In this episode of the Messari Thesis Podcast, the Enterprise research team recaps the wild year that was 2025 and lays out their highest-conviction bets for 2026.
We dig into why Bitcoin has clearly separated from the rest of the market, how Hyperliquid and a handful of standout apps stole the spotlight, and why long-tail L1s are running out of room. The team debates whether institutions really break the four-year cycle, how the stablecoin and yield meta evolves as rates fall, and where DeFi banks, RWAs, and prediction markets actually fit.
We also get into L1 vs L2 dynamics, Solana’s on-chain market structure experiments, the rise of yield-generating stablecoins, and the explosion of on-chain derivatives from equity perps to exotic real-world assets. Finally, everyone shares one spicy prediction for 2026—from a G20 nation adding Bitcoin to its strategic reserves to a single meme coin rising from the ashes.
00:00 2025 Winners & Losers
07:00 L1, L2 & Multichain
09:25 Institutions & Stablecoins
13:55 Yield & DeFi Banks
23:45 2026 Narratives
28:55 Regulation & Tokens
33:30 Equity Perps & TradFi
40:10 2026 Market Outlook
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.
