Exotic RWAs & the New Crypto Frontier | Fully Diluted with Messari Research

Messari's Unqualified Opinions

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

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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.