Messari's Unqualified Opinions

Research 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.

They unpack Hyperliquid HIP‑3 markets and why equity and commodity perpetuals are dominating weekend price discovery. They debate Uniswap enabling a fee switch on L2s and what buyback revenue could mean for UNI dynamics. They scrutinize Venice’s VVV model, on‑chain AI privacy claims, and how decentralized inference providers and TE solutions fit into the future of on‑chain AI.

Conor Moore, co-founder and COO of USD.AI, builds on-chain financing and tokenized debt for AI GPU infrastructure. He discusses originating GPU-backed loans, focusing on NVIDIA H100/H200 collateral. Topics include why GPUs were chosen, Munich Re-backed value insurance, on-chain execution for tradable debt, and scaling originations toward institutional liquidity.

The 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

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

Connor Lovely, founder of Proof of Coverage Media and DePIN storyteller, and Sal Gala, co-founder of Escape Velocity Ventures and DePIN investor, discuss 2025’s DePIN landscape. They talk about revenue growth at GeoNet and Helium. They debate buybacks versus growth, the rise of InfraFi and asset-backed financing, and why decentralized compute underperformed. They close with 2026 predictions for enterprise adoption and winners.

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.