State of Crypto AI, Monad & L1s: Where We Really Are in the Cycle | Messari's Fully Diluted

How much of “crypto AI” is still just narrative—and how much is finally real?

In this episode, Messari’s Enterprise team unpacks findings from Messari’s newly released State of AI Report and what they mean for decentralized AI, infra, and the broader market. Chris walks through why post-training, reinforcement learning, and test-time compute are pushing us into a new decentralized AI paradigm, from swarm-style inference networks like 42 Network to open source models that are finally seeing real, paid demand.

Read the Full State of AI 2025 for FREE: https://messari.io/report/state-of-ai

00:00 – Introductions

01:11 – State of AI & Crypto

08:28 – AI Agents & Micropayments

23:05 – New L1 & TG Analysis

36:10 – Market & Cycle Outlook

50:04 – Token Launch Advice

56:22 – On-Chain Activity

57:52 – Conclusion

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.