Cooked or Still Cooking? | Fully Diluted with Messari Research | Unqualified Opinions

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

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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.