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 2026
Hosted by Chris Davis of Messari
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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-2026
Hosted by Sam Ruskin of Messari
Subscribe for more conversations at the intersection of crypto, DePIN, and real-world infra.
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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-2026
0:00 AI & DePIN Trends
10:28 Training Subnets
14:07 Investing Approach
20:25 Revenue Growth
22:35 Token Strategy
40:26 Compute & Infra
41:59 Future Outlook
Hosted by Chris Davis of Messari
Subscribe for more conversations at the intersection of crypto, DePIN, and real-world infra.
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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 more
Watch 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-2026
0:00 Ethereum Outlook
5:41 Ethereum Scaling
7:17 Ethereum Narrative
16:45 Robinhood Chain
25:09 Base & L2s
35:33 L2 Research
41:18 Solana Outlook
51:12 L1 Innovation
Hosted by Patryk Krasnicki of Messari
Subscribe for more conversations at the intersection of crypto, DePIN, and real-world infra.
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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 & Losers
07:00 L1, L2 & Multichain
09:25 Institutions & Stablecoins
13:55 Yield & DeFi Banks
23:45 2026 Narratives
28:55 Regulation & Tokens
33:30 Equity Perps & TradFi
40:10 2026 Market Outlook
Hosted by Matthew Nay of Messari
Subscribe for more conversations at the intersection of crypto, DePIN, and real-world infra.
Follow Messari on Twitter: https://twitter.com/MessariCrypto
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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-ai
00:00 – Introductions
01:11 – State of AI & Crypto
08:28 – AI Agents & Micropayments
23:05 – New L1 & TG Analysis
36:10 – Market & Cycle Outlook
50:04 – Token Launch Advice
56:22 – On-Chain Activity
57:52 – Conclusion
Hosted by Matthew Nay of Messari
Subscribe for more conversations at the intersection of crypto, DePIN, and real-world infra.
Follow Messari on Twitter: https://twitter.com/MessariCrypto
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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-ai
00:00 – Introductions
03:05 – Crypto & Security
10:16 – Models & Swarm Performance
24:02 – Consumer Devices & Nodes
38:02 – Custom Model Training
43:16 – Demand & Pricing
53:31 – Future, Token & Data Use
59:00 – Conclusion
Hosted by Chris Davis of Messari
Subscribe for more conversations at the intersection of crypto, DePIN, and real-world infra.
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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-ai
The 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 – Introductions
1:01 – 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 Messari
Subscribe for more conversations at the intersection of crypto, DePIN, and real-world infra.
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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 network
00:00 – Introductions
01:17 – Double Zero Basics02:00 – How It Works
04:09 – Chain & Solana Use
07:03 – Network Flow
32:06 – Token & Rewards
39:44 – Solana Future
48:06 – Conclusion
Hosted by Dylan Bane and Matthew Nay of Messari
Subscribe for more conversations at the intersection of crypto, deepin, and real-world infra.
Follow Messari on Twitter: https://twitter.com/MessariCrypto
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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 — Introductions
1:13 — Monad Story & Team
6:51 — Decentralization & Vision
17:02 — Ecosystem & Features
21:00 — Growth & Community
30:03 — Launch & Goals
38:28 — Market Outlook
45:03 — Conclusion
Hosted by Dylan Bane and Matthew Nay of Messari
Follow Messari on Twitter: https://twitter.com/MessariCrypto
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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 Conclusion
About 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 Messari
Subscribe for more conversations at the intersection of crypto, deepin, and real-world infra.
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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 — Introductions
02:09 — 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 — Conclusion
Hosted by Matthew Nay of Messari
Follow Messari on Twitter: https://twitter.com/MessariCrypto
Follow Unqualified Opinions on Spotify: https://open.spotify.com/show/0uG5qpwFg67zTt0VQRTaZ7?si=13163cbebe01415e
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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 – Introductions
03:54 – Why Privacy Matters
05:15 – Privacy Apps
11:58 – Zcash & Privacy Tech
17:58 – Zcash Updates
29:03 – Solana & Privacy
41:01 – Future & Learning
42:55 – Conclusion
Hosted by Dylan Bane of Messari
Follow Messari on Twitter: https://twitter.com/MessariCrypt
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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.
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 – Introductions
01:58 – Robotics & AIState of robotics, near-term use cases (security checks, eldercare prompts, math tutoring), why start with quadrupeds vs. humanoids, form-factor tradeoffs and safety/insurance.
19:05 – Data & SecurityReal-world deployment frictions (liability, public perception, unions) and deep dive on privacy: on-device face processing, edge AI, and confidential computing for cloud inference.
26:32 – Crypto in RobotsWhy robots use crypto rails (identity, payments, tasking, proof-of-location), “robots with wallets,” agent payments, and machine-to-machine economies.
35:08 – Manufacturing & PolicyWho can build millions of robots (auto OEMs, Asian supply chains), how the U.S. catches up, and the role of government vs. private sector.
42:48 – Social ImpactJobs, aging populations, productivity tradeoffs, and how rapid AI progress stresses education and labor markets.
51:46 – Business ModelOpen-source core + enterprise SaaS endpoints (healthcare, spatial RAG), rev-share with manufacturers, and data/micropayment services.
56:38 – Future PlansHome pilots of autonomous quadrupeds, target markets/timeline for broader rollouts, building charging/payment networks.
58:44 – Conclusion
Hosted by Dylan Bane of Messari
Follow Messari on Twitter: https://twitter.com/MessariCrypto
Follow Unqualified Opinions on Spotify: https://open.spotify.com/show/0uG5qpwFg67zTt0VQRTaZ7?si=13163cbebe01415e
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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 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 – Introductions
1:24 – Plasma & XPL Launch
3:45 – Self-Custody & Web3 UX
20:27 – Aster & BNB Ecosystem
28:02 – Perp Market Share Outlook
30:48 – Double Zero & Tokenomics
41:15 – On-Chain Activity (What We’re Doing)
44:20 – Conclusion
Hosted by Matthew Nay of Messari
Follow Messari on Twitter: https://twitter.com/MessariCrypto
Follow Unqualified Opinions on Spotify: https://open.spotify.com/show/0uG5qpwFg67zTt0VQRTaZ7?si=13163cbebe01415e
Follow Unqualified Opinions on Apple Podcasts: https://podcasts.apple.com/us/podcast/messaris-unqualified-opinions/id1455666979
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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.
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 bridging, and how RWAs show up on Injective (Pineapple Financial’s on-chain mortgages and a proposed staked INJ ETF). The theme: breadth of offerings, distribution to non-crypto users, and an “everything finance” app strategy.
0:48 Introductions1:22 About Injective
3:40 Trading & Perp DEX
9:38 Prediction Markets
13:23 On-Chain Adoption
16:59 Institutional Interest
22:22 Developers & EVM
29:47 Crypto Future
34:09 Games & Resources
34:38 Conclusion
Hosted by Dylan Bane of Messari
Follow Messari on Twitter: https://twitter.com/MessariCrypto
Follow Unqualified Opinions on Spotify: https://open.spotify.com/show/0uG5qpwFg67zTt0VQRTaZ7?si=13163cbebe01415e
Follow Unqualified Opinions on Apple Podcasts: https://podcasts.apple.com/us/podcast/messaris-unqualified-opinions/id1455666979
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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.
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 resistance (federation today, dynafed next, more than 1,000 nodes over time).We also dive into catalysts for BitcoinFi adoption (monetary incentives + trusted apps), BTC-backed stablecoins like Palladium (PUSD), perps and tokenized assets, and the 6–12 month roadmap as STBTC becomes base collateral across the Botanix ecosystem.
0:00 – Introductions
Meet the hosts and Botanics’ founders, William and Alicia, and hear how the project began.
3:30 – Bitcoin L2 Today
State of Bitcoin Layer 2s, scaling challenges, and why Botanics is building for the long term.
6:15 – Bridging & Spider Chain
How to bridge Bitcoin to Botanics, plus a deep dive into the Spiderchain security model.
10:45 – Yield & Incentives
Understanding STBTC, gas-fee-backed Bitcoin yield, and why it’s a catalyst for adoption.
20:25 – Adoption Drivers
Key ingredients for Bitcoin DeFi growth: incentives, builders, and decentralization.
23:50 – StablecoinsExploring Palladium (PUSD) and the opportunity for Bitcoin-backed stablecoins in emerging markets.
30:15 – DEXs & AssetsPerpetual DEXs, tokenized assets, and why Bitcoin collateral changes the game.
36:55 – Roadmap AheadWhat’s next for Botanics: STBTC rollout, new apps, and expanding the federation.
40:55 – Learning MoreWhere to find docs, tutorials, and how to start earning yield with Bitcoin.
42:30 – ConclusionFinal thoughts on Bitcoin yield, self-custody, and building a sustainable Bitcoin DeFi future.
Hosted by Dylan Bane 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.
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, what’s actually bullish (cash vs. locked), and realistic expectations for SOL vs. ETH.
🔹 Pump.fun buybacks: short-term alignment vs. long-term cash needs to compete with Web2 social — when buybacks help and when they starve growth.
🔹 Stripe’s Tempo L1: distribution monster or Libra 2.0? Permissionless claims, payment fast lanes, and the impact on ETH/Solana liquidity and “corpo chain” UX.
🔹 Hyperliquid’s native stablecoin (USDH): Paxos, Agora, FRA, and Native Markets bids; revenue-share math; what it signals for Circle/USDC and for L1/L2 treasury design.
🔹 MegaETH & new networks: timelines, yield vs. distribution in stablecoin wars, and why “attention + loyalty” may be the next moat.
00:00 Exotic RWAs primer
2:00 Macro & Fed odds (25 vs 50 bps)
6:00 Solana DATs, flows & SOL/ETH
12:40 Pump.fun buybacks debate
23:00 Stripe Tempo L1 & “corpo chains”
40:20 Hyperliquid USDH proposals
56:00 Exotic RWA momentum & UX
1:07:20 What we’re doing on-chain
Hosted by Matthew Nay of Messari
Follow Messari on Twitter: https://twitter.com/MessariCrypto
Follow Unqualified Opinions on Spotify: https://open.spotify.com/show/0uG5qpwFg67zTt0VQRTaZ7?si=13163cbebe01415e
Follow Unqualified Opinions on Apple Podcasts: https://podcasts.apple.com/us/podcast/messaris-unqualified-opinions/id1455666979
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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.
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, revenue (not pre-launch tokens)
🔹 Application-specific infra (e.g., Hyperliquid, Plasma) vs. generic chains
🔹 Stablecoins after policy clarity (“Genius”): cost of capital, distribution, yield
🔹 Energy x DePIN: on-chain finance for power, credits, and data centers
🔹 Crypto ↔ AI reality: how miners morphed into the AI backbone; investable angles
🔹 GPU marketplaces: where the thesis works—and where it breaks
🔹 The coming B2B crypto/SaaS moment and why execution beats narratives00:32 Introductions
02:17 Crypto Venture Market
15:09 Stablecoins & Tokenization
30:25 AI & Energy Investments
39:29 GPU Compute & Infra Protocols
43:06 Mapping & Decentralized Data
47:41 Potts’ contrarian take: we’re still early
50:50 Conclusion
Hosted by Dylan Bane and Matthew Nay of Messari
Follow Messari on Twitter: https://twitter.com/MessariCrypto
Follow Unqualified Opinions on Spotify: https://open.spotify.com/show/0uG5qpwFg67zTt0VQRTaZ7?si=13163cbebe01415e
Follow 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 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 funding
00:53 Introductions
1:53 Market Outlook
3:34 On-Chain Flows
14:44 Hyper EVM
17:34 Prediction Markets
20:54 Product Growth
40:03 Coinbase
43:18 Helium (HNT)
50:57 On-Chain Work
54:08 Conclusion
Hosted by Matthew Nay of Messari
Follow Messari on Twitter: https://twitter.com/MessariCrypto
Follow Unqualified Opinions on Spotify: https://open.spotify.com/show/0uG5qpwFg67zTt0VQRTaZ7?si=13163cbebe01415e
Follow 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.