Messari Releases “Crypto Theses 2026” — A 275-Page Outlook on the Next Phase of Crypto

On December 18, 2025, Messari published its annual “Crypto Theses 2026” report, authored by CEO Ryan Selkis and the Messari research team. The report spans 275+ pages and is available free with a Messari account signup (Messari).

The report reviews crypto’s 2025 winners and losers and outlines a forward-looking framework for 2026, emphasizing industry maturation and mainstream integration (Messari).

It is structured around seven core sectors (Messari):

Cryptomoney: stablecoins, institutional adoption, and yield-driven DeFi banks

TradFi x Crypto: equity perps, regulation, and financial convergence

Multichain World: L1/L2 expansion and cross-chain interoperability

DeFi: sustainable models and decentralized internet finance

DePIN: decentralized physical infrastructure as a high-upside frontier

Crypto x AI: agentic commerce, decentralized training, and robotics

Consumer: crypto products reaching real mainstream adoption

Additional sections include the Disruption Factor framework, Analyst Picks, Alumni Theses, and Messari Awards (Messari).

Key 2026 themes highlighted:

DePIN as a major dislocation between narrative and fundamentals

Decentralized AI scaling toward agentic commerce (a $30T market by 2030)

Multichain interoperability as a base assumption, not a niche feature

Consumer crypto hitting an adoption tipping point (Messari)

The report also features case studies such as IoTeX (AI data verification), Injective (RWAs), Creditcoin (onchain credit), and Bittensor (AI economics), including forward-looking projections like $800 TAO in 2026 (Messari).

Takeaway: Messari frames 2026 as a culture-driven growth year, following politics in 2024 and sports in 2025, with infrastructure, AI, and consumer adoption shaping the next cycle (Messari).