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
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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
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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
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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
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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
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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
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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 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
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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 Unqualified Opinions, Messari’s Whynonah sits down with Johann Eid , Chief Business Officer at Chainlink, to explore the evolution of Chainlink from solving the oracle problem to becoming a cornerstone of institutional blockchain adoption.
Johann shares personal insights on the importance of focus in building within crypto, lessons from Aave’s journey to product-market fit, and why tokenization and interoperability are the key drivers of the next wave of adoption.
Key topics covered:
🔹 Why focus beats distraction in an ultra-competitive market
🔹 The formative moment that proved blockchain’s value
🔹 Lessons in product-market fit from DeFi pioneers
🔹 Chainlink’s role in connecting TradFi and crypto through tokenization
🔹 Why institutional adoption today is different from past cycles
🔹 How blockchain technology enables global financial freedom
00:33 Introductions
1:13 Personal Background
5:24 Product Market Fit
8:39 Chainlink's Evolution
14:10 Institutional Adoption
20:30 Future of Crypto & Chainlink
25:44 Community & Resources
Ethereum is up over 45% this month, outpacing every major asset — but what’s fueling this explosive move? In this episode, Matthew Nay and the Messari Enterprise team break down the drivers behind ETH’s outperformance, the institutional treasury race between Bitmine and ESB, and how these moves could reshape DeFi markets.
We also dive into macro market conditions, CPI expectations, the surprising reception to GPT-5, ETH DeFi fundamentals, the Solana vs ETH narrative battle, and the breakout performance of projects like Zora and Succinct. Plus, we cover on-chain trends, perps, restaking, and why SocialFi may be the next hot narrative.
Whether you’re an investor, builder, or DeFi degen, this is your front-row seat to the trends moving crypto markets right now.
00:42 Introductions
1:08 Macro Outlook
8:28 ETH Treasuries
15:56 DeFi Shift
19:56 ETH vs. Solana
25:24 Zora Rally
34:24 Ecosystem Trends
48:02 On-Chain Activity
54:33 Conclusion
Hosted by 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.
💡 Ask Messari Copilot: How will stablecoins reshape global finance if Treasury demand and TradFi adoption continue accelerating?
👉 See Copilot's Response: https://messari.io/copilot/share/stablecoin-future-79313968-8b6e-4ae5-b1cf-2fa779c6f098
In Episode 10 of Shoot the Pod, the Messari Enterprise team breaks down a jam-packed week across crypto markets, TradFi trends, and frontier tech. We dive into Scott Bessant's bold prediction of a $3.7 trillion stablecoin market, the U.S. Treasury's surprisingly bullish stance, and how stablecoins might be used to backstop U.S. deficits.
We also explore the explosion of Ethereum treasury activity, institutional appetite for onchain assets, and the fallout from Pump.Fun’s underwhelming launch. Plus: Zora’s surprise breakout, NFTs staging a comeback, and the emergence of DePIN-powered devices like the Dawn Blackbox.
00:44 Introductions
5:27 Macro Trends & Predictions
7:30 Fund Strategies & Risk
26:07 Market Sentiment
46:06 Crypto Adoption & NFTs
50:46 Stablecoin Forecast & DeFi
1:02:18 On-Chain Activity
1:10:19 Hyperliquid & Tools Access1:11:38 Conclusion
Hosted by 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.
Want a comprehensive look at the stablecoin sector from top Messari analysts and industry-leading contributing partners?
📥 Download the FREE State of Stablecoins 2025 report live now: https://messari.io/report/state-of-stablecoins
💡 Ask Messari Copilot: What do you think is the biggest untold story behind stablecoin adoption — enterprise growth, geopolitical implications, or DeFi-native FX innovation?
👉 See Copilot's Response: https://messari.io/copilot/share/stablecoin-adoption-untold-stories-548e40d4-bf68-43c6-b361-0c7a0a7d572f
Are stablecoins the future of global payments?
In this episode of Unqualified Opinions, Messari’s Andrew Young speaks with Anthony Yim of Artemis to discuss the findings of their new State of Stablecoins report.
From B2B cross-border transactions to stablecoin-linked card payments and the dominance of Tron and Tether, this episode dives into the data behind the exponential growth of stablecoin infrastructure. Anthony shares insights on enterprise adoption, regional frictions, the realities of replacing legacy payment rails, and why major networks like Visa and Mastercard may not be going anywhere.
We also explore:
- How stablecoins are already rivaling legacy rails like PayPal and Visa
- Why emerging markets are at the forefront of stablecoin usage
- The geopolitical risks of dollar dominance in a tokenized economy
- What new opportunities could arise from open, programmable money rails
00:30 Introductions
1:17 Survey & B2B Payment Trends
7:17 Speed & Card Usage
17:17 Stablecoin Behavior & Liquidity
22:09 Regulation & Government Response
31:54 Adoption Challenges
35:51 Stablecoins as Strategy
39:21 Conclusion
Hosted by Andrew Dyer of Messari
Full list of contributing partners includes: Coinbase Developer Foundation, Tether, Tron, Addressable, Circle, Global Dollar Network, Stellar, Sky, Hyperbeat, Perena, fx Protocol, Bitso, Huma, Ondo Finance, Plasma, Firefly, Dragonfly, Anchorage Digital, and Sphere.
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.
Want a comprehensive look at the stablecoin sector from top Messari analysts and industry-leading contributing partners?
📥 Download the FREE State of Stablecoins 2025 report live now: https://messari.io/report/state-of-stablecoins
💡 Ask Messari Copilot: How should emerging markets balance the benefits of dollar-denominated stablecoin access with the risks to their sovereign monetary policy?
👉 See Copilot's Response: https://messari.io/copilot/share/stablecoins-in-emerging-markets-a-balancing-act-63575aa2-c161-4091-b2b4-166c5cd640a3
In this special Unqualified Opinions episode, Messari’s Andrew dives deep into the cross-border stablecoin economy with Arnold Lee, co-founder of Sphere Labs.
They unpack:
- What it means to operate without clear money transmitter laws in emerging markets
- How “stablecoin sandwiches” are revolutionizing cross-border payments
- Why FX inefficiencies still dominate traditional finance rails
- The core thesis behind Sphere Pay and the Sphereet private Solana cluster
- Why small, agile companies may have an edge over global fintech giants like Wise and Revolut
- The looming tension between dollar stablecoin adoption and sovereign monetary policy
Whether you're a builder in fintech, a stablecoin researcher, or just crypto-curious, this episode offers a comprehensive look at the real-world implications, frictions, and transformative potential of programmable money.
00:45 Introductions
1:11 What Sphere Is
3:22 User Benefits
15:39 How Liquidity Works
25:33 Role in Routing
34:52 Use Cases
44:39 Competitor Talk
47:27 Future and Risk
1:05:40 What's Next?
1:08:08 Conclusion
Hosted by Andrew Dyer of Messari
Full list of contributing partners includes: Coinbase Developer Foundation, Tether, Tron, Addressable, Circle, Global Dollar Network, Stellar, Sky, Hyperbeat, Perena, fx Protocol, Bitso, Huma, Ondo Finance, Plasma, Firefly, Dragonfly, Anchorage Digital, and Sphere.
Follow Messari on Twitter: https://twitter.com/MessariCryptoFollow 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.
💡 Ask Messari Copilot: How is Phantom’s integration with Hyperliquid reshaping the future of on-chain perps and trading UX?
👉 See Copilot's Response: https://messari.io/copilot/share/phantom-and-hyperliquid-integration-fe7767d4-8f7c-4efc-96d7-76682a2b2c75
This episode of STSP covers the major catalysts driving crypto forward in July 2025. The team dives into the massive PUMP ICO, Hyperliquid’s breakout moment with Phantom, and what this means for the future of builder codes, trading infra, and Solana’s role in the evolving on-chain stack.Get insights into token launches, altcoin season indicators, macro momentum, and how Hyperliquid’s tech stack is rivaling CEXs in real time. Plus, a bullish Helium update and the team's on-chain plays.
00:38 Introductions
1:31 Macro & Bitcoin10:10 Crypto Week Impact
11:50 PUMP & Meme Wars
32:19 Urgency & Price Moves
34:19 Hyperliquid vs. Others
46:42 Chain Launch Talk
47:27 Helium Update
52:34 On-Chain Activity
56:11 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.
In this Fully Diluted episode from ETHCC, we sit down with Terrence Kwok, founder of Humanity Protocol, to explore how palm biometrics, zero-knowledge proofs, and decentralized identity validators are coming together to build a new foundation for trust in the digital age.
We cover:
- The challenge of verifying human identity in an AI-heavy world
- Why palm biometrics are more accurate (and less creepy) than other options
- How Humanity Protocol enables privacy-preserving credentials for everything from proof of education to credit scores
- The role of ZK-TLS and their recent acquisition of Moongate to scale real-world adoptio
- What makes Humanity different from Worldcoin—and why they built their own chain
Terrence also shares how they’ve grown to nearly 10M Human IDs globally, and why most future users may never realize they’re interacting with a blockchain at all.
00:07 Introductions
4:00 Tech Breakdown
13:15 Credential Composability
17:12 Why Build Your Own Chain?
18:18 Global Go-To-Market
20:31 Distribution Strategy
23:09 User Incentives
24:57 Roadmap
28:26 AI Deepfakes
30:04 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.
💡 Ask Messari Copilot: How are tokenized stocks on Arbitrum expected to impact on-chain liquidity and adoption among retail investors?
👉 See Copilot's Response: https://messari.io/copilot/share/tokenized-stock-liquidity-on-arbitrum-f15fd4cb-239d-4d36-bff6-808488df441b
This episode of STSP dives deep into the evolving intersection of traditional finance and crypto. The team discusses the rising excitement around stablecoins, Robinhood's move into tokenized U.S. equities on Arbitrum, Hyperliquid’s edge over centralized exchanges, and the broader implications of ETFs and on-chain trading infrastructure. Tune in for insights on how new financial rails are forming—from Solana staking ETFs to the emergence of crypto-powered super apps.
00:29 Introductions
1:00 Market Overview
9:49 IPO & Markets
11:35 Stocks via Stablecoins
12:48 Robinhood & Coinbase Impact
29:16 L2 & Altcoins
40:41 Staking ETFs & Solana Growth
50:28 Circle IPO & Stablecoin Yields
51:50 Launchpads & Onchain News
1:01:24 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.
💡 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
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.
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
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.
