Messari's Unqualified Opinions

In this episode, Messari's Chris Davis sits down with Shayon Sengupta, Partner at Multicoin Capital, to unpack how crypto-native markets are reshaping everything from wireless networks and AI compute to data collection and talent markets.

They trace the lineage from Bitcoin mining to Helium and today’s DePIN / “internet labor markets,” dig into why verification is the hardest (and most under-rated) problem, and explore how crypto can fund the massive resource aggregation AI requires.

We also connect these themes to insights from Messari’s newly released State of AI 2025 report, discussing how AI, decentralized data markets, and crypto-native coordination are converging to reshape the economic landscape.

Read the Full State of AI 2025 for FREE: https://messari.io/report/state-of-ai

The conversation then zooms out to the future:

• Can agents run zero-employee companies?

• How will we pay humans for the data and labor that trains AI?

• Why proof of personhood and content authenticity may become existential primitives for the internet.

Shayon closes with candid advice on breaking into VC and how to actually be useful to founders.

0:00 – Introductions

1:01 – Background (Shayan’s path from math & startups to Multicoin)

4:30 – Investing Thesis (DePIN, internet labor markets, crypto as “money + markets”)

13:02 – Data & Verification (capital formation, network taxonomy, and why verification is hard)

22:40 – AI & Labor (compute markets, inference clouds, talent networks, zero-employee orgs)

43:28 – Identity & UBI (proof of personhood, Worldcoin, deepfakes, online identity)

49:20 – Future Ideas (data-poor domains, specialized data DAOs, brain–computer interfaces)

53:56 – How to Get Into VC (advice on writing, differentiation, being useful to founders)

57:30 – Conclusion (wrap-up + future BCI episode tease)

Hosted by Chris Davis of Messari

Subscribe for more conversations at the intersection of crypto, DePIN, 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.

The public internet wasn’t built for high-performance blockchains.In this episode of Fully Diluted, Messari’s Dylan Bane and Matthew Nay sit down with Austin Federa, co-founder of DoubleZero, to unpack how a global mesh of privately contributed fiber links is becoming the low-latency “private internet” for Solana and other high-throughput chains.

Austin explains why 20–30 hops over the public internet introduce jitter, slow block propagation, and widen trading spreads—and how DoubleZero’s 70+ fiber links, multicast, and future FPGA acceleration aim to fix it. They also get into the 2Z token, DZ SOL liquid staking, validator incentives, and what it will take to push Solana toward 100k+ TPS and eventually 1M+.

You’ll learn:

🔹 Why major financial firms and web2 giants don’t rely on the public internet—and why blockchains shouldn’t either

🔹 How DoubleZero’s contributors (Jump, DRW/Cumberland, and others) provide fiber that validators can “plug into” alongside the public internet

🔹 How jitter, least-cost routing, and bandwidth caps quietly limit DeFi and on-chain trading today

🔹 The design of the 2Z token and DZ SOL stake pool, and how they align network costs and validator economics

🔹 What multicast, edge filtration, and hardware acceleration could unlock for next-gen L1s and cross-chain apps

🔹 DoubleZero’s 2026 roadmap, new geographies and tenants, and how non-crypto systems might eventually tap the network

00:00 – Introductions

01:17 – Double Zero Basics02:00 – How It Works

04:09 – Chain & Solana Use

07:03 – Network Flow

32:06 – Token & Rewards

39:44 – Solana Future

48:06 – Conclusion

Hosted by Dylan Bane and 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.

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 expansion

00:00 – Introductions

07:48 – Why Token Model

11:38 – DePIN Learnings

16:26 – Growth & Demand

26:57 – Future Plans

30:46 – Expansion Regions

31:20 – How People Can Join

31:54 – Conclusion

Hosted by Dylan Bane of Messari

Subscribe for more conversations at the intersection of crypto, DePIN, and real-world infra.

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.

Monad is gearing up for one of crypto’s most anticipated launches — a high-speed, censorship-resistant L1 built to merge scalability with true decentralization.

In this episode of Fully Diluted, Dylan Bane and Matthew Nay sit down with Monad’s Kevin and Jack to discuss the tech behind Monad’s 10,000 TPS architecture, how decentralization fits into the next phase of crypto, and what users can expect from day one of mainnet.

We cover the team’s origin story, the challenges of building from zero to a thriving ecosystem, and why Monad believes it’s the endgame architecture for the EVM.

0:00 — Introductions

1:13 — Monad Story & Team

6:51 — Decentralization & Vision

17:02 — Ecosystem & Features

21:00 — Growth & Community

30:03 — Launch & Goals

38:28 — Market Outlook

45:03 — 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.

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.

Follow Messari on Twitter: https://twitter.com/MessariCrypto

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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.

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

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.

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

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.

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.