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Messari"s Unqualified Opinions

Messari

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00:49:04

Theses 2026 on DeFi: Perps & Equity Perps, Prediction...

Messari"s Unqualified Opinions ·

2025/12/22

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 2025’s biggest DeFi themes: Hyperliquid’s rise, the equity perp inflection, the maturation (and looming skepticism) around prediction markets, how political markets could evolve, and why yield-bearing

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00:45:55

Theses 2026: Crypto x AI – Why BitTensor Could Be the...

Messari"s Unqualified Opinions ·

2025/12/22

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 SHA-256), and why 2025’s biggest shifts—open-source catching up, reinforcement learning’s rise, and massive data center capex—set the stage for decentralized AI to find real product-market fit. The

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00:45:55

Theses 2026: Crypto x AI – Why BitTensor Could Be the...

Messari"s Unqualified Opinions ·

2025/12/19

In this episode, 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 SHA-256), and why 2025’s biggest shifts—open-source catching up, reinforcement learning’s rise, and massive data center capex—set the stage for decentralized AI to find real product-market fit. The conversation also

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00:52:07

Theses 2026: Ethereum, L2s, and the Battle for the...

Messari"s Unqualified Opinions ·

2025/12/18

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 L2 could mean for every existing rollup- MegaETH’s token + native stablecoin experiments- Jeremy’s new Disruption Factor framework for ranking L2s- Solana’s push to become the “onchain NASDAQ”- Hot takes for

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00:45:31

State of Crypto 2026: Winners, Losers, and Big Bets...

Messari"s Unqualified Opinions ·

2025/12/17

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 spotlight, and why long-tail L1s are running out of room. The team debates whether institutions really break the four-year cycle, how the stablecoin and yield meta evolves as rates fall, and where DeFi banks,

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00:58:30

State of Crypto AI, Monad & L1s: Where We Really Are...

Messari"s Unqualified Opinions ·

2025/12/08

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, reinforcement learning, and test-time compute are pushing us into a new decentralized AI paradigm, from swarm-style inference networks like 42 Network to open source models that are finally seeing real, paid

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00:57:01

Swarm Intelligence & Crypto AI: Inside Fortytwo’s...

Messari"s Unqualified Opinions ·

2025/12/05

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 models. After a decade in traditional AI—training agents, conversational systems, and even a spatial reasoning foundation model—Ivan hit the hard wall of AI scalability: not enough compute, endlessly bigger data

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00:58:45

Crypto as Capital Formation: DePIN, AI &...

Messari"s Unqualified Opinions ·

2025/12/03

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 today’s DePIN / “internet labor markets,” dig into why verification is the hardest (and most under-rated) problem, and explore how crypto can fund the massive resource aggregation AI requires.We also connect

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00:32:30

Rewiring Crypto: How DoubleZero Builds a High-Speed...

Messari"s Unqualified Opinions ·

2025/11/20

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 internet” for Solana and other high-throughput chains.Austin explains why 20–30 hops over the public internet introduce jitter, slow block propagation, and widen trading spreads—and how DoubleZero’s 70+ fiber

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00:48:01

Monad Mainnet Is Here: The Fastest EVM Chain Goes...

Messari"s Unqualified Opinions ·

2025/11/10

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 10,000 TPS architecture, how decentralization fits into the next phase of crypto, and what users can expect from day one of mainnet.We cover the team’s origin story, the challenges of building from zero to a

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00:32:23

Can You Launch a New Telco in 2025? Dabba’s Plan to...

Messari"s Unqualified Opinions ·

2025/10/30

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 system, the choice of Solana & BONK, incentives, and the growth roadmap.0:00 Introductions 1:33 Tech Journey 7:04 Internet in India 13:29 Business Model 21:17 Token System 24:46 Solana & BONK

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00:52:17

ETH’s Q3 Surge: DATs Grab 3.8% of Supply, ETH ETFs...

Messari"s Unqualified Opinions ·

2025/10/24

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 tokenized equities/commodities, the rise of “corporate chains” (Stripe/Tempo, Circle/Arc, JPMorgan/Kinexys, Google Cloud), and the debate around next-gen EVMs (Monad, MegaETH). We wrap with Internet Capital

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00:43:05

Helius on Privacy’s Next Wave: Zcash, Solana, &...

Messari"s Unqualified Opinions ·

2025/10/23

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 technical hurdles shaping the next generation of privacy-preserving systems.Mert discusses why privacy is fundamental to crypto’s future, how advancements in ZK proofs, FHE, and MPC are transforming usability, and

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00:58:51

Robots With Wallets: OpenMind’s Vision for Physical...

Messari"s Unqualified Opinions ·

2025/10/16

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.00:00 – Introductions01:58 – Robotics & AIState of robotics, near-term use cases (security checks, eldercare prompts, math tutoring), why start with quadrupeds vs. humanoids, form-factor tradeoffs and

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00:44:57

Stablecoin Neobanks, Perp Wars & Double Zero | Fully...

Messari"s Unqualified Opinions ·

2025/10/09

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 debates, and what it means for high-speed crypto networks.0:00 – Introductions1:24 – Plasma & XPL Launch3:45 – Self-Custody & Web3 UX20:27 – Aster & BNB Ecosystem28:02 – Perp Market Share

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00:34:52

Injective: The Finance L1 — MEV-Resistant, Pre-IPO...

Messari"s Unqualified Opinions ·

2025/10/08

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 permissionless market creation (including pre-IPO perpetuals for OpenAI, SpaceX, Stripe via Theta pricing), the multi-VM roadmap with a new EVM environment and exchange precompiles, wallet abstraction and LayerZero

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00:43:03

Botanix: The Bitcoin L2 Paying Native BTC Yield |...

Messari"s Unqualified Opinions ·

2025/09/17

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 economic activity (not points or new tokens). We cover how users bridge BTC → Botanix → stake → earn, instant peg-outs, and why the team’s Spiderchain design prioritizes decentralization and censorship

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01:10:24

Exotic RWAs & the New Crypto Frontier | Fully Diluted...

Messari"s Unqualified Opinions ·

2025/09/12

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: weak jobs, CPI/PPI ahead, gold ripping, and why a surprise 50 bps cut isn’t crazy — plus what that means for BTC, SOL, and funding conditions.🔹 Solana DATs & flows: Galaxy/Jump/Multicoin’s $1.65B vehicle,

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00:51:27

Still Early: Crypto Venture After Hype With Framework...

Messari"s Unqualified Opinions ·

2025/09/03

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 at scale, and energy/DePIN feeding AI—not generic infra or meme “vibe-coded” apps.What we cover🔹 Why most CT hot takes are wrong & why we’re still early🔹 The new bar for founders: demand, distribution,

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00:54:33

Helium Revenue Burn, Fed Pivot, and Prediction...

Messari"s Unqualified Opinions ·

2025/08/27

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 cements its spot as a top onchain venue🔹 Prediction markets (Flipper, Polymarket, KHI) gaining new traction🔹 Bio Protocol’s flywheel and the future of DeSci funding00:53 Introductions1:53 Market Outlook3:34

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Messari"s Unqualified Opinions

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