are tokenized stocks on Arbitrum expected to impact on-chain liquidity and adoption among retail investors? 👉 See Copilot's Response: https://messari.io/copilot/share/tokenized-stock-liquidity-on-arbitrum-f15fd4cb-239d-4d36-bff6-808488df441b This episode of STSP dives...
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Is Bitcoin Gold 2.0? + CLOB Wars, Stablecoin Frenzy, and More | Fully Diluted with Messari Research
💡 Ask Messari Copilot: What are the tradeoffs between valuing a Layer 1 blockchain using revenue vs. monetary premium? ✨ See Copilot's Response: https://messari.io/copilot/share/layer-1-valuation-tradeoffs-a9a432a8-41bc-4281-963b-f836318a6502 Bitcoin barely flinched during recent geopolitical...
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Inside 1inch's 30-Day Solana Expansion: Their DeFi Masterplan | Fully Diluted with Messari Research
In this exclusive interview, 1inch Co-Founder Sergej Kunz breaks down how the team expanded to Solana in just 30 days — and why intent-based architecture is the future of DeFi. From overcoming technical challenges, embracing open-source standards, and integrating MEV protection by design, Sergey...
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The First Real Internet Capital Market? | Fully Diluted with Messari Research
💡 Ask Messari Copilot: Could tokenized equities will actually drive onchain adoption — or are onchain traders still too focused on memes and perps? ✨ See Copilot's Response: https://messari.io/copilot/share/tokenized-equities-and-onchain-adoption-fc4adda4-549d-4657-a411-6272aea037ed In episode 6...
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Building the Binance of Onchain: Inside Infinex’s Bold UX Bet | Fully Diluted with Messari Research
Ask Messari Copilot: Can a full-stack, centralized-style experience coexist with crypto’s ethos of decentralization? See Copilot's Response: https://messari.io/copilot/share/centralization-vs-decentralization-5b85d971-6184-4512-9110-1598a3900bb8 Kain Warwick breaks down how Infinex is rewriting…
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Tokenizing Everything: Are Internet Capital Markets Crypto’s Next Frontier? | Fully Diluted with Messari Research
What does it really take to launch a token in 2025? The Enterprise team dives into the rise of Launchcoin and the emergence of Internet Capital Markets—an onchain movement redefining how tokens are created, distributed, and valued. From memecoin mechanics to institutional implications, this…
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Are We Really Back? AI Subnets, BTC Surge & Stablecoin Wars | Fully Diluted with Messari Research
We're back with Episode 4 of Shoot the Sh*t Fully Diluted Podcast, where the Messari Enterprise team dives deep into what’s fueling crypto’s recent momentum. Join Matthew Nay and the Enterprise team (Sunny Shi, Kinji Steimetz, Andrew Dyer, Chris Davis & Dylan Bane) as they shoot the sh*t about…
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Building Real-World Utility: DePIN, AI, and Crypto’s Future | Fully Diluted with Messari Research
What’s really holding crypto back? It’s not infrastructure—it’s product. In this episode of Fully Diluted, Hivemapper CEO Ariel Seidman joins Messari’s Dylan Bane to unpack the deep infrastructure powering Hivemapper’s decentralized global map—and why real utility, not hype, is the key to…
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Crypto Built the Casino — Can It Build Infrastructure Too? | Fully Diluted with Messari Research
In this episode of Fully Diluted, Pranav Kanade and Wyatt Lonergan from VanEck Digital Assets are joined by Kinji Steimetz and Dylan Bane from Messari to explore the evolution of crypto beyond speculation. They dive deep into tokenization, stablecoins, the rise of real-world assets (RWA), and how...
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MegaETH Breaks Through, Mantra Breaks Down | STS Ep. 3 | Fully Diluted with Messari Research
We're back with Episode 3 of Shoot the Sh*t Pod — and this one’s stacked. Join Matthew Nay and the Enterprise team (Sunny Shi, Kinji Steimetz, Andrew Dyer, Chris Davis & Dylan Bane) as they dive into: 🔹 Real-time blockchains: MegaETH is setting a new bar. 🔹 AI Roasting & CT Drama: AIXBT is back...
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How The Innovation Game Is Crowdsourcing Better Algorithms | Fully Diluted with Messari Research
Ask Messari Copilot: How can decentralized protocols change the economics of R&D in science and AI? See Copilot's Response: https://messari.io/copilot/share/decentralizing-r-d-economics-069debfe-3e9a-4281-8c5c-442e829d94b5 How do we incentivize the next great algorithm? Why does open-source AI...
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Crypto has real use cases - now. Learn about them here.
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