Messari's Unqualified Opinions

Latest Episodes:

Is Bitcoin Gold 2.0? + CLOB Wars, Stablecoin Frenzy, and More | Fully Diluted with Messari Research Jun 18, 2025

Show notes

💡 Ask Messari Copilot: What are the tradeoffs between valuing a Layer 1 blockchain using revenue vs. monetary premium?

✨ See Copilot's Response: https://messari.io/copilot/share/layer-1-valuation-tradeoffs-a9a432a8-41bc-4281-963b-f836318a6502

Bitcoin barely flinched during recent geopolitical chaos. Is BTC becoming more resilient—dare we say… gold-like? In this episode of STSP, we explore Bitcoin’s price action in the face of macro stress, the rise of on-chain order books (CLOBs), and the growing stablecoin wars between TradFi giants and crypto natives. We also dive into valuation models, memecoin exposure for institutions, and whether your favorite L1s deserve trillion-dollar dreams.

Featuring spicy takes, galaxy brain theories, and just the right amount of terminally online behavior.

00:37 Introductions

1:01 CLOB Basics

11:40 Stablecoin Talk

17:40 Market Outlook

30:49 L1 Valuation

45:16 Pump.fun Valuation

50:32 Onchain Activity

55:41 Conclusion

Hosted by Dylan Bane 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.

Inside 1inch's 30-Day Solana Expansion: Their DeFi Masterplan | Fully Diluted with Messari Research Jun 11, 2025

Show notes

In this exclusive interview, 1inch Co-Founder Sergej Kunz breaks down how the team expanded to Solana in just 30 days — and why intent-based architecture is the future of DeFi. From overcoming technical challenges, embracing open-source standards, and integrating MEV protection by design, Sergey shares deep insights on liquidity fragmentation, protocol design, and 1inch’s vision to unite DeFi across chains like Solana, Aptos, Sui, and even Bitcoin.

👉 Why Solana's architecture created a huge growth opportunity

👉 How 1inch delivered a production-ready Solana MVP in 30 days

👉 Intent-based swaps vs. AMMs vs. CowSwap vs. Uniswap X

👉 Cross-chain liquidity aggregation & MEV protection

👉 The long-term roadmap for DeFi, Bitcoin integration, and TradFi adoption

Whether you're a builder, trader, or protocol researcher — this is a masterclass on DeFi scaling and infrastructure.

00:41 Introductions

6:38 Expand to Solana

10:32 Fusion Protocol

20:10 Communication

27:10 Volume

39:08 Accomplishment

44:19 Liquidity Layer

46:55 Interface Fees?

56:58 The Future

1:03:27 Conclusion

Hosted by Troy Harris of Messari

Follow Messari on Twitter: https://twitter.com/MessariCrypto

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The First Real Internet Capital Market? | Fully Diluted with Messari Research Jun 04, 2025

Show notes

💡 Ask Messari Copilot: Could tokenized equities will actually drive onchain adoption — or are onchain traders still too focused on memes and perps?

✨ See Copilot's Response: https://messari.io/copilot/share/tokenized-equities-and-onchain-adoption-fc4adda4-549d-4657-a411-6272aea037ed

In episode 6 of Shoot Sh*t the Pod, the Messari Enterprise team dives into:

- Bitcoin Vegas highlights & growing political support for crypto

- The evolution of Bitcoin scalability: OPCAT, BitVM, and BitcoinFi experiments

- Hyperliquid’s transparency debate and the future of onchain perps

- Real-world assets and tokenized equities coming to Solana

- Dripster’s unique model merging AI, real-world manufacturing, and internet capital markets

- Helium Mobile’s explosive growth and the Deepin sector heating up

Stay tuned for in-depth takes, healthy debates, and some hot alpha along the way. Don’t forget to like and subscribe!

00:38 Introductions

1:13 Market Update

6:10 Hyperliquid Hype

17:27 RWAs & Equities

25:24 Bitcoin Vegas & Scaling

34:48 Dripster & New Markets

45:40 NFT Derivatives

48:52 Helium Growth

51:03 Conclusion

Hosted by Matthew Nay of Messari

Follow Messari on Twitter: https://twitter.com/MessariCrypto

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Building the Binance of Onchain: Inside Infinex’s Bold UX Bet | Fully Diluted with Messari Research May 28, 2025

Show notes

Ask Messari Copilot: Can a full-stack, centralized-style experience coexist with crypto’s ethos of decentralization?

See Copilot's Response: https://messari.io/copilot/share/centralization-vs-decentralization-5b85d971-6184-4512-9110-1598a3900bb8

Kain Warwick breaks down how Infinex is rewriting the rules of crypto UX. From building its own wallet and signing infrastructure to full-stack app architecture, Infinex is ditching the dApp playbook to offer users a seamless, centralized-like experience—without sacrificing custody. If you're curious about the future of crypto applications and the battle to onboard the next wave of users, this one’s for you.

00:42 Introductions

1:05 Infinex Vision

4:13 UX in Crypto

5:45 User Growth

8:12 How Infinex Works

19:05 Scaling Infinex

23:15 Competition

31:42 Updates & Perception

38:46 Kaito Plans

42:15 Conclusion

Hosted by Kinji Steimetz and Dylan Bane of Messari

Follow Messari on Twitter: https://twitter.com/MessariCrypto

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Tokenizing Everything: Are Internet Capital Markets Crypto’s Next Frontier? | Fully Diluted with Messari Research May 21, 2025

Show notes

What does it really take to launch a token in 2025? The Enterprise team dives into the rise of Launchcoin and the emergence of Internet Capital Markets—an onchain movement redefining how tokens are created, distributed, and valued. From memecoin mechanics to institutional implications, this episode dissects the thesis and traction behind tokenized everything on Solana.

💥 We also debate how to value L1s:

→ Is REV (Revenue) the most grounded valuation metric?

→ How do monetary premiums, economic security, and execution narratives shape prices?

→ Are current valuations justifiable—or wildly overblown?Plus, we touch on:

- The Coinbase S&P 500 inclusion

- BTC breaking 6 figures

- Hyperliquid’s growth dilemma

- Dylan’s DePIN Valuations report (featuring DRNs vs. PRNs)

- What we’re doing onchain—from Tama.fun to HyperEVM farming

💡 Ask Messari Copilot: How might tokenization tools like Launchcoin evolve to enable real equity, revenue sharing, or governance rights—and what regulatory or technical hurdles stand in the way?

✨ See Copilot's Response: https://messari.io/copilot/share/tokenization-s-future-equity-revenue-and-governance-d63e860a-1b2e-49da-8f64-f6ea5ecd3fe6

00:39 Introductions

1:13 Market Update

7:12 Coinbase in S&P

11:55 Analyst Forecast

13:27 How to Value L1s

36:09 IPO Multiples

38:24 Internet Capital Markets

46:19 Hyperliquid & Bear Case

59:52 On-Chain Stuff

1:11:44 Conclusion

Hosted by Matthew Nay of Messari

Follow Messari on Twitter: https://twitter.com/MessariCrypto

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Are We Really Back? AI Subnets, BTC Surge & Stablecoin Wars | Fully Diluted with Messari Research May 07, 2025

Show notes

We're back with Episode 4 of Shoot the Sh*t Fully Diluted Podcast, where the Messari Enterprise team dives deep into what’s fueling crypto’s recent momentum.

Join Matthew Nay and the Enterprise team (Sunny Shi, Kinji Steimetz, Andrew Dyer, Chris Davis & Dylan Bane) as they shoot the sh*t about:

🔹 Macro trends: BTC’s outperformance, S&P's rally, and tariff drama between the US and China.

🔹 AI subnets & decentralized training: BitTensor’s shoots, gradients, and more.

🔹 Ethereum’s L1 scaling push: Is this the turnaround moment for ETH?

🔹 Stablecoin meta: Mastercard x Circle, Ripple’s rumored bid for Circle, and more.

🔹 Hyperliquid flywheel: HIP3, staking incentives, and why it might be the next top-10 protocol.

🔹 Onchain activity check-in: Launchpad wars, NFT grinds, and Treeverse MMOs.

This one’s jam-packed. Whether you’re macro-curious, AI-obsessed, or just tracking new alt metas—there’s alpha for everyone.

💡 Ask Messari Copilot: What would it take for Ethereum L1 to recapture DeFi mindshare from L2s and alt L1s—performance, incentives, or something entirely different?

✨ See Copilot's Response: https://messari.io/copilot/share/ethereum-l1-defi-comeback-bebd6c1a-a97f-49d2-98c4-136ca02b558c

00:44 Introductions

1:10 Market Sentiment

15:48 Ethereum Foundation

25:11 AI Adoption

36:57 DePIN Projects

39:45 Energy & Crypto

41:31 Crypto Payments

56:15 EVM Innovations

1:05:10 On-Chain Projects

1:12:08 Conclusion

Hosted by Matthew Nay of Messari

Follow Messari on Twitter: https://twitter.com/MessariCrypto

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Building Real-World Utility: DePIN, AI, and Crypto’s Future | Fully Diluted with Messari Research May 01, 2025

Show notes

What’s really holding crypto back? It’s not infrastructure—it’s product.

In this episode of Fully Diluted, Hivemapper CEO Ariel Seidman joins Messari’s Dylan Bane to unpack the deep infrastructure powering Hivemapper’s decentralized global map—and why real utility, not hype, is the key to crypto’s next chapter.

0:50 Introductions

4:02 HiveMapper Intro

12:13 Market Demand

18:55 Token Model

29:20 Regulation & Adoptio

36:05 Crypto Culture

38:56 App Layer & Roadmap

46:04 Conclusion

Hosted by Dylan Bane of Messari

Follow Messari on Twitter: https://twitter.com/MessariCrypto

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Crypto Built the Casino — Can It Build Infrastructure Too? | Fully Diluted with Messari Research Apr 30, 2025

Show notes

In this episode of Fully Diluted, Pranav Kanade and Wyatt Lonergan from VanEck Digital Assets are joined by Kinji Steimetz and Dylan Bane from Messari to explore the evolution of crypto beyond speculation.

They dive deep into tokenization, stablecoins, the rise of real-world assets (RWA), and how stablecoin-powered infrastructure could reshape global payments and financial access.

The conversation spans market structure reforms, the future of tokenized equities, the critical path for Deepin networks, and the competitive dynamics among base layers like Solana and MegaETH.

Learn why the industry's future success depends not on better casinos—but on rewarding real, productive innovation.

0:46 Introductions

5:41 Stablecoin Use

15:53 Tokenized Assets

23:33 On-Chain Limits

28:15 DePIN Infrastructure

44:53 Base Layers

51:24 Conclusion

Hosted by Kinji Steimetz and Dylan Bane of Messari

Follow Messari on Twitter: https://twitter.com/MessariCrypto

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MegaETH Breaks Through, Mantra Breaks Down | STS Ep. 3 | Fully Diluted with Messari Research Apr 23, 2025

Show notes

We're back with Episode 3 of Shoot the Sh*t Pod — and this one’s stacked.

Join Matthew Nay and the Enterprise team (Sunny Shi, Kinji Steimetz, Andrew Dyer, Chris Davis & Dylan Bane) as they dive into:

🔹 Real-time blockchains: MegaETH is setting a new bar.

🔹 AI Roasting & CT Drama: AIXBT is back on its BS, targeting Sunny in a wild Twitter roast.

🔹 Macro madness: Talking stagflation risks, Fed policy, and market sentiment.

🔹 Token volatility: What happened with Mantra?

🔹 Content coins vs. memecoins: The Base/Zora launch sparked a frenzy.

🔹 Gaming onchain: MegaETH’s Crossy Road-style demo shows what fast infra can unlock.

🔹 Decentralization vs. performance: Where are devs and users really drawing the line in 2025?

00:00 Introductions

1:05 AI Roasting

4:23 Macro Environment

20:20 Token Volatility

30:46 Tokenization & Utility

48:54 Decentralization

51:51 Conclusion

Hosted by Matthew Nay of Messari

Follow Messari on Twitter: https://twitter.com/MessariCrypto

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How The Innovation Game Is Crowdsourcing Better Algorithms | Fully Diluted with Messari Research Apr 16, 2025

Show notes

Ask Messari Copilot: How can decentralized protocols change the economics of R&D in science and AI?

See Copilot's Response: https://messari.io/copilot/share/decentralizing-r-d-economics-069debfe-3e9a-4281-8c5c-442e829d94b5

How do we incentivize the next great algorithm? Why does open-source AI matter more than ever in a world of geopolitical tension and centralized power?

In this episode, we dive deep with John Fletcher—physicist, mathematician, and creator of The Innovation Game—to explore a decentralized protocol for algorithm development, the future of AI scaling, and how crypto can align incentives for global innovation. From AI arms races to source separation in music production, this conversation spans the spectrum of science, strategy, and society.

Read Their Recent Blog To Learn More: https://medium.com/@tigfoundation/the-innovation-game-how-a-market-for-open-algorithms-sets-science-free-b2eb6abcaa1e

00:50 Introductions

2:20 Protocol Basics

8:23 Algorithmic Use Cases

12:46 Historical Context

18:27 Open Source Challenges

24:47 Predictability

29:25 Scaling and Global Talent

36:08 Licensing

42:36 Geopolitics

50:42 Inspiration

53:37 Conclusion

Hosted by Chris Davis of Messari