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Messari

9 pieces · Jun 2022 to Jul 2025 · 1 flagship

Sectors

L1/L24 AI2 DeFi2 Ethereum2 Tooling1 Bitcoin1

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Coverage per year

32022

2023

32024

32025

Start here · the strongest pieces on Messari

Breakdown28 May 2024Aptos deep dive: Block-STM parallel execution, Move security and ecosystem dataData-driven thread on Aptos covering AptosBFT consensus, Block-STM parallel execution, key rotation and transaction pre-execution, then ecosystem TVL, DEX volume and developer stats. Argues Move chains are the next execution layer wave and Aptos leads Sui on dev adoption.Explainer11 Dec 2022EigenLayer and EigenDA: restaking to secure middleware and scale DAExplains EigenLayer restaking of staked ETH to secure off-chain middleware, applies it to DA via EigenDA and compares it with Celestia and Avail, arguing it deserves more attention and may even rival danksharding.Breakdown23 Feb 2024Kelp's KEP: tokenized EigenLayer points and what they could be worthExplains Kelp's KEP, an ERC-20 where 1 KEP equals 1 EigenLayer point, with weekly claims and a 0.5% fee. Uses other analysts' valuations of $0.1 to $0.14 per point to expect KEP near $0.15 at launch.

Timeline · every piece, newest first

2025 3

24 Jul 2025Warden Protocol TL;DR: verifiable AI chain with SPEx and Agent KitWarden is a chain for verifiable AI using probabilistic SPEx verification, asynchronous verifiable resources and an Agent Kit, with EVM and CosmWasm support. The live app has over 2.5M users and mainnet is slated for Q3 2025.BreakdownAITooling

06 Jun 2025Bitcoin Suisse on institutional crypto strategy: takeaways from Crypto ValleyNotes from an institutional strategy talk: BTC still in bull territory with 120k possible, altseason will differ, buybacks help P/S ratios, and quantum resistance and the security budget are the elephant in the room. A private holder near 3% of supply could undermine BTC's safe haven status.Market takeBitcoinMacroMarket structure

05 Jun 2025Why the age of AMMs is ending: real-time chains and onchain CLOBsArgues real-time execution layers like MegaETH and app-specific chains like HyperCore usher in the CLOB era, and that DeFi will evolve with infrastructure. Links Messari research on CLOBs.ThesisDeFiHyperliquid

2024 3

12 Aug 2024DePIN GPU networks versus a $79B quarterly cloud marketCites Messari's $20B DePIN market and Q2 2024 cloud spend of $79B (up 22% YoY), with AWS at 32%, Azure 23% and Google Cloud 12%. Argues GPU DePINs like io.net and Aethir can serve startups priced out of centralized GPUs.DataDePINAI

28 May 2024Aptos deep dive: Block-STM parallel execution, Move security and ecosystem dataData-driven thread on Aptos covering AptosBFT consensus, Block-STM parallel execution, key rotation and transaction pre-execution, then ecosystem TVL, DEX volume and developer stats. Argues Move chains are the next execution layer wave and Aptos leads Sui on dev adoption.BreakdownL1/L2

23 Feb 2024Kelp's KEP: tokenized EigenLayer points and what they could be worthExplains Kelp's KEP, an ERC-20 where 1 KEP equals 1 EigenLayer point, with weekly claims and a 0.5% fee. Uses other analysts' valuations of $0.1 to $0.14 per point to expect KEP near $0.15 at launch.BreakdownDeFiEthereum

2022 3

31 Dec 2022Messari 2023 thesis on private L1s: Zcash, ETH hybrid and AleoQuotes the Messari 2023 thesis that Ethereum may not solve base layer end-to-end privacy for years, leaving room for a pure-play private L1 like Zcash or a ZEC-ETH hybrid, and points to Aleo as a candidate.Market takePrivacyL1/L2

11 Dec 2022EigenLayer and EigenDA: restaking to secure middleware and scale DAExplains EigenLayer restaking of staked ETH to secure off-chain middleware, applies it to DA via EigenDA and compares it with Celestia and Avail, arguing it deserves more attention and may even rival danksharding.ExplainerEthereumL1/L2

18 Jun 2022Aleph Zero vs Solana: why AZERO could out-compete SOLRecaps Solana's design, centralization concerns and four outages, then argues Aleph Zero's DAG-based AlephBFT, rotating committees and planned privacy layer could make it a stronger high-throughput L1.ThesisSolanaL1/L2

Often covered with

Hyperliquid113 EigenLayer110 Warden Protocol13 Hyperlane24 Venice5 Aave14 MegaETH46 Aethir26

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