On this episode of DeFi Decoded, Alex and Andew sit down with Tom Dunleavy, Senior Research Analyst at Messari. 2022 was crypto's annus horribilis so they start with post-mortem for a challenging year. There were some huge setbacks, notably the collapse of FTX and other centralized exchanges and lending platforms, but also several major breakthroughs, such as the Ethereum Merge. Next, they discuss the outlook for 2023 and talk about core themes for investors, users, and builders in 2023, including the rise of app-chains, Web3 gaming, enterprise adoption, distributed physical infrastructure (DE-PIN), the future of layer 2's and competing layer 1's, and preview Messari's Crypto Theses report, which will be released before year-end.