Messari's Unqualified Opinions

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 US Treasuries, and why this matters for both crypto and American competitiveness. The conversation explores how on-chain capital markets could unlock trillions in AI CapEx that traditional finance can't provide.Beyond just AI financing, the discussion spans auto-formalization in mathematics, the future of DePIN (decentralized physical infrastructure), and why composable on-chain assets will reshape global capital markets. Anirudh shares insights on what's working in crypto venture today, from prediction markets like Polymarket to bandwidth networks like Dawn.They debate whether central banks will eventually hold stablecoins, how agents will transform capital allocation, and why the supply chain for AI spans 80,000 companies worldwide.Introductions - 0:00VC Market Today - 1:32Stablecoins & CapEx - 10:07On-Chain Finance Future - 24:47DePIN/Infra Outlook - 30:52Founder Advice - 39:39How to Join - 42:49Conclusion - 43:09Hosted by Dylan BaneFollow Messari on Twitter: https://x.com/MessariCryptoFollow Fully Diluted on Spotify: https://open.spotify.com/show/0uG5qpwFg67zTt0VQRTaZ7?nd=1&dlsi=ba41bca8012548dfFollow Fully Diluted on Apple Podcasts: https://podcasts.apple.com/us/podcast/messaris-unqualified-opinions/id1455666979____This episode and its contents do not necessarily reflect the opinions of Messari, Inc. Hosts and guests may hold cryptocurrencies discussed in this content. This content is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research, and consult an independent financial, tax, or legal advisor before making any investment decisions. Nothing contained in this content is a recommendation or suggestion, directly or indirectly, to buy, sell, make, or hold any investment, loan, commodity, or security, or to undertake any investment or trading strategy with respect to any investment, loan, commodity, security, or any issuer. This content should not be construed as an offer to sell or the solicitation of an offer to buy any security or commodity. Messari does not guarantee the sequence, accuracy, completeness, or timeliness of any information provided in this content.#cryptopodcast #stablecoins #AI

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 off-chain infrastructure like GPU compute and energy projects. USDAI is leading this charge and could spark a major narrative shift when it launches its token.Trade XYZ's equity perps are seeing explosive growth on Hyperliquid, with silver futures doing billion in volume despite being listed only 30 days ago. The team analyzes whether this represents a genuine shift or temporary speculation. All that and lot's more.Introductions - 0:00 DePIN Report & Tokens - 1:37 Market & Macro - 15:51 Bitcoin & News - 25:54 AI Coins - 30:56 Bittensor / TAO - 34:04 On-Chain Activity - 43:24 Conclusion - 46:59 Hosted by Matthew NayFollow Messari on Twitter: https://x.com/MessariCryptoFollow Fully Diluted on Spotify: https://open.spotify.com/show/0uG5qpwFg67zTt0VQRTaZ7?nd=1&dlsi=ba41bca8012548dfFollow Fully Diluted on Apple Podcasts: https://podcasts.apple.com/us/podcast/messaris-unqualified-opinions/id1455666979____This episode and its contents do not necessarily reflect the opinions of Messari, Inc. Hosts and guests may hold cryptocurrencies discussed in this content. This content is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research, and consult an independent financial, tax, or legal advisor before making any investment decisions. Nothing contained in this content is a recommendation or suggestion, directly or indirectly, to buy, sell, make, or hold any investment, loan, commodity, or security, or to undertake any investment or trading strategy with respect to any investment, loan, commodity, security, or any issuer. This content should not be construed as an offer to sell or the solicitation of an offer to buy any security or commodity. Messari does not guarantee the sequence, accuracy, completeness, or timeliness of any information provided in this content.#cryptopodcast #cryptotrading #DePIN

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 stablecoins accounting for over 42% of USDT circulation, Tron’s influence on world finance is unprecedented. This episode dives into how Tron balances decentralization with high-speed performance, how it’s fighting illicit activity, and why they aim to move trillions efficiently, safely, and inclusively. From global remittances to tokenized assets, Sam shares the game-changing upgrades coming in 2026, focusing on interoperability, external integrations, and faster finality that will redefine your financial experience.Read the full report here: https://messari.io/report/state-of-tron-q4-202500:00 – Introductions01:37 – Mass Adoption05:22 – Stablecoins11:44 – User Growth19:56 – Security22:40 – Governance24:20 – Network Upgrades25:54 – 2026 Vision26:30 - ConclusionHosted by Jeremy Koch of MessariSubscribe for more conversations at the intersection of crypto, DePIN, and real-world infra.Follow Messari on Twitter: https://x.com/MessariCryptoFollow Fully Diluted on Spotify: https://open.spotify.com/show/0uG5qpwFg67zTt0VQRTaZ7?nd=1&dlsi=d4af54b4c6974ae1Follow Fully Diluted on Apple Podcasts: https://podcasts.apple.com/us/podcast/messaris-unqualified-opinions/id1455666979This episode and its contents do not necessarily reflect the opinions of Messari, Inc. Hosts and guests may hold cryptocurrencies discussed in this content. This content is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research, and consult an independent financial, tax, or legal advisor before making any investment decisions. Nothing contained in this content is a recommendation or suggestion, directly or indirectly, to buy, sell, make, or hold any investment, loan, commodity, or security, or to undertake any investment or trading strategy with respect to any investment, loan, commodity, security, or any issuer. This content should not be construed as an offer to sell or the solicitation of an offer to buy any security or commodity. Messari does not guarantee the sequence, accuracy, completeness, or timeliness of any information provided in this content.How this was made#crypto #tron #cryptonews

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 75,000 WiFi hotspots in just 18 months with nearly 500,000 daily active users. The project taps into India's unique market structure, where 100,000 small cable operators need capital and technology to transition from cable TV to broadband internet as consumers cut the cord.Read the full report here: https://messari.io/report/dabba-an-onchain-market-for-connectivity00:00 – Introductions01:17 – What Dabba Is06:55 – DePIN Incentives10:28 – India Market13:33 – Rewards & Token16:03 – Expansion & Infra22:08 – Growth & Metrics27:22 – How to Join28:25 - ConclusionHosted by Dylan Bane of MessariSubscribe for more conversations at the intersection of crypto, DePIN, and real-world infra.Follow Messari on Twitter: https://x.com/MessariCrypto Follow Fully Diluted on Spotify: https://open.spotify.com/show/0uG5qpwFg67zTt0VQRTaZ7?nd=1&dlsi=ba41bca8012548dfFollow Fully Diluted on Apple Podcasts: https://podcasts.apple.com/us/podcast/messaris-unqualified-opinions/id1455666979____This episode and its contents do not necessarily reflect the opinions of Messari, Inc. Hosts and guests may hold cryptocurrencies discussed in this content. This content is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research, and consult an independent financial, tax, or legal advisor before making any investment decisions. Nothing contained in this content is a recommendation or suggestion, directly or indirectly, to buy, sell, make, or hold any investment, loan, commodity, or security, or to undertake any investment or trading strategy with respect to any investment, loan, commodity, security, or any issuer. This content should not be construed as an offer to sell or the solicitation of an offer to buy any security or commodity. Messari does not guarantee the sequence, accuracy, completeness, or timeliness of any information provided in this content.How this was made

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 growth, and the challenges faced by the sector.They cover:• The impressive revenue growth of GeoNet and Helium• The challenges and setbacks in the decentralized compute sector• The role of buybacks and growth in the DePIN ecosystem• The impact of regulatory clarity on enterprise interest in DePIN• Predictions for the future of DePIN and its potential to attract more enterprises00:40 – Introductions 03:27 – DePIN Growth 09:20 – Revenue & Buybacks 11:55 – Where Money is Going16:00 – InfraFI Shift23:48 – Big Wins & Misses31:05 – What's Next (2026)39:18 – ConclussionHosted by Dylan Bane of MessariSubscribe for more conversations at the intersection of crypto, Deepin, and real-world infrastructure.Follow Messari on Twitter: / messaricrypto Follow Unqualified Opinions on Spotify: https://open.spotify.com/show/0uG5qpw...Follow Unqualified Opinions on Apple Podcasts: https://podcasts.apple.com/us/podcast...____This episode and its contents do not necessarily reflect the opinions of Messari, Inc. Hosts and guests may hold cryptocurrencies discussed in this content. This content is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research, and consult an independent financial, tax, or legal advisor before making any investment decisions. Nothing contained in this content is a recommendation or suggestion, directly or indirectly, to buy, sell, make, or hold any investment, loan, commodity, or security, or to undertake any investment or trading strategy with respect to any investment, loan, commodity, security, or any issuer. This content should not be construed as an offer to sell or the solicitation of an offer to buy any security or commodity. Messari does not guarantee the sequence, accuracy, completeness, or timeliness of any information provided in this content.

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, ultra–high-resolution imagery layer of the Earth.They cover:- Why drone imagery (1–3 cm per pixel) can beat both satellites and planes- How Spexi software and LayerDrone’s web3 incentives coordinate thousands of pilots into a single data network- Lessons from paying contributors in fiat first — and why they’re adding a token model now- Real-world demand from Amazon, Uber, Niantic, Esri, and governments for better geospatial data- The challenges of B2B sales, crypto optics, and being “too early” with frontier tech- What to expect from LayerDrone’s upcoming TGE, mainnet launch, and global expansion00:00 – Introductions07:48 – Why Token Model11:38 – DePIN Learnings16:26 – Growth & Demand26:57 – Future Plans30:46 – Expansion Regions31:20 – How People Can Join31:54 – ConclusionHosted by Dylan Bane of MessariSubscribe for more conversations at the intersection of crypto, deepin, and real-world infra.Follow Messari on Twitter: https://twitter.com/MessariCryptoFollow Unqualified Opinions on Spotify: https://open.spotify.com/show/0uG5qpwFg67zTt0VQRTaZ7?si=13163cbebe01415eFollow Unqualified Opinions on Apple Podcasts: https://podcasts.apple.com/us/podcast/messaris-unqualified-opinions/id1455666979____This episode and its contents do not necessarily reflect the opinions of Messari, Inc. Hosts and guests may hold cryptocurrencies discussed in this content. This content is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research, and consult an independent financial, tax, or legal advisor before making any investment decisions. Nothing contained in this content is a recommendation or suggestion, directly or indirectly, to buy, sell, make, or hold any investment, loan, commodity, or security, or to undertake any investment or trading strategy with respect to any investment, loan, commodity, security, or any issuer. This content should not be construed as an offer to sell or the solicitation of an offer to buy any security or commodity. Messari does not guarantee the sequence, accuracy, completeness, or timeliness of any information provided in this content.

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 the resurgence of meme coins, the rise of equity perps, and the macro trends driving the metals market. Tune in for a deep dive into the world of privacy tech, market dynamics, and the future of decentralized finance. Don't miss out on this engaging conversation!00:00:00 -- Introduction and Episode Overview00:01:48 -- Privacy & Railgun00:05:51 -- Privacy Wallets00:18:26 -- Privacy Coins Market00:23:28 -- Equity Perps00:29:39 -- Market Fragmentation00:33:22 -- Robinhood & TradFi00:36:40 -- Meme Coins Outlook00:46:12 -- Onchain Activity00:48:09 -- ConclusionFollow Messari on Twitter: / messaricrypto Follow Unqualified Opinions on Spotify: https://open.spotify.com/show/0uG5qpw...Follow Unqualified Opinions on Apple Podcasts: https://podcasts.apple.com/us/podcast...____This episode and its contents do not necessarily reflect the opinions of Messari, Inc. Hosts and guests may hold cryptocurrencies discussed in this content. This content is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research, and consult an independent financial, tax, or legal advisor before making any investment decisions. Nothing contained in this content is a recommendation or suggestion, directly or indirectly, to buy, sell, make, or hold any investment, loan, commodity, or security, or to undertake any investment or trading strategy with respect to any investment, loan, commodity, security, or any issuer. This content should not be construed as an offer to sell or the solicitation of an offer to buy any security or commodity. Messari does not guarantee the sequence, accuracy, completeness, or timeliness of any information provided in this content.

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 conversation spans prediction markets as base infrastructure, why memecoins and NFTs needed a reset, how wallets become the new distribution layer, and whether crypto social finally has a real unlock.We connect these themes directly to Messari’s newly published 2026 Crypto Theses, exploring what adoption looks like when users stop caring about rails and start caring about products—and why wallets, prediction markets, and AI copilots may define the next consumer cycle.1:47 Prediction Markets 14:49 Meme Coins & NFTs 22:35 Crypto Wallets 33:49 Social & Creator Crypto 46:40 Consumer Crypto 2026Hosted by Chris Davis of MessariSubscribe for more conversations at the intersection of crypto, DePIN, and real-world infra.Follow Messari on Twitter: https://twitter.com/MessariCryptoFollow Unqualified Opinions on Spotify: https://open.spotify.com/show/0uG5qpwFg67zTt0VQRTaZ7?si=13163cbebe01415eFollow Unqualified Opinions on Apple Podcasts: https://podcasts.apple.com/us/podcast/messaris-unqualified-opinions/id1455666979____This episode and its contents do not necessarily reflect the opinions of Messari, Inc. Hosts and guests may hold cryptocurrencies discussed in this content. This content is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research, and consult an independent financial, tax, or legal advisor before making any investment decisions. Nothing contained in this content is a recommendation or suggestion, directly or indirectly, to buy, sell, make, or hold any investment, loan, commodity, or security, or to undertake any investment or trading strategy with respect to any investment, loan, commodity, security, or any issuer. This content should not be construed as an offer to sell or the solicitation of an offer to buy any security or commodity. Messari does not guarantee the sequence, accuracy, completeness, or timeliness of any information provided in this content.

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 stablecoins may accelerate as rates compress.This conversation connects directly to Messari’s newly published 2026 Crypto Theses report—covering the structural tailwinds behind perps + equities, stablecoin adoption, onchain market structure, and the next wave of DeFi product-market fit.📘 Read the full (free) Crypto Theses 2026 report: https://messari.io/report/the-crypto-theses-2026Hosted by Sam Ruskin of MessariSubscribe for more conversations at the intersection of crypto, DePIN, and real-world infra.Follow Messari on Twitter: https://twitter.com/MessariCryptoFollow Unqualified Opinions on Spotify: https://open.spotify.com/show/0uG5qpwFg67zTt0VQRTaZ7?si=13163cbebe01415eFollow Unqualified Opinions on Apple Podcasts: https://podcasts.apple.com/us/podcast/messaris-unqualified-opinions/id1455666979____This episode and its contents do not necessarily reflect the opinions of Messari, Inc. Hosts and guests may hold cryptocurrencies discussed in this content. This content is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research, and consult an independent financial, tax, or legal advisor before making any investment decisions. Nothing contained in this content is a recommendation or suggestion, directly or indirectly, to buy, sell, make, or hold any investment, loan, commodity, or security, or to undertake any investment or trading strategy with respect to any investment, loan, commodity, security, or any issuer. This content should not be construed as an offer to sell or the solicitation of an offer to buy any security or commodity. Messari does not guarantee the sequence, accuracy, completeness, or timeliness of any information provided in this content.

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 conversation also digs into value accrual, why buybacks can be a trap, and which crypto-AI sectors could surprise people in 2026 (agents, privacy, robotics, and GPU financing).📘 Read the full (free) Crypto Theses 2026 report: https://messari.io/report/the-crypto-theses-20260:00 AI & DePIN Trends10:28 Training Subnets14:07 Investing Approach20:25 Revenue Growth22:35 Token Strategy40:26 Compute & Infra41:59 Future OutlookHosted by Chris Davis of MessariSubscribe for more conversations at the intersection of crypto, DePIN, and real-world infra.Follow Messari on Twitter: https://twitter.com/MessariCryptoFollow Unqualified Opinions on Spotify: https://open.spotify.com/show/0uG5qpwFg67zTt0VQRTaZ7?si=13163cbebe01415eFollow Unqualified Opinions on Apple Podcasts: https://podcasts.apple.com/us/podcast/messaris-unqualified-opinions/id1455666979____This episode and its contents do not necessarily reflect the opinions of Messari, Inc. Hosts and guests may hold cryptocurrencies discussed in this content. This content is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research, and consult an independent financial, tax, or legal advisor before making any investment decisions. Nothing contained in this content is a recommendation or suggestion, directly or indirectly, to buy, sell, make, or hold any investment, loan, commodity, or security, or to undertake any investment or trading strategy with respect to any investment, loan, commodity, security, or any issuer. This content should not be construed as an offer to sell or the solicitation of an offer to buy any security or commodity. Messari does not guarantee the sequence, accuracy, completeness, or timeliness of any information provided in this content.

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 2026: Starknet, Monad, native stablecoins, and moreWatch alongside Messari Crypto Theses 2026 for the full data-driven breakdown of L1, L2, and multichain trends. 📘 Read the full report: https://messari.io/report/the-crypto-theses-20260:00 Ethereum Outlook5:41 Ethereum Scaling7:17 Ethereum Narrative16:45 Robinhood Chain25:09 Base & L2s35:33 L2 Research41:18 Solana Outlook51:12 L1 InnovationHosted by Patryk Krasnicki of MessariSubscribe for more conversations at the intersection of crypto, DePIN, and real-world infra.Follow Messari on Twitter: https://twitter.com/MessariCryptoFollow Unqualified Opinions on Spotify: https://open.spotify.com/show/0uG5qpwFg67zTt0VQRTaZ7?si=13163cbebe01415eFollow Unqualified Opinions on Apple Podcasts: https://podcasts.apple.com/us/podcast/messaris-unqualified-opinions/id1455666979____This episode and its contents do not necessarily reflect the opinions of Messari, Inc. Hosts and guests may hold cryptocurrencies discussed in this content. This content is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research, and consult an independent financial, tax, or legal advisor before making any investment decisions. Nothing contained in this content is a recommendation or suggestion, directly or indirectly, to buy, sell, make, or hold any investment, loan, commodity, or security, or to undertake any investment or trading strategy with respect to any investment, loan, commodity, security, or any issuer. This content should not be construed as an offer to sell or the solicitation of an offer to buy any security or commodity. Messari does not guarantee the sequence, accuracy, completeness, or timeliness of any information provided in this content.

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, RWAs, and prediction markets actually fit.We also get into L1 vs L2 dynamics, Solana’s on-chain market structure experiments, the rise of yield-generating stablecoins, and the explosion of on-chain derivatives from equity perps to exotic real-world assets. Finally, everyone shares one spicy prediction for 2026—from a G20 nation adding Bitcoin to its strategic reserves to a single meme coin rising from the ashes.00:00 2025 Winners & Losers07:00 L1, L2 & Multichain09:25 Institutions & Stablecoins13:55 Yield & DeFi Banks23:45 2026 Narratives28:55 Regulation & Tokens33:30 Equity Perps & TradFi40:10 2026 Market OutlookHosted by Matthew Nay of MessariSubscribe for more conversations at the intersection of crypto, DePIN, and real-world infra.Follow Messari on Twitter: https://twitter.com/MessariCryptoFollow Unqualified Opinions on Spotify: https://open.spotify.com/show/0uG5qpwFg67zTt0VQRTaZ7?si=13163cbebe01415eFollow Unqualified Opinions on Apple Podcasts: https://podcasts.apple.com/us/podcast/messaris-unqualified-opinions/id1455666979____This episode and its contents do not necessarily reflect the opinions of Messari, Inc. Hosts and guests may hold cryptocurrencies discussed in this content. This content is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research, and consult an independent financial, tax, or legal advisor before making any investment decisions. Nothing contained in this content is a recommendation or suggestion, directly or indirectly, to buy, sell, make, or hold any investment, loan, commodity, or security, or to undertake any investment or trading strategy with respect to any investment, loan, commodity, security, or any issuer. This content should not be construed as an offer to sell or the solicitation of an offer to buy any security or commodity. Messari does not guarantee the sequence, accuracy, completeness, or timeliness of any information provided in this content.

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 demand.Read the Full State of AI 2025 for FREE: https://messari.io/report/state-of-ai00:00 – Introductions01:11 – State of AI & Crypto08:28 – AI Agents & Micropayments23:05 – New L1 & TG Analysis36:10 – Market & Cycle Outlook50:04 – Token Launch Advice56:22 – On-Chain Activity57:52 – ConclusionHosted by Matthew Nay of MessariSubscribe for more conversations at the intersection of crypto, DePIN, and real-world infra.Follow Messari on Twitter: https://twitter.com/MessariCryptoFollow Unqualified Opinions on Spotify: https://open.spotify.com/show/0uG5qpwFg67zTt0VQRTaZ7?si=13163cbebe01415eFollow Unqualified Opinions on Apple Podcasts: https://podcasts.apple.com/us/podcast/messaris-unqualified-opinions/id1455666979____This episode and its contents do not necessarily reflect the opinions of Messari, Inc. Hosts and guests may hold cryptocurrencies discussed in this content. This content is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research, and consult an independent financial, tax, or legal advisor before making any investment decisions. Nothing contained in this content is a recommendation or suggestion, directly or indirectly, to buy, sell, make, or hold any investment, loan, commodity, or security, or to undertake any investment or trading strategy with respect to any investment, loan, commodity, security, or any issuer. This content should not be construed as an offer to sell or the solicitation of an offer to buy any security or commodity. Messari does not guarantee the sequence, accuracy, completeness, or timeliness of any information provided in this content.

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 centers, and no sustainable path forward.Fortytwo flips that script. Instead of one giant “god model,” it orchestrates small, specialized models into a swarm inference network. Each query is handled by a sub-swarm of experts that generate answers, peer-rank each other’s outputs, and aggregate the best result—creating a system that’s more robust to hallucinations, prompt injection, and noisy prompts (yes, including the “cat on the roof” test).Messari’s State of AI Report calls decentralized inference “one of the most important emerging architectures in AI,” and this conversation offers a firsthand look into how that future might unfold.Read the Full State of AI 2025 for FREE: https://messari.io/report/state-of-ai00:00 – Introductions03:05 – Crypto & Security10:16 – Models & Swarm Performance24:02 – Consumer Devices & Nodes38:02 – Custom Model Training43:16 – Demand & Pricing53:31 – Future, Token & Data Use59:00 – ConclusionHosted by Chris Davis of MessariSubscribe for more conversations at the intersection of crypto, DePIN, and real-world infra.Follow Messari on Twitter: https://twitter.com/MessariCryptoFollow Unqualified Opinions on Spotify: https://open.spotify.com/show/0uG5qpwFg67zTt0VQRTaZ7?si=13163cbebe01415eFollow Unqualified Opinions on Apple Podcasts: https://podcasts.apple.com/us/podcast/messaris-unqualified-opinions/id1455666979____This episode and its contents do not necessarily reflect the opinions of Messari, Inc. Hosts and guests may hold cryptocurrencies discussed in this content. This content is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research, and consult an independent financial, tax, or legal advisor before making any investment decisions. Nothing contained in this content is a recommendation or suggestion, directly or indirectly, to buy, sell, make, or hold any investment, loan, commodity, or security, or to undertake any investment or trading strategy with respect to any investment, loan, commodity, security, or any issuer. This content should not be construed as an offer to sell or the solicitation of an offer to buy any security or commodity. Messari does not guarantee the sequence, accuracy, completeness, or timeliness of any information provided in this content.

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 these themes to insights from Messari’s newly released State of AI 2025 report, discussing how AI, decentralized data markets, and crypto-native coordination are converging to reshape the economic landscape.Read the Full State of AI 2025 for FREE: https://messari.io/report/state-of-aiThe conversation then zooms out to the future:• Can agents run zero-employee companies?• How will we pay humans for the data and labor that trains AI?• Why proof of personhood and content authenticity may become existential primitives for the internet.Shayon closes with candid advice on breaking into VC and how to actually be useful to founders.0:00 – Introductions1:01 – Background (Shayan’s path from math & startups to Multicoin)4:30 – Investing Thesis (DePIN, internet labor markets, crypto as “money + markets”)13:02 – Data & Verification (capital formation, network taxonomy, and why verification is hard)22:40 – AI & Labor (compute markets, inference clouds, talent networks, zero-employee orgs)43:28 – Identity & UBI (proof of personhood, Worldcoin, deepfakes, online identity)49:20 – Future Ideas (data-poor domains, specialized data DAOs, brain–computer interfaces)53:56 – How to Get Into VC (advice on writing, differentiation, being useful to founders)57:30 – Conclusion (wrap-up + future BCI episode tease)Hosted by Chris Davis of MessariSubscribe for more conversations at the intersection of crypto, DePIN, and real-world infra.Follow Messari on Twitter: https://twitter.com/MessariCryptoFollow Unqualified Opinions on Spotify: https://open.spotify.com/show/0uG5qpwFg67zTt0VQRTaZ7?si=13163cbebe01415eFollow Unqualified Opinions on Apple Podcasts: https://podcasts.apple.com/us/podcast/messaris-unqualified-opinions/id1455666979____This episode and its contents do not necessarily reflect the opinions of Messari, Inc. Hosts and guests may hold cryptocurrencies discussed in this content. This content is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research, and consult an independent financial, tax, or legal advisor before making any investment decisions. Nothing contained in this content is a recommendation or suggestion, directly or indirectly, to buy, sell, make, or hold any investment, loan, commodity, or security, or to undertake any investment or trading strategy with respect to any investment, loan, commodity, security, or any issuer. This content should not be construed as an offer to sell or the solicitation of an offer to buy any security or commodity. Messari does not guarantee the sequence, accuracy, completeness, or timeliness of any information provided in this content.

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 links, multicast, and future FPGA acceleration aim to fix it. They also get into the 2Z token, DZ SOL liquid staking, validator incentives, and what it will take to push Solana toward 100k+ TPS and eventually 1M+.You’ll learn:🔹 Why major financial firms and web2 giants don’t rely on the public internet—and why blockchains shouldn’t either🔹 How DoubleZero’s contributors (Jump, DRW/Cumberland, and others) provide fiber that validators can “plug into” alongside the public internet🔹 How jitter, least-cost routing, and bandwidth caps quietly limit DeFi and on-chain trading today🔹 The design of the 2Z token and DZ SOL stake pool, and how they align network costs and validator economics🔹 What multicast, edge filtration, and hardware acceleration could unlock for next-gen L1s and cross-chain apps🔹 DoubleZero’s 2026 roadmap, new geographies and tenants, and how non-crypto systems might eventually tap the network00:00 – Introductions01:17 – Double Zero Basics02:00 – How It Works04:09 – Chain & Solana Use07:03 – Network Flow32:06 – Token & Rewards39:44 – Solana Future48:06 – ConclusionHosted by Dylan Bane and Matthew Nay of MessariSubscribe for more conversations at the intersection of crypto, deepin, and real-world infra.Follow Messari on Twitter: https://twitter.com/MessariCryptoFollow Unqualified Opinions on Spotify: https://open.spotify.com/show/0uG5qpwFg67zTt0VQRTaZ7?si=13163cbebe01415eFollow Unqualified Opinions on Apple Podcasts: https://podcasts.apple.com/us/podcast/messaris-unqualified-opinions/id1455666979____This episode and its contents do not necessarily reflect the opinions of Messari, Inc. Hosts and guests may hold cryptocurrencies discussed in this content. This content is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research, and consult an independent financial, tax, or legal advisor before making any investment decisions. Nothing contained in this content is a recommendation or suggestion, directly or indirectly, to buy, sell, make, or hold any investment, loan, commodity, or security, or to undertake any investment or trading strategy with respect to any investment, loan, commodity, security, or any issuer. This content should not be construed as an offer to sell or the solicitation of an offer to buy any security or commodity. Messari does not guarantee the sequence, accuracy, completeness, or timeliness of any information provided in this content.

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 thriving ecosystem, and why Monad believes it’s the endgame architecture for the EVM.0:00 — Introductions1:13 — Monad Story & Team6:51 — Decentralization & Vision17:02 — Ecosystem & Features21:00 — Growth & Community30:03 — Launch & Goals38:28 — Market Outlook45:03 — ConclusionHosted by Dylan Bane and Matthew Nay of MessariFollow Messari on Twitter: https://twitter.com/MessariCryptoFollow Unqualified Opinions on Spotify: https://open.spotify.com/show/0uG5qpwFg67zTt0VQRTaZ7?si=13163cbebe01415eFollow Unqualified Opinions on Apple Podcasts: https://podcasts.apple.com/us/podcast/messaris-unqualified-opinions/id1455666979____This episode and its contents do not necessarily reflect the opinions of Messari, Inc. Hosts and guests may hold cryptocurrencies discussed in this content. This content is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research, and consult an independent financial, tax, or legal advisor before making any investment decisions. Nothing contained in this content is a recommendation or suggestion, directly or indirectly, to buy, sell, make, or hold any investment, loan, commodity, or security, or to undertake any investment or trading strategy with respect to any investment, loan, commodity, security, or any issuer. This content should not be construed as an offer to sell or the solicitation of an offer to buy any security or commodity. Messari does not guarantee the sequence, accuracy, completeness, or timeliness of any information provided in this content.

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 Choice 26:34 Incentives & Vision 31:12 Future Growth 32:07 ConclusionAbout the episode:Dabba helps India’s long-tail of local operators deliver affordable broadband by standardizing ops and crowdsourcing last-mile buildout through a tokenized incentive model—aiming to onboard the next hundred million (and beyond).Hosted by Diran Lee of MessariSubscribe for more conversations at the intersection of crypto, deepin, and real-world infra.Follow Messari on Twitter: https://twitter.com/MessariCryptoFollow Unqualified Opinions on Spotify: https://open.spotify.com/show/0uG5qpwFg67zTt0VQRTaZ7?si=13163cbebe01415eFollow Unqualified Opinions on Apple Podcasts: https://podcasts.apple.com/us/podcast/messaris-unqualified-opinions/id1455666979____This episode and its contents do not necessarily reflect the opinions of Messari, Inc. Hosts and guests may hold cryptocurrencies discussed in this content. This content is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research, and consult an independent financial, tax, or legal advisor before making any investment decisions. Nothing contained in this content is a recommendation or suggestion, directly or indirectly, to buy, sell, make, or hold any investment, loan, commodity, or security, or to undertake any investment or trading strategy with respect to any investment, loan, commodity, security, or any issuer. This content should not be construed as an offer to sell or the solicitation of an offer to buy any security or commodity. Messari does not guarantee the sequence, accuracy, completeness, or timeliness of any information provided in this content.

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 Markets (ICM) / launchpad wars and what we’re doing on-chain.00:47 — Introductions02:09 — ETF Market Updates 05:33 — Mining Competition 07:55 — Solana & Ethereum 9:24 — Bitcoin & Stablecoins 16:07 — On-chain Assets 26:26 — New Chains & Launchpads 48:52 — On-chain Activity 52:14 — ConclusionHosted by Matthew Nay of MessariFollow Messari on Twitter: https://twitter.com/MessariCryptoFollow Unqualified Opinions on Spotify: https://open.spotify.com/show/0uG5qpwFg67zTt0VQRTaZ7?si=13163cbebe01415eFollow Unqualified Opinions on Apple Podcasts: https://podcasts.apple.com/us/podcast/messaris-unqualified-opinions/id1455666979____This episode and its contents do not necessarily reflect the opinions of Messari, Inc. Hosts and guests may hold cryptocurrencies discussed in this content. This content is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research, and consult an independent financial, tax, or legal advisor before making any investment decisions. Nothing contained in this content is a recommendation or suggestion, directly or indirectly, to buy, sell, make, or hold any investment, loan, commodity, or security, or to undertake any investment or trading strategy with respect to any investment, loan, commodity, security, or any issuer. This content should not be construed as an offer to sell or the solicitation of an offer to buy any security or commodity. Messari does not guarantee the sequence, accuracy, completeness, or timeliness of any information provided in this content.

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 why regulation may finally be catching up to innovation. The group also explores Solana’s momentum in trading infrastructure, perps, and DeFi market structure—and what it means for a truly decentralized financial internet.00:41 – Introductions03:54 – Why Privacy Matters05:15 – Privacy Apps 11:58 – Zcash & Privacy Tech 17:58 – Zcash Updates 29:03 – Solana & Privacy 41:01 – Future & Learning42:55 – Conclusion Hosted by Dylan Bane of MessariFollow Messari on Twitter: https://twitter.com/MessariCryptFollow Unqualified Opinions on Spotify: https://open.spotify.com/show/0uG5qpwFg67zTt0VQRTaZ7?si=13163cbebe01415eFollow Unqualified Opinions on Apple Podcasts: https://podcasts.apple.com/us/podcast/messaris-unqualified-opinions/id1455666979____This episode and its contents do not necessarily reflect the opinions of Messari, Inc. Hosts and guests may hold cryptocurrencies discussed in this content. This content is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research, and consult an independent financial, tax, or legal advisor before making any investment decisions. Nothing contained in this content is a recommendation or suggestion, directly or indirectly, to buy, sell, make, or hold any investment, loan, commodity, or security, or to undertake any investment or trading strategy with respect to any investment, loan, commodity, security, or any issuer. This content should not be construed as an offer to sell or the solicitation of an offer to buy any security or commodity. Messari does not guarantee the sequence, accuracy, completeness, or timeliness of any information provided in this content.