What does it really take to launch a token in 2025? The Enterprise team dives into the rise of Launchcoin and the emergence of Internet Capital Markets—an onchain movement redefining how tokens are created, distributed, and valued. From memecoin mechanics to institutional implications, this episode dissects the thesis and traction behind tokenized everything on Solana.

💥 We also debate how to value L1s:

→ Is REV (Revenue) the most grounded valuation metric?

→ How do monetary premiums, economic security, and execution narratives shape prices?

→ Are current valuations justifiable—or wildly overblown?Plus, we touch on:

- The Coinbase S&P 500 inclusion

- BTC breaking 6 figures

- Hyperliquid’s growth dilemma

- Dylan’s DePIN Valuations report (featuring DRNs vs. PRNs)

- What we’re doing onchain—from Tama.fun to HyperEVM farming

💡 Ask Messari Copilot: How might tokenization tools like Launchcoin evolve to enable real equity, revenue sharing, or governance rights—and what regulatory or technical hurdles stand in the way?

✨ See Copilot's Response: https://messari.io/copilot/share/tokenization-s-future-equity-revenue-and-governance-d63e860a-1b2e-49da-8f64-f6ea5ecd3fe6

00:39 Introductions

1:13 Market Update

7:12 Coinbase in S&P

11:55 Analyst Forecast

13:27 How to Value L1s

36:09 IPO Multiples

38:24 Internet Capital Markets

46:19 Hyperliquid & Bear Case

59:52 On-Chain Stuff

1:11:44 Conclusion

Hosted by Matthew Nay of Messari

Follow Messari on Twitter: https://twitter.com/MessariCrypto

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Follow Unqualified Opinions on Apple Podcasts: https://podcasts.apple.com/us/podcast/messaris-unqualified-opinions/id1455666979

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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.