<?xml version="1.0" encoding="UTF-8"?><rss xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:atom="http://www.w3.org/2005/Atom" version="2.0" xmlns:itunes="http://www.itunes.com/dtds/podcast-1.0.dtd" xmlns:googleplay="http://www.google.com/schemas/play-podcasts/1.0"><channel><title><![CDATA[Wallfacer Labs: Podcast]]></title><description><![CDATA[Wallfacer Podcast: Conversations with the founders, builders, and investors shaping crypto's future. We explore the strategies, technical innovations, and market insights that go beyond the headlines.]]></description><link>https://wallfacerlabs.substack.com/s/podcast</link><image><url>https://substackcdn.com/image/fetch/$s_!ZiTJ!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe2d7b66a-01a3-4c02-b4f2-83619e38f8d8_400x400.png</url><title>Wallfacer Labs: Podcast</title><link>https://wallfacerlabs.substack.com/s/podcast</link></image><generator>Substack</generator><lastBuildDate>Sun, 03 May 2026 21:44:12 GMT</lastBuildDate><atom:link href="https://wallfacerlabs.substack.com/feed" rel="self" type="application/rss+xml"/><copyright><![CDATA[Wallfacer Labs]]></copyright><language><![CDATA[en]]></language><webMaster><![CDATA[wallfacerlabs@substack.com]]></webMaster><itunes:owner><itunes:email><![CDATA[wallfacerlabs@substack.com]]></itunes:email><itunes:name><![CDATA[Wallfacer Labs]]></itunes:name></itunes:owner><itunes:author><![CDATA[Wallfacer Labs]]></itunes:author><googleplay:owner><![CDATA[wallfacerlabs@substack.com]]></googleplay:owner><googleplay:email><![CDATA[wallfacerlabs@substack.com]]></googleplay:email><googleplay:author><![CDATA[Wallfacer Labs]]></googleplay:author><itunes:block><![CDATA[Yes]]></itunes:block><item><title><![CDATA[#31: Joey Isaacson, Nook | Building a DeFi Savings App for Non-Crypto Users ]]></title><description><![CDATA[Episode Description]]></description><link>https://wallfacerlabs.substack.com/p/31-joey-isaacson-nook-building-a</link><guid isPermaLink="false">https://wallfacerlabs.substack.com/p/31-joey-isaacson-nook-building-a</guid><dc:creator><![CDATA[Wallfacer Labs]]></dc:creator><pubDate>Fri, 01 May 2026 14:30:32 GMT</pubDate><enclosure url="https://api.substack.com/feed/podcast/195879550/e8554d807d804621dce4b23df0211dd6.mp3" length="0" type="audio/mpeg"/><content:encoded><![CDATA[<h2>Episode Description</h2><p>Today&#8217;s guest is Joey Isaacson, co-founder and CEO of Nook, a consumer savings app that connects everyday users to DeFi lending markets on Base. Joey spent five years at Coinbase leading design on earn, staking, and lending before building Nook to reach the 99.9% of people who&#8217;ve never touched DeFi. We talk about finding users on TikTok and Reddit instead of Crypto Twitter, why Nook won&#8217;t force-rebalance your funds, and how to build a business in consumer crypto.</p><h2>Guest Links</h2><ul><li><p>Joey Isaacson: https://twitter.com/joeyisaacson</p></li><li><p>Nook: https://earnwithnook.com</p></li><li><p>Nook Instagram: https://www.instagram.com/nookearnapp/</p></li></ul><h2>Host Links</h2><ul><li><p>Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh</p></li><li><p>Vaults.fyi: https://vaults.fyi</p></li></ul><h2>Subscribe</h2><p>https://www.wallfacer.io/podcast</p><h2>Timestamps</h2><ul><li><p><strong>[00:00]</strong> Intro</p></li><li><p><strong>[00:13]</strong> What is Nook and why Joey built it</p></li><li><p><strong>[01:13]</strong> Who the actual Nook user is</p></li><li><p><strong>[04:50]</strong> Distribution: TikTok, Reddit, Meta, and creator partnerships</p></li><li><p><strong>[08:00]</strong> Short-form content strategy and the three-second hook</p></li><li><p><strong>[10:24]</strong> Onboarding, trust, and starting with $5</p></li><li><p><strong>[13:45]</strong> Progressive disclosure: reputation scores, auto-deposits, building trust over time</p></li><li><p><strong>[16:21]</strong> What builds trust fastest: referrals, cash bonuses, real faces</p></li><li><p><strong>[19:43]</strong> Coinbase and the earn landscape: feature vs. product</p></li><li><p><strong>[23:19]</strong> Risk after a wild weekend: Resolv, Drift, Kelp, and Aave liquidity</p></li><li><p><strong>[29:05]</strong> How rebalancing works: Privy, CCTP, individual wallets vs. supervaults</p></li><li><p><strong>[33:21]</strong> Business model: curator revenue shares, yield compression, and exchange fees</p></li><li><p><strong>[40:55]</strong> Magic wand: cross-chain movement and insurance</p></li><li><p><strong>[44:29]</strong> Roadmap: multiple positions, multiple assets, OpenCover coverage</p></li></ul><div class="captioned-image-container"><figure><a 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srcset="https://substackcdn.com/image/fetch/$s_!tSrP!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc3f690b2-9d58-4889-8bd6-40f2b2056f94_6000x6000.png 424w, https://substackcdn.com/image/fetch/$s_!tSrP!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc3f690b2-9d58-4889-8bd6-40f2b2056f94_6000x6000.png 848w, https://substackcdn.com/image/fetch/$s_!tSrP!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc3f690b2-9d58-4889-8bd6-40f2b2056f94_6000x6000.png 1272w, https://substackcdn.com/image/fetch/$s_!tSrP!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc3f690b2-9d58-4889-8bd6-40f2b2056f94_6000x6000.png 1456w" sizes="100vw" loading="lazy"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p>]]></content:encoded></item><item><title><![CDATA[#30: TezDev: Beyond Crypto-Natives: The Next Era of Earn w/ Tezos, Meria, and Hanji ]]></title><description><![CDATA[Why crypto yields remain structurally higher than TradFi, what's keeping fintechs from offering DeFi earn, and the case for tokenized commodities over tokenized stocks.]]></description><link>https://wallfacerlabs.substack.com/p/30-tezdev-beyond-crypto-natives-the</link><guid isPermaLink="false">https://wallfacerlabs.substack.com/p/30-tezdev-beyond-crypto-natives-the</guid><dc:creator><![CDATA[Wallfacer Labs]]></dc:creator><pubDate>Mon, 20 Apr 2026 12:01:29 GMT</pubDate><enclosure url="https://api.substack.com/feed/podcast/194575202/3fcb048a049810760afcd8d5cd998217.mp3" length="0" type="audio/mpeg"/><content:encoded><![CDATA[<h2>Episode Description</h2><p>Today&#8217;s guests are Arthur Breitman (co-founder of Tezos), Owen (Hasheur) Simonin (CEO of Meria), and Dmitriy Kovalevskiy (founder of Hanji). Recorded live at TezDev 2026 in Cannes, the panel covers why crypto yields remain structurally higher than traditional markets, the real obstacles keeping fintechs from offering DeFi yield, and whether tokenized commodities or tokenized stocks will drive the next wave of adoption.</p><h2>Guest Links</h2><ul><li><p>Arthur Breitman: <a href="https://twitter.com/ArthurB">https://twitter.com/ArthurB</a></p></li><li><p>Tezos: https://tezos.com</p></li><li><p>Etherlink: https://etherlink.com</p></li><li><p>Owen Simonin (Hasheur): <a href="https://twitter.com/PowerHasheur">https://twitter.com/PowerHasheur</a></p></li><li><p>Meria: https://meria.com</p></li><li><p>Dmitriy Kovalevskiy: <a href="https://twitter.com/dmitrytez">https://twitter.com/dmitrytez</a></p></li><li><p>Hanji: https://hanji.io</p></li></ul><h2>Host Links</h2><ul><li><p>Ryan Rodenbaugh: <a href="https://twitter.com/ryanrodenbaugh">https://twitter.com/ryanrodenbaugh</a></p></li><li><p>Vaults.fyi: https://vaults.fyi</p></li></ul><h2>Subscribe and share with friends:</h2><ul><li><p><strong><a href="https://www.wallfacer.io/podcast">https://www.wallfacer.io/podcast</a></strong> &#8592; Apple, YouTube, Spotify, and more!</p></li></ul><h2>Timestamps</h2><ul><li><p><strong>[00:00]</strong> Introductions</p></li><li><p><strong>[00:33]</strong> What&#8217;s still holding fintechs back from offering DeFi yield</p></li><li><p><strong>[02:02]</strong> Why crypto yields are structurally higher than traditional markets</p></li><li><p><strong>[03:35]</strong> Two types of yield seekers: high yield chasers vs. reliability seekers</p></li><li><p><strong>[04:26]</strong> Celsius, Resolv, and the new wave of on-chain risk</p></li><li><p><strong>[07:08]</strong> Fixed-term lending: is there real demand beyond institutions?</p></li><li><p><strong>[09:28]</strong> RWAs in the earn stack: commodities vs. real estate vs. T-bills</p></li><li><p><strong>[12:06]</strong> Retail is attention-driven: the case for adding oil and macro assets</p></li><li><p><strong>[13:25]</strong> Collateral diversity and why it starts with user demand</p></li><li><p><strong>[14:27]</strong> The Robinhood of DeFi yield and Meria&#8217;s approach</p></li><li><p><strong>[16:07]</strong> Regulator conversations: custody, staking risk categories, and MiCA</p></li><li><p><strong>[19:46]</strong> Who are your users in two years? B2B2C, crypto natives, and new populations</p></li><li><p><strong>[23:53]</strong> Etherlink&#8217;s DeFi growth and vaults.fyi integration</p></li><li><p><strong>[24:04]</strong> Stablecoins as the onramp: why DEX trading will be easier than brokerage trading</p></li><li><p><strong>[25:25]</strong> Tokenized stocks: the NVIDIA problem and long-tail assets</p></li><li><p><strong>[29:23]</strong> Building the everything-app vs. staying specialized</p></li><li><p><strong>[31:30]</strong> What each panelist is most excited about in crypto right now</p></li></ul>]]></content:encoded></item><item><title><![CDATA[#29: Jeremiah Smith, OpenCover | Why 99.95% of DeFi Is Uninsured ]]></title><description><![CDATA[Today&#8217;s guest is Jeremiah Smith, co-founder and CEO of OpenCover.]]></description><link>https://wallfacerlabs.substack.com/p/29-jeremiah-smith-opencover-why-9995</link><guid isPermaLink="false">https://wallfacerlabs.substack.com/p/29-jeremiah-smith-opencover-why-9995</guid><dc:creator><![CDATA[Wallfacer Labs]]></dc:creator><pubDate>Fri, 10 Apr 2026 17:01:43 GMT</pubDate><enclosure url="https://api.substack.com/feed/podcast/193787524/bb4c22987b061843b5b9bf69d6d5d770.mp3" length="0" type="audio/mpeg"/><content:encoded><![CDATA[<p>Today&#8217;s guest is Jeremiah Smith, co-founder and CEO of OpenCover. Jeremiah explains why less than 0.05% of DeFi TVL is insured, walks through how OpenCover&#8217;s new &#8220;covered vaults&#8221; primitive eliminates the upfront cost and manual renewal problems that killed DeFi insurance adoption, and breaks down the Nexus Mutual underwriting stack that backs it all. Ryan and Jeremiah also discuss the Resolv USR fallout, the xUSD claims payout, and why embedded risk transfer is becoming table stakes for any product offering DeFi yield.</p><h2>Guest Links</h2><ul><li><p>Jeremiah Smith: <a href="https://twitter.com/itsJeremiahS">https://twitter.com/itsJeremiahS</a></p></li><li><p>OpenCover: <a href="https://opencover.com">https://opencover.com</a></p></li><li><p>Nexus Mutual: <a href="https://nexusmutual.io">https://nexusmutual.io</a></p></li></ul><h2>Host Links</h2><ul><li><p>Ryan Rodenbaugh: <a href="https://twitter.com/ryanrodenbaugh">https://twitter.com/ryanrodenbaugh</a></p></li><li><p>Vaults.fyi: <a href="https://vaults.fyi/">https://vaults.fyi</a></p></li></ul><h2>Subscribe and share with friends:</h2><ul><li><p><a href="https://www.wallfacer.io/podcast">https://www.wallfacer.io/podcast</a> &#8592; Apple, YouTube, Spotify, and more!</p></li></ul><h2>Timestamps</h2><ul><li><p><strong>[00:00]</strong> Intro and OpenCover&#8217;s founding story</p></li><li><p><strong>[03:54]</strong> The &#8220;DeFi mullet&#8221; app that preceded OpenCover</p></li><li><p><strong>[06:40]</strong> Celsius, BlockFi, and why self-custody won</p></li><li><p><strong>[08:29]</strong> What OpenCover does and doesn&#8217;t underwrite</p></li><li><p><strong>[10:26]</strong> Yield compression and the challenge of scaling DeFi yield</p></li><li><p><strong>[13:01]</strong> How much DeFi capital is actually insured today</p></li><li><p><strong>[16:20]</strong> Why DeFi insurance adoption is so low</p></li><li><p><strong>[19:45]</strong> Tranching, TrueFi, and the structural shortage of conservative capital</p></li><li><p><strong>[22:14]</strong> OpenCover&#8217;s two verticals: protocol risk and transaction risk</p></li><li><p><strong>[26:01]</strong> How covered vaults work: stake, cover on, unstake, cover off</p></li><li><p><strong>[28:56]</strong> Premium streaming, rate dynamics, and whether insurance only works in high-rate environments</p></li><li><p><strong>[33:13]</strong> The Resolv USR fallout and contagion risk across Morpho vaults</p></li><li><p><strong>[34:46]</strong> The xUSD / Stream Finance claims payout, end to end</p></li><li><p><strong>[37:13]</strong> How underwriting and repricing works for Morpho vaults</p></li><li><p><strong>[40:00]</strong> Risk ratings vs. risk transfer: why insurance beats scores</p></li><li><p><strong>[43:37]</strong> The Nexus Mutual underwriting stack: syndicates, capacity, and claims</p></li><li><p><strong>[49:51]</strong> Who insures the insurers? Smart contract risk on the covered vault itself</p></li><li><p><strong>[51:13]</strong> What success looks like: embedded protection as the default</p></li></ul><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!BUK7!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F44e98b17-6663-4cc0-8638-8a49e7c9ac2d_3000x3000.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!BUK7!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F44e98b17-6663-4cc0-8638-8a49e7c9ac2d_3000x3000.png 424w, 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url="https://api.substack.com/feed/podcast/189589332/580b23b12606ef6b460e0d608fc68854.mp3" length="0" type="audio/mpeg"/><content:encoded><![CDATA[<p><strong>EPISODE DESCRIPTION:</strong></p><p>Today&#8217;s guest is Octave Mesnard, Head of Strategy and Consumer Products at Jumper Exchange. We discuss Jumper&#8217;s evolution from a thin cross-chain swap interface into a full on-chain consumer hub, the real challenges of building consumer DeFi products at the right time, and why Octave thinks the multi-chain future will consolidate around far fewer chains than anyone expected.</p><div><hr></div><p><strong>GUEST LINKS:</strong></p><ul><li><p>Octave Mesnard: <a href="https://twitter.com/octavionotpunk">https://twitter.com/octavionotpunk</a></p></li><li><p>Jumper Exchange: <a href="https://jumper.exchange/">https://jumper.exchange</a></p></li><li><p>Jumper Exchange on X: <a href="https://x.com/JumperExchange">https://x.com/JumperExchange</a></p></li><li><p>Jumper Earn: <a href="https://jumper.exchange/earn">https://jumper.exchange/earn</a></p></li></ul><p></p><p><strong>Learn how Jumper leverages the vaults.fyi API: <a href="https://docs.vaults.fyi/general/case-studies/jumper-earn">https://docs.vaults.fyi/general/case-studies/jumper-earn</a></strong></p><p></p><p><strong>HOST LINKS:</strong></p><ul><li><p>Ryan Rodenbaugh: <a href="https://twitter.com/ryanrodenbaugh">https://twitter.com/ryanrodenbaugh</a></p></li><li><p>Vaults.fyi: <a href="https://app.vaults.fyi/">https://app.vaults.fyi/</a></p></li><li><p>Build with our APIs: <a href="https://docs.vaults.fyi/">https://docs.vaults.fyi</a></p></li></ul><div><hr></div><p><strong>SUBSCRIBE:</strong></p><ul><li><p><a href="https://podcasts.apple.com/us/podcast/wallfacer-podcast/id1709530326">Apple</a> </p></li></ul><ul><li><p><a href="https://open.spotify.com/show/2PNkM1JiIZCvvPLfdRYrb4">Spotify</a> </p></li></ul><ul><li><p>YouTube: <a href="https://www.youtube.com/@WallfacerLabs">https://www.youtube.com/@WallfacerLabs</a></p></li><li><p>Substack: <a href="https://wallfacerlabs.substack.com/s/podcast">https://wallfacerlabs.substack.com/s/podcast</a></p></li></ul><div><hr></div><p><strong>TIMESTAMPS:</strong></p><p><strong>[00:00] Introduction</strong></p><p><strong>[00:39] What was your initial foray into crypto?</strong></p><p><strong>[02:17] Are there any parallels between catastrophe bonds and crypto insurance?</strong></p><p><strong>[05:43] Tell us about Valha and Kook Exchange &#8212; what did you set out to solve?</strong></p><p><strong>[09:10] You had both an API and a consumer interface &#8212; was that intentional?</strong></p><p><strong>[12:05] Before joining LiFi, you were already working with them. How did that come about and how did you end up joining?</strong></p><p><strong>[13:34] When you joined, did you already have a vision for what you wanted Jumper to become?</strong></p><p><strong>[15:23] How do you think about where Jumper goes from here &#8212; browser, desktop, mobile?</strong></p><p><strong>[19:43] Does the Robinhood comparison resonate &#8212; one place where users manage everything?</strong></p><p><strong>[22:07] Who actually is the &#8220;normie&#8221; user in crypto?</strong></p><p><strong>[23:42] So Jumper started as a thin layer on LiFi&#8217;s stack &#8212; is Earn the attempt to thicken that?</strong></p><p><strong>[26:21] How have you thought about curation on Jumper Earn &#8212; what gets listed and what stays out?</strong></p><p><strong>[29:10] How do you think about risk scoring more broadly across DeFi?</strong></p><p><strong>[34:46] What are your concerns around RWAs coming into DeFi?</strong></p><p><strong>[37:28] How do you view the competitive landscape for swapping and bridging today?</strong></p><p><strong>[40:22] How did you think about working with vaults.fyi and how do you approach partnerships generally?</strong></p><p><strong>[42:01] Outside of your role at Jumper, what&#8217;s catching your attention in DeFi right now?</strong></p><p><strong>[44:22] You work in interoperability &#8212; do you have a contrarian view on the multi-chain future?</strong></p><p><strong>[48:58] What is the origin of </strong><span class="mention-wrap" data-attrs="{&quot;name&quot;:&quot;Octavio Not Punk&quot;,&quot;id&quot;:103728946,&quot;type&quot;:&quot;user&quot;,&quot;url&quot;:null,&quot;photo_url&quot;:&quot;https://bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com/public/images/1aa5c9b2-b5bc-4631-a2eb-5d56339bb1ab_400x400.jpeg&quot;,&quot;uuid&quot;:&quot;df4e5f0e-cacd-453d-8f54-59d16f2e9d19&quot;}" data-component-name="MentionToDOM"></span> </p><div class="captioned-image-container"><figure><a class="image-link 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https://substackcdn.com/image/fetch/$s_!kU8M!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feefc45df-28cc-4541-b512-d5747f746460_3000x3000.png 1272w, https://substackcdn.com/image/fetch/$s_!kU8M!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feefc45df-28cc-4541-b512-d5747f746460_3000x3000.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!kU8M!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Feefc45df-28cc-4541-b512-d5747f746460_3000x3000.png" width="1456" height="1456" 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url="https://api.substack.com/feed/podcast/181203026/c07e0e80f3c9e5be99adf12ff2e500b6.mp3" length="0" type="audio/mpeg"/><content:encoded><![CDATA[<p>Today&#8217;s guest is S&#233;bastien Derivaux, co-founder of Steakhouse Financial. We discuss the evolution of real-world assets in DeFi from MakerDAO&#8217;s pioneering experiments to today&#8217;s institutional-grade credit infrastructure, the recent mF-ONE private credit controversy and what it reveals about risk management in tokenized assets, and how Steakhouse built a $1B+ vault curation business on Morpho. Seb shares unfiltered lessons from five years of bringing TradFi credit on-chain&#8212;from Soci&#233;t&#233; G&#233;n&#233;rale&#8217;s groundbreaking tokenized bond deal to defaults to launching Grove as a Sky Star allocating $1B into CLO strategies.</p><p><strong>GUEST LINKS:</strong></p><ul><li><p>S&#233;bastien Derivaux: <a href="https://twitter.com/SebVentures">https://twitter.com/SebVentures</a></p></li><li><p>Steakhouse Financial: <a href="https://twitter.com/SteakhouseFi">https://twitter.com/SteakhouseFi</a></p></li><li><p>Steakhouse Financial Website: https://steakhouse.financial</p></li></ul><p><strong>HOST LINKS:</strong></p><ul><li><p>Ryan Rodenbaugh: <a href="https://twitter.com/ryanrodenbaugh">https://twitter.com/ryanrodenbaugh</a></p></li><li><p>Vaults.fyi: https://vaults.fyi</p></li><li><p>Vaults.fyi X: https://x.com/vaultsfyi</p></li><li><p>Wallfacer X: https://x.com/wallfacerlabs</p></li></ul><p><strong>SUBSCRIBE TO WALLFACER PODCAST AND SHARE WITH FRIENDS:</strong></p><ul><li><p><a href="https://podcasts.apple.com/us/podcast/wallfacer-podcast/id1709530326">Apple</a> </p></li></ul><ul><li><p><a href="https://open.spotify.com/show/2PNkM1JiIZCvvPLfdRYrb4">Spotify</a> </p></li></ul><ul><li><p>YouTube: <a href="https://www.youtube.com/@WallfacerLabs">https://www.youtube.com/@WallfacerLabs</a></p></li><li><p>Substack: <a href="https://wallfacerlabs.substack.com/s/podcast">https://wallfacerlabs.substack.com/s/podcast</a></p></li></ul><p><strong>TIMESTAMPS:</strong></p><ul><li><p><strong>[00:00] Introduction &amp; Background</strong></p></li><li><p><strong>[02:20] MakerDAO&#8217;s Early RWA Experiments: Soci&#233;t&#233; G&#233;n&#233;rale, Centrifuge &amp; Lessons Learned</strong></p></li><li><p><strong>[10:02] The Economics of RWAs: Cost Savings, Efficiency &amp; What Actually Works On-Chain</strong></p></li><li><p><strong>[16:31] Why Crypto Needs RWAs: Yield Sources, Composability &amp; Liquidity Challenges</strong></p></li><li><p><strong>[24:20] The mF-ONE Controversy: What Happened &amp; How to Think About Private Credit Risk</strong></p></li><li><p><strong>[31:00] Commercial Break</strong></p></li><li><p><strong>[34:17] Risk Management Philosophy: Lenders vs. Investors &amp; Diversification Strategy</strong></p></li><li><p><strong>[42:46] Comparing RWA Risk to Crypto Collateral &amp; Evolution of Market Perception</strong></p></li><li><p><strong>[48:53] Building Steakhouse: Three Business Pillars &amp; Becoming a Morpho Curator</strong></p></li><li><p><strong>[51:45] The Future of Curation: Market Structure, Competition &amp; Traditional Finance Entry</strong></p></li><li><p><strong>[57:08] Vault Governance: Non-Custodial Design &amp; How Morpho Captures Value</strong></p></li><li><p><strong>[59:58] Grove Protocol &amp; Sky&#8217;s Star System: Decentralized Allocation Strategy</strong></p></li><li><p><strong>[1:04:33] Looking Ahead: Term Lending, Yield Curves &amp; 10-Year Vision</strong></p></li></ul><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!NF-G!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F23e3e628-46f7-4e45-9b43-f395dbe6c0cc_3000x3000.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!NF-G!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F23e3e628-46f7-4e45-9b43-f395dbe6c0cc_3000x3000.png 424w, https://substackcdn.com/image/fetch/$s_!NF-G!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F23e3e628-46f7-4e45-9b43-f395dbe6c0cc_3000x3000.png 848w, 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url="https://api.substack.com/feed/podcast/174233081/03204afa4f5b0f70ba2939cd3336156f.mp3" length="0" type="audio/mpeg"/><content:encoded><![CDATA[<p>Today's guest is Andrew Keys, co-founder and chairman of The Ether Machine and managing partner of DARMA Capital. We discuss why crypto treasury companies offer superior returns to ETFs through active yield generation, the structural limitations preventing ETFs from capturing Ethereum's full economic value, and Andrew's $654 million bet on Ethereum's future as the infrastructure for a decentralized internet. Andrew also shares lessons from a decade building Ethereum's institutional adoption and why clean corporate structures matter more than speed to market.</p><p><strong>GUEST LINKS:</strong></p><ul><li><p>Andrew Keys: <a href="https://x.com/AK_EtherMachine">https://x.com/AK_EtherMachine</a></p></li><li><p>The Ether Machine: <a href="https://x.com/TheEtherMachine">https://x.com/TheEtherMachine</a></p></li><li><p>DARMA Capital: <a href="https://x.com/darmacapital">https://x.com/darmacapital</a></p></li></ul><p><strong>HOST LINKS:</strong></p><ul><li><p>Ryan Rodenbaugh: <a href="https://twitter.com/ryanrodenbaugh">https://twitter.com/ryanrodenbaugh</a></p></li><li><p>Vaults.fyi: https://vaults.fyi</p></li></ul><p><strong>SUBSCRIBE SECTION:</strong> <strong>Subscribe to Wallfacer Podcast and share with friends:</strong></p><ul><li><p>Apple/Spotify: <a href="https://www.wallfacer.io/podcast">https://www.wallfacer.io/podcast</a></p></li><li><p>YouTube: <a href="https://www.youtube.com/@WallfacerLabs">https://www.youtube.com/@WallfacerLabs</a></p></li><li><p>Substack: <a href="https://wallfacerlabs.substack.com/s/podcast">https://wallfacerlabs.substack.com/s/podcast</a></p></li></ul><p><strong>TIMESTAMPS:</strong></p><ul><li><p><strong>[00:18] Andrew's Background &amp; Early Ethereum Journey</strong></p></li><li><p><strong>[05:39] ETFs vs Digital Asset Treasuries (DATs)</strong></p></li><li><p><strong>[08:15] North Star Metric: Ether Concentration Per Share</strong></p></li><li><p><strong>[09:54] Institutional Investor Education &amp; Market Response</strong></p></li><li><p><strong>[10:25] Ethereum's Evolving Narrative &amp; Stablecoin Product-Market Fit</strong></p></li><li><p><strong>[12:40] Ethereum's Market Dominance in High-Quality Liquid Assets</strong></p></li><li><p><strong>[16:57] DARMA Capital's Institutional Staking Business</strong></p></li><li><p><strong>[20:35] Why Go Public: Philosophy vs Opportunity</strong></p></li><li><p><strong>[22:46] Regulatory Environment &amp; Long-Term Vision</strong></p></li><li><p><strong>[23:54] Clean Corporate Structure Strategy</strong></p></li><li><p><strong>[28:10] The Future of Altcoin DATs &amp; Market Sustainability</strong></p></li><li><p><strong>[29:36] Lessons Learned: From Naive Decentralization to Meeting People Where They Are</strong></p></li></ul><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!rCPd!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F52ac0f97-63d8-4eda-b8d6-e7d23f0af492_3000x3000.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" 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length="0" type="audio/mpeg"/><content:encoded><![CDATA[<p>Today's guest is Rob Montgomery, co-founder and CEO of InfiniFi. We discuss how fractional reserve banking principles can revolutionize DeFi yields, the symbiotic relationship between InfiniFi and Pendle, and why traditional finance assets may finally have a compelling reason to migrate on-chain. </p><p>Rob shares insights on building automated asset-liability matching systems and his vision for bringing TradFi capital into crypto through superior yield optimization.</p><p><strong>GUEST LINKS:</strong></p><ul><li><p>Rob Montgomery: <a href="https://twitter.com/RobAnon94">https://twitter.com/RobAnon94</a></p></li><li><p>InfiniFi: <a href="https://infinifi.xyz/">https://infinifi.xyz</a></p></li><li><p>InfiniFi on X: <a href="https://x.com/infiniFi_">https://x.com/infiniFi_</a></p></li></ul><p><strong>HOST LINKS:</strong></p><ul><li><p>Ryan Rodenbaugh: <a href="https://x.com/ryanrodenbaugh">https://x.com/ryanrodenbaugh</a></p></li><li><p>Vaults.fyi: <a href="https://vaults.fyi/">https://vaults.fyi</a></p></li><li><p>vaults.fyi on X: <a href="https://x.com/vaultsfyi">https://x.com/vaultsfyi</a></p></li></ul><p><strong>Subscribe to Wallfacer Podcast and share with friends:</strong></p><ul><li><p>Apple / Spotify: <a href="https://www.wallfacer.io/podcast">https://www.wallfacer.io/podcast</a></p></li><li><p>YouTube: <a href="https://www.youtube.com/@WallfacerLabs">https://www.youtube.com/@WallfacerLabs</a></p></li><li><p>Substack: <a href="https://wallfacerlabs.substack.com/s/podcast">https://wallfacerlabs.substack.com/s/podcast</a></p></li></ul><p><strong>TIMESTAMPS:</strong></p><ul><li><p><strong>[01:01] InfiniFi's Timeline &amp; Rapid Growth</strong></p></li><li><p><strong>[02:47] Capital Composition - Retail vs Institutional</strong></p></li><li><p><strong>[05:52] What is InfiniFi?</strong></p></li><li><p><strong>[08:00] How Duration Users Get Higher Yields</strong></p></li><li><p><strong>[09:31] Tranching Analogy &amp; How It Works</strong></p></li><li><p><strong>[10:33] Portfolio Selection &amp; Governance Process</strong></p></li><li><p><strong>[17:58] Complex Governance Structure Vision</strong></p></li><li><p><strong>[21:24] Risk Assessment &amp; Due Diligence Process</strong></p></li><li><p><strong>[23:34] Duration Asset Adoption in Crypto</strong></p></li><li><p><strong>[27:59] The Pendle Relationship &amp; Symbiosis</strong></p></li><li><p><strong>[29:38] Background on Resonate vs Pendle</strong></p></li><li><p><strong>[31:03] Why Haven't Competitors Built This?</strong></p></li><li><p><strong>[33:14] Network Effects &amp; Defensibility</strong></p></li><li><p><strong>[34:35] RWA Vision &amp; Tokenizer Strategy</strong></p></li><li><p><strong>[39:14] Revenue Model &amp; Performance Fees</strong></p></li><li><p><strong>[40:54] What Haven't I Asked About?</strong></p></li><li><p><strong>[41:22] Success Metrics Beyond TVL</strong></p></li></ul><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" 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class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p>]]></content:encoded></item><item><title><![CDATA[#24: John Morrow & Holt Butler, Gauntlet | Vault Curation, gtUSDa, & The New DeFi Landscape]]></title><description><![CDATA[Today's guests are John Morrow, COO and Co-founder of Gauntlet, and Holt Butler, Product Lead for Gauntlet USD Alpha.]]></description><link>https://wallfacerlabs.substack.com/p/24-john-morrow-and-holt-butler-gauntlet</link><guid isPermaLink="false">https://wallfacerlabs.substack.com/p/24-john-morrow-and-holt-butler-gauntlet</guid><dc:creator><![CDATA[Wallfacer Labs]]></dc:creator><pubDate>Wed, 06 Aug 2025 14:31:35 GMT</pubDate><enclosure url="https://api.substack.com/feed/podcast/170045956/9a6caa0339f3e9ec4dc280b5e87fcc7e.mp3" length="0" type="audio/mpeg"/><content:encoded><![CDATA[<p>Today's guests are John Morrow, COO and Co-founder of Gauntlet, and Holt Butler, Product Lead for Gauntlet USD Alpha. We discuss Gauntlet's evolution from protocol risk consultants to direct vault operators managing $700M+, the emerging "vault curator" role in DeFi, and how they're bridging TradFi and DeFi through products like gtUSDa. We also explore the competitive dynamics reshaping DeFi lending markets and why automation beats governance for capital allocation.</p><p><strong>GUEST LINKS:</strong></p><ul><li><p>John Morrow: <a href="https://x.com/jmo_mx">https://x.com/jmo_mx</a></p></li><li><p>Holt Butler: <a href="https://x.com/0xhotl">https://x.com/0xhotl</a></p></li><li><p>Gauntlet: <a href="https://x.com/gauntlet_xyz">https://x.com/gauntlet_xyz</a></p></li><li><p>https://gauntlet.xyz</p></li></ul><ul><li><p>Gauntlet USD Alpha: <a href="https://app.gauntlet.xyz/vaults/gtusda">https://app.gauntlet.xyz/vaults/gtusda</a></p></li></ul><p><strong>HOST LINKS:</strong></p><ul><li><p>Ryan Rodenbaugh: <a href="https://twitter.com/ryanrodenbaugh">https://twitter.com/ryanrodenbaugh</a></p></li><li><p>Vaults.fyi: <a href="https://app.vaults.fyi/">https://vaults.fyi</a></p></li><li><p>gtUSDa on vaults.fyi: https://app.vaults.fyi/opportunity/base/0x000000000001CdB57E58Fa75Fe420a0f4D6640D5</p></li><li><p>Wallfacer: <a href="https://x.com/wallfacerlabs">https://x.com/wallfacerlabs</a></p></li></ul><p><strong>SUBSCRIBE SECTION:</strong> <strong>Subscribe to Wallfacer Podcast and share with friends:</strong></p><ul><li><p>Apple / Spotify: https://www.wallfacer.io/podcast</p></li></ul><ul><li><p>YouTube: <a href="https://www.youtube.com/@WallfacerLabs">https://www.youtube.com/@WallfacerLabs</a></p></li><li><p>Substack: <a href="https://wallfacerlabs.substack.com/s/podcast">https://wallfacerlabs.substack.com/s/podcast</a></p></li></ul><p><strong>TIMESTAMPS:</strong></p><ul><li><p><strong>[00:13] Gauntlet's Evolution: From Risk Models to Vault Management</strong></p></li><li><p><strong>[07:14] Defining the Vault Curator Role</strong></p></li><li><p><strong>[14:50] Behind the Scenes: Vault Management Operations</strong></p></li><li><p><strong>[17:54] Aera Protocol &amp; Gauntlet USD Alpha Launch</strong></p></li><li><p><strong>[25:20] Institutional vs Retail Capital Allocation</strong></p></li><li><p><strong>[33:04] Customer Relationships &amp; Platform Ownership</strong></p></li><li><p><strong>[36:56] Real World Assets &amp; Cross-Chain Strategies</strong></p></li><li><p><strong>[46:25] DeFi Lending Competition: Morpho vs Aave</strong></p></li><li><p><strong>[49:26] Gaming, Tokenized Assets &amp; Future DeFi Use Cases</strong></p></li></ul><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!Mli2!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F809c04e9-6259-44a7-b380-8d96312c8ef5_3000x3000.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Mli2!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F809c04e9-6259-44a7-b380-8d96312c8ef5_3000x3000.png 424w, https://substackcdn.com/image/fetch/$s_!Mli2!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F809c04e9-6259-44a7-b380-8d96312c8ef5_3000x3000.png 848w, https://substackcdn.com/image/fetch/$s_!Mli2!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F809c04e9-6259-44a7-b380-8d96312c8ef5_3000x3000.png 1272w, https://substackcdn.com/image/fetch/$s_!Mli2!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F809c04e9-6259-44a7-b380-8d96312c8ef5_3000x3000.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Mli2!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F809c04e9-6259-44a7-b380-8d96312c8ef5_3000x3000.png" width="1456" height="1456" 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class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p>]]></content:encoded></item><item><title><![CDATA[#23: Ivan Kozlov, Resolv | Yield bearing stables, why tranching works, & "stablecoinizing" everything]]></title><description><![CDATA[Today's guest is Ivan Kozlov, co-founder of Resolv Protocol.]]></description><link>https://wallfacerlabs.substack.com/p/23-ivan-kozlov-resolv-yield-bearing</link><guid isPermaLink="false">https://wallfacerlabs.substack.com/p/23-ivan-kozlov-resolv-yield-bearing</guid><dc:creator><![CDATA[Wallfacer Labs]]></dc:creator><pubDate>Wed, 02 Jul 2025 15:01:05 GMT</pubDate><enclosure url="https://api.substack.com/feed/podcast/166984657/eff2eb6045df17f2d0866a07d11a8d98.mp3" length="0" type="audio/mpeg"/><content:encoded><![CDATA[<p>Today's guest is Ivan Kozlov, co-founder of Resolv Protocol. We discuss how Resolv has been successful with tranching, their yield-bearing stablecoin architecture, and why most TradFi instruments fail when transplanted to crypto. Ivan shares his contrarian take on distribution strategies and his ambitious vision to "stablecoinize" hedge funds, credit funds, and eventually everything.</p><p><strong>GUEST LINKS:</strong></p><ul><li><p>Ivan Kozlov: <a href="https://x.com/Iv4n_Ko">https://x.com/Iv4n_Ko</a></p></li><li><p>Resolv Protocol: <a href="https://x.com/ResolvLabs">https://x.com/ResolvLabs</a></p></li><li><p>Resolv Journey (Roadmap): <a href="https://resolv.xyz/journey">https://resolv.xyz/journey</a></p></li></ul><p><strong>HOST LINKS:</strong></p><ul><li><p>Ryan Rodenbaugh: <a href="https://twitter.com/ryanrodenbaugh">https://twitter.com/ryanrodenbaugh</a></p></li><li><p>Vaults.fyi: https://twitter.com/vaultsfyi</p></li><li><p>Wallfacer: https://x.com/wallfacerlabs</p></li></ul><p><strong>SUBSCRIBE SECTION:</strong> <strong>Subscribe to Wallfacer Podcast and share with friends:</strong></p><ul><li><p><a href="https://podcasts.apple.com/us/podcast/wallfacer-podcast/id1709530326">Apple</a> </p></li></ul><ul><li><p><a href="https://open.spotify.com/show/2PNkM1JiIZCvvPLfdRYrb4">Spotify</a> </p></li><li><p>YouTube: <a href="https://www.youtube.com/@WallfacerLabs">https://www.youtube.com/@WallfacerLabs</a></p></li><li><p>Substack: <a href="https://wallfacerlabs.substack.com/s/podcast">https://wallfacerlabs.substack.com/s/podcast</a></p></li></ul><p><strong>TIMESTAMPS:</strong> </p><p><strong>[00:00] Background &amp; Journey from Nuclear Physics to DeFi</strong> </p><p><strong>[03:15] Why TradFi Products Fail in Crypto</strong> </p><p><strong>[09:39] What is Resolv Protocol</strong> </p><p><strong>[14:56] Tranching Mechanics &amp; Risk Segregation</strong> </p><p><strong>[24:27] Market Segmentation &amp; Risk Profiles</strong> </p><p><strong>[29:53] Distribution Strategy &amp; Go-to-Market</strong> </p><p><strong>[40:01] Multi-Chain Expansion Philosophy</strong> </p><p><strong>[48:17] Future Yield Sources Beyond Delta Neutral</strong> </p><p><strong>[54:26] Five-Year Vision &amp; Market Size Predictions</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!kUph!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcccff5f5-d0dd-461d-ac27-deebe913b28a_3000x3000.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!kUph!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcccff5f5-d0dd-461d-ac27-deebe913b28a_3000x3000.png 424w, https://substackcdn.com/image/fetch/$s_!kUph!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcccff5f5-d0dd-461d-ac27-deebe913b28a_3000x3000.png 848w, 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stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p>]]></content:encoded></item><item><title><![CDATA[#22: @Defi_dad & @Nomaticcap | ETH's path forward, narrative problems, & the user advantage]]></title><description><![CDATA[Today's guests are @DeFi_Dad and @Nomaticcap, co-hosts of The Edge Podcast, authors of The Edge newsletter, and prominent angel investors.]]></description><link>https://wallfacerlabs.substack.com/p/22-defi_dad-and-nomaticcap-eths-path</link><guid isPermaLink="false">https://wallfacerlabs.substack.com/p/22-defi_dad-and-nomaticcap-eths-path</guid><dc:creator><![CDATA[Wallfacer Labs]]></dc:creator><pubDate>Wed, 11 Jun 2025 16:00:54 GMT</pubDate><enclosure url="https://api.substack.com/feed/podcast/165680380/2d3cee359a97992f5277bc2bbe9cba05.mp3" length="0" type="audio/mpeg"/><content:encoded><![CDATA[<p>Today's guests are @DeFi_Dad and @Nomaticcap, co-hosts of The Edge Podcast, authors of The Edge newsletter, and prominent angel investors. We discuss the foundational role of Bitcoin ideology in shaping the crypto industry, why Ethereum is "woefully undervalued," and the gap between crypto narratives and reality in today's market. Plus, where they're placing their angel investment bets in 2025.</p><p><strong>Guests:</strong></p><ul><li><p>DeFi Dad: https://twitter.com/DeFi_Dad</p></li><li><p>Nomatic: https://twitter.com/nomaticcap</p></li><li><p>The Edge Podcast: https://x.com/edge_pod</p></li><li><p>The Edge Newsletter: https://the-edge.xyz</p></li></ul><p><strong>Host:</strong></p><ul><li><p>Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh</p></li><li><p>Vaults.fyi: https://vaults.fyi</p></li></ul><p><strong>Subscribe to Wallfacer Podcast and share with friends:</strong></p><ul><li></li></ul><div class="apple-podcast-container" data-component-name="ApplePodcastToDom"><iframe class="apple-podcast episode-list" data-attrs="{&quot;url&quot;:&quot;https://embed.podcasts.apple.com/us/podcast/wallfacer-podcast/id1709530326&quot;,&quot;isEpisode&quot;:false,&quot;imageUrl&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/podcast_1709530326.jpg&quot;,&quot;title&quot;:&quot;Wallfacer Podcast&quot;,&quot;podcastTitle&quot;:&quot;Wallfacer Podcast&quot;,&quot;podcastByline&quot;:&quot;Wallfacer Podcast&quot;,&quot;duration&quot;:2356,&quot;numEpisodes&quot;:22,&quot;targetUrl&quot;:&quot;https://podcasts.apple.com/us/podcast/wallfacer-podcast/id1709530326?uo=4&quot;,&quot;releaseDate&quot;:&quot;2025-04-21T16:00:00Z&quot;}" src="https://embed.podcasts.apple.com/us/podcast/wallfacer-podcast/id1709530326" frameborder="0" allow="autoplay *; encrypted-media *;" allowfullscreen="true"></iframe></div><ul><li><p>Spotify:</p></li></ul><iframe class="spotify-wrap podcast" data-attrs="{&quot;image&quot;:&quot;https://i.scdn.co/image/ab6765630000ba8a72a337dd8c95433534a926c2&quot;,&quot;title&quot;:&quot;Wallfacer Podcast&quot;,&quot;subtitle&quot;:&quot;Wallfacer Podcast&quot;,&quot;description&quot;:&quot;Podcast&quot;,&quot;url&quot;:&quot;https://open.spotify.com/show/2PNkM1JiIZCvvPLfdRYrb4&quot;,&quot;belowTheFold&quot;:true,&quot;noScroll&quot;:false}" src="https://open.spotify.com/embed/show/2PNkM1JiIZCvvPLfdRYrb4" frameborder="0" gesture="media" allowfullscreen="true" allow="encrypted-media" loading="lazy" data-component-name="Spotify2ToDOM"></iframe><ul><li><p>YouTube: https://www.youtube.com/@WallfacerLabs</p></li><li><p>Substack: https://wallfacerlabs.substack.com/s/podcast</p></li></ul><div><hr></div><p><strong>Show Notes:</strong></p><p><strong>[00:00] Intro &amp; Origins</strong></p><p><strong>[05:02] Nomatic's Backstory</strong></p><p><strong>[10:33] The Bitcoin Foundation</strong></p><p><strong>[16:14] Modern Blockchain Philosophy</strong></p><p><strong>[24:59] Ethereum Sentiment &amp; Conviction</strong></p><p><strong>[31:26] Ethereum's Path Forward</strong></p><p><strong>[37:45] The User Advantage</strong></p><p><strong>[40:39] Storytelling vs. Reality Problem</strong></p><p><strong>[46:39] DeFi Evolution: The Curator Model</strong></p><p><strong>[55:20] Portfolio Examples &amp; Strategy</strong></p><p><strong>[1:00:40] DeFi Tokens in Top 20 Problem</strong></p><p><strong>[1:11:25] Future Bets &amp; Trends</strong></p><p><strong>[1:21:21] App Layer Thesis</strong></p><p><strong>[1:26:29] Mispriced Opportunities</strong></p><p><strong>[1:27:32] Wrap-up &amp; Where to Find Them</strong></p><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!A8XD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9c40729b-fb53-4034-83b6-0cf9f1132491_3000x3000.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!A8XD!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9c40729b-fb53-4034-83b6-0cf9f1132491_3000x3000.png 424w, 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class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p>]]></content:encoded></item><item><title><![CDATA[#21: Dion Chu, Term Finance | Beyond Variable Rates, DeFi's Fixed Income Future]]></title><description><![CDATA[Today&#8217;s guest is Dion Chu, Co-founder and CEO of Term Finance, a fixed-rate lending protocol.]]></description><link>https://wallfacerlabs.substack.com/p/21-dion-chu-term-finance-beyond-variable</link><guid isPermaLink="false">https://wallfacerlabs.substack.com/p/21-dion-chu-term-finance-beyond-variable</guid><dc:creator><![CDATA[Wallfacer Labs]]></dc:creator><pubDate>Mon, 21 Apr 2025 16:02:29 GMT</pubDate><enclosure url="https://api.substack.com/feed/podcast/161751652/2133f5a5dfed7b83eb4d975c5d5ad343.mp3" length="0" type="audio/mpeg"/><content:encoded><![CDATA[<p>Please like, subscribe, and leave a positive review. It helps us get the show in front of more listeners and viewers (<a href="https://podcasts.apple.com/us/podcast/wallfacer-podcast/id1709530326?l=es-MX">Apple</a>, <a href="https://open.spotify.com/show/2PNkM1JiIZCvvPLfdRYrb4">Spotify</a> , <a href="https://www.youtube.com/@WallfacerLabs">YouTube</a>)</p><p class="button-wrapper" data-attrs="{&quot;url&quot;:&quot;https://wallfacerlabs.substack.com/subscribe?&quot;,&quot;text&quot;:&quot;Subscribe now&quot;,&quot;action&quot;:null,&quot;class&quot;:null}" data-component-name="ButtonCreateButton"><a class="button primary" href="https://wallfacerlabs.substack.com/subscribe?"><span>Subscribe now</span></a></p><p>Today&#8217;s guest is Dion Chu, Co-founder and CEO of Term Finance, a fixed-rate lending protocol. Term has raised over 7mm led by Electric Capital. Their token just recently went live and is trading on top exchanges like Kraken</p><ul><li><p>Ryan: <a href="https://x.com/RyanRodenbaugh">https://x.com/RyanRodenbaugh</a></p></li><li><p>Wallfacer: <a href="https://x.com/wallfacerlabs">https://x.com/wallfacerlabs</a></p></li><li><p>Vaults.fyi: <a href="https://x.com/vaultsfyi">https://x.com/vaultsfyi</a></p></li><li><p>Dion Chu: <a href="https://x.com/dionchu">https://x.com/dionchu</a></p></li><li><p>Term Labs: <a href="https://x.com/term_labs">https://x.com/term_labs</a></p></li></ul><p>Timestamps: </p><ul><li><p>00:09 - Introduction to Dion Chu and Term Finance </p></li><li><p>00:28 - What Term Finance does and what makes it unique in the lending space </p></li><li><p>01:04 - The auction mechanism and insights that led to Term Finance's approach </p></li><li><p>06:04 - How treasury auction mechanisms were adapted for DeFi </p></li><li><p>09:02 - Potential for collusion in auction markets 10:29 - Supply and demand dynamics in Term Finance's market </p></li><li><p>13:02 - Approaches to cultivating more lending capital </p></li><li><p>15:03 - Impact of low variable rates across DeFi on Term's rates </p></li><li><p>18:18 - Overview of Term's product suite (auctions, blue sheets, meta vaults) </p></li><li><p>21:43 - Collateral preferences and makeup from borrowers </p></li><li><p>23:26 - Cross-chain expansion and differences between Ethereum and Avalanche </p></li><li><p>27:14 - Selling points for institutional capital and family offices </p></li><li><p>28:56 - Security benefits of Term's architecture </p></li><li><p>31:18 - Token launch learnings and advice for other founders </p></li><li><p>36:24 - Next innovations and improvements planned for Term </p></li><li><p>37:31 - Original vision of success and how goals have evolved</p></li></ul><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!95HD!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7cad1c42-8091-4f2c-9f40-e1ae728529e9_3000x3000.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!95HD!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7cad1c42-8091-4f2c-9f40-e1ae728529e9_3000x3000.png 424w, https://substackcdn.com/image/fetch/$s_!95HD!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7cad1c42-8091-4f2c-9f40-e1ae728529e9_3000x3000.png 848w, https://substackcdn.com/image/fetch/$s_!95HD!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F7cad1c42-8091-4f2c-9f40-e1ae728529e9_3000x3000.png 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stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p>]]></content:encoded></item><item><title><![CDATA[#20: Nik Kunkel, Chronicle Labs | Oracle Evolution & Enabling the Tokenization Wave]]></title><description><![CDATA[Today&#8217;s guest is Nik Kunkel, the founder and CEO of Chronicle Labs. Nik is a long-time contributor to MakerDAO and an early builder in the oracle space.]]></description><link>https://wallfacerlabs.substack.com/p/20-nik-kunkel-chronicle-protocol</link><guid isPermaLink="false">https://wallfacerlabs.substack.com/p/20-nik-kunkel-chronicle-protocol</guid><dc:creator><![CDATA[Wallfacer Labs]]></dc:creator><pubDate>Fri, 11 Apr 2025 16:15:56 GMT</pubDate><enclosure url="https://api.substack.com/feed/podcast/161042917/1e54b9c37e491ee76358b92b0fb8559b.mp3" length="0" type="audio/mpeg"/><content:encoded><![CDATA[<p>Today&#8217;s guest is Nik Kunkel, the founder and CEO of Chronicle Labs. Nik is a long-time contributor to MakerDAO and an early builder in the oracle space. </p><ul><li><p>Nik: https://x.com/nomos_paradox</p></li><li><p>Chronicle: https://x.com/ChronicleLabs</p></li><li><p>Ryan: https://twitter.com/RyanRodenbaugh</p></li><li><p>Wallfacer: https://x.com/wallfacerlabs</p></li><li><p>vaults.fyi: https://twitter.com/vaultsfyi</p></li></ul><p>Timestamps: </p><ul><li><p>00:00 Introduction to Nik Kunkel and Chronicle Labs </p></li><li><p>00:19 Nik's journey from IBM Hyperledger to MakerDAO </p></li><li><p>03:27 Joining MakerDAO and the origins of SAI </p></li><li><p>04:57 Early challenges with stablecoins and off-ramping </p></li><li><p>06:54 The early days at MakerDAO and infrastructure challenges </p></li><li><p>10:06 Introduction to Chronicle Labs and its origins </p></li><li><p>14:32 Oracle scalability challenges and solutions </p></li><li><p>17:05 Validator roles and the importance of identity </p></li><li><p>20:44 How validators collect and report data across protocols </p></li><li><p>21:58 How apps and chains choose Oracle providers </p></li><li><p>27:24 Metrics for comparing Oracle providers </p></li><li><p>30:24 Understanding Oracle business models </p></li><li><p>37:03 Different pricing approaches for Oracle services </p></li><li><p>40:33 Chronicle's focus on real-world assets (RWAs) </p></li><li><p>46:21 Fungible vs. non-fungible RWAs and growth potential </p></li><li><p>51:11 Chronicle's role in the Spark Grand Prix and Verified Asset Oracle </p></li><li><p>55:32 Future evolution of the Oracle space </p></li><li><p>58:37 The Chronicle points program and staking</p></li></ul><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!wWfX!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb6ecf279-d494-4d5c-82c5-d639f02dcbeb_3000x3000.png" 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class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg role="img" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p></p>]]></content:encoded></item><item><title><![CDATA[#19: Sam MacPherson, Spark | Building DeFi's Liquidity Layer]]></title><description><![CDATA[Today&#8217;s guest is Sam MacPherson, co-founder and CEO of Phoenix Labs, the core contributors to the Spark Protocol.]]></description><link>https://wallfacerlabs.substack.com/p/19-sam-macpherson-spark-building-40e</link><guid isPermaLink="false">https://wallfacerlabs.substack.com/p/19-sam-macpherson-spark-building-40e</guid><dc:creator><![CDATA[Wallfacer Labs]]></dc:creator><pubDate>Mon, 31 Mar 2025 16:00:00 GMT</pubDate><enclosure url="https://api.substack.com/feed/podcast/161040784/3dbf7c9b51ec09b12be19d111f2645b9.mp3" length="0" type="audio/mpeg"/><content:encoded><![CDATA[<p>Today&#8217;s guest is Sam MacPherson, co-founder and CEO of Phoenix Labs, the core contributors to the Spark Protocol. Sam is also a long-time contributor to Sky, previously known as MakerDAO</p><ul><li><p>Sam: https://x.com/hexonaut</p></li><li><p>Spark: https://x.com/sparkdotfi</p></li><li><p>Ryan: https://twitter.com/RyanRodenbaugh</p></li><li><p>Wallfacer: https://x.com/wallfacerlabs</p></li><li><p>vaults.fyi: https://twitter.com/vaultsfyi</p></li></ul><p>Timestamps:&nbsp;</p><ul><li><p>00:00: Introduction and Sam's Journey to MakerDAO</p></li><li><p>03:05: Idealism vs. Practicality in Protocol Evolution</p></li><li><p>09:10: The SubDAO Model and Spark's Genesis</p></li><li><p>15:30: The Role of Spark in the Sky Ecosystem</p></li><li><p>18:50: Spark Liquidity Layer Innovation</p></li><li><p>24:10: The Banking Analogy and Value Distribution</p></li><li><p>29:10: The Stablecoin Landscape and Tether's Dominance</p></li><li><p>34:19: Cross-Chain Expansion and Bridge Infrastructure</p></li><li><p>36:40: Competitive Dynamics in DeFi</p></li><li><p>39:40: RWA Integration and the Grand Prix</p></li><li><p>45:40: Spark's Future and Value Capture</p></li><li><p>49:50: Closing Remarks and Ways to Follow</p></li></ul><p>Please like, subscribe, and share with a friend!&nbsp;</p>]]></content:encoded></item><item><title><![CDATA[#18: Luca Prosperi, M^0 | Reimagining Money & the Future of Stablecoins]]></title><description><![CDATA[How are stablecoins reshaping the financial stack?]]></description><link>https://wallfacerlabs.substack.com/p/18-luca-prosperi-m0-reimagining-money-b51</link><guid isPermaLink="false">https://wallfacerlabs.substack.com/p/18-luca-prosperi-m0-reimagining-money-b51</guid><dc:creator><![CDATA[Wallfacer Labs]]></dc:creator><pubDate>Mon, 03 Feb 2025 16:00:00 GMT</pubDate><enclosure url="https://api.substack.com/feed/podcast/161040785/51bccf293f32c7837fba9792ff9f1a9d.mp3" length="0" type="audio/mpeg"/><content:encoded><![CDATA[<p>How are stablecoins reshaping the financial stack?</p><p>Ryan chats with Luca Prosperi about reimagining the financial stack from first principles, why separation between money creation and distribution matters, and how M^0's enables both DeFi protocols and fintech apps to build better products.</p><p>Follow our guests:&nbsp;</p><ul><li><p>https://x.com/LucaProsperi</p></li><li><p>https://x.com/m0foundation</p></li></ul><p>And try out Wallfacer&#8217;s latest release: <a href="https://app.vaults.fyi">https://app.vaults.fyi</a></p><p>Follow our host:&nbsp;</p><ul><li><p>https://twitter.com/RyanRodenbaugh</p></li><li><p>https://warpcast.com/ryanrodenbaugh.eth</p></li></ul><p><br>Timestamps</p><ul><li><p>00:00 - Luca's crypto red pill</p></li><li><p>03:03 - The philosophy of money</p></li><li><p>07:21 - Understanding modern banking</p></li><li><p>12:14 - Reflections on working with MakerDAO</p></li><li><p>17:24 - The current state of RWAs</p></li><li><p>21:52 - The belief behind M^0</p></li><li><p>30:28 - $M's role as wholesale money</p></li><li><p>38:04 - How M^0 manages collateral</p></li><li><p>41:40 - Composability and $M</p></li><li><p>44:47 - M^0's pitch for GTM success</p></li><li><p>47:37 - The economics of stablecoin issuers</p></li><li><p>53:58 - M^0's two token governance model</p></li><li><p>58:32 - The economics of M^0</p></li><li><p>1:00:52 - Levelling up crypto monetary infrastructure</p></li><li><p>1:04:27 - Closing predictions on DeFi</p></li></ul>]]></content:encoded></item><item><title><![CDATA[#17: Michael Bentley, Euler | Building DeFi’s Global Liquidity Layer]]></title><description><![CDATA[How is Euler Finance becoming DeFi's global liquidity layer?]]></description><link>https://wallfacerlabs.substack.com/p/17-michael-bentley-euler-building-299</link><guid isPermaLink="false">https://wallfacerlabs.substack.com/p/17-michael-bentley-euler-building-299</guid><dc:creator><![CDATA[Wallfacer Labs]]></dc:creator><pubDate>Fri, 17 Jan 2025 16:00:00 GMT</pubDate><enclosure url="https://api.substack.com/feed/podcast/161040786/6e4940795174b4ca2470fd6f932943f5.mp3" length="0" type="audio/mpeg"/><content:encoded><![CDATA[<p>How is Euler Finance becoming DeFi's global liquidity layer?&nbsp;</p><p>Ryan Rodenbaugh chats with Michael Bentley about reimagining DeFi infrastructure through modular design, what&#8217;s driving the protocol&#8217;s high yields, and why more builders are choosing Euler as their foundation.</p><p>Follow our guests:&nbsp;</p><ul><li><p>https://x.com/euler_mab</p></li><li><p>https://x.com/eulerfinance<br><br></p></li></ul><p>And try out Wallfacer&#8217;s latest release: <a href="https://app.vaults.fyi">https://app.vaults.fyi</a></p><p><br>Timestamps</p><p>00:00 - Michael&#8217;s background</p><p>05:22 - Getting into crypto</p><p>08:32 - The vaults.fyi app</p><p>09:17 - Euler&#8217;s culture&nbsp;</p><p>12:12 - Screening for culture fits</p><p>14:17 - Sticking around after the Euler hack</p><p>17:00 - Euler v2 vs Euler v1</p><p>19:49 - Euler as primitive infrastructure</p><p>28:54 - The case for alternative collateral&nbsp;</p><p>31:28 - Why Euler is a RWA project</p><p>35:58 - Bootstrapping stablecoins with modular DeFi protocols</p><p>39:37 - What&#8217;s driving Euler&#8217;s high yields</p><p>42:51 - Balancing incentives for a mature token</p><p>46:05 - Euler&#8217;s metrics for success</p><p>49:30 - Why don&#8217;t protocols just launch on Euler?</p><p>52:48 - DeFi and the Lindy effect</p><p>55:04 - What&#8217;s next for Euler</p><p>59:37 - Realizing Euler&#8217;s vision</p>]]></content:encoded></item><item><title><![CDATA[#16: Matt Fiebach, Entropy Advisors | Accelerating the Arbitrum DAO]]></title><description><![CDATA[@RyanRodenbaugh sat down with @MattFiebach of @EntropyAdvisors in our latest podcast!]]></description><link>https://wallfacerlabs.substack.com/p/16-matt-fiebach-entropy-advisors-a28</link><guid isPermaLink="false">https://wallfacerlabs.substack.com/p/16-matt-fiebach-entropy-advisors-a28</guid><dc:creator><![CDATA[Wallfacer Labs]]></dc:creator><pubDate>Mon, 02 Dec 2024 19:00:00 GMT</pubDate><enclosure url="https://api.substack.com/feed/podcast/161040787/e996876f3e4a26e8239f0fa6d80f4019.mp3" length="0" type="audio/mpeg"/><content:encoded><![CDATA[<p>@RyanRodenbaugh sat down with @MattFiebach of @EntropyAdvisors in our latest podcast!&nbsp;</p><p>They discussed how the Entropy team is accelerating the @arbitrum DAO, the current OpCo proposal, &amp; the world of decentralized governance.&nbsp;</p><p><br><strong>Timestamps<br></strong><br>00:00 - What is Entropy Advisors?<br>01:59 - Why Arbitrum?<br>05:54 - Who contributes to Arbitrum today?<br>08:02 - Which Arbitrum competitors stand out?<br>12:11 - Offchain Labs&#8217; influence on Arbitrum<br>13:56 - What does OpCo address?<br>16:10 - How OpCo has been received<br>18:35 - Analogous structures &amp; OpCo&#8217;s role<br>21:40 - In-house vs service providers<br>23:07 - How L2s are valued<br>25:33 - Arbitrum DAO&#8217;s business model<br>28:25 - Matt&#8217;s thoughts on the Superchain narrative<br>37:02 - What should L2s focus on?<br>41:16 - Arbitrum&#8217;s homegrown success stories<br>46:37 - Focusing on Ethereum vs other L1s<br>51:13 - Arbitrum and L2 interoperability<br>53:18 - Friction points for users<br>54:58 - Getting people onchain &amp; closing thoughts<br><br><strong>Follow our guests:&nbsp;</strong></p><ul><li><p>https://x.com/MattFiebach</p></li><li><p>https://x.com/EntropyAdvisors</p></li></ul><p><strong>Stay connected with Wallfacer:&nbsp;</strong></p><ul><li><p><a href="https://twitter.com/wallfacerlabs">https://twitter.com/wallfacerlabs</a></p></li><li><p><a href="https://linktr.ee/wallfacerlabs">https://linktr.ee/wallfacerlabs</a></p></li><li><p><a href="https://twitter.com/ryanrodenbaugh">https://twitter.com/ryanrodenbaugh</a></p></li><li><p><a href="https://warpcast.com/ryanrodenbaugh">https://warpcast.com/ryanrodenbaugh</a></p></li></ul>]]></content:encoded></item><item><title><![CDATA[#15: @DeFi_Made_Here (DMH), Instadapp | Building Fluid, DeFi’s Liquidity Layer]]></title><description><![CDATA[&#127897;&#65039; Join @RyanRodenbaugh and @DeFi_Made_Here in our latest podcast.]]></description><link>https://wallfacerlabs.substack.com/p/15-defi_made_here-dmh-instadapp-building-a7d</link><guid isPermaLink="false">https://wallfacerlabs.substack.com/p/15-defi_made_here-dmh-instadapp-building-a7d</guid><dc:creator><![CDATA[Wallfacer Labs]]></dc:creator><pubDate>Mon, 04 Nov 2024 16:00:00 GMT</pubDate><enclosure url="https://api.substack.com/feed/podcast/161040788/129d0c6d91c20ec199af04406bf18a3b.mp3" length="0" type="audio/mpeg"/><content:encoded><![CDATA[<p><strong>&#127897;&#65039; Join @RyanRodenbaugh and @DeFi_Made_Here in our latest podcast.&nbsp;</strong></p><p><strong>They discussed @0xFluid&#8217;s approach to DeFi, @Instadapp&#8217;s evolution, and more!</strong></p><h1>Timestamps</h1><ul><li><p>00:00 - DMH&#8217;s background</p></li><li><p>04:40 - What is Fluid?</p></li><li><p>07:09 - Instadapp&#8217;s evolution</p></li><li><p>09:05 - Fluid&#8217;s design</p></li><li><p>10:40 - How the Liquidity Layer works</p></li><li><p>12:35 - Risk in Fluid&#8217;s ecosystem</p></li><li><p>14:55 - Fluid&#8217;s competitive rates&nbsp;</p></li><li><p>16:03 - How Fluid utilizes capital&nbsp;</p></li><li><p>24:51 - Building on the Liquidity Layer</p></li><li><p>29:10 - Collaborating with other protocols</p></li><li><p>33:00 - Fluid&#8217;s biggest competitor&nbsp;</p></li><li><p>35:35 - Rapid growth without token incentives</p></li><li><p>37:19 - Maintaining APY with high TVL</p></li><li><p>39:45 - Fluid&#8217;s approach to L2s</p></li><li><p>41:41 - The evolution on $INST</p></li><li><p>43:19 -&nbsp; Establishing Fluid as a &#8220;blue-chip&#8221; protocol</p></li></ul><p>Follow: https://x.com/defi_made_here<br>https://x.com/instadapp<br>https://x.com/0xFluid<br><br>Follow Wallfacer: https://twitter.com/wallfacerlabs<br><br>And our host, Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh&nbsp;<br>https://warpcast.com/ryanrodenbaugh<br><br>And subscribe for all our other content: https://linktr.ee/wallfacerlabs</p>]]></content:encoded></item><item><title><![CDATA[#14: Facu, Yearn & MOM | Yearn’s evolution & building with Mom]]></title><description><![CDATA[RyanRodenbaugh caught up with @saltyfacu of @yearn/@built_by_mom in our latest podcast!]]></description><link>https://wallfacerlabs.substack.com/p/14-facu-yearn-and-mom-yearns-evolution-9f4</link><guid isPermaLink="false">https://wallfacerlabs.substack.com/p/14-facu-yearn-and-mom-yearns-evolution-9f4</guid><dc:creator><![CDATA[Wallfacer Labs]]></dc:creator><pubDate>Fri, 06 Sep 2024 14:00:00 GMT</pubDate><enclosure url="https://api.substack.com/feed/podcast/161040789/44c478c79a3d170d4f2af9751cc0e7dc.mp3" length="0" type="audio/mpeg"/><content:encoded><![CDATA[<p>RyanRodenbaugh caught up with @saltyfacu of @yearn/@built_by_mom in our latest podcast!&nbsp;</p><p>They discussed @yearn's OG culture, its evolution, future direction, and explored Facu's builder collective @built_by_mom.</p><ul><li><p>00:00 - Facu&#8217;s background</p></li><li><p>03:30 - Yearn&#8217;s OG culture</p></li><li><p>05:00 - Outcomes of pseudo anonymity&nbsp;</p></li><li><p>07:06 - Yearn&#8217;s structure today</p></li><li><p>09:51 - How Yearn&#8217;s culture has evolved</p></li><li><p>12:00 - DeFi Summer memories</p></li><li><p>13:19 - Maintaining Yearn&#8217;s reputation</p></li><li><p>14:40 - Avenues for growth</p></li><li><p>16:23 - L2 expansion</p></li><li><p>19:57 - Alternative L1s</p></li><li><p>21:14 - What is Mom?</p></li><li><p>23:20 - What is Ajna?</p></li><li><p>26:20 - Choosing who to work with</p></li><li><p>27:57 - Mom&#8217;s marketing style</p></li><li><p>34:12 - Misconceptions about working in DeFi</p></li><li><p>36:00 - Mom&#8217;s products</p></li><li><p>41:36 - What&#8217;s next</p></li></ul><p>Links:&nbsp;</p><h1>https://x.com/saltyfacu https://x.com/built_by_mom https://twitter.com/ryanrodenbaugh https://twitter.com/wallfacerlabs https://twitter.com/vaultsfyi</h1>]]></content:encoded></item><item><title><![CDATA[#13: Thomas Mattimore, Reserve Protocol | Index Products, Stablecoin Growth, & Wider User Adoption]]></title><description><![CDATA[&#127897;&#65039; In our latest episode, @RyanRodenbaugh talks with @mattimost of @ReserveProtocol.]]></description><link>https://wallfacerlabs.substack.com/p/13-thomas-mattimore-reserve-protocol-d7e</link><guid isPermaLink="false">https://wallfacerlabs.substack.com/p/13-thomas-mattimore-reserve-protocol-d7e</guid><dc:creator><![CDATA[Wallfacer Labs]]></dc:creator><pubDate>Tue, 27 Aug 2024 15:00:00 GMT</pubDate><enclosure url="https://api.substack.com/feed/podcast/161040790/d96043858e743d8bba6a5e788f9c377c.mp3" length="0" type="audio/mpeg"/><content:encoded><![CDATA[<p>&#127897;&#65039; In our latest episode, @RyanRodenbaugh talks with @mattimost of @ReserveProtocol.&nbsp;<br><br>They discuss the appeal of index products in DeFi, growing and governing a healthy stablecoin protocol, onboarding crypto-natives vs mainstream users, and more!<br><br>Timestamps<br><br>00:00 - Introduction<br>03:03 - Index products in DeFi<br>07:47 - Reserve&#8217;s user profiles<br>12:04 - Crypto-native vs mainstream product design<br>15:30 - What motivates Reserve&#8217;s governance community<br>18:11 - Active vs organic growth<br>20:20 - Catalysts for Reserve&#8217;s growth<br>21:41 - What makes a protocol healthy<br>25:08 - Onboarding users to stablecoins<br>30:40 - Learnings that challenged previous beliefs<br>33:50 - Integrating RWAs&nbsp;<br>36:43 - Thomas&#8217; background and path to Reserve<br>38:45 - Closing thoughts<br><br></p>]]></content:encoded></item><item><title><![CDATA[#12: Evgeny Yurtaev, Zerion | Building the ZERO Network L2 and the evolution of Zerion]]></title><description><![CDATA[Today&#8217;s guest is Evgeny Yurtaev, the Co-Founder and CEO of Zerion.]]></description><link>https://wallfacerlabs.substack.com/p/12-evgeny-yurtaev-zerion-building-c92</link><guid isPermaLink="false">https://wallfacerlabs.substack.com/p/12-evgeny-yurtaev-zerion-building-c92</guid><dc:creator><![CDATA[Wallfacer Labs]]></dc:creator><pubDate>Sat, 29 Jun 2024 16:00:00 GMT</pubDate><enclosure url="https://api.substack.com/feed/podcast/161040791/fbc9fb4b9cad35a930a2a18729071581.mp3" length="0" type="audio/mpeg"/><content:encoded><![CDATA[<p>Today&#8217;s guest is Evgeny Yurtaev, the Co-Founder and CEO of Zerion. Zerion is a crypto wallet for everything onchain. Zerion has also recently announced that they are building ZERO, a Layer 2 network that is designed to offer zero fees</p><p>00:00: Introduction&nbsp;</p><p>00:40: Defining a modern crypto wallet&nbsp;</p><p>06:00: Views on crypto + social&nbsp;</p><p>09:15: Defining Zerion's target users&nbsp;</p><p>11:40: Wallets, wallets, wallets&nbsp;</p><p>19:30: The evolving business of Zerion&nbsp;</p><p>24:25: ZERO and improving the onchain user experience&nbsp;</p><p>30:25: Building an ecosystem around ZERO and attracting content creators&nbsp;</p><p>41:10: Building on the @zksync Zk Stack&nbsp;</p><p>48:00: The business of ZERO&nbsp;</p><p>52:00: Onchain identity / Zerion DNA&nbsp;<br><br>Learn more:&nbsp;<br><br>Zerion, Evgeny, and Zero</p><ul><li><p>https://x.com/zerion</p></li><li><p>https://x.com/evgeth_</p></li><li><p>https://x.com/zerodotnetwork</p></li></ul><p>Wallfacer Labs and Ryan</p><ul><li><p>https://x.com/wallfacerlabs</p></li><li><p>https://x.com/RyanRodenbaugh/</p></li></ul>]]></content:encoded></item></channel></rss>