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In this week’s Fully Diluted, Dylan Bane and Matthew Nay talk with Austin Federa, co-founder of DoubleZero, about why high-performance blockchains can’t rely on the public internet and how DoubleZero is wiring a global low-latency network specifically for them. Austin explains how 70+ privately contributed fiber links already carry a significant share of Solana validator traffic, why jitter and least-cost routing silently tax DeFi and market makers today, and how technologies like multicast and future FPGA acceleration could push Solana toward 100k+ TPS and beyond. The conversation dives into the design of the 2Z token and DZ SOL liquid staking, validator incentives, expansion to new geographies and chains, and how DoubleZero aims to become the neutral, ultra-fast data layer powering whatever long-term crypto use cases ultimately win.
Watch the full conversation on YouTube, Spotify, or Apple Podcasts.
Messari's protocol reports give you a deep dive on the foundation and state of top crypto protocols, including key metrics and notable events. See the complete list of protocol reports here and get a preview of our latest report below.
Public Layer-1 blockchain focused on the Machine Economy – enabling robots, devices, vehicles, and other machines to act as onchain economic agents
Positioning as a leading chain for robotics + machine RWAs (e.g., tokenized robo-farm in Hong Kong, Combinder energy devices, Silencio audio DePIN, XMAQUINA physical-AI DAO, Teneo AI-agent network)
Market cap up ~69% to ~$129M, 5.6M transactions (+19% QoQ)
Multiple CEX listings improve PEAQ liquidity and reach
Non-custodial staking protocol on Solana with its own governance token, MNDE
mSOL (Marinade SOL) – liquid staked SOL token; accrues staking yield and can be used across Solana DeFi (lending, LP, structured products)
~10.4M SOL staked across mSOL, Native, and Select, equal to about $2.2B TVL, with most stake in Marinade Native
Core staking + yield layer for regulated products and large treasuries (partnerships with Bitwise, BitGo, Paxos, VisionSys AI and others)
SUI circulating market cap grew 23.3% QoQ to $11.63B, outperforming the broader crypto market
DeFi TVL reached $2.11B (+19.9% QoQ; +2.2% in SUI terms) with lending and DEXs as core pillars
Average daily DEX volume hit a new ATH of $456M (+24% QoQ), making Sui one of the more actively traded L1s
New vehicles and integrations—Grayscale Walrus & DeepBook Trusts, SUIG’s $450M SUI treasury, Fireblocks/Sygnum/AMINA custody, and a Robinhood listing broadened access
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While crypto markets appear to be heading into a winter with BTC erasing its YTD gains as it falls below $90K and ETH slipping under $3K, you would not know it from Devconnect in Buenos Aires, where builders are optimistic and the energy is steady. You could attribute some of this to the local weather, with Argentina moving into summer, but it is more likely that market prices are failing to reflect the strong tailwinds and meaningful progress that teams on the ground are experiencing.
Running from November 17 through the 22, Devconnect is one of Ethereum’s largest gatherings to date. Rather than anchor the week around keynotes, the conference is built for participation. More than 75 project showcases, hundreds of side events, and a venue centered on interactive demos set the tone. Attendance is expected to exceed 15,000 people from more than 130 countries, which reflects Ethereum’s global reach and LATAM’s growing importance as an adoption gateway.
Programming followed the pattern of most Ethereum focused conferences: technical, grounded, and oriented around real problems. Vitalik Buterin opened Ethereum Day, and events like the Staking Summit examined protocol upgrades, validator economics, and the evolution of restaking. Stablecoins were a consistent theme. Their everyday use across Buenos Aires, including cafes, taxis, and small retailers accepting USDC as an alternative to pesos, offered a clear reference point for how crypto functions in high inflation environments.
Layer 2 scaling was another major focus. Base and Arbitrum had a strong presence, with successful applications like Zora drawing consistent attention on the main floor. With core infrastructure largely validated at this stage, there is a noticeable shift toward showcasing applications and highlighting where traction is already emerging rather than emphasizing raw chain capabilities.
LATAM specific initiatives were visible across the week. Payments companies, regional exchanges, and wallet teams demonstrated active cross border flows and improved fiat to stablecoin access, reinforcing Buenos Aires as a practical testing ground for emerging market crypto rails. DePIN projects were particularly active, with many reporting productive discussions with government officials about potential deployments across Argentina and the broader region. The local ecosystem itself is also clearly mature, with a strong community that understands the region’s challenges and the role crypto can play in solving them.
Devconnect has been a useful reminder of how much real progress is occurring in the ecosystem. For builders, investors, and community members, the week has helped cut through broader market anxiety and reinforced a simple conclusion. The path forward for crypto remains strong, and the work happening today is laying the foundation for the next phase of growth.
