Messari's Unqualified Opinions

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

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 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

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 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

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.

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

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.

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.