| Presented by | | | | | | In the latest Messari Thesis Podcast, the Enterprise research team unpacks the real winners and losers of 2025 and where they expect crypto to go next. They argue that Bitcoin has decisively broken away from the rest of the market while Hyperliquid, L2s, and a handful of DeFi protocols quietly built durable businesses beneath weak token prices. The group dives into the institutional stablecoin boom, the coming shift from T-bill-backed stables to exogenous yield, and why better token rights and disclosures may be the key unlock for the next leg of capital formation. They also debate the true potential of equity perps, exotic RWAs, DeFi banks, and prediction markets before closing with bold 2026 calls—including a G20 nation adding Bitcoin to its strategic reserves and one meme coin rising from the ashes.
Watch the full discussion on YouTube, Spotify, or Apple Podcasts. |
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| | | | | Messari's protocol reports give you a deep dive on the foundation and state of top crypto protocols, including key metrics and notable events. See the complete list of protocol reports here and get a preview of our latest report below. |
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| | | | State of Sia Q3 2025 | Decentralized cloud storage network where users pay to store encrypted data across independent storage providers Q3 2025 was a transition quarter, dominated by the completion of Sia’s major V2 upgrade rather than organic demand growth V2 positions Sia for better long-term scalability, faster syncing, browser-based access, and easier developer integrations The Sia Foundation professionalized its ecosystem strategy, accelerating app, wallet, analytics, and SDK development post-upgrade
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| | State of Chromia Q3 2025 | 120M+ total transactions, daily activity +54% and active addresses +63% QoQ, driven largely by gaming and NFT applications New CRC2 NFT standard introduces onchain metadata, modular programmability, and ERC-721/1155 interoperability, plus an EVM bridge Chromia advanced its Physical AI initiative (ChromBot) and expanded its VectorDB and AI Inference extensions, positioning the chain as a backend for verifiable AI systems
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| | State of Flow Q3 2025 | Forte testnet launched, introducing native onchain automation via Actions, Agents, and Scheduled Transactions TVL up 53% QoQ to $104.1M, led by MORE Markets, KittyPunch, and Increment Finance Liquid staking surged, with LST TVL up 93% QoQ as stFlow and Ankr integrations deepened Stablecoin supply grew 10.5% QoQ, with PYUSD (USDF on Flow EVM) becoming the dominant stablecoin
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| | From Our Sponsor | | | | | Messari’s Crypto Theses 2026 is officially live—our annual look at the major market forces, narrative shifts, and structural changes that will shape the year ahead. This year’s edition breaks down: | State of Crypto L1/L2 Disruption Factor AI + DePIN DeFi Consumer
| | We’re also releasing a companion Crypto Theses 2026 podcast series featuring Messari analysts and alumni discussing the biggest themes from the report—market structure inflection points, L2 consolidation, AI-driven agent economies, evolving stablecoin rails, token rights, and the next wave of institutional adoption. | Special Offer for Theses Readers | For a limited time, get 26% off your first year of Messari Enterprise with code THESES26. | Start 2026 with the full analytics suite, advanced dashboards, protocol metrics, entity profiles, and institutional-grade research that power Theses 2026. | | |
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