Podcast
Messari's Unqualified Opinions
Hosted by Messari · EN
Crypto has real use cases - now. Learn about them here.
12episodes
Episodes
Newest firstAll episodes
edgeX's Explosive Q4: RWA Perps, Upcoming TGE & Circle Integration
Mar 1600:27:14Tap to summarizeResearch Analyst @CryptoRick98 sits down with KF, co-founder of edgeX, to break down the State of edgeX Q4 2025 report. The conversation covers edgeX's explosive growth in TVL, perp trading volume, and fees — all achieved amid one of the most volatile quarters in crypto history.KF also discusses edgeX's upcoming TGE, the Circle Ventures investment and native USDC integration, RWA perps now making up 20-30% of total volume, the Maru community token, and the team's long-term vision for an AI agent trading economy.-Introduction: 0:00-Platform Growth: 0:36-October 10 Market Event: 2:50-Trading Volume: 5:31-Fees & Treasury: 7:39-DEX Competition: 9:52-Product Expansion: 12:38-Partnerships & Future: 19:17Follow 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.
Transcribe →Equity Perps, Uniswap Buybacks & BitTensor's Decentralized Inference
Mar 600:40:09Tap to summarizeIn episode 21 of Messari's Fully Diluted, Alex Beaudry is joined by analysts Hayden Booms, Dillon Shirley, and Qorban Ferrell to break down the most important moves happening across DeFi, derivatives, and on-chain AI. The team dives deep into Hyperliquid's HIP3 markets, Uniswap's fee switch expansion to L2s, and the rising Venice AI (VVV) controversy.Dylan brings real volume data showing that Hyperliquid's HIP3 markets — led by TradeXYZ's equity and commodity perps — have become a legitimate venue for weekend price discovery, with Bloomberg now paying attention and 90% of weekend directional trades proving correct. The team debates whether pre-IPO HIP3 markets can compete with Polymarket, and what revenue sharing or synthetic ownership mechanics would need to look like to drive meaningful volume.0:33 - Introductions1:42 - HIP-3 Market Overview11:54 - Uniswap Proposal14:38 - UNI Token Impact16:19 - DEX Competition22:22 - Venice Project & AI Privacy35:59 - On-Chain Activity39:44 - ConclusionFollow Messari on Twitter: https://x.com/MessariCrypto Follow Fully Diluted on Spotify: https://open.spotify.com/show/0uG5qpw...Follow Fully Diluted 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.
Transcribe →How USD.AI Disrupts Private Credit with On-Chain GPU Financing
Feb 1700:42:21Tap to summarizeConor Moore, co-founder and COO of USD.AI, joins Messari's Fully Diluted podcast to discuss the emerging on-chain credit market for GPU-backed loans. USD.AI provides financing for neoclouds and AI infrastructure companies, competing directly with traditional banks and private credit funds. The protocol has successfully originated loans backed by NVIDIA GPUs including H100s and H200s. The episode explores how USD.AI differentiated itself by focusing specifically on GPU assets rather than generalized RWA lending. Hosted by Dylan BaneFollow 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.
Transcribe →Will Prediction Market Volumes Continue to Grow? Bull vs Bear Case | Messari Fully Diluted
Feb 1300:47:46Tap to summarizeThe Messari team analyzes prediction markets after the Super Bowl drove record volumes across Kalshi and Polymarket. With $6.2 billion in weekly volume split between sports betting and political markets, the question is whether this represents a local top or sustainable growth. Will prediction markets scale to entertainment, culture, and long-tail markets, or is volume topping out? The discussion covers regulatory advantages, UX challenges, and whether Robin Hood and Coinbase building their own platforms will threaten Kalshi and Polymarket's market share. From permissionless markets to derivatives on prediction outcomes, this episode explores the full spectrum of opportunities and risks.0:35 - Introductions1:41 - Growth of Prediction Markets2:45 - New Market Opportunities5:36 - Long-Tail Markets21:10 - Crypto vs Traditional Platforms31:17 - Perps & Advanced Products33:26 - Attention Markets45:46 - ConclusionHosted by Matthew NayFollow Messari on Twitter: https://x.com/MessariCryptoFollow Fully Diluted on Spotify: https://open.spotify.com/show/0uG5qpw...Follow Fully Diluted 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.#Polymarket #cryptopodcast #kalshi
Transcribe →The Electric Dollar: How Stablecoins Will Finance AI's Future
Feb 900:43:09Tap to summarizeDylan 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
Transcribe →DePIN Growth, Trade XYZ Explosion & BitTensor Updates | Messari Fully Diluted
Feb 500:47:21Tap to summarizeThe 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
Transcribe →The Secret to Tron’s Rapid Adoption in Emerging Markets
Feb 500:26:49Tap to summarizeSam 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
Transcribe →How Dabba Scaled from 1K to 75K WiFi Hotspots in 18 Months | Messari Fully Diluted
Feb 200:28:54Tap to summarizeDabba 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
Transcribe →State of DePIN 2025 | Fully Diluted
Jan 2800:39:49Tap to summarizeIn 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.
Transcribe →Drones x DePIN: Spexi and LayerDrone Are Building a Global Spatial Data Network | Fully Diluted
Jan 2200:32:30Tap to summarizeDrones, 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.
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