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Kool Krypto: The Story Behind The Anon DeFi Investor and What He's Betting On This Cycle
18 Sep 2026
01:41:52
Kool Krypto is an anonymous DeFi investor and fund manager who's been in crypto since 2010.
In this episode, he shares his remarkable journey at just 13 mining Bitcoin, to discovering DeFi through ETHLend, and later landing a fund seeded by a prominent New York family office after a fateful poker game. We get a crash course on onchain options from someone trading millions on Derive, as he shares his very public trade setups for BTC and ETH, including the what went into his latest $3.5M Bitcoin call spread and his viral ETH call spread for March 2027 being copy-traded on Derive.
One of our best guests, and longest interviews ever. Meet an investor who's self-taught, and provides insights on his real trades, real positions, and real edge.
------ 💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults
0:00 - Intro 2:25 - From mining BTC at 13, to trading, to fund manager 5:25 - The light bulb moment with DeFi and Ethereum 7:38 - The poker game that led to his fund 10:26 - How much is TradFi “in the arena” with DeFi? 14:17 - How Kool got into onchain perps: GMX, Gains, Hyperliquid 20:13 - Running a liquid fund, yield generation, and a little VC 23:28 - Why Kool doesn’t trade memecoins 28:01 - The DRV bull thesis 41:14 - Breaking down Kool’s $3.5M BTC call spread in Sept 45:58 - The benefit of Derive’s RFQ-powered trading 50:14 - AI agents are a massive tailwind for onchain options adoption 52:50 - Options trading tools: Derivatives Monkey, DeFiLlama, Claude 56:29 - Pros and cons of options vs perps 1:02:37 - Managing risk and closing options trades 1:05:35 - Forecasting a bullish October, and uncertain end of year 1:11:12 - His viral ETH call spread for March 2027 on Derive 1:17:38 - Kool’s bull thesis for KNTQ and its Hyperliquid L2 1:25:07 - Derive V3’s ability to list new options markets (ie LIT) 1:28:31 - What if Hyperliquid or Lighter launch options trading? 1:34:19 - Why Kool remains bullish on LIT 1:38:24 - Closing
------ 🔗 GUEST LINKS
► Kool Krypto on X: https://x.com/koolkrypto223 ► Derive website: https://derive.xyz/ ► Derivatives Monkey: https://www.derivativesmonkey.com/
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. DeFi Dad and Nomatic hold ETH and BTC. DeFi Dad holds DRV. DeFi Dad and Nomatic were angel investors in Kinetiq's seed round.
Private DeFi Is Coming: Why Privacy Is Ethereum's Next Frontier | Lean Ethereum
15 Sep 2026
00:53:30
Thomas Thierry is a Researcher at the Ethereum Foundation.
Every transaction you make onchain is trackable. And most of us have just accepted that as normal, but we shouldn't have to!
In this next episode of our Lean Ethereum series, Thomas walks through what's actually broken with privacy today, how Ethereum is getting closer to native private transactions, and what private DeFi will actually look like for end users. He also covers how Ethereum compares to Zcash, why privacy is essential for institutional adoption, and why being unstoppable as a network goes hand-in-hand with privacy.
------ 💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults
0:00 - Intro 2:31 - Why Ethereum? 5:11 - What is broken with privacy today? 6:52 - What should be private in DeFi? 11:50 - The call for privacy runs deep in Ethereum 15:05 - How Ethereum gets native private transactions by next year 20:53 - The importance of FOCIL for Ethereum 26:51 - When will private DeFi be ready on Ethereum? 30:58 -Network-based privacy vs protocol-based vs wallet-based privacy 35:04 - What is unique about Aztec’s approach to privacy on Ethereum? 38:14 - How will private DeFi on Ethereum compare to Zcash? 41:22 - What will privacy mean for institutional investors? 43:36 - The challenge with network meta data and privacy 45:44 - Lack of privacy today vs future private UX on Ethereum 51:22 - Closing
------ 🔗 GUEST LINKS
► Ethereum Research website: https://ethresear.ch/ ► Thomas Thierry on X: https://x.com/soispoke
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. DeFi Dad and Nomatic hold ETH.
Could Derive V3 Be "The Lighter" of Onchain Options On Ethereum? | DeFi Frontier
09 Sep 2026
00:48:52
Nick Forster is the CoFounder and CEO of Derive.
Could Derive V3 do for options, what Lighter did for perps on Ethereum?!
In this episode of DeFi Frontier, Nick returns to to walk us through what to expect when Derive V3 ships this month of September: a ZK application that collapses the exchange, execution layer, and settlement into one stack, making institutional onboarding as simple as a few lines of code.
He covers the decision for where they will deploy V3 and why Ethereum seems most likely to be V3's future home. We also discuss what the new arrival of tokenized stocks and RWAs means for onchain options and how big the TAM still is for onchain options.
------ 💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults
0:00 - Intro 2:29 - Derive's building blocks for onchain options 7:56 - How big is the TAM for onchain options? 11:28 - What is Derive V3? A new ZK application 16:48 - Where will V3 launch and why Ethereum seems most likely 22:12 - Could Derive V3 be a zkRollup like Lighter? 26:37 - What is the advantage of onchain options over TradFi? 31:47 - New era of tokenized stocks and RWA markets 35:50 - Onchain options still in the early innings 42:16 - V2 settled billions, V3 is about trillions 46:06 - Closing
------ 🔗 GUEST LINKS
► Derive website: https://derive.xyz/ ► Derive on X: https://x.com/DeriveXYZ ► Nick Forster on X: https://x.com/nickforster
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. DeFi Dad bought and now holds DRV since recording this podcast.
Is It Time To Buy Back Into Crypto?
28 Aug 2026
00:54:15
Ram Ahluwalia is an investor and the Founder of Lumida.
Weeks ago, crypto was doom and gloom. Now everything is pumping and nobody owns enough!
In this episode, Ram explains exactly why the rally happened, breaking down Bessant's bond market intervention and a massive short squeeze that caught everyone offsides. He shares his views on whether the bear market bottom came earlier than expected, and the most important question in markets right now: should you prioritize crypto or AI?
------ 💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults
0:00 - Intro 2:15 - Ram’s background on Wall Street 3:15 - What is Lumida? 4:51 - Why Is crypto pumping right now? 8:59 - Did the bear market bottom earlier than expected? 11:10 - Can ETH outperform this cycle? 13:53 - Everyone’s offsides in this market, even the bulls 15:15 - Why Ram’s bullish on HYPE and DeFi 16:57 - Uncertainty about what follows if CLARITY passes 19:24 - Pros and cons of BTC as a momentum trade 24:52 - Bessent’s bond market intervention and its impact 28:26 - Expectations for Warsh’s Jackson Hole speech 30:58 - How could markets respond to Warsh 33:10 - Why the AI CapEx bears are wrong 42:30 - Nvidia is the lender of last resort 45:29 - Would Ram rather invest in AI or crypto right now? 47:58 - The pitch for Lumida 51:25 - Opportunity to tokenize private investments 52:53 - Closing
------ 🔗 GUEST LINKS
► Lumida website: https://www.lumidawealth.com/ ► Lumida Invest app: https://lumidainvest.com/ ► Lumida on X: https://x.com/lumidawealth ► Ram Ahluwalia on X: https://x.com/ramahluwalia
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. DeFi Dad and Nomatic hold BTC, ETH, and HYPE mentioned.
Will Ethereum Be Quantum Safe? This EF Lead Researcher Says Yes | Lean Ethereum
25 Aug 2026
00:55:30
Thomas Coratger is a Researcher at the Ethereum Foundation.
Quantum computers don't exist yet at the scale needed to threaten Ethereum. But they will, and Ethereum will be ready before they do!
In this first episode of our Lean Ethereum series, Thomas walks through what the quantum threat actually is, how real it is, and when it could arrive. He explains which parts of Ethereum are most vulnerable, what a quantum attack would actually look like, and why average ETH holders don't need to panic. He also covers how AI is dramatically accelerating the EF's post-quantum research and why the full migration to quantum-safe Ethereum is on track for 2029.
------ 💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults
0:00 - Intro 2:40 - Background and why focus on Ethereum 6:51 - What is Lean Ethereum? 13:58 - What is the quantum risk to blockchains like Ethereum? 17:18 - How real is the quantum threat? How soon? 21:52 - What resources does a quantum attack actually require? 27:01 - Will users need to migrate to quantum-safe Ethereum? 32:51 - Will Glamsterdam or Hegota help post-quantum Ethereum? 34:49 - Tradeoffs in upgrading to quantum resistance 41:56 - The quantum research team at EF 46:28 - Can AI accelerate this research and the EF strawmap? 50:22 - Is Ethereum on track to be quantum-safe? 53:29 - Closing ------ 🔗 GUEST LINKS
► EF's Strawmap website: https://strawmap.org/ ► EF on X: https://x.com/ethereumfndn ► Thomas Coratger on X: https://x.com/tcoratger
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. DeFi Dad and Nomatic hold ETH.
Don't Touch A Stablecoin Without Checking Pharos First | DeFi Frontier
20 Aug 2026
01:08:52
TokenBrice is the Founder and Ike is Growth & Comms Lead at Pharos.
In this episode of DeFi Frontier, Bryce and Ike walk through how Pharos provides investors, a free tool for tracking stablecoin cap, peg stability, liquidity, and dependency risk, including what factors into a stablecoin safety score, and what red flags to avoid. They even offer case studies and live examples of how Pharos tracks stablecoins, including how Pharos flagged the pmUSD stablecoin before it ever depegged.
Don't touch another stablecoin without checking Pharos first!
------ 💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults
0:00 Intro 2:22 - Origin of Pharos 7:08 - Why DeFi needed Pharos 11:35 - Screenshare demo of Pharos platform 16:48 - What factors into scoring a stablecoin? 24:21 - How Pharos called out pmUSD ahead of its depeg 30:44 - Tensions with stablecoin protocol teams 35:01 - Taking research public, before a depeg 40:46 - Case studies of depegs 41:34 - Explaining the USDC depeg in March 2023 46:14 - What are red flags to avoid in any stablecoin? 53:30 - What’s next for the Pharos platform? 1:07:24 - Closing
------ 🔗 GUEST LINKS
► Pharos website: https://pharos.watch/ ► Pharos on X: https://x.com/pharoswatch ► TokenBrice on X: https://x.com/TokenBrice ► Ike on X: https://x.com/Ikebillion_
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.
How Re Brings Reinsurance, One of Finance's Most Exclusive Yield Sources, To DeFi | DeFi Frontier
In this new DeFi Frontier episode, Karn walks through how Re brings reinsurance, the financial backstop behind every insurance company, onchain for the first time. He explains what reinsurance actually is, why the yield is real, how Re's programmable capital architecture gives them dramatically higher operating leverage, and what metrics actually matter for assessing whether the business is working.
------ 💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults
0:00 - Intro 1:38 - Building insurance tech before Re 6:36 - What is reinsurance and why it matters? 9:16 - How big is the reinsurance market? 10:05 - How Re brings reinsurance capital onchain 14:46 - The DeFi mullet and capital efficiency unlocked 18:46 - Growing revenue with just 12 employees 22:45 - Re’s strategy for winning new business 28:21 - The capital stack behind Re 30:57 - Duration mismatch and how Re navigates this risk 35:07 - Re junior tranche and what’s it earning 36:40 - How Re differs from competitors 43:17 - AI and its potential impact on Re’s future underwriting 46:47 - Re’s role in the growing market of RWAs 48:50 - Agentic operations within Re 52:28 - Tracking the most important growth metrics at Re 55:13 - What’s needed for hundreds of billions to come onchain? 56:45 - Overview of the RE token 58:44 - Closing
------ 🔗 GUEST LINKS
► Re website: https://re.xyz/ ► Re on X: https://x.com/re ► Karn Saroya on X: https://x.com/karnsaroya
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. Re has been a sponsor of The Edge Podcast but it has no impact on our independent editorial process in choosing to cover them as a market leader in bringing reinsurance yield to DeFi.
Polaris: Earn Yield On Gold, ETH, and BTC With No Counterparty Risk | DeFi Frontier
12 Aug 2026
00:47:01
Robert Mullins is the CoFounder of Polaris.
DeFi has a yield trap, where we're entirely reliant on staking rewards, T-bills, and basis trades for yield, all sources we don't fully control.
In this new episode of DeFi Frontier, Robert explains how Polaris built native yield infrastructure for Ethereum. We review a new native yield-bearing ETH called pETH, that has both a market price and a mathematically guaranteed floor price. With pETH, users will be able to mint a stablecoin USDp, or Polaris digital gold GOLDp or other pAssets supported by the protocol. Robert walks us through Polaris's vision to issue stablecoins, commodities and synthetic assets against pETH, with the economic activity generated flowing back into the ecosystem.
------ 💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults
0:00 - Intro 1:46 - Why Ethereum and Polaris are mutually self-reinforcing 3:27 - What’s “the yield trap” most decentralized stablecoins run into? 6:38 - How Polaris solves the yield trap? 12:25 - What is pETH? Why hold it instead of just ETH? 15:15 - The rising floor price of pETH, risks vs rewards 24:03 - More core assets coming like GOLDp and BTCp 28:44 - Why GOLDp could be hugely popular 31:03 - Polaris Testnet demo 35:49 - What is fpETH vs vpETH? 38:56 - Stewardship, not governance 41:03 - Why Polaris aligns with Ethereum's CROPS mandate 45:05 - Closing
------ 🔗 GUEST LINKS
► Polaris website: https://polarisfinance.io/ ► Polaris on X: https://x.com/polarisfinance_ ► Robert on X: https://x.com/0xluude
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.
Fundstrat's Sean Farrell On Bitcoin, ETH, and The Macro Case For Crypto In Every Portfolio
07 Aug 2026
01:07:06
Sean Farrell is Head of Digital Asset Strategy at Fundstrat.
Equities are at all-time highs. Crypto has lagged all year. And a lot of crypto investors are frustrated.
In this episode, Sean explains exactly why that divergence happened but also why he believes the worst headwinds are now behind us and we're much closer to a bull market than we were at the start of 2026. He covers what data he watches day to day and which DeFi sectors are best positioned to accrue value in the next uptrend, plus the macro case for why Bitcoin and ETH belong in every modern portfolio.
Bear markets are when the most money is made. Start to lock in!
------ 💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults
0:00 - Intro 3:03 - Sean’s role as Head of Digital Asset Strategy at Fundstrat 6:31 - When did DeFi become legit tech for Fundstrat? 12:47 - How Sean and Tom Lee marry differing market views 20:04 - Why market conditions for crypto have vastly improved 26:28 - Is this the market bottom? 28:47 - Price recovery will precede an expansion in crypto-native credit 31:35 - Can DeFi app-layer tokens be winners in the next uptrend? 36:35 - Which DeFi sectors are best positioned to accrue value? 43:48 - TradFi and fintechs are integrating DeFi into their business 46:16 - Is sentiment bullish for crypto on Wall Street? 52:47 - Chance for CLARITY to pass + possible political headwinds 57:34 - The macro case for ETH and BTC in every portfolio 1:03:00 - From niche alternative markets to trillions onchain 1:05:23 - Closing
------ 🔗 GUEST LINKS
► Fundstrat Direct: https://fundstratdirect.com/ ► Fundstrat Direct on X: https://x.com/fundstratdirect ► Sean Farrell on X: https://x.com/SeanMFarrell
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.
Is STRC Back? Apyx's Parker White On What Comes Next and Tokenizing STRC For DeFi
05 Aug 2026
01:01:53
Parker White is a Founding Contributor of Apyx.
Is STRC back? Saylor's flagship BTC-backed dividend-paying instrument has had a rough summer, trading more than 10% below par since mid-June, until this week. It's been a full on panic of investors asking what comes next.
In this episode, Parker walks us through why STRC exists in the first place, why it's often misunderstood, and how it can fully restore investor confidence to get back to par ($100). He covers what Apyx does to distribute STRC exposure onchain, what happened with Apyx's own apyUSD/apxUSD and what's been improved since then. He also explains why DeFi composability makes STRC exponentially more powerful onchain than it is in a brokerage account.
------ 💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults
🏦 AXIS | The Origin Vault launches on Ethereum on July 29th
🌐 RE | Earn real yield backed by regulated reinsurance programs
0:00 - Intro 2:33 - From fixed income to building Apyx 4:35 - What is STRC, why it exists, and what’s the end goal? 12:48 - Has the original vision for STRC changed? 17:35 - What is Apyx? How does it distribute STRC exposure in DeFi? 21:47 - What happened with apxUSD and what’s improved? 25:40 - What can Strategy do to get STRC back to par? 34:05 - What else could be used to back apxUSD and apyUSD? 35:48 - Earning back user confidence in Apyx post-STRC’s depeg 39:41 - Thoughts on future maturities for Strategy’s convertible debt 51:01 - Saylor is still Bitcoin’s CMO 53:16 - Why DeFi composability makes STRC more powerful 58:00 - Closing
------ 🔗 GUEST LINKS
► Apyx website: https://apyx.fi/ ► Apyx on X: https://x.com/apyx_fi ► Parker White on X: https://x.com/theotherparker_
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. Apyx has been a sponsor of The Edge Podcast. They have never paid for a guest slot. We do not offer paid guest slots. We chose Parker for his subject matter expertise bridging DeFi and explaining how the STRC perpetual preferred stock works.
Is The Market Bottom In? The DeFi Report's Michael Nadeau on H2 2026 and Where He's Deploying
31 Jul 2026
01:19:53
Michael Nadeau is the Founder of The DeFi Report.
Is the market bottom in? Michael isn't sure, but he's deploying anyway.
In this episode, Michael walks us through his H2 2026 outlook using onchain data and market structure analysis. We cover why classic BTC top indicators never triggered this cycle, and why he's been buying below $65K while still unsure the lows are fully in. We discuss why application layer tokens could be the big winners next bull run, why fast DeFi protocols hold a place in his portfolio, and how to think about getting long the tokenization of all assets.
------ 💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults
🏦 AXIS | The Origin Vault launches on Ethereum on July 29th
🌐 RE | Earn real yield backed by regulated reinsurance programs
🟠 APYX | The first dividend-backed stablecoin (DBS)
🌏 MANTLE | The world’s premier RWA distribution layer
0:00 - Intro 1:50 - From accounting to building The DeFi Report 5:20 - The elevator pitch for crypto in 2026 8:46 - What to expect for crypto in the second half of 2026? 13:52 - Is the market bottom in? Why Michael’s buying below $65k BTC 19:13 - What’s different this bear market? 23:43 - Why classic BTC top indicators never triggered? 28:10 - App layer tokens could be big winners next bull run 35:50 - What is fast DeFi and why Michael likes PUMP 45:00 - Why Michael bought ENA 49:30 - How Michael ended up with LIT vs HYPE 59:00 - Key themes in Michael’s portfolio 1:04:20 - How to get long the tokenization of all assets 1:09:09 - What are the best ways to lose money in crypto? 1:15:06 - $1M price target for BTC and why it’s a portfolio anchor 1:18:40 - Closing
------ 🔗 GUEST LINKS
► The DeFi Report (one month free): https://thedefireport.io/friends ► The DeFi Report on X: https://x.com/the_defi_report ► Michael Nadeau on X: https://x.com/JustDeauIt
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.
How Morpho Built Through This Bear Market, And Just Launched New Fixed Rate Markets for DeFi
24 Jul 2026
00:44:46
Paul Frambot is the CoFounder and CEO of Morpho.
In this episode, we discuss how Morpho has built through one of crypto's hardest bear markets, thriving off major integrations with CEXs and fintechs like Coinbase and Robinhood, plus partnerships with TradFi players like Apollo.
We get a first look at Morpho Midnight, screensharing their biggest product launch yet, introducing a new primitive for DeFi fixed rate lending and borrowing. We cover what Midnight means for leveraged positions and loopers, and why fixed rates are a non-negotiable condition for serious institutional capital entering DeFi.
------ 💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults
🏦 AXIS | The Origin Vault launches on Ethereum on July 29th
🌐 RE | Earn real yield backed by regulated reinsurance programs
🕛 NOON | The highest and safest stablecoin yield, built for the long term
🟠 APYX | The first dividend-backed stablecoin (DBS)
🌏 MANTLE | The world’s premier RWA distribution layer
0:00 - Intro 1:58 - How Morpho managed to beat the bear market trend 5:18 - Crypto’s greater success as finance infra 9:57 - Onchain integrations for fintechs like Coinbase & Robinhood 14:00 - Why TradFi partners like Apollo trust Morpho infra 16:53 - The importance of Morpho being credibly neutral 19:46 - The evolution of curators to underwrite billions of people 26:03 - Introducing Morpho Midnight and the problem it solves 29:48 - Screenshare demo of Morpho fixed rate markets 35:08 - Understanding how multi-market offers work 39:22 - Expectations for maturity dates 40:48 - What Midnight unlocks for leverage and loopers 42:40 - Closing
------ 🔗 GUEST LINKS
► Morpho website: https://morpho.org/ ► New Morpho Markets app: https://markets.morpho.org/ ► Morpho on X: https://x.com/morpho ► Paul Frambot on X: https://x.com/PaulFrambot
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.
How To Keep Your Crypto Safe from North Korea's 2,500 Hackers
22 Jul 2026
01:20:47
Pablo Sabbatella is the Founder of Opsek and Louis is the Head of Operations & Audits.
North Korea has an estimated 2,500 organized hackers targeting crypto right now, which is why stolen funds often don't come from smart contract bugs, they start with hacking people.
In this episode, Pablo and Louis walk through the real threat landscape facing DeFi users and protocols today, including the most common attack vectors targeting crypto holders right now. We discuss what DeFi protocols must do to raise the security bar and what we as individual users can do today to meaningfully reduce the risk and protect ourselves.
------ 💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults
🏦 AXIS | The Origin Vault launches on Ethereum on July 29th
🌐 RE | Earn real yield backed by regulated reinsurance programs
🕛 NOON | The highest and safest stablecoin yield, built for the long term
🟠 APYX | The first dividend-backed stablecoin (DBS)
🌏 MANTLE | The world’s premier RWA distribution layer
0:00 - Intro 2:04 - How Pablo pulled Nomatic’s data from just an email 4:29 - From hacking for fun to white hat security 11:42 - How real is the threat of AI in DeFi? 17:12 - When will AI tools protect DeFi users? 22:58 - Common attack vectors in DeFi and how to stay safe 29:56 - How to safely buy a hardware wallet 32:49 - Assessing Nomatic’s wallet management 35:55 - Passkeys vs 2FA, mistakes to avoid 43:28 - Why everyone should be using physical keys (Yubikey) 46:17 - How DeFi builders can avoid compromising devices 53:01 - What is Security Alliance (SEAL)? 57:14 - How Opsek protects crypto for CEXs, HNWI, and DeFi 1:02:31 - DPRK's 2,500 hackers working to steal your crypto 1:10:22 - Close calls with real hackers 1:18:47 - Closing
------ 🔗 GUEST LINKS
► Opsek website: https://opsek.io/ ► Opsek on X: https://x.com/opsek_io ► Pablo Sabbatella on X: https://x.com/PabloSabbatella ► Louis on X: https://x.com/theSouilos ► Security Alliance on X: https://x.com/_SEAL_Org
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.
Crypto Is No Longer In The Dreaming Phase, We're Now In The Big Boy Era
15 Jul 2026
00:52:52
Johann Eid is the Chief Business Officer at Chainlink Labs.
In this episode, Johann walks us through how crypto has evolved from a dreaming phase of romanticized white papers into its "big boy era," where hundreds of billions are now onchain, institutions from around the world are tokenizing RWAs like stocks, and stablecoins have changed the lives of everyday people from Lebanon to South America. He emphasizes why security is the foundation of everything built, what Chainlink's CCIP offers for an interoperable DeFi economy, and why AI agents transacting onchain represent the next wave of users nobody is pricing in yet.
------ 💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults
🏦 AXIS | The Origin Vault launches on Ethereum on July 29th
🌐 RE | Earn real yield backed by regulated reinsurance programs
🕛 NOON | The highest and safest stablecoin yield, built for the long term
🟠 APYX | The first dividend-backed stablecoin (DBS)
🌏 MANTLE | The world’s premier RWA distribution layer
0:00 - Intro 2:18 - How DeFi transformed from lofty ideas to real use cases 7:37 - Every institution wants to migrate its business logic onchain 12:14 - What finally pushed TradFi to move onchain 18:06 - Security means everything for adoption of DeFi 24:58 - CCIP and lessons from LayerZero-rsETH exploit 30:18 - Prediction markets and Chainlink's role 34:31 - Are AI agents the next wave of new users? 40:21 - What DeFi and TradFi misunderstand about each other 43:05 - The most bullish factor for Chainlink 45:30 - What needs to happen for DeFi to replace TradFi legacy markets? 50:48 - Closing
------ 🔗 GUEST LINKS
► Chainlink website: https://chain.link/ ► Chainlink on X: https://x.com/chainlink ► Johann Eid on X: https://x.com/EidJohann
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.
Wartime Ethereum: The Case For ETH Going Much Higher
10 Jul 2026
01:20:05
John Gillen is an ex-BlackRock VP, General Partner at TRU Capital, and host of The Milk Road Show.
In this episode, John breaks down his Wartime Ethereum thesis on why this is a defining moment for Ethereum that demands engagement, conviction, and patience rather than capitulation. He walks through how ETH functions as a triple point asset, why stablecoins, tokenization, and the agentic economy are all in their first innings with Ethereum best positioned to capture each tailwind, and why decentralized AI makes the case for Ethereum's censorship resistance more urgent than ever.
------ 💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults
🕛 NOON | The highest and safest stablecoin yield, built for the long term
🟠 APYX | The first dividend-backed stablecoin (DBS)
🌏 MANTLE | The world’s premier RWA distribution layer
0:00 - Intro 3:01 - Why John got invested in Ethereum and ETH 8:39 - Why Ethereum + ETH are the most important chain + asset 14:29 - Why are we in Wartime Ethereum mode? 17:44 - Ethereum doubles down on “can’t be evil” 20:23 - Ethereum is trustware for building economic systems 24:48 - Is Wall Street understanding and buying ETH value accrual? 32:04 - The largest institutional bull run vs bearish retail sentiment 36:03 - When strong fundamentals translate to number-go-up for ETH 45:57 - CLARITY Act will be a tailwind for Ethereum’s growth 52:11 - There is no EF funding crisis, the ecosystem is reshaping 59:05 - Why decentralized AI makes the case for Ethereum 1:08:39 - DeFi attracts those who question the rules of society 1:10:33 - How to value ETH: Triple point asset framework explained 1:14:29 - John's outlook for ETH price 1:18:23 - Closing
------ 🔗 GUEST LINKS
► Milk Road website: https://milkroad.com/pro/ ► Milk Road on X: https://x.com/MilkRoadDaily ► John Gillen on X: https://x.com/BitcoinJesusETH
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. DeFi Dad, Nomatic, and John all hold ETH.
How Royco Risk Tranching Is Working Through Its First Real World Stress Test | DeFi Frontier
30 Jun 2026
00:55:29
Jai Bhavnani is the Founder of Waymont Co, the developer of the Royco protocol.
In this episode of DeFi Frontier, Jai walks through how Royco evolved from an incentive platform into a risk tranching protocol connecting RWA issuers with both institutions and DeFi users. He explains what makes an asset worth tranching, and then navigates through a real stress test in progress for Royco, with the recent apyUSD drawdown triggering a 21-day observation period. Plus, we get a first take on what to expect from Royco Dusk, a new app for extending credit to Royco senior tranche holders, through an AMM-backed liquidity pool.
------ 💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults
🕛 NOON | The highest and safest stablecoin yield, built for the long term
0:00 - Intro 2:37 - What is Royco? A DeFi risk tranching protocol 6:01 - Why RWAs are the future of onchain yield 11:32 - What is Royco Dawn and what does it solve? 13:30 - What is the perfect asset to tranche? 18:07 - Screenshare and explanation of Royco’s live markets 22:01 - Observation period: Royco's first stress test with apyUSD 25:05 - How seniors stay protected while juniors absorb losses 27:00 - What could end the 21-day observation period? 27:34 - Can you deposit or withdraw during observation period? 29:01 - Can seniors lose money in a Royco loss event? 30:04 - How Royco tries to restore markets to healthy status 31:25 - Estimating losses if 21-day period runs out for apyUSD 33:40 - Design for juniors to not get wiped out 37:40 - What is protected? Tranching vs insurance 41:23 - Is security in DeFi cooked? How we move forward 43:49 - Royco’s decision to introduced delayed settlement 47:54 - Royco Dusk: Extend credit to RWAs with AMM-backed LP 50:43 - How seniors will get instant liquidity on Dusk 53:42 - Closing
------ 🔗 GUEST LINKS
► Royco website: https://royco.org/ ► Royco on X: https://x.com/roycoprotocol ► Jai Bhavnani on X: https://x.com/jaibhavnani
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. DeFi Dad invested in Royco's seed round in 2024.
The DeFi Circuit Breaker That Could Have Stopped The rsETH Exploit, And Why Linea Implemented It
26 Jun 2026
00:48:47
Odysseus is the Founder and CEO of Phylax Systems, and Declan Fox is the VP and Head of Linea at Consensys.
The rsETH exploit drained $292M from Aave, but a simple rule or circuit breaker could have prevented bigger losses!
In this episode, Odysseus and Declan walk us through how Phylax's DeFi circuit breaker works: code currently running on the Linea sequencer that checks every transaction against a set of protocol-defined policies before it's added to a block. Already live on Linea, Phylax has stopped over 4,000 drain attempts and protected $1.5M in cumulative volume, including a real attack on 0x where users were being drained through an immutable contract. They also cover what institutions are still waiting for before coming onchain, and how banks can build secure, private composable environments powered by Ethereum.
------ 💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults
🕛 NOON | The highest and safest stablecoin yield, built for the long term
0:00 - Intro 2:02 - Declan’s work as Head of Linea 3:15 - What Is Phylax? Preventative security for blockchains and apps 4:45 - Ethereum’s security, with privacy and more protective controls for users 12:14 - How Phylax can protect L2s and apps without sacrificing decentralization 14:33 - What are institutions still waiting for, in order to come onchain? 18:54 - How Linea is helping institutions come onchain 23:06 - Freezing assets vs programmatic rules: what's the right threshold for action? 26:09 - Why institutional demand for DeFi should help crypto transcend politics 32:54 - How a Phylax circuit breaker could have stopped the Aave rsETH exploit 38:09 - What actually triggers the Phylax circuit breaker to detect and stop an attack? 42:38 - TradFi can build private, composable walled gardens on Ethereum 45:56 - How dApp and networks can get started implementing Phylax 47:32 - Closing
------ 🔗 GUEST LINKS
► Phylax website: https://phylax.systems/ ► Phylax Systems on X: https://x.com/phylaxsystems ► Odysseus on X: https://x.com/odysseas_eth ► Linea website: https://linea.build/ ► Linea on X: https://x.com/lineabuild ► Declan Fox on X: https://x.com/DeclanFox14
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.
Ethereum Is A Vault, ETH Is The Lock: A Framework for ETH's Fair Value, Today and By 2030
19 Jun 2026
00:54:50
Tom Dunleavy is Head of Venture at Varys Capital.
In this episode, Tom walks us through his valuation framework for ETH. He offers a mental model where Ethereum is the vault filled with stablecoins, RWAs, and DeFi activity secured by it. But ETH is the lock--and the bigger the vault gets, the more valuable the lock has to be to protect it. Based on Ethereum's current onchain activity, Tom gets us to a fair value for ETH that's much higher than the price today. Furthermore, we discuss what happens to the price of ETH when Ethereum grows to $750B-$1T onchain by 2030.
Tom insists the vault won't stop growing thanks to demand for stablecoins and RWAs—and that ETH, the lock, is simply due for a repricing.
------ 💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults
🕛 NOON | The highest and safest stablecoin yield, built for the long term
🟠 APYX | The first dividend-backed stablecoin (DBS)
0:00 - Intro 2:51 - Tom’s role investing at Varys Capital 3:32 - How Tom became convinced DCF was the wrong way to value ETH 6:16 - Is Ethereum winning? 11:20 - Fees are friction, and hence not how we should value ETH 15:51 - Can Ethereum have its cake and eat it too, when it comes to capturing fees? 19:24 - If Ethereum is the vault, ETH is the lock 23:37 - Why stablecoin numbers are bullish against all odds this bear market 26:43 - Ethereum must succeed, or crypto as an asset class fails 28:39 - Linux and DTCC: Why the comparison to Ethereum is both useful and wrong 32:34 - The importance of Ethereum as trustware, producing blocks for over 10 years 35:19 - Underestimating the impact of Ethereum scaling L1 39:20 - If an issuer freezes stablecoins, it doesn’t break reliance on Ethereum security 41:50 - Tom’s valuation framework is for ETH, not for DeFi tokens 44:54 - $20,000 to $50,000 per ETH if onchain liquidity hits $750B–$1T 47:12 - How Tom gets to a fair market value today of $6,900 per ETH 50:03 - Was ETH overvalued in 2021 based on this same model? 52:38 - The 2030 base case ($55k) vs bull case ($138K) 53:36 - Closing
------ 🔗 GUEST LINKS
► Tom Dunleavy on X: https://x.com/dunleavy89 ► Tom's Ethereum article on X: https://x.com/dunleavy89/status/2059717202392359118?s=20
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. DeFi Dad and Nomatic hold ETH.
How Superstate Is Building The Bridge Between $700 Trillion In TradFi and DeFi
11 Jun 2026
00:50:19
Robert Leshner is the Founder and CEO of Superstate, as well as the former CoFounder of Compound.
Most people in DeFi are focused on the $2.5 trillion cryptonative market. Robert is focused on the $700 trillion that hasn't moved onchain yet. In this episode, he explains why tokenization is the long awaited evolution for crypto markets, how Superstate is building the bridge between institutional TradFi assets and DeFi, and why the benefits of tokenization will soon lead to a hockey stick moment in DeFi and RWAs.
------ 💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults
🕛 NOON | The highest and safest stablecoin yield, built for the long term
🟠 APYX | The first dividend-backed stablecoin (DBS)
0:00 - Intro 1:58 - What does tokenization actually mean? 3:41 - Tokenization is evolution, not revolution 7:42 - Why Robert built Superstate 12:49 - What are the primary benefits for tokenized asset issuers? 18:34 - Superstate’s customers + how Superstate tokenized funds work 23:13 - The magic of finance automation that is DeFi 26:28 - How Superstate straddles DeFi ethos and compliance 30:02 - Regulatory landscape, CLARITY Act, and any political headwinds 39:36 - Different categories of tokenized securities 41:26 - Big differentiators for Superstate tokenized securities 44:57 - When does tokenization hit its hockey stick moment? 48:12 - The endgame is primary issuance onchain 49:16 - Closing
------ 🔗 GUEST LINKS
► Superstate website: https://superstate.com/ ► Superstate on X: https://x.com/superstateinc ► Robert on X: https://x.com/rleshner
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.
5 Revenue Streams Powering Jupiter's DeFi Super App | Revenue Meta
05 Jun 2026
00:50:01
Kash Dhanda is the COO at Jupiter.
Most people know Jupiter for its flagship DEX aggregator and perps. But we've dug into the onchain business backing JUP token value accrual and why the fundamentals are worth understanding heading into the next bull run.
In this episode of Revenue Meta, Kash walks us through how Jupiter generates revenue across five distinct products: DEX aggregator, perps, Jupiter Lend, JupUSD, and Jupiter Spend, plus more revenue streams growing in development. This is a fascinating deep dive into Solana's largest, most dominant DeFi super app, including why perps for just three trading pairs wins over so much trade volume, how JLP remains one of Jupiter's most popular products, and how JUP token value accrual is aligned with Jupiter's app success. We also get the inside details on what's coming with Jupiter Lens DEX, prediction markets for the World Cup, Jupiter Spend, and their new Offerbook for borrowing and lending with long tail tokens.
------ 💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults
🟠 APYX | The first dividend-backed stablecoin (DBS)
🕛 NOON | The highest and safest stablecoin yield, built for the long term
0:00 - Intro 1:40 - Overview of Jupiter ecosystem products 2:50 - Jupiter’s biggest growth wins in 2025 4:55 - DEX aggregator revenue is still the foundation 9:17 - Perps is Jupiter's biggest revenue driver 11:32 - New revenue streams 13:57 - JLP is one of Jupiter’s most popular products 18:27 - The importance of Jupiter’s wallet development 19:53 - The potential for Jupiter Lend growth 21:14 - How Jupiter Lend generates revenue for JUP holders 24:06 - What went into launching Bitwise x Ethena market 27:04 - The JupUSD stablecoin and how Jupiter will grow its usage 31:06 - Jupiter is a platform for builders, not just an app 33:43 - Overview of JUP token value accrual 42:54 - Jupiter Lens DEX, prediction markets, Offerbook, and Jupiter Spend 45:41 - Jupiter Spend monthly volume is growing fast 48:09 - Closing
------ 🔗 GUEST LINKS
► Jupiter website: https://jup.ag/ ► Jupiter on X: https://x.com/JupiterExchange ► Kash on X: https://x.com/kashdhanda
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. Kash holds JUP.
Why Private Credit Is Moving Onchain — And What DeFi Gets Right and Wrong About It
30 May 2026
01:07:35
David Vatchev is Head of Tokenization at Fasanara, Arpan Gautam is the Founder at Noon, and Rob Montgomery is the CoFounder at infiniFi.
In this episode, David, Arpan, and Rob break down why not all private credit is the same, and why the short duration, asset-backed, diversified kind is fundamentally different from what's causing problems in TradFi. They walk through how Noon and infiniFi independently chose to allocate to Fasanara, how the First Brands Group bankruptcy stress-tested their thesis in real time, and what tokenized private credit needs to get right in its next phase for DeFi.
------ 💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults
🟠 APYX | The first dividend-backed stablecoin (DBS)
0:00 - Intro 2:53 - How Fasanara thinks about private credit in DeFi 4:58 - What is infiniFi building? 8:28 - What is Noon building? 10:55 - The opportunity for tokenization is huge! 16:31 - What are valid vs overstated concerns about private credit onchain? 20:52 - Why Noon tokenized yield deployed directly into Fasanara 23:25 - How Noon manages liquidity demands with Fasanara exposure 27:22 - Why infiniFi chose to deploy into mGLOBAL on Midas 31:48 - The First Brands stress test on Fasanara and DeFi’s exposure 43:17 - What DeFi must get right in the next phase of tokenized private credit 48:04 - Real-time verification and transparency onchain can improve TradFi 52:53 - How infiniFi is betting more on private credit yield onchain 58:12 - What shouldn't work well onchain 1:01:19 - What’s next on product roadmaps for infiniFi and Noon? 1:04:41 - Closing
------ 🔗 GUEST LINKS
► Fasanara website: https://www.fasanara.com/ ► Fasanara on X: https://x.com/FasanaraCapital ► Noon website: https://noon.capital/ ► Noon on X: https://x.com/noon_capital ► Arpan on X: https://x.com/ag_noon ► infiniFi website: https://infinifi.xyz/ ► infiniFi on X: https://x.com/infiniFi ► Rob on X: https://x.com/RobAnon
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. DeFi Dad and Nomatic invested in the seed round for infiniFi. Noon has been a sponsor of The Edge Podcast, but they have never paid for a guest slot. We do NOT offer paid guest slots. We chose Arpan for this roundtable based on his expertise in Fasanara's private credit offering.
Strata: Why DeFi Is Finally Ready for Risk Tranching | DeFi Frontier
24 May 2026
00:51:07
Vish is the CoFounder & CEO of Frontera Labs, the developer behind Strata.
DeFi has an abundance of exotic yields. What's been missing is a way to transfer risk between users who want different things. So while risk tranching has existed in TradFi for decades, Strata just made it permissionless.
In this episode, Vish explains how Strata brings risk tranching fully onchain: senior tranches for conservative capital that wants protected yield, junior tranches for risk-tolerant capital earning ~2x the base rate. All enforced by smart contracts. He demos a live Strata market, walks through how the yield split mechanism works under the hood, and explains why mispriced lending yields are DeFi's biggest unsolved problem, and how tranching fixes it.
------ 💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults
🟠 APYX | The first dividend-backed stablecoin (DBS)
🕛 NOON | The highest and safest stablecoin yield, built for the long term
0:00 - Intro 2:14 - Founding Strata 3:40 - What is tranching? 7:14 - Why tranching products make sense to now take off in DeFi? 13:43 - How Strata tranches risk for DeFi yields 17:05 - How Strata splits yields into junior vs senior tranches 21:49 - Screenshare demo of real Strata market 26:40 - Balancing senior vs junior TVL 29:26 - Tranching vs insurance: what’s the difference? 38:13 - How Strata works with RWAs 42:59 - Strata is addressing DeFi’s big issue: mispriced yields 46:00 - How builders can get started with Strata 49:12 - Closing
------ 🔗 GUEST LINKS
► Strata website: https://strata.markets/ ► Strata on X: https://x.com/strata_markets ► Vish on X: https://x.com/UnQuidPro
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.
Tori: Tokenizing 15% Yield From Institutional FX Markets, Uncorrelated With Crypto | DeFi Frontier
20 May 2026
00:29:10
Samed Düzçay is the Founder of Tori.
DeFi yields often collapse in bear markets because they recycle crypto-native capital. But Tori generates yield from somewhere else entirely.
In this episode, Sam explains how Tori brings institutional FX carry trades onchain, borrowing in low-rate currencies, lending in high-rate emerging market currencies, and hedging the FX exposure fully back to USD. The spread that remains after hedging is 8-15% yield, generated from real economic activity in global money markets, completely uncorrelated with crypto cycles. Tori is expected to launch in May so we're getting a jumpstart with this episode of DeFi Frontier to learn more.
------ 💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults
🟠 APYX | The first dividend-backed stablecoin (DBS)
🕛 NOON | The highest and safest stablecoin yield, built for the long term
0:00 - Intro 1:50 - Sam’s background 4:05 - What is Tori? Institutional FX carry trades onchain 5:13 - Why DeFi yields are falling short of investor expectations 11:23 - How Tori strategies earn yield 14:35 - Capacity to scale the Tori trade and estimated yields 16:46 - Two-token model: trUSD vs strUSD 17:27 - Coming DeFi integrations for Tori 19:14 - Risks to using Tori 26:39 - Expected launch time for Tori 27:26 - Closing
------ 🔗 GUEST LINKS
► Tori website: https://tori.finance/ ► Tori on X: https://x.com/tori_finance ► Sam on X: https://x.com/0xNox_eth
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.
The Next Battle In DeFi Lending Is What's Inside Your Vault | DeFi Frontier
06 May 2026
00:59:24
David Reising is the Founder of Lotus.
"Aave compresses risk. Morpho isolates it. Lotus clears it."
In this episode, David walks through why avoiding bad debt has become DeFi lending's biggest self-imposed constraint and how Lotus's connected tranches, cascading liquidity, and productive debt unlock a yield curve that neither Aave nor Morpho can offer.
According to David, the next battle in DeFi lending is what's inside your vault, and Lotus is the answer.
------ 💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults
🟠 APYX | The first dividend-backed stablecoin (DBS)
🕛 NOON | The highest and safest stablecoin yield, built for the long term
0:00 - Intro 2:22 - The team behind Lotus 3:45 - The problem with shared pool design like Aave 7:23 - The “missing middle” in DeFi lending 9:31 - The problem with isolated markets like Morpho 11:17 - What does Lotus aim to solve in DeFi lending? 13:40 - The elevator pitch for Lotus 19:54 - How tranching plays a role in Lotus 24:00 - Demo of Lotus and BTC market curve explained 28:56 - Credora credit ratings and what value they add to Lotus 31:01 - How tranche-level risk ratings figure into Lotus Vaults 33:19 - Earning more consistent yield with Lotus productive debt 37:52 - How productive debt dampens rate volatility 39:50 - Will productive debt become table stakes in DeFi? 42:13 - How Lotus differs in how it handles bad debt 45:08 - Vault managers, curators, neobanks, and who else will use Lotus 48:04 - What use cases could Lotus unlock? 50:49 - Security: Audits, SEAL certification, and lessons from rsETH exploit 57:02 - Closing + Lotus launch in summer 2026
------ 🔗 GUEST LINKS
► Lotus website: https://www.lotuslabs.net/ ► Lotus on X: https://x.com/LotusFi_ ► David Reising on X: https://x.com/davidareising
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. DeFi Dad and Nomatic have been advising Lotus during their pre-launch phase.
Rysk: How to Earn Stablecoin Yield with DeFi Options in 1-Click | DeFi Frontier
05 May 2026
00:43:28
Daniele Ugolini is the CoFounder at Rysk.
DeFi options have failed repeatedly. Ribbon, Opyn, and a long list of protocols shut down or pivoted. Rysk almost joined them, over two years ago they had no product and were close to quitting.
In this new episode of DeFi Frontier, Dan walks through how Rysk rebuilt from zero to $60M TVL in under a year by solving the one thing every previous options protocol got wrong: making it simple enough for anyone to actually use. He demos how users on Rysk use cash secured puts and covered calls, explains why 90% of users roll over their positions every Friday, and addresses the criticism around Rysk's premium vs Derive head on.
------ 💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults
🟠 APYX | The first dividend-backed stablecoin (DBS)
🕛 NOON | The highest and safest stablecoin yield, built for the long term
0:00 - Intro 2:01 - Starting Rysk 4:13 - Why DeFi options failed before and what Rysk does differently 11:21 - Demo of Rysk cash secured puts 15:57 - What market conditions would be more ideal for covered calls? 19:24 - Rysk targets a different user than Derive 23:36 - Who’s using Rysk? 26:57 - Addressing criticisms of Rysk's premium 36:40 - What’s next for the Rysk roadmap? 42:01 - Closing
------ 🔗 GUEST LINKS
► Rysk website: https://rysk.finance/ ► Rysk on X: https://x.com/ryskfinance ► Daniele Ugolini on X: https://x.com/DanDeFiEd
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.
The Alchemix Comeback: Vaults, Fixed Yields, 10x Looping, and Why They've Been Building V3 For Years
30 Apr 2026
01:15:26
Scoopy Trooples is the Founder of Alchemix.
Many DeFi protocols from 2021 are gone. But Alchemix never quit.
In this episode, Scoopy walks through the full Alchemix V3 redesign: how the new Mix-Yield Token (MYT) creates vaulted yields users can borrow against at 90% LTV, with zero interest, looping up to 10x, and how fixed-term redemptions unlock an entirely new yield primitive. Alchemix was the first protocol to use yield-bearing collateral for loans. V3 looks to be the long overdue evolution of the self-repaying loan, and we think this version can scale to be even bigger than V1.
------ 💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults
🟠 APYX | The first dividend-backed stablecoin (DBS)
🕛 NOON | The highest and safest stablecoin yield, built for the long term
0:00 - Intro 1:30 - Alchemix V1 and the idea for self-repaying loans 6:57 - Lessons from V1 11:37 - Ideas leading into V3 16:19 - How Alchemix V1 worked 20:47 - V2’s weaknesses 24:17 - Overview of three pillars of Alchemix V3 31:31 - Pillar 1: Mix-Yield Token (MYT), Alchemix's own vaulted yields 34:27 - Pillar 2: Synthetic borrowing up to 90% LTV, zero interest, 10x leverage 36:39 - Pillar 3: Fixed term redemptions unlocking fixed yield 41:16 - Zero interest on debt but what do we pay? 42:26 - Liquidation risk in Alchemix V3 44:11 - Tracking where V3 strategies deploy money 45:24 - V2 to V3 migration 46:17 - A new fixed yield primitive 49:24 - The tradeoffs of looping in Alchemix V3 55:19 - Example of how a loan, looping, yield works in V3 59:07 - What’s a doomsday scenario for V3? 1:02:01 - Audits 1:06:51 - Could curators be involved in Alchemix V3? 1:08:11 - New ALCX tokenomics coming 1:13:25 - Closing
------ 🔗 GUEST LINKS
► Alchemix website: https://alchemix.fi/ ► Alchemix on X: https://x.com/alchemixfi ► Scoopy Trooples on X: https://x.com/scupytrooples
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.
The $250k ETH Thesis: Why Wall Street Is Betting ETH Beats Gold and Bitcoin
22 Apr 2026
01:00:19
Vivek Raman is Etherealize CoFounder and CEO while Michael McGuiness is an Etherealize Researcher and author of their recent report "Ethereum and The Era of Productive Money."
Many have viewed ETH as a technology bet. Etherealize just published a report arguing it's something far more important, better money than BTC and gold, and the first monetary asset in history that actually compounds.
In this episode, they break down their $250,000 ETH thesis and why institutions that understand pristine collateral are quietly becoming the biggest ETH bulls.
------ 💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults
🟠 APYX | The first dividend-backed stablecoin (DBS)
🕛 NOON | The highest and safest stablecoin yield, built for the long term
0:00 - Intro 3:06 - Vivek and Michael’s background on Wall Street 5:18 - Core thesis: ETH is better money than BTC or gold 10:03 - What is productive money? 12:15 - Is Wall Street buying the story of ETH as productive money? 16:02 - The institutional crypto bull market 18:08 - Three demand drivers for ETH: gas, collateral, and staking 20:53 - Why ETH wasn’t reaching its full potential until recently 25:20 - What needed to happen in order for ETH to reprice? 30:47 - Distribution channels: ETFs, Schwab, Tom Lee 32:41 - Bitcoin's security budget problem 33:33 - Ethereum’s censorship resistance, decentralization, and predictability 39:54 - The path to $250,000 ETH price 44:37 - Bitcoin's coordination problem vs Ethereum's shipping velocity 46:02 - The Ethereum roadmap and AI accelerating scaling expectations 51:43 - Principal risks to the $250k ETH thesis 55:37 - What institutions still don’t understand about Ethereum 58:19 - What’s Etherealize been working on? 58:55 - Closing
------ 🔗 GUEST LINKS
► Etherealize website: https://www.etherealize.com/ ► Productive Money report: https://www.productivemoney.org/ ► Etherealize on X: https://x.com/etherealize_io ► Vivek Raman on X: https://x.com/VivekVentures ► Michael McGuiness on X: https://x.com/mikemcg0
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. DeFi Dad and Nomatic are long term holders of ETH.
The Business of Spark: How Sky's Largest Sub-DAO Is Earning $27.8M In A Bear Market | Revenue Meta
20 Apr 2026
00:50:19
Sam MacPherson is the CoFounder and CEO of Phoenix Labs, the core team behind Spark.
Some DeFi protocols are burning through reserves, while others wait for the bull market to save them. Spark is doing neither.
In a new episode of our Revenue Meta series, Sam breaks down the business behind Spark and how it's generating $27.8M in projected annual revenue (up from $23M since recording) across four business channels. We discuss what's being done with the $9.6M protocol surplus to better return value to SPK holders through programmatic buybacks and growth initiatives. We also cover the Spark Liquidity Layer managing over $2.3 billion in DeFi, CeFi, and TradFi. Sam has the latest on their upcoming CeDeFi prime brokerage called Spark Prime and what else is in store to get Spark back to earning a projected $80M in annual revenue.
------ 💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults
🟠 APYX | The first dividend-backed stablecoin (DBS)
🕛 NOON | The highest and safest stablecoin yield, built for the long term
0:00 - Intro 2:10 - Spark x Sky relationship 4:03 - Spark products: Spark Savings, Spark Liquidity Layer, SparkLend 9:22 - Team and operations behind Spark 10:57 - How does Spark make money? 13:42 - Spark’s revenue: $23M net returns, $13.6M opex, $9.6M surplus 20:06 - How Spark DAO uses protocol surplus to return value to SPK holders 22:14 - Spark DAO treasury and SPK buybacks 26:56 - Who are Spark’s customers? 32:57 - Which Spark product is driving more revenue? 35:23 - Does Sky growth create tailwinds for Spark? 38:44 - Is Aave’s reputation hit an opportunity for Spark and Sky? 41:37 - Growth drivers for Spark next 44:03 - Spark Prime, a CeDeFi prime brokerage 46:22 - Sam’s growth goals for 2026 47:53 - Closing
------ 🔗 GUEST LINKS
► Spark website: https://spark.fi/ ► Spark Data Hub: https://data.spark.fi/ ► Spark Financials: https://data.spark.fi/financials ► Spark on X: https://x.com/sparkdotfi ► Sam MacPherson on X: https://x.com/hexonaut
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.
How Saturn Is Tokenizing Michael Saylor's 11.5% STRC Bitcoin Yield for DeFi | DeFi Frontier
15 Apr 2026
00:47:03
Ellis Osborn and Kevin Li are CoFounders of Saturn.
This is the first episode in a new series by The Edge Podcast covering emerging DeFi builders. Ellis and Kevin break down how Saturn tokenizes STRC via two onchain assets, USDat and sUSDat. Michael Saylor and his team at Strategy built STRC to pay an 11.5% yield backed by Bitcoin. Saturn is building the DeFi layer on top of this STRC yield.
We learn how Saturn's tokenized yield unlocks global access to STRC, higher leverage through the likes of Morpho, yield trading on Pendle, and risk tranching soon through Strata. They share more on why Saylor himself is so excited for what Saturn is working on to distribute STRC yield on Ethereum. We cover why digital credit might be superior to private credit, and how STRC could become "the risk-free rate of onchain finance."
------ 💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults
🕛 NOON | The highest and safest stablecoin yield, built for the long term
0:00 - Intro 2:21 - Saturn CoFounders background 4:47 - Why build Saturn? 6:57 - Why Michael Saylor’s excited for STRC in DeFi 10:14 - Three major DeFi use cases for Saturn: looping, Pendle, and tranching 14:59 - How does Saturn distribute STRC yield onchain? 15:58 - Where does STRC yield come from? 17:06 - Why 2-token design with USDat vs sUSDat 18:48 - Is USDat a stablecoin? 20:56 - How STRC vs USDat peg works 24:29 - The opportunity for STRC to grow alongside $1M BTC 28:37 - Demand for STRC digital credit will eat into fixed income 31:50 - DeFi is starving for a yield like STRC 35:43 - Can STRC become the risk-free rate onchain? 37:20 - Saturn means 24/7 trading of STRC onchain 39:16 - The impact of perps for STRC 41:46 - How far could STRC reasonably drop below $100? 43:50 - What’s live now on Saturn? 45:23 - Closing
------ 🔗 GUEST LINKS
► Saturn website: https://saturn.credit/ ► Saturn on X: https://x.com/saturn_credit ► Ellis Osborn on X: https://x.com/ellisp_osborn ► Kevin Li on X: https://x.com/kevinlhr88 ► Nomatic's write-up on STRC: https://www.the-edge.xyz/p/strc-the-birth-of-bitcoin-credit
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. DeFi Dad and Nomatic both have BTC exposure and were angels in Saturn's pre-seed. DeFi Dad and Nomatic do not hold STRC or MSTR.
sUSDat is only available to eligible participants outside the United States only.
sUSDat holders are currently earning 11.5%+ APY. This is not an offer or solicitation to buy or sell any security in any jurisdiction where prohibited, including to U.S. persons.
Nothing in this podcast constitutes investment advice. Yield is not guaranteed and may vary.
"Backed by Bitcoin" refers to collateral structure only and does not imply capital protection or risk elimination.
Saturn's Terms and Conditions https://saturn.credit/legal/terms-conditions
Michael Saylor's BTC-Backed STRC Is Coming For A $300T Market
07 Apr 2026
01:03:15
Chaitanya Jain (CJ) works on the Bitcoin team at Strategy.
Most people know Strategy for its outspoken BTC bull Founder Michael Saylor and second, for buying billions in BTC, but more of you ought to learn about the financial instruments they've engineered, backed by BTC as digital capital that appreciates over time.
In this episode, CJ breaks down how Strategy’s flagship STRC works, a perpetual preferred stock with a stable $100 price and 11.5% annual yield paid monthly in tax-deferred cash dividends. We dive into the ambitious plans at Strategy to target a $300 trillion fixed income market with STRC and how that could impact the price of BTC long term. We also dive into how DeFi teams are already tokenizing STRC to bring it onchain.
------ 💎 THIS EPISODE'S PARTNERS
🔒 KPK | Best risk-adjusted yield through automated vaults
🕛 NOON | The highest and safest stablecoin yield, built for the long term
0:00 - Intro 2:46 - CJ’s background and role at Strategy 7:23 - What Strategy actually does with Bitcoin 10:40 - Why Strategy chose to offer perpetual preferred equity 14:58 - Which Strategy instrument is most senior? 16:44 - How AI helped design Strategy instruments 19:18 - What is STRC? Stable price, 11.5% yield, monthly dividends 23:23 - Where does STRC yield actually come from? 26:14 - ATM program for raising capital to buy more BTC 29:21 - How does STRC enable Strategy to accumulate BTC in the bear 36:49 - STRC could serve $300T fixed income market + the impact on BTC 41:48 - Difference between MSTR vs STRC investors 44:36 - Who is buying STRC right now? 47:04 - Teams tokenizing STRC for DeFi 51:41 - What are the real risks for STRC? 55:00 - Would Strategy ever sell BTC? 57:50 - Why STRC is Strategy’s “iPhone moment” 1:01:55 - Closing
------ 🔗 GUEST LINKS
► Strategy website: https://strategy.com/ ► Strategy on X: https://x.com/strategy ► CJ on X: https://x.com/cj_bitcoin ► Nomatic's write-up on STRC: https://www.the-edge.xyz/p/strc-the-birth-of-bitcoin-credit
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. DeFi Dad and Nomatic both have BTC exposure.
Why Katana Is Not An L2, It's A DeFi Super App
31 Mar 2026
01:03:10
Matthew Fisher is CEO of Katana.
Many L2s have launched, hoping the apps show up. Katana is taking a different approach, building apps itself and designing the economic engine from day one to make this all possible.
In this episode, Matthew breaks down how vaultbridge assets like vbETH and vbUSDT redirect real yield from Ethereum Mainnet to active DeFi participants on Katana, why they acquired the team behind IDEX to launch Katana Perps, and their roadmap to onboard major liquidity from CEXs like OKX and fintechs like Revolut who can route liquidity through Katana for yield.
------ 💎 THIS EPISODE'S PARTNERS
🔒 KPK | Best risk-adjusted yield through automated vaults
🕛 NOON | The highest and safest stablecoin yield, built for the long term
🌅 NEUTRL | The next generation of crypto-native yield
0:00 - Intro 2:04- Matthew’s background in DeFi 6:24 - Katana’s origin story 10:25 - vbTokens and why yield goes to DeFi participants, not holders 12:00 - How the vaultbridge actually works with Morpho on Ethereum 17:38 - Vitalik’s L2 comments and Ethereum alignment 21:50 - How Katana can win over users as a DeFi hub 25:12 - IDEX acquisition and Katana Perps launch 28:06 - 5 revenue-generating businesses for one network 30:55 - Built for both retail and institutions 32:51 - ve(3,3) flywheel at the network level on Katana 44:35 - KAT vs vKAT vs avKAT 48:08 - OKX Earn and Binance programs powered by Katana 52:29 - Katana’s endgame to tap into fintech liquidity 54:32 - Why Katana is strategically aligned with Polygon 59:20 - What Matthew's most excited for in 6-12 months 1:01:26 - Closing
------ 🔗 GUEST LINKS
► Katana website: https://katana.network/ ► Katana on X: https://x.com/katana ► Katana Perps website: https://perps.katana.network/ ► Katana Perps on X: https://x.com/katanaperps ► Matthew on X: https://x.com/mfisher10x
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. DeFi Dad earned ~$500 of KAT in the airdrop and voluntarily staked it as avKAT in a demo edited into the pod. Katana has been a sponsor of The Edge Podcast but we do not accept paid guest slots. We believe Katana has an interesting story given its use of vbAssets and ve(3,3) mechanics at the network level.
Why Onchain Options Are Finally Working: Derive's 90% Market Share and What's Next?
26 Mar 2026
01:03:15
Nick Forster is CoFounder and CEO of Derive.
Every year since 2021, we've said onchain options would be huge, but it's never played out, until now. Derive has captured 90-95% of onchain options volume while competitors all died or pivoted to perps. The inflection point has arrived.
In this episode, Nick explains why he stayed the course building the hardest product in DeFi, how Yieldmageddon is bullish for the growth of options, and why institutional funds are now turning to onchain options for yield generation. The thesis was right. The timing was just early. And the network effects now make Derive's moat nearly impossible to replicate.
------ 💎 THIS EPISODE'S PARTNERS
🔒 KPK | Best risk-adjusted yield through automated vaults
0:00 - Intro 2:27 - Why Nick bet on onchain options in 2021 4:10 - Derive is the largest onchain options exchange 5:28 - Building “the infinite payoff factory” 11:59 - Why not pivot to perps when everyone else did 14:00 - The inflection point: What changed in the last year 16:37 - How RFQ (request for quote) works for institutional size 18:04 - Yieldmageddon, the end of the basis trade and TVL deals 22:19 - Vaults and structured products being built on Derive 24:17 - Is there an LP pool-style product being built for Derive? 25:17 - From Lyra's AMM to Derive's CLOB 28:20 - What options markets are live today? 29:09 - Which networks Derive supports via its appchain 30:26 - HYPE options driving new growth 31:36 - What if Hyperliquid launched options? 35:53 - Why options markets have stronger network effects 39:17 - Will Derive support RWA options markets? 44:14 - Who trades on Derive? 46:13 - Growth charts: From 0.15% to significant market share 48:43 - Why options are countercyclical 51:09 - DRV token: All value flows through the token 55:08 - The story behind Synthetix’s acquisition proposal 57:43 - How big can Derive grow in options trading? 1:00:27 - What's next? 1:02:03 - Closing
------ 🔗 GUEST LINKS
► Derive website: https://derive.xyz/ ► Derive on X: https://x.com/derivexyz ► Nick on X: https://x.com/itseneff
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.
From Goldman to DeFi: Building Institutional Yields for Stablecoins and BTC
20 Mar 2026
00:51:59
Arpan Gautam is the Founder of Noon.
After years at McKinsey and Goldman, Arpan was led to build institutional-grade yield products in DeFi. Noon now delivers one of the highest performing stablecoin yields (9% APY the last 30 days) while DeFi's biggest competitors sit at 4-6%.
In this episode, we cover: + How Noon's multi-strategy yield engine combines DeFi, CeFi, and TradFi to outperform competitors + Why private credit, leverage looping, and institutional access remove the gatekeepers on high-yield products + What institutions actually want: yield, infrastructure, and risk management + Noon's newly launched tBTC yield vaults
------ 💎 THIS EPISODE'S PARTNERS
🔒 KPK | Best risk-adjusted yield through automated vaults
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. Noon has been a sponsor of The Edge Podcast but we do not do paid guest slots. We believe Noon has a compelling story to spotlight given their standout yield products.
Why The Token Bear Market Is Ending | Theia on Valuations, Token Rights, and Contrarian Investing
18 Mar 2026
01:27:40
Felipe Montealegre is the Founder and CIO of Theia.
A liquid crypto investment fund explains why they believe the four-year token bear market is coming to an end and how they're deploying capital. Felipe explains why his team concluded 99% of crypto tokens, excluding a few SoV tokens, should be valued on discounted cash flows and how that view kept them out of certain overvalued L1s and L2s. Plus, more on positioning for what Felipe calls "the best opportunities in four years!"
In this episode, we cover: + Why the bear market is ending: reasonable valuations, tokenholder rights, and revenue growth + Understanding Edge vs. Brier scores: why being contrarian and right beats just being right + The real bottleneck for RWAs: the need for financially sophisticated underwriters, not more engineers
------ 💎 THIS EPISODE'S PARTNERS
🔒 KPK | Best risk-adjusted yield through automated vaults
0:00 - Intro 2:00 - Who is Theia? 4:02 - AI tools accelerating research 10:37 - How Felipe’s team applies mental models to investing 18:46 - The 4-year token bear market and why it was necessary 24:15 - Tokenholder rights: What they are and why they matter 28:37 - Thoughts on Across token buyout 32:08 - Signs the token bear market is ending 35:23 - Do you believe in the four-year cycle? 39:19 - What is MetaDAO and futarchy? 49:56 - What Theia looks for in liquid token investments 56:18 - "Bear markets are where you make all your money" 58:12 - Making the case to invest in high integrity founders 1:01:14 - Real RWAs vs. narrative RWAs 1:04:40 - The real RWA bottleneck: Why we need underwriters, not engineers 1:06:35 - The investment manager of the future 1:11:28 - Why major VCs are pivoting away from crypto 1:16:57 - Brier vs Edge: Why being contrarian and right beats being right 1:21:25 - How to find edge when DeFi is full of duopolies 1:26:35 - Closing
------ 🔗 GUEST LINKS
► Theia and Felipe on X: https://x.com/TheiaResearch ► Theia Mental Models: https://www.latticeworkofmentalmodels.com/
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.
Across Token Buyout: The First Proposal to Convert Back to a Private Company
11 Mar 2026
00:49:42
Hart Lambur is the CoFounder of Across.
We host a timely new discussion on the reasoning behind the first ever major token buyout in DeFi, a proposal to convert ACX tokenholders into equity shareholders of a traditional private company for Across. Hart explains how the $25M treasury would finance the buyout, and the vision for Across's future as stablecoin infrastructure where "$1 equals $1" and users pay nothing to move money across chains.
In this episode, we cover: + Why the token model isn't working: DAO governance challenges and misaligned incentives + How the buyout works: token-to-equity conversion, and who can participate + The new business model: Free stablecoin movement powered by intents, with issuers paying fees instead of users
------ 💎 THIS EPISODE'S PARTNERS
🔒 KPK | Best risk-adjusted yield through automated vaults
0:00 - Intro 1:27 - Hart’s background with Risk Labs 4:46 - Big announcement: Across token buyout proposal 9:13 - How the token buyout works: rolling into a private entity 10:58 - History of the ACX token: Why it launched and what wasn't working 14:26 - High FDV tokens and broken markets 18:54 - Token governance challenges 20:13 - ACX token ownership: DAO, investors, and retail breakdown 24:32 - Token to equity conversion 25:35 - $25M Across treasury will finance the buyout 28:38 - New business: Making stablecoin movement free for users 36:09 - Why DAOs struggle with B2B contracts vs private companies 40:39 - How the new business works between Across and stablecoin issuers 42:28 - What are intents and how they power Across's "$1 = $1" vision 45:58 - Three paths to success 47:30 - Closing
------ 🔗 GUEST LINKS
► Across website: https://across.to/ ► Across proposal: https://forum.across.to/t/the-bridge-across/2097 ► Hart's thoughts on token buyout: https://x.com/hal2001/status/2031737518505537907?s=20 ► Across on X: https://x.com/AcrossProtocol ► Hart on X: https://x.com/hal2001
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.
Which Blockchain Will AI Choose?
10 Mar 2026
00:56:47
Davide Crapis is an AI Lead at the Ethereum Foundation.
AI agents are already choosing which blockchains to use. Davide Crapis, AI Lead at the Ethereum Foundation, explains why Ethereum is building the infrastructure to win them over and what the internet of agents looks like in the near future.
In this episode, we cover: + Why AI agents are rational actors when choosing chains + From experiment to infrastructure: How ERC-8004 creates the railway for agent economies + Ethereum's most underappreciated advantage: ZK protocols for verification and privacy + The future of agents hiring each other with onchain payments
------ 💎 THIS EPISODE'S PARTNERS
🔒 KPK | Best risk-adjusted yield through automated vaults
0:00 - Intro 1:21 - Davide’s background 5:10 - AI doomers vs. reality: Separating signal from noise in AI discourse 12:18 - What is the dAI team at the Ethereum Foundation? 13:32 - What is an AI agent? 15:42 - Which blockchain will AI agents choose? (and why Ethereum) 19:14 - Would AI agents ever design their own blockchain? 21:37 - The AI agent mania, from memecoins to infra 25:38 - Explaining ERC-8004, agent-to-agent commerce 31:03 - Identity and reputation for AI agents 34:54 - Thoughts on OpenClaw mania 37:55 - Top use cases for AI agents on Ethereum 39:58 - Ethereum's most underappreciated advantage for AI 41:16 - What matters when agents are the primary users? 46:22 - What does the internet of agents look like 5 years from now? 49:27 - How AI agents will change the UI we use today 52:12 - The future of AI coordination on Ethereum 55:23 - Closing
------ 🔗 GUEST LINKS
► Davide's personal website: https://davidecrapis.notion.site/ ► Davide Crapis on X: https://x.com/davidecrapis ► ERC-8004 proposal for trustless agents: https://eips.ethereum.org/EIPS/eip-8004
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.
Why DeFi Needs Credit Ratings And How Credora Is Building Them
05 Mar 2026
00:59:34
Gil Santos is Lead Quant at Credora, and Marcin Kazmierczak is CoFounder of RedStone, which recently acquired Credora.
We dig into why DeFi desperately needs credit ratings, how Credora is building them, and why this is the missing piece for institutional capital to flow onchain. Gil explains the problem: DeFi has transparency of transactions but opacity when it comes to risk. You can see every trade onchain, but you can't tell if a Morpho vault is genuinely safer than another. Credora is building the Moody's and S&P for DeFi—real-time, dynamic risk ratings that update as market conditions change.
In this episode, we cover: + Why DeFi needs a ratings protocol ($10B rated, 80% Morpho TVL coverage) + The L2Beat parallel: Raising standards for the industry + How Credora ratings work: assessment from collateral → markets → vaults + 2026 vision: Stablecoins to $1T, fintechs offering rated yields to retail
------ 💎 THIS EPISODE'S PARTNERS
🔒 KPK | Best risk-adjusted yield through automated vaults
0:00 - Intro 1:26 - Gil’s background 3:28 - RedStone’s acquisition of Credora 5:48 - Problems in DeFi: Risk, trust, and information asymmetry 9:26 - The history of credit ratings in TradFi 15:17 - What is Credora for DeFi? 16:39 - How do Credora ratings work? 19:54 - Rating scale in crypto vs. TradFi 22:08 - Probability of significant loss: What the ratings actually measure 27:19 - How Credora makes money without compromising credibility 31:55 - How vault curators opt in to ratings (and Morpho's role) 36:19 - How much is automated? Dynamic ratings vs. human oversight 38:09 - Rating RWAs, derivatives, and tokenized commodities 41:11 - Why Credora won't become the "big bad ratings agency" 44:29 - Institutions coming onchain and the L2Beat parallel 47:53 - Institutions already demanding ratings 48:44 - Credora revenue and RED tokenomics: Post-acquisition strategy 51:00 - Long-term vision: Rating everything and raising standards 51:53 - 2026: Fintechs, prediction markets, and onchain parameter updates 53:57 - Why DeFi-mullet products could benefit from Credora 57:18 - Closing
------ 🔗 GUEST LINKS
► Credora website: https://credora.network/ ► RedStone website: https://www.redstone.finance/ ► Credora on X: https://x.com/credoranetwork ► RedStone on X: https://x.com/redstone_defi ► Marcin on X: https://x.com/MarcinRedStone ► Gil on X: https://x.com/gil_n_santos_
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. DeFi Dad and Nomatic are investors in RedStone.
Vitalik Recommits To Decentralization, Why No One Owns Their Stock, and Unlocking True RWA Ownership
27 Feb 2026
01:12:26
Gabriel Shapiro is a top legal expert in cryptoassets and tokenization, who is now Founder of MetaLeX, where he's building onchain legal entities and tokenized securities infrastructure.
We dig into Vitalik's recent tweet about refocusing on Ethereum L1 scaling, why Ethereum's commitment to maximum decentralization matters, and the evolution of L2s. Then Gabriel dives into why you don't actually own your stock and how that figures into the emerging RWA sector. We explore why this system exists, why most RWA tokenization recreates the same broken intermediaries, and how MetaLeX is building true ownership onchain.
In this episode, we cover: + Why Ethereum is refocusing on L1 scaling and what it means for L2s + The Cede & Co revelation: how stock ownership actually works + Three tokenization philosophies (and why most recreate the problem) + BORGs: Cybernetic organizations that merge legal entities with smart contracts + Unbreachable legal agreements using private keys as legal authority + How MetaLeX replaces Carta + AngelList + DocuSign atomically + AI agents spinning up their own companies with legal personhood
------ 💎 THIS EPISODE'S PARTNERS
🔒 KPK | Best risk-adjusted yield through automated vaults
0:00 - Intro 1:54 - Vitalik’s viral tweet to refocus on scaling Ethereum L1 5:26 - Why did Ethereum move to L2s in the first place? 8:54 - The decentralization vs. scale trade-off: Why L2s took a different path 13:01 - If the trilemma is solved, have L2s lost leverage? 14:37 - What this changing dynamic could mean for L2s 18:16 - What is Stage 2 and why some L2s avoid it 20:10 - The problems with RWA tokenization today 22:21 - Why you don't actually own your stock 26:13 - Why the system exists and the three ways to tokenize securities 28:40 - Where Canton sits in the tokenization landscape 32:19 - Custodial tokenization risk: How DTCC could influence hard forks 34:54 - What is MetaLeX? And how we get to real ownership of RWAs onchain 42:08 - What is a BORG? Cybernetic organizations explained 43:42 - MetaLeX V2: Unbreachable legal agreements 48:11 - Replacing Carta + AngelList + DocuSign + law firms atomically 53:54 - Can agents spin up their own companies? 58:34 - What drives Gabriel: Cyberpunk dreams 1:03:18 - Next 12 months, progress towards Ethereum's true corporate finance layer 1:06:23 - Robinhood's tokenized stocks approach 1:11:21 - Closing
------ 🔗 GUEST LINKS
► MetaLeX website: https://metalex.tech/ ► Gabriel's 2018 post on Tokenizing Corporate Capital Stock: https://metalex.substack.com/p/tokenizing-corporate-capital-stock ► MetaLeX on X: https://x.com/MetaLeX_Labs ► Gabriel Shapiro on X: https://x.com/lex_node
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. Gabriel, DeFi Dad, and Nomatic all hold ETH.
Ether.fi's Path from $50M to $100M+ (Cash, Vaults, and Token Rights) | Revenue Meta
20 Feb 2026
00:58:36
Mike Silagadze is the CoFounder and CEO of ether.fi.
Ether.fi is building crypto's own Revolut, a fully integrated banking experience that's self-custodial, with lower fees and higher rewards than traditional fintech. In Q4 2025, ether.fi Cash hit $126M in card spending, up 160% quarter over quarter, making it the largest non-custodial crypto card.
Mike breaks down the business model (Stake, Liquid, Cash), how they survived October 10th with zero liquidations, and why 2026 is the year they go mainstream.
In this episode, we cover: + How Cash revenue is diversifying the business beyond ETH exposure + Why they're not another DeFi casino + $50M revenue in 2025, forecasting $100M+ in 2026 + Token holder rights and why value accrual must be enshrined + Tokenized stocks and gold coming in March 2026
------ 💎 THIS EPISODE'S PARTNERS
🔒 KPK | Best risk-adjusted yield through automated vaults
0:00 - Intro 1:25 - ether.fi's business model: Stake, Liquid, Cash 2:30 - TVL vs revenue, what ether.fi optimizes for 6:22 - How Cash is tripling revenue share and diversifying the business 8:51 - How ETH price affects ether.fi's revenue 10:25 - Digital asset treasury partnerships 11:47 - How ether.fi survived Oct 10th with zero liquidations 17:22 - ether.fi Cash hit $126M in spending Q4 (160% QoQ growth) 19:35 - Why ether.fi is the largest non-custodial crypto card 22:54 - Customer acquisition costs 25:33 - Is the card business profitable on its own? 26:29 - The $100B corporate card opportunity 30:39 - Team of 38 employees, staying lean 32:07 - 2025 revenue: $50M (up from $25M in 2024) 34:31 - Token holder rights: Why value accrual must be enshrined 41:03 - The buyback debate, why ether.fi does them anyway 44:28 - What if BlackRock ever acquired ether.fi? 48:47 - Going mainstream beyond DeFi (millions of users) 50:18 - Vaults as essential infrastructure for a DeFi bank 52:58 - Mr. Beast's neofinance app, competition or rising tide? 54:17 - Tokenized stocks and gold coming in March 2026 57:10 - Closing
------ 🔗 GUEST LINKS
► ether.fi website: https://ether.fi/ ► Token Terminal ether.fi Q4 2025 Report: https://x.com/tokenterminal/status/2019121507331604772?s=20 ► ether.fi on X: https://x.com/ether_fi ► Mike on X: https://x.com/mikesilagadze
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. DeFi Dad invested in the seed round for ether.fi.
Why This Ethereum Bull Remains Steadfast While Markets Panic
17 Feb 2026
01:11:26
Leo Lanza is a well known Ethereum investor and content creator.
Markets are panicking. ETH is down 50% from its all-time high. Sentiment across all crypto markets is at multi-year lows. But Leo remains steadfast.
He breaks down why Ethereum can't be replicated, why the four-year cycle is breaking, and how the CLARITY Act could be crypto's biggest catalyst ever. He explains why ETH is valued like gold or oil, not a tech stock, and walks through the math behind his $80,000 price target.
In this episode, we cover: + Why Ethereum is like Netflix replacing Blockbuster + His $80,000 ETH thesis + Why the CLARITY Act changes everything for institutional adoption + L2s as Ethereum's weapon for distribution and growth + What could break Leo's bull case
------ 💎 THIS EPISODE'S PARTNERS
🔒 KPK | Best risk-adjusted yield through automated vaults
0:00 - Intro 3:04 - Leo’s background 4:18 - Why focus on Ethereum? 5:45 - Why Leo came out swinging when Ethereum was being attacked 9:46 - ETH is not a tech stock: It's like gold or oil 18:02 - The $80,000 ETH price target and how we get there 20:39 - The four-year cycle is breaking: Liquidity vs. halving 28:32 - Are we in a bear market or just a pullback? 34:52 - The CLARITY Act: Crypto's biggest catalyst ever 41:23 - Tokenization: The $100 trillion opportunity 44:15 - Private blockchains are smoke and mirrors 46:56 - DTCC is a dinosaur trying to survive 52:22 - Vitalik's L2 tweet: What he actually meant 1:00:06 - Rapid fire: ETH flips BTC, TVL matters most, scaling misconceptions 1:03:05 - When clarity passes, what will the market get wrong? 1:04:06 - What signal would tell us the BTC 4-year cycle is broken? 1:05:46 - When will ETH reach new highs? 1:06:26 - ETH hits $80K when TVL reaches $3 trillion 1:07:13 - What could break Leo’s bull case? 1:09:44 - Closing
------ 🔗 GUEST LINKS
► Leo's YouTube: https://www.youtube.com/@l3olanza ► Leo Lanza on X: https://x.com/leolanza
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. DeFi Dad, Nomatic, and Leo all hold ETH.
Lighter's Founder on Ethereum's Fastest DEX: LIT, Robinhood, and The TradFi-DeFi Bridge
11 Feb 2026
00:46:52
Vlad Novakovski is the Founder and CEO of Lighter, a high-performance ZK-based perps and spot exchange, built on Ethereum.
A year ago, Lighter hadn't even launched. Today it's processing billions in daily volume, handling 500 million orders at a total cost of around $50K. Vlad's background spans STEM Olympiads, Harvard at 18, Citadel trading, and being an early advisor to Robinhood. Now he's building the infrastructure layer for when TradFi and DeFi merge.
Vlad breaks down how Lighter achieves centralized exchange performance on Ethereum, what Robinhood's $68M investment means for tokenized equities, and the post-TGE reality for LIT: token down, volumes pulled back, but fundamentals unchanged.
In this episode, we cover: + Scaling Ethereum's top perps DEX + Robinhood's $68M bet and tokenized equities + LIT token utility and value capture + Roadmap: options, prediction markets, fixed income
------ 💎 THIS EPISODE'S PARTNERS
🔒 KPK | Best risk-adjusted yield through automated vaults
0:00 - Intro 2:19 - Vlad’s background 6:47 - What is Lighter? Five goals, one platform 10:36 - How ZK proofs enable high-performance trading on Ethereum 14:41 - Processing 500 million orders a day 16:33 - Why Lighter was at Bitmine's annual shareholder meeting 18:32 - Robinhood's $68M investment and the tokenized equities opportunity 22:16 - The competitive landscape: Lighter vs. Hyperliquid and CEXs 26:33 - How the LLP works and how it differs from other DEX LPs 29:51 - The LIT token launch: What went well 31:45 - Post-TGE reality and the marathon ahead 33:48 - LIT token utility: Staking, fees, and LLP access 37:31 - Revenue and buybacks, what drives LIT value 39:43 - The new Lighter mobile app 41:03 - DeFi is not antithetical to regulators 43:00 - What’s next? Tokenized stocks, options, prediction markets 45:12 - Closing
------ 🔗 GUEST LINKS
► Lighter website: https://lighter.xyz/ ► Lighter on X: https://x.com/lighter_xyz ► Vlad Novakovski on X: https://x.com/vnovakovski
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.
Financing The AI Boom: How DeFi Is Filling A Trillion-Dollar Gap
08 Feb 2026
01:01:27
David Choi and Conor Moore are CoFounders of Permian Labs, the builders behind USDai.
AI infrastructure is projecting trillions of dollars in CapEx spend, but there's a problem: traditional finance can't keep up. Banks move too slow. Private credit funds can't scale. The most important commodity in the world has no liquid debt market.
USDai is filling this gap by financing AI infrastructure with GPU-backed loans, offering stablecoin depositors 10-15% APR. David and Conor break down how they're using DeFi rails and tokenization to create liquid debt markets for GPUs, enabling institutional borrowers to access capital and retail users to earn yield on productive AI infrastructure.
In this episode, we cover: + Why trillions in AI CapEx can't get traditional financing + How USDAI structures loans against GPUs, not businesses + Why this could become "the interest rate of artificial intelligence" + Their two-token model: USDai vs. sUSDai
------ 💎 THIS EPISODE'S PARTNERS
🔒 KPK | Best risk-adjusted yield through automated vaults
🌅 NEUTRL | The next generation of crypto-native yield
0:00 - Intro 1:45 - Founders background from NFT lending to AI infra 5:52 - “The more you know the price, the less money you make” 8:51 - The AI infrastructure financing gap, trillions in CapEx, no capital 15:22 - What is structured credit and why does it matter? 19:33 - How USDai GPU-backed loans work 24:54 - Addressing the Pine Analytics critique: Lagging utilization 34:13 - Why AI infra borrowers can use crypto rails 36:00 - Real-time GPU monitoring with Chainlink oracles 36:51 - “Mercenary capital” vs common sense capital 39:14 - Why launch the token before full PMF? 42:34 - Are USDai borrowers riskier to lend to? 45:26 - Warehouse receipts and UCC 12: How USDai tokenizes GPUs 50:58 - Managing GPU depreciation risk 53:28 - What keeps the founders up at night 54:05 - USDai vs. sUSDai, the two-token model explained 58:25 - The CHIP governance token 59:10 - What’s next: The road to $1B in loans 1:00:21 - Closing
------ 🔗 GUEST LINKS
► USDai website: https://usd.ai/ ► USDai on X: https://x.com/USDai_Official ► David Choi on X: https://x.com/0xZergs ► Conor Moore on X: https://x.com/_ConorMoore
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.
Breaking The Token Playbook: Cap's $12M Stabledrop
04 Feb 2026
00:38:45
Benjamin is the Founder of Cap and DeFi Dave is the Founding Head of Growth.
Token launches are broken. Founders pay exchanges 5-10% of supply, airdrop to farmers who dump immediately, and wonder why everything goes to zero. Benjamin calls it "the conveyor belt to death." Cap is breaking the playbook: no CEX listing fees, no token airdrops, and no TVL deals paid in tokens. Instead, they're doing the first-ever Stabledrop—$12 million in stablecoins to early supporters, funded by their upcoming ICO on Uniswap.
In this episode, we cover: + Why the status quo token launch playbook leads to death + The Stabledrop: How $12M in stablecoins rewards early users + Cap's three rules: No airdrops, no CEX fees, no token TVL deals + ICO mechanics on Uniswap and who's eligible
------ 💎 THIS EPISODE'S PARTNERS
🌅 NEUTRL | The next generation of crypto-native yield
0:00 - Intro 1:34 - Breaking the playbook: Cap's three fundamental rules 15:54 - What is Cap and how it works? 16:49 - The Stabledrop: Airdrops reimagined with stablecoins 18:17 - How founders and the community responded 19:24 - How is the Stabledrop calculated? 25:06 - Homestead Program: Double points in first month 27:21 - How the $12M Cap Stabledrop works 29:44 - CAP ICO mechanics: How the Uniswap sale works Feb 9th 35:50 - Closing
------ 🔗 GUEST LINKS
► Cap website: https://cap.app/ ► Official Cap Stabledrop details announced: https://x.com/capmoney_/status/2019079426823303371?s=20 ► Cap on X: https://x.com/capmoney_ ► Cap Labs Limited on X: https://x.com/caplabslimited ► Benjamin on X: https://x.com/Benjamin918_ ► DeFi Dave on X: https://x.com/defidave22
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. DeFi Dad and Nomatic invested in the Cap seed round.
Crypto Is Winning, Tokens Aren't: Why Fundamentals Matter More Than Ever
03 Feb 2026
01:08:03
Grant is the Founder & CEO of Blocmates, and 563 is Head of Research.
Crypto is winning, but tokens aren't. Headlines that would have pumped markets 30-40% in 2021 barely move prices today. There's a massive disconnect between fundamentals and price action--record adoption, institutional integration, real-world use cases, yet token prices are bleeding. Grant and 563 break down why this paradox exists, where the industry goes from here, and what actually matters this year in their newly published Blocmates 2026 Thesis.
In this episode: + The paradox: Why fundamentals are up but token prices are down + Token distribution and fixing tokenholder rights for real ownership + Why we don't need more L1s and what wins: distribution or innovation + ZK as the unlock for Ethereum scaling and new on-chain products + Where Blocmates is deploying capital in 2026
------ 💎 THIS EPISODE'S PARTNERS
♉︎ TOROS | Exponential gains with leveraged tokens
🌅 NEUTRL | The next generation of crypto-native yield
0:00 - Intro 1:40 - Blocmates 2026 thesis overview 4:37 - Crypto is winning, tokens aren’t, the paradox explained 16:53 - The token distribution problem: founders vs. community expectations 21:06 - Why we don't need more general-purpose chains 23:41 - Distribution vs. innovation: What wins in 2026? 29:45 - Will TradFi rebuild, acquire, or partner with DeFi? 34:28 - Fixing tokenholder rights: Tokens as real ownership 41:29 - x402 is the start of something big 45:32 - How ZK unlocks Ethereum scaling and new onchain products 53:06 - Why demand for onchain privacy is coming 56:33 - Could RWAs become the most traded assets onchain? 1:00:18 - Why regulation could be crypto's biggest catalyst 1:03:20 - Where Blocmates is deploying capital in 2026 1:06:56 - Closing
------ 🔗 GUEST LINKS
► Blocmates website: https://blocmates.com/ ► Blocmates on X: https://x.com/blocmates ► Grant on X: https://x.com/Grantblocmates ► 563 on X: https://x.com/563defi ► The Blocmates 2026 Thesis: https://www.blocmates.com/articles/the-blocmates-2026-thesis
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.
How Vaults Are Bringing DeFi To Millions
29 Jan 2026
00:51:19
Sun Raghupathi is CoFounder and CEO of Veda.
DeFi is living through interesting times: record adoption, proven infrastructure, institutional interest—but low sentiment and struggling token prices. Sun calls this "the enterprise era for DeFi," where protocols that don't have a B2B strategy for the largest financial institutions may not survive. But here's the opportunity: for the first time, DeFi is actually ready for mainstream users. In fact, Kraken just launched new DeFi Earn vaults powered by Veda, giving millions of users instant access to onchain yields without leaving the Kraken app.
In this episode, we cover: + DeFi's enormous future in enterprise partnerships and distribution + How Veda vaults work: custody, risk management, and yield strategies + Breaking down Kraken's new DeFi Earn vaults + Veda's business model and path to profitability
------ 💎 THIS EPISODE'S PARTNERS
♉︎ TOROS | Exponential gains with leveraged tokens
🌅 NEUTRL | The next generation of crypto-native yield
0:00 - Intro 1:52 - DeFi’s identity crisis, record adoption vs sentiment 5:35 - The value capture question, DeFi protocols or institutions? 6:47 - Will businesses build or partner? 12:15 - Enterprise DeFi predictions for 2026 15:05 - What are vaults and why does DeFi need them? 17:35 - Not all vaults are created equally 21:36 - Veda's evolution from ether.fi to enterprise vaults 27:16 - Breaking down Kraken DeFi Earn, powered by Veda 29:33 - Kraken DeFi Earn vault details 38:21 - Human vs. AI curation for DeFi vaults 40:36 - Integrating AI into Veda's vault system 42:22 - What institutions need from Veda 43:52 - Veda’s business model and path to profitability 47:24 - Veda’s partners: ether.fi, Plasma, Mantle, and more 49:29 - Will there be a VEDA token? 50:02 - Closing
------ 🔗 GUEST LINKS
► Veda website: https://veda.tech/ ► Veda on X: https://x.com/veda_labs ► Sun Raghupathi on X: https://x.com/sunandr_
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. DeFi Dad invested in the seed round for Veda.
Pendle's Revenue Breakdown (And Why Boros Could Explode in 2026) | Revenue Meta
28 Jan 2026
00:49:47
TN Lee is CoFounder and CEO of Pendle.
Pendle generates revenue through two streams: YT fees (5% of all yield and points accrued) and swap fees from PT trading activity. The protocol settled $45 billion in value for PT holders in just 2025, nearly doubling revenue YoY as TVL grew from $6.9B to $13.4B. But the real story for 2026 is Boros, Pendle's new rates trading platform that's already hit $200M in open interest and is positioning itself as infrastructure for the explosive growth in onchain RWA and equity perps.
In this episode of Revenue Meta, we cover: + Pendle's dual revenue model + Why vePENDLE is being replaced with sPENDLE + How Boros enables traders to hedge funding rate risk on CEX/DEX perps + 2026 growth strategy: RWAs, institutional adoption, and rates trading at scale
------ 💎 THIS EPISODE'S PARTNERS
♉︎ TOROS | Exponential gains with leveraged tokens
🌅 NEUTRL | The next generation of crypto-native yield
0:00 - Intro 1:40 - What are Pendle V2 and Boros? 5:58 - YoY growth in 2025 8:40 - Pendle's dual revenue model, swap fees and YT fees 9:42 - TVL vs volume as drivers for revenue 11:18 - $45B in value settled for PT holders 12:42 - The October 10th flash crash and its impact 17:05 - Why the vePENDLE model needed to change 23:49 - Introducing sPENDLE 31:16 - The team behind Pendle 33:44 - Pendle's target customers in 2026 35:42 - Growth strategy and goals for 2026 41:51 - Key trends for 2026: RWAs, rates trading, and equity perps 45:20 - How traders use Boros to hedge funding rate risk 48:50 - Closing
------ 🔗 GUEST LINKS
► Pendle website: https://pendle.finance/ ► Boros website: https://boros.pendle.finance/markets ► Pendle on X: https://x.com/pendle_fi ► Boros on X: https://x.com/boros_fi ► TN Lee on X: https://x.com/tn_pendle
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.
The Social Contract Is Broken: A Macro View On Crypto's Role
23 Jan 2026
00:59:48
The social contract is broken. Boomers keep getting bailed out while Millennials and Gen Z are told to buy bonds that yield less than inflation. Tyler Neville from Muddy Waters Capital and co-host of Forward Guidance, breaks down why traditional markets feel rigged, where real growth is happening, and what needs to happen for Bitcoin to break through $100K.
In this episode: + Why traditional markets feel rigged and the 60/40 portfolio is dead + Frontiers to invest in: AI, space, energy, nuclear, and crypto + How interest rates and bond volatility affect crypto + What Bitcoin needs for new highs and the next mega bid for crypto
------ 💎 THIS EPISODE'S PARTNERS
♉︎ TOROS | Exponential gains with leveraged tokens
🌅 NEUTRL | The next generation of crypto-native yield
0:00 - Intro 1:49 - Tyler's background and macro perspective 4:07 - The 2026 macro landscape, how Boomers broke the system 10:21 - Why markets feel rigged and the illusion of free markets 18:10 - Where real growth is: space, AI, energy, and nuclear 23:01 - Why bonds are dead for Millennials and Gen Z 35:03 - Why we’re moving back to building real things 40:26 - How interest rates and bond volatility affect crypto 45:35 - Gold, silver strength, and what Bitcoin needs for new highs 49:28 - What DeFi should have been (and can still become) 52:17 - The next mega bid for crypto 57:16 - Closing
------ 🔗 GUEST LINKS
► Tyler on X: https://x.com/Tyler_Neville_ ► Forward Guidance on X: https://x.com/ForwardGuidance
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.
Vaults Are Eating DeFi Yield: Why Institutions Are Paying Attention | Yield Talks
21 Jan 2026
00:53:10
Chris Bradbury and Jordan Jackson from Summer.fi break down how vaults are becoming the consumable layer for DeFi yield and why institutions are finally paying attention. DeFi yield hunting is exhausting. Constant research, endless transactions, protocol risk assessment: it's a full-time job. Summer.fi helps solve this by packaging the best yields into vaults with DAO-managed risk controls, allowing users to deposit once and earn passively.
In this episode, we cover: + How Summer curates and automates access to top-tier DeFi yields + DAO governance and risk management + Summer's institutional strategy and how fintechs can customize vault strategies + SUMR token launch on Aerodrome and what's coming in 2026
------ 💎 THIS EPISODE'S PARTNERS
♉︎ TOROS | Exponential gains with leveraged tokens
🌅 NEUTRL | The next generation of crypto-native yield
0:00 - Intro + What is Summer.fi? 2:58 - SUMR token design and structure 8:36 - Making SUMR transferrable and Aerodrome launch 15:07 - Curating the highest quality yields from top-tier protocols 20:52 - Risk management and protocol curation 33:29 - Institutional strategy and B2B integrations 39:56 - How institutions customize their vault strategies 45:13 - What’s coming in 2026, DAO-managed vaults and new yield sources 51:02 - Closing
------ 🔗 GUEST LINKS
► Summer.fi website: https://summer.fi/ ► Summer Finance on X: https://x.com/summerfinance_ ► Chris Bradbury on X: https://x.com/chrisbducky ► Jordan Jackson on X: https://x.com/samehueasyou
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.
Maple's Path to $100M ARR | Revenue Meta
16 Jan 2026
00:31:17
Introducing Revenue Meta—a new series by The Edge Podcast spotlighting DeFi protocols that actually generate cashflows and return value to tokenholders.
There aren't many protocols that can answer the simple question: How does your business make money? We're starting with Maple Finance, where CoFounder & CEO Sid Powell breaks down their revenue model, treasury management, and path from $30M to $100M ARR.
In this episode:
+ How Maple generates revenue through over-collateralized lending + Revenue allocation: treasury management, buybacks, and building strategic reserves + The roadmap to $100M ARR and how they grow their loan book + Why Maple is a pure token play, no hidden equity, all value flows to SYRUP holders
------ 💎 THIS EPISODE'S PARTNERS
♉︎ TOROS | Exponential gains with leveraged tokens
🌅 NEUTRL | The next generation of crypto-native yield
0:00 - Intro 5:16 - How Maple generates revenue 7:20 - Maple revenue allocation and treasury management 9:59 - Building Maple’s strategic reserve 12:23 - How big must the book of loans grow to reach $100M ARR? 13:29 - Strengthening Maple's balance sheet 16:04 - Maple’s business is very scalable 18:01 - The napkin math on Maple’s ARR growth from syrupUSDT 21:40 - Operating under pro-crypto regulation 24:30 - New products and innovations coming to Maple 29:04 - SYRUP, one token for the Maple ecosystem 30:39 - Closing
------ 🔗 GUEST LINKS
► Maple website: https://maple.finance/ ► Maple on X: https://x.com/maplefinance ► Sid on X: https://x.com/syrupsid ► Maple Dune dashboard: https://dune.com/maple-finance/maple-finance
------ 🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.
Our 2026 Crypto Playbook: 7 Predictions For The Year Ahead
14 Jan 2026
01:08:09
DeFi Dad and Nomadic break down the biggest lessons from 2025 and share their playbook for navigating crypto in 2026.
Every cycle feels familiar yet completely different, and 2025 proved that again. Bitcoin dominance stayed high, the altcoin rally never came, stablecoin supply rose to new highs, and institutional adoption accelerated faster than expected. Now we're looking ahead to what 2026 holds for crypto investors.
In this episode: + Why Bitcoin dominance stayed high and traditional cycle signals failed + The year institutional adoption and friendly regulation became undeniable + Our 7 predictions for 2026: ETH outperformance, stablecoins hitting $1T, RWA looping, agentic finance, and more + Why patience and doing nothing might be your best edge in crypto
------ 💎 THIS EPISODE'S PARTNERS
♉︎ TOROS | Exponential gains with leveraged tokens
🌅 NEUTRL | The next generation of crypto-native yield
------ DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.