What’s really holding crypto back? It’s not infrastructure—it’s product.

In this episode of Fully Diluted, Hivemapper CEO Ariel Seidman joins Messari’s Dylan Bane to unpack the deep infrastructure powering Hivemapper’s decentralized global map—and why real utility, not hype, is the key to crypto’s next chapter.

0:50 Introductions

4:02 HiveMapper Intro

12:13 Market Demand

18:55 Token Model

29:20 Regulation & Adoptio

36:05 Crypto Culture

38:56 App Layer & Roadmap

46:04 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 of Fully Diluted, Pranav Kanade and Wyatt Lonergan from VanEck Digital Assets are joined by Kinji Steimetz and Dylan Bane from Messari to explore the evolution of crypto beyond speculation.

They dive deep into tokenization, stablecoins, the rise of real-world assets (RWA), and how stablecoin-powered infrastructure could reshape global payments and financial access.

The conversation spans market structure reforms, the future of tokenized equities, the critical path for Deepin networks, and the competitive dynamics among base layers like Solana and MegaETH.

Learn why the industry's future success depends not on better casinos—but on rewarding real, productive innovation.

0:46 Introductions

5:41 Stablecoin Use

15:53 Tokenized Assets

23:33 On-Chain Limits

28:15 DePIN Infrastructure

44:53 Base Layers

51:24 Conclusion

Hosted by Kinji Steimetz and 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

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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.

We're back with Episode 3 of Shoot the Sh*t Pod — and this one’s stacked.

Join Matthew Nay and the Enterprise team (Sunny Shi, Kinji Steimetz, Andrew Dyer, Chris Davis & Dylan Bane) as they dive into:

🔹 Real-time blockchains: MegaETH is setting a new bar.

🔹 AI Roasting & CT Drama: AIXBT is back on its BS, targeting Sunny in a wild Twitter roast.

🔹 Macro madness: Talking stagflation risks, Fed policy, and market sentiment.

🔹 Token volatility: What happened with Mantra?

🔹 Content coins vs. memecoins: The Base/Zora launch sparked a frenzy.

🔹 Gaming onchain: MegaETH’s Crossy Road-style demo shows what fast infra can unlock.

🔹 Decentralization vs. performance: Where are devs and users really drawing the line in 2025?

00:00 Introductions

1:05 AI Roasting

4:23 Macro Environment

20:20 Token Volatility

30:46 Tokenization & Utility

48:54 Decentralization

51:51 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: How can decentralized protocols change the economics of R&D in science and AI?

See Copilot's Response: https://messari.io/copilot/share/decentralizing-r-d-economics-069debfe-3e9a-4281-8c5c-442e829d94b5

How do we incentivize the next great algorithm? Why does open-source AI matter more than ever in a world of geopolitical tension and centralized power?

In this episode, we dive deep with John Fletcher—physicist, mathematician, and creator of The Innovation Game—to explore a decentralized protocol for algorithm development, the future of AI scaling, and how crypto can align incentives for global innovation. From AI arms races to source separation in music production, this conversation spans the spectrum of science, strategy, and society.

Read Their Recent Blog To Learn More: https://medium.com/@tigfoundation/the-innovation-game-how-a-market-for-open-algorithms-sets-science-free-b2eb6abcaa1e

00:50 Introductions

2:20 Protocol Basics

8:23 Algorithmic Use Cases

12:46 Historical Context

18:27 Open Source Challenges

24:47 Predictability

29:25 Scaling and Global Talent

36:08 Licensing

42:36 Geopolitics

50:42 Inspiration

53:37 Conclusion

Hosted by Chris Davis 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 most promising models for scaling DePIN infrastructure?

See Copilot's Response: https://messari.io/copilot/share/scaling-deepin-infrastructure-models-ffbd3d95-53c1-4cdc-98cd-58d36f43250a

In this week’s episode, the Messari Research team breaks down the latest market narratives—from DePIN’s growing pains to macro risks and app consolidation on Solana. We’re talking tariff chaos, Circle’s IPO delay, gaming tokenomics, and what we’re actually doing onchain during all the volatility.

The Analysts Discuss:

📡 DePIN Revenue: Can protocols like Helium, GEODNET, and Glowe scale?

📉 Macro: Tariffs, market uncertainty, and crypto relative strength

🏦 Circle IPO: Why it got delayed and what that means for stablecoins

🧬 Solana: Super apps, vertical integration, and the memecoin washout

🎮 Gaming: Token design, GUN launch fallout, and consolidation

🔬 Infra: MegaETH testnet and why infra still matters

🧪 Onchain Life: What the team’s farming, testing, and feeding (yes, Mega E-fluffs)

00:00 Introductions

1:06 Tariff Fallout

12:16 Circle IPO Delay

19:30 Superapp Thesis

28:07 State of Gaming

32:03 Cycle Analysis

38:22 DePIN Tokenomics

44:30 Current Interests

53:28 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 "Which protocols have shown the strongest fundamentals this cycle despite underperforming in price?"

https://messari.io/copilot/share/evaluating-protocol-fundamentals-9ada2e1c-b1e5-4cd7-be67-dc24f483a0dc

In this episode, the Messari Enterprise team sits down for a candid conversation on where we are in the crypto market cycle—and where we might be headed.

We dive into:

🧠 How the market became too self-aware and what that means for future participation

📉 Why ETH and altcoins are underperforming—even with a strong BTC ETF backdrop

🏦 The real role of Bitcoin: risk-on asset or digital gold?

🧪 Narrative fatigue, ETF skepticism, and the memecoin-to-perps trading migration

🚀 What we're still bullish on: DPIN, Hyperliquid, product-led chains, and the long arc of self-custodyFrom macro outlooks and market structure to the memes that move markets, this is one of our most wide-ranging (and honest) conversations yet.

The Fully Diluted Podcast with Messari Research brings you insightful, no-hype takes on what actually drives value in crypto. Subscribe to get weekly episodes with the best builders and researchers in crypto.

00:00 Intros

01:12 Crypto Market Narratives & Trends

10:55 Bitcoin & Ethereum Investment

22:16 Blockchain & Infrastructure

30:55 AI & Crypto Integration

36:07 DeFi, Liquidity & Trading Strategies

46:26 Future Predictions & Closing Thoughts

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.

Join Anyone and Messari's Dylan Bane as they explore the future of decentralized online privacy.

Anyone is building the largest internet-routing DePIN in the world: a modular privacy layer for any application to use seamlessly.

The Fully Diluted Podcast with Messari Research brings you insightful, no-hype takes on what actually drives value in crypto. Subscribe to get weekly episodes with the best builders and researchers in crypto.

Hosted by Dylan Bane

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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Join DeCharge Founder and CEO, Mohan Kuldeep Ponnada, Co-founder Dr. Prakash Kamaraj and Messari's Dylan Bane as they explore the future of energy: decentralized, autonomous, and on-chain.

DeCharge is leading the charge—literally—by building a global network of smart, autonomous EV chargers. With deployments already active in the U.S., Europe, and Asia, DeCharge is creating the infrastructure needed to support the rise of autonomous vehicles, drones, and decentralized physical AI (DePAI).

The Fully Diluted Podcast with Messari Research brings you insightful, no-hype takes on what actually drives value in crypto. Subscribe to get weekly episodes with the best builders and researchers in crypto.

Hosted by Dylan Bane

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

____

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.

Join FrodoBots Lab's Co-Founder Michael Cho and Messari's Dylan Bane and Kinji Steimetz as they explore how crypto-powered robotics and decentralized networks are unlocking real-world AI applications, from urban navigation to autonomous agents.

Learn how decentralized physical AI is solving bottlenecks in data collection, model validation, and hardware scalability—and why this space could be the next big wave in crypto.The Fully Diluted Podcast with Messari Research brings you insightful, no-hype takes on what actually drives value in crypto. Subscribe to get weekly episodes with the best builders and researchers in crypto.

00:00 Intros

02:20 About Frodo and DePIN

04:28 Understanding Robotics & AI

19:18 Reward Incentives

24:21 Future of Robotics & AI

36:33 Challenges & Adoption

44:11 Data Collection & Validation

Hosted by Dylan Bane and Kinji Steimetz of Messari

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

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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.

Join Markus Levin (Co-Founder of XYO) and Messari's Dylan Bane as they explore the evolution of proof of location and decentralized data verification.

Discover how XYO is bridging real-world data with blockchain through its proof-of-origin technology and vast global node network. Learn how the protocol is tackling challenges in location spoofing, tokenomics, and user adoption while scaling to new use cases like AI, gaming, and physical systems.

The Fully Diluted Podcast with Messari Research brings you insightful, no-hype takes on what actually drives value in crypto. Subscribe to get weekly episodes with the best builders and researchers in crypto.

00:00 Intros

01:13 Protocol and Background

08:05 Data & Technology Trends

09:40 Tokenomics & Governance

17:19 User Experience (UX) & Adoption

20:19 Building on L1s and Future Plans

23:13 AI & Physical Systems

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.