In 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.