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DeFi

InfoFi: Emerging Speculation Markets

May 22, 2025 ⋅  12 min read

Information Finance (InfoFi) is an emerging category of applications that create tradable markets around exotic, non-price signals. Polymarket laid the groundwork with event-driven prediction markets, while newer applications like Noise, Ethos, and Narrative are pushing the boundaries with markets for mindshare, credibility, and quantitative metrics. Together, these projects highlight a shift from speculation as entertainment to speculation as a mechanism for real-time information discovery.
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Patryk is a Research Manager focusing on the infrastructure and ecosystems of Layer-1 and Layer-2 networks.

Alice is a Research Analyst on the Protocol Services team. She previously worked as a Research Analyst at The Block and was an Investment Intern at Variant Fund. Alice graduated from Northwestern University, where she studied Economics.

Armita
AJalooli

Armita is a protocol researcher with a robust background in technology and blockchain. Before her role at Messari, she distinguished herself as a tech entrepreneur, executive, and advisor for various blockchain startups. Her experience also includes a stint as a quantitative analyst at a major blockchain company. Armita holds two master's degrees, one in Computer Engineering and another in Business Management, as well as a double major undergraduate degree in Physics and Pure Mathematics.

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About the authors

Patryk is a Research Manager focusing on the infrastructure and ecosystems of Layer-1 and Layer-2 networks.

Alice is a Research Analyst on the Protocol Services team. She previously worked as a Research Analyst at The Block and was an Investment Intern at Variant Fund. Alice graduated from Northwestern University, where she studied Economics.

Armita is a protocol researcher with a robust background in technology and blockchain. Before her role at Messari, she distinguished herself as a tech entrepreneur, executive, and advisor for various blockchain startups. Her experience also includes a stint as a quantitative analyst at a major blockchain company. Armita holds two master's degrees, one in Computer Engineering and another in Business Management, as well as a double major undergraduate degree in Physics and Pure Mathematics.

Mentioned in this report