Wallfacer Podcast

Today’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’s new “covered vaults” 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.Guest Links* Jeremiah Smith: https://twitter.com/itsJeremiahS* OpenCover: https://opencover.com* Nexus Mutual: https://nexusmutual.ioHost Links* Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh* Vaults.fyi: https://vaults.fyiSubscribe and share with friends:* https://www.wallfacer.io/podcast ← Apple, YouTube, Spotify, and more!Timestamps* [00:00] Intro and OpenCover’s founding story* [03:54] The “DeFi mullet” app that preceded OpenCover* [06:40] Celsius, BlockFi, and why self-custody won* [08:29] What OpenCover does and doesn’t underwrite* [10:26] Yield compression and the challenge of scaling DeFi yield* [13:01] How much DeFi capital is actually insured today* [16:20] Why DeFi insurance adoption is so low* [19:45] Tranching, TrueFi, and the structural shortage of conservative capital* [22:14] OpenCover’s two verticals: protocol risk and transaction risk* [26:01] How covered vaults work: stake, cover on, unstake, cover off* [28:56] Premium streaming, rate dynamics, and whether insurance only works in high-rate environments* [33:13] The Resolv USR fallout and contagion risk across Morpho vaults* [34:46] The xUSD / Stream Finance claims payout, end to end* [37:13] How underwriting and repricing works for Morpho vaults* [40:00] Risk ratings vs. risk transfer: why insurance beats scores* [43:37] The Nexus Mutual underwriting stack: syndicates, capacity, and claims* [49:51] Who insures the insurers? Smart contract risk on the covered vault itself* [51:13] What success looks like: embedded protection as the default This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

EPISODE DESCRIPTION:Today’s guest is Octave Mesnard, Head of Strategy and Consumer Products at Jumper Exchange. We discuss Jumper’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.GUEST LINKS:* Octave Mesnard: https://twitter.com/octavionotpunk* Jumper Exchange: https://jumper.exchange* Jumper Exchange on X: https://x.com/JumperExchange* Jumper Earn: https://jumper.exchange/earnLearn how Jumper leverages the vaults.fyi API: https://docs.vaults.fyi/general/case-studies/jumper-earnHOST LINKS:* Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh* Vaults.fyi: https://app.vaults.fyi/* Build with our APIs: https://docs.vaults.fyiSUBSCRIBE:* Apple * Spotify * YouTube: https://www.youtube.com/@WallfacerLabs* Substack: https://wallfacerlabs.substack.com/s/podcastTIMESTAMPS:[00:00] Introduction[00:39] What was your initial foray into crypto?[02:17] Are there any parallels between catastrophe bonds and crypto insurance?[05:43] Tell us about Valha and Kook Exchange — what did you set out to solve?[09:10] You had both an API and a consumer interface — was that intentional?[12:05] Before joining LiFi, you were already working with them. How did that come about and how did you end up joining?[13:34] When you joined, did you already have a vision for what you wanted Jumper to become?[15:23] How do you think about where Jumper goes from here — browser, desktop, mobile?[19:43] Does the Robinhood comparison resonate — one place where users manage everything?[22:07] Who actually is the “normie” user in crypto?[23:42] So Jumper started as a thin layer on LiFi’s stack — is Earn the attempt to thicken that?[26:21] How have you thought about curation on Jumper Earn — what gets listed and what stays out?[29:10] How do you think about risk scoring more broadly across DeFi?[34:46] What are your concerns around RWAs coming into DeFi?[37:28] How do you view the competitive landscape for swapping and bridging today?[40:22] How did you think about working with vaults.fyi and how do you approach partnerships generally?[42:01] Outside of your role at Jumper, what’s catching your attention in DeFi right now?[44:22] You work in interoperability — do you have a contrarian view on the multi-chain future?[48:58] What is the origin of Octavio Not Punk This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

Today’s guest is Sébastien Derivaux, co-founder of Steakhouse Financial. We discuss the evolution of real-world assets in DeFi from MakerDAO’s pioneering experiments to today’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—from Société Générale’s groundbreaking tokenized bond deal to defaults to launching Grove as a Sky Star allocating $1B into CLO strategies.GUEST LINKS:* Sébastien Derivaux: https://twitter.com/SebVentures* Steakhouse Financial: https://twitter.com/SteakhouseFi* Steakhouse Financial Website: https://steakhouse.financialHOST LINKS:* Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh* Vaults.fyi: https://vaults.fyi* Vaults.fyi X: https://x.com/vaultsfyi* Wallfacer X: https://x.com/wallfacerlabsSUBSCRIBE TO WALLFACER PODCAST AND SHARE WITH FRIENDS:* Apple * Spotify * YouTube: https://www.youtube.com/@WallfacerLabs* Substack: https://wallfacerlabs.substack.com/s/podcastTIMESTAMPS:* [00:00] Introduction & Background* [02:20] MakerDAO’s Early RWA Experiments: Société Générale, Centrifuge & Lessons Learned* [10:02] The Economics of RWAs: Cost Savings, Efficiency & What Actually Works On-Chain* [16:31] Why Crypto Needs RWAs: Yield Sources, Composability & Liquidity Challenges* [24:20] The mF-ONE Controversy: What Happened & How to Think About Private Credit Risk* [31:00] Commercial Break* [34:17] Risk Management Philosophy: Lenders vs. Investors & Diversification Strategy* [42:46] Comparing RWA Risk to Crypto Collateral & Evolution of Market Perception* [48:53] Building Steakhouse: Three Business Pillars & Becoming a Morpho Curator* [51:45] The Future of Curation: Market Structure, Competition & Traditional Finance Entry* [57:08] Vault Governance: Non-Custodial Design & How Morpho Captures Value* [59:58] Grove Protocol & Sky’s Star System: Decentralized Allocation Strategy* [1:04:33] Looking Ahead: Term Lending, Yield Curves & 10-Year Vision This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

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.GUEST LINKS:* Andrew Keys: https://x.com/AK_EtherMachine* The Ether Machine: https://x.com/TheEtherMachine* DARMA Capital: https://x.com/darmacapitalHOST LINKS:* Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh* Vaults.fyi: https://vaults.fyiSUBSCRIBE SECTION: Subscribe to Wallfacer Podcast and share with friends:* Apple/Spotify: https://www.wallfacer.io/podcast* YouTube: https://www.youtube.com/@WallfacerLabs* Substack: https://wallfacerlabs.substack.com/s/podcastTIMESTAMPS:* [00:18] Andrew's Background & Early Ethereum Journey* [05:39] ETFs vs Digital Asset Treasuries (DATs)* [08:15] North Star Metric: Ether Concentration Per Share* [09:54] Institutional Investor Education & Market Response* [10:25] Ethereum's Evolving Narrative & Stablecoin Product-Market Fit* [12:40] Ethereum's Market Dominance in High-Quality Liquid Assets* [16:57] DARMA Capital's Institutional Staking Business* [20:35] Why Go Public: Philosophy vs Opportunity* [22:46] Regulatory Environment & Long-Term Vision* [23:54] Clean Corporate Structure Strategy* [28:10] The Future of Altcoin DATs & Market Sustainability* [29:36] Lessons Learned: From Naive Decentralization to Meeting People Where They Are This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

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. Rob shares insights on building automated asset-liability matching systems and his vision for bringing TradFi capital into crypto through superior yield optimization.GUEST LINKS:* Rob Montgomery: https://twitter.com/RobAnon94* InfiniFi: https://infinifi.xyz* InfiniFi on X: https://x.com/infiniFi_HOST LINKS:* Ryan Rodenbaugh: https://x.com/ryanrodenbaugh* Vaults.fyi: https://vaults.fyi* vaults.fyi on X: https://x.com/vaultsfyiSubscribe to Wallfacer Podcast and share with friends:* Apple / Spotify: https://www.wallfacer.io/podcast* YouTube: https://www.youtube.com/@WallfacerLabs* Substack: https://wallfacerlabs.substack.com/s/podcastTIMESTAMPS:* [01:01] InfiniFi's Timeline & Rapid Growth* [02:47] Capital Composition - Retail vs Institutional* [05:52] What is InfiniFi?* [08:00] How Duration Users Get Higher Yields* [09:31] Tranching Analogy & How It Works* [10:33] Portfolio Selection & Governance Process* [17:58] Complex Governance Structure Vision* [21:24] Risk Assessment & Due Diligence Process* [23:34] Duration Asset Adoption in Crypto* [27:59] The Pendle Relationship & Symbiosis* [29:38] Background on Resonate vs Pendle* [31:03] Why Haven't Competitors Built This?* [33:14] Network Effects & Defensibility* [34:35] RWA Vision & Tokenizer Strategy* [39:14] Revenue Model & Performance Fees* [40:54] What Haven't I Asked About?* [41:22] Success Metrics Beyond TVL This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

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.GUEST LINKS:* John Morrow: https://x.com/jmo_mx* Holt Butler: https://x.com/0xhotl* Gauntlet: https://x.com/gauntlet_xyz* https://gauntlet.xyz* Gauntlet USD Alpha: https://app.gauntlet.xyz/vaults/gtusdaHOST LINKS:* Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh* Vaults.fyi: https://vaults.fyi* gtUSDa on vaults.fyi: https://app.vaults.fyi/opportunity/base/0x000000000001CdB57E58Fa75Fe420a0f4D6640D5* Wallfacer: https://x.com/wallfacerlabsSUBSCRIBE SECTION: Subscribe to Wallfacer Podcast and share with friends:* Apple / Spotify: https://www.wallfacer.io/podcast* YouTube: https://www.youtube.com/@WallfacerLabs* Substack: https://wallfacerlabs.substack.com/s/podcastTIMESTAMPS:* [00:13] Gauntlet's Evolution: From Risk Models to Vault Management* [07:14] Defining the Vault Curator Role* [14:50] Behind the Scenes: Vault Management Operations* [17:54] Aera Protocol & Gauntlet USD Alpha Launch* [25:20] Institutional vs Retail Capital Allocation* [33:04] Customer Relationships & Platform Ownership* [36:56] Real World Assets & Cross-Chain Strategies* [46:25] DeFi Lending Competition: Morpho vs Aave* [49:26] Gaming, Tokenized Assets & Future DeFi Use Cases This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

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.GUEST LINKS:* Ivan Kozlov: https://x.com/Iv4n_Ko* Resolv Protocol: https://x.com/ResolvLabs* Resolv Journey (Roadmap): https://resolv.xyz/journeyHOST LINKS:* Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh* Vaults.fyi: https://twitter.com/vaultsfyi* Wallfacer: https://x.com/wallfacerlabsSUBSCRIBE SECTION: Subscribe to Wallfacer Podcast and share with friends:* Apple * Spotify * YouTube: https://www.youtube.com/@WallfacerLabs* Substack: https://wallfacerlabs.substack.com/s/podcastTIMESTAMPS: [00:00] Background & Journey from Nuclear Physics to DeFi [03:15] Why TradFi Products Fail in Crypto [09:39] What is Resolv Protocol [14:56] Tranching Mechanics & Risk Segregation [24:27] Market Segmentation & Risk Profiles [29:53] Distribution Strategy & Go-to-Market [40:01] Multi-Chain Expansion Philosophy [48:17] Future Yield Sources Beyond Delta Neutral [54:26] Five-Year Vision & Market Size Predictions This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

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.Guests:* DeFi Dad: https://twitter.com/DeFi_Dad* Nomatic: https://twitter.com/nomaticcap* The Edge Podcast: https://x.com/edge_pod* The Edge Newsletter: https://the-edge.xyzHost:* Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh* Vaults.fyi: https://vaults.fyiSubscribe to Wallfacer Podcast and share with friends:* Spotify:* YouTube: https://www.youtube.com/@WallfacerLabs* Substack: https://wallfacerlabs.substack.com/s/podcastShow Notes:[00:00] Intro & Origins[05:02] Nomatic's Backstory[10:33] The Bitcoin Foundation[16:14] Modern Blockchain Philosophy[24:59] Ethereum Sentiment & Conviction[31:26] Ethereum's Path Forward[37:45] The User Advantage[40:39] Storytelling vs. Reality Problem[46:39] DeFi Evolution: The Curator Model[55:20] Portfolio Examples & Strategy[1:00:40] DeFi Tokens in Top 20 Problem[1:11:25] Future Bets & Trends[1:21:21] App Layer Thesis[1:26:29] Mispriced Opportunities[1:27:32] Wrap-up & Where to Find Them This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

Please like, subscribe, and leave a positive review. It helps us get the show in front of more listeners and viewers (Apple, Spotify , YouTube)Today’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* Ryan: https://x.com/RyanRodenbaugh* Wallfacer: https://x.com/wallfacerlabs* Vaults.fyi: https://x.com/vaultsfyi* Dion Chu: https://x.com/dionchu* Term Labs: https://x.com/term_labsTimestamps: * 00:09 - Introduction to Dion Chu and Term Finance * 00:28 - What Term Finance does and what makes it unique in the lending space * 01:04 - The auction mechanism and insights that led to Term Finance's approach * 06:04 - How treasury auction mechanisms were adapted for DeFi * 09:02 - Potential for collusion in auction markets 10:29 - Supply and demand dynamics in Term Finance's market * 13:02 - Approaches to cultivating more lending capital * 15:03 - Impact of low variable rates across DeFi on Term's rates * 18:18 - Overview of Term's product suite (auctions, blue sheets, meta vaults) * 21:43 - Collateral preferences and makeup from borrowers * 23:26 - Cross-chain expansion and differences between Ethereum and Avalanche * 27:14 - Selling points for institutional capital and family offices * 28:56 - Security benefits of Term's architecture * 31:18 - Token launch learnings and advice for other founders * 36:24 - Next innovations and improvements planned for Term * 37:31 - Original vision of success and how goals have evolved This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

Today’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. * Nik: https://x.com/nomos_paradox* Chronicle: https://x.com/ChronicleLabs* Ryan: https://twitter.com/RyanRodenbaugh* Wallfacer: https://x.com/wallfacerlabs* vaults.fyi: https://twitter.com/vaultsfyiTimestamps: * 00:00 Introduction to Nik Kunkel and Chronicle Labs * 00:19 Nik's journey from IBM Hyperledger to MakerDAO * 03:27 Joining MakerDAO and the origins of SAI * 04:57 Early challenges with stablecoins and off-ramping * 06:54 The early days at MakerDAO and infrastructure challenges * 10:06 Introduction to Chronicle Labs and its origins * 14:32 Oracle scalability challenges and solutions * 17:05 Validator roles and the importance of identity * 20:44 How validators collect and report data across protocols * 21:58 How apps and chains choose Oracle providers * 27:24 Metrics for comparing Oracle providers * 30:24 Understanding Oracle business models * 37:03 Different pricing approaches for Oracle services * 40:33 Chronicle's focus on real-world assets (RWAs) * 46:21 Fungible vs. non-fungible RWAs and growth potential * 51:11 Chronicle's role in the Spark Grand Prix and Verified Asset Oracle * 55:32 Future evolution of the Oracle space * 58:37 The Chronicle points program and staking This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

Today’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 MakerDAOSam: https://x.com/hexonautSpark: https://x.com/sparkdotfiRyan: https://twitter.com/RyanRodenbaughWallfacer: https://x.com/wallfacerlabsvaults.fyi: https://twitter.com/vaultsfyiTimestamps: 00:00: Introduction and Sam's Journey to MakerDAO03:05: Idealism vs. Practicality in Protocol Evolution09:10: The SubDAO Model and Spark's Genesis15:30: The Role of Spark in the Sky Ecosystem18:50: Spark Liquidity Layer Innovation24:10: The Banking Analogy and Value Distribution29:10: The Stablecoin Landscape and Tether's Dominance34:19: Cross-Chain Expansion and Bridge Infrastructure36:40: Competitive Dynamics in DeFi39:40: RWA Integration and the Grand Prix45:40: Spark's Future and Value Capture49:50: Closing Remarks and Ways to FollowPlease like, subscribe, and share with a friend! This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

How are stablecoins reshaping the financial stack?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.Follow our guests: https://x.com/LucaProsperihttps://x.com/m0foundationAnd try out Wallfacer’s latest release: https://app.vaults.fyiFollow our host: https://twitter.com/RyanRodenbaughhttps://warpcast.com/ryanrodenbaugh.ethTimestamps00:00 - Luca's crypto red pill03:03 - The philosophy of money07:21 - Understanding modern banking12:14 - Reflections on working with MakerDAO17:24 - The current state of RWAs21:52 - The belief behind M^030:28 - $M's role as wholesale money38:04 - How M^0 manages collateral41:40 - Composability and $M44:47 - M^0's pitch for GTM success47:37 - The economics of stablecoin issuers53:58 - M^0's two token governance model58:32 - The economics of M^01:00:52 - Levelling up crypto monetary infrastructure1:04:27 - Closing predictions on DeFi This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

How is Euler Finance becoming DeFi's global liquidity layer? Ryan Rodenbaugh chats with Michael Bentley about reimagining DeFi infrastructure through modular design, what’s driving the protocol’s high yields, and why more builders are choosing Euler as their foundation.Follow our guests: https://x.com/euler_mabhttps://x.com/eulerfinanceAnd try out Wallfacer’s latest release: https://app.vaults.fyiTimestamps00:00 - Michael’s background05:22 - Getting into crypto08:32 - The vaults.fyi app09:17 - Euler’s culture 12:12 - Screening for culture fits14:17 - Sticking around after the Euler hack17:00 - Euler v2 vs Euler v119:49 - Euler as primitive infrastructure28:54 - The case for alternative collateral 31:28 - Why Euler is a RWA project35:58 - Bootstrapping stablecoins with modular DeFi protocols39:37 - What’s driving Euler’s high yields42:51 - Balancing incentives for a mature token46:05 - Euler’s metrics for success49:30 - Why don’t protocols just launch on Euler?52:48 - DeFi and the Lindy effect55:04 - What’s next for Euler59:37 - Realizing Euler’s vision This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

@RyanRodenbaugh sat down with @MattFiebach of @EntropyAdvisors in our latest podcast! They discussed how the Entropy team is accelerating the @arbitrum DAO, the current OpCo proposal, & the world of decentralized governance. Timestamps00:00 - What is Entropy Advisors?01:59 - Why Arbitrum?05:54 - Who contributes to Arbitrum today?08:02 - Which Arbitrum competitors stand out?12:11 - Offchain Labs’ influence on Arbitrum13:56 - What does OpCo address?16:10 - How OpCo has been received18:35 - Analogous structures & OpCo’s role21:40 - In-house vs service providers23:07 - How L2s are valued25:33 - Arbitrum DAO’s business model28:25 - Matt’s thoughts on the Superchain narrative37:02 - What should L2s focus on?41:16 - Arbitrum’s homegrown success stories46:37 - Focusing on Ethereum vs other L1s51:13 - Arbitrum and L2 interoperability53:18 - Friction points for users54:58 - Getting people onchain & closing thoughtsFollow our guests: https://x.com/MattFiebachhttps://x.com/EntropyAdvisorsStay connected with Wallfacer: https://twitter.com/wallfacerlabshttps://linktr.ee/wallfacerlabshttps://twitter.com/ryanrodenbaughhttps://warpcast.com/ryanrodenbaugh This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

🎙️ Join @RyanRodenbaugh and @DeFi_Made_Here in our latest podcast. They discussed @0xFluid’s approach to DeFi, @Instadapp’s evolution, and more!Timestamps00:00 - DMH’s background04:40 - What is Fluid?07:09 - Instadapp’s evolution09:05 - Fluid’s design10:40 - How the Liquidity Layer works12:35 - Risk in Fluid’s ecosystem14:55 - Fluid’s competitive rates 16:03 - How Fluid utilizes capital 24:51 - Building on the Liquidity Layer29:10 - Collaborating with other protocols33:00 - Fluid’s biggest competitor 35:35 - Rapid growth without token incentives37:19 - Maintaining APY with high TVL39:45 - Fluid’s approach to L2s41:41 - The evolution on $INST43:19 - Establishing Fluid as a “blue-chip” protocolFollow: https://x.com/defi_made_herehttps://x.com/instadapphttps://x.com/0xFluidFollow Wallfacer: https://twitter.com/wallfacerlabsAnd our host, Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh https://warpcast.com/ryanrodenbaughAnd subscribe for all our other content: https://linktr.ee/wallfacerlabs This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

RyanRodenbaugh caught up with @saltyfacu of @yearn/@built_by_mom in our latest podcast! They discussed @yearn's OG culture, its evolution, future direction, and explored Facu's builder collective @built_by_mom.00:00 - Facu’s background03:30 - Yearn’s OG culture05:00 - Outcomes of pseudo anonymity 07:06 - Yearn’s structure today09:51 - How Yearn’s culture has evolved12:00 - DeFi Summer memories13:19 - Maintaining Yearn’s reputation14:40 - Avenues for growth16:23 - L2 expansion19:57 - Alternative L1s21:14 - What is Mom?23:20 - What is Ajna?26:20 - Choosing who to work with27:57 - Mom’s marketing style34:12 - Misconceptions about working in DeFi36:00 - Mom’s products41:36 - What’s nextLinks: https://x.com/saltyfacuhttps://x.com/built_by_momhttps://twitter.com/ryanrodenbaughhttps://twitter.com/wallfacerlabshttps://twitter.com/vaultsfyi This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

🎙️ In our latest episode, @RyanRodenbaugh talks with @mattimost of @ReserveProtocol. They discuss the appeal of index products in DeFi, growing and governing a healthy stablecoin protocol, onboarding crypto-natives vs mainstream users, and more!Timestamps00:00 - Introduction03:03 - Index products in DeFi07:47 - Reserve’s user profiles12:04 - Crypto-native vs mainstream product design15:30 - What motivates Reserve’s governance community18:11 - Active vs organic growth20:20 - Catalysts for Reserve’s growth21:41 - What makes a protocol healthy25:08 - Onboarding users to stablecoins30:40 - Learnings that challenged previous beliefs33:50 - Integrating RWAs 36:43 - Thomas’ background and path to Reserve38:45 - Closing thoughts This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

Today’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 fees00:00: Introduction 00:40: Defining a modern crypto wallet 06:00: Views on crypto + social 09:15: Defining Zerion's target users 11:40: Wallets, wallets, wallets 19:30: The evolving business of Zerion 24:25: ZERO and improving the onchain user experience 30:25: Building an ecosystem around ZERO and attracting content creators 41:10: Building on the @zksync Zk Stack 48:00: The business of ZERO 52:00: Onchain identity / Zerion DNA Learn more: Zerion, Evgeny, and Zerohttps://x.com/zerionhttps://x.com/evgeth_https://x.com/zerodotnetworkWallfacer Labs and Ryanhttps://x.com/wallfacerlabshttps://x.com/RyanRodenbaugh/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

In this episode, @definikola from DeFi Saver joins us to discuss balancing quality and quantity, catching blue-chip protocols early, and DeFi Saver's business model. We also touch on the dominance of blue-chip apps, the importance of user control and what’s next for DeFi Saver.00:00 - Introduction to DeFi Saver02:55 - Balancing quality and quantity04:51 - New products and new users07:07 - Catching blue-chip protocols early10:36 - How not tracking users impacts building products12:35 - DeFi Saver’s business model17:55 - Recipes and novel use cases22:23 - Why blue-chip apps dominate23:50 - Why more people don’t use UX layers27:23 - Frontend fees29:18 - Giving control to users32:52 - The pros and cons of having a token36:22 - Integrating passkeys to DeFi Saver37:66 - What’s next from DeFi SaverTo learn more about Definikola: https://x.com/definikolaAnd Defi Saver: https://defisaver.com/Follow Wallfacer: https://twitter.com/wallfacerlabsAnd our host, Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh https://warpcast.com/ryanrodenbaughAnd subscribe for all our other content: https://linktr.ee/wallfacerlabs This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

In our latest podcast, we sat down with Sefton Kincaid of @cicadacredit!We discussed the past, present and future of onchain credit, as well as Cicada’s recent partnership with @TrueFiDAO 🎙️00:00 - Sefton’s background04:40 - The efficiencies of DeFi protocols09:44 - The history of crypto credit17:20 - Collateralized vs uncollateralized credit18:30 - TrueFi and Maple’s appeal21:55 - Crypto credit today21:45 - Borrowing from custodians26:38 - Communication between lenders29:03 - The pricing of risk31:25 - Why Sefton stayed in onchain credit32:20 - Cicada Partners’ founding thesis33:15 - Asset backed lending34:48 - The appetite for RWA deals37:22 - Cicada’s partnership with TrueFi40:44 - DeFi vs CeFi lending in the future44:13 - Common misconceptions in onchain credit47:51 - The future impact of onchain credit49:38 - Closing thoughts Follow Wallfacer: https://twitter.com/wallfacerlabsAnd our host, Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh https://warpcast.com/ryanrodenbaughAnd subscribe for all our other content: https://linktr.ee/wallfacerlabs This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

Today’s guest is Regan Bozman. Regan is the co-founder of Lattice, an early-stage crypto venture fund. Regan Bozman: Learn more: https://twitter.com/reganbozmanhttps://www.lattice.fund/00:00 - Regan’s background01:56 - ICO takeaways05:25 - Changes in the crypto investor landscape13:40 - Improvements in the space16:33 - Building for the current crypto audience19:45 - Lattice’s founding thesis and development21:14 - Non-crypto-native funds returning to crypto22:55 - Competing with crypto’s biggest funds24:15 - Exciting areas and contrarian positions30:18 - Private VC rounds vs market buying32:08 - Lattice’s perfect deal34:47 - Having an irrational belief in crypto36:00 - Making contrarian bets40:13 - Valuing equity vs tokens41:14 - Building moats in crypto43:20 - Types of distribution45:16 - Organic crypto marketing46:25 - Lattice’s investing process48:37 - Examples of failed deals50:00 - Investing in applications53:43 - How experience informs how Lattice invests55:45 - Where the market is going58:08 - Product-market fit in cryptoFollow: https://twitter.com/wallfacerlabsAnd subscribe for all our other content: https://linktr.ee/wallfacerlabs This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

Today's guest is Wesley Pryor, the founder of Acheron Trading, a digital asset market maker. You can learn more about Wesley on X: https://twitter.com/wes_dewayneAnd his firm on their blog: https://acherontrading.com/blog00:00 - The role of market makers06:00 - Listing tokens on exchanges08:13 - How market makers get paid14:06 - Market making in crypto vs traditional finance17:25 - The risk of mispriced options20:00 - Wesley’s background and Acheron’s story27:25 - Acheron’s thesis on providing liquidity29:50 - Transparency in market making32:52 - Predatory market makers41:30 - Loan and call options50:45 - Examples of predatory token launches56:03 - Different types of market making58:04 - Enforcement of standards in crypto market making59:40 - Future predictions for crypto market makingTo learn more about Wallfacer Labs, you can follow us on X: https://twitter.com/wallfacerlabsOr our host, Ryan Rodenbaugh: https://twitter.com/RyanRodenbaugh This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

Today’s guest is Piotr Szlachciak, the co-founder of L2BEAT — the Ethereum space’s go-to resource for analytics on L2 scaling solutions. In addition, Piotr has several years of experience working as a software engineer and leading engineering teams in the Ethereum ecosystem.https://twitter.com/PiotrSzlachciakhttps://twitter.com/l2beat[0:00] Introduction and Piotr's crypto history[7:45] L2BEAT's founding story[12:00] Decentralized vs traditional companies[15:30] L2BEAT user personas[21:35] Do L2s conform to L2BEAT's standards?[25:22] Governance in L2 communities[33:58] L2BEAT as a public goods company/business model[48:40] The state of the L2 ecosystem[51:43] The risks of cross-chain bridges[58:00] Alternative data availability solutions[1:00:54] Gathering data for L2BEAT[1:09:50] What's next for L2BEAT This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

Today’s guest is Alan Keegan. Alan is the co-founder and CSO of Mamori Labs, the company building the Kinto Network. Kinto is a soon-to-be-launched L2 with user permissioning built into the base layer. Prior to that, Alan worked at numerous companies including Bridgewater Associates and Sense Finance. Get involved: https://engen.kinto.xyz/Learn more about Alan: https://twitter.com/MisterKeeganFollow Kinto: https://twitter.com/KintoXYZ[00:00:00] Introduction [00:00:30] What is Kinto?[00:05:45] The levels of on-chain compliance[00:08:30] Comparing against other solutions in the market[00:13:35] Unlocking RWAs full potential [00:18:00] Attracting capital to the chain [00:22:30] Discussing the bear case of permissioned chains[00:27:00] State of ecosystem apps on Kinto on Day 1[00:30:50] Benefits account abstraction [00:36:10] Kinto and bridging [00:38:00] Balancing Kinto with broader crypto ethos [00:41:00] Alan's background [00:44:00] Alan's time at Bridgewater [00:51:25] Co-Founding OmegaOne[00:52:45] Founding a clothing company[01:00:00] The concept of "participatory design"[01:04:40] Alan's time at Sense Finance[01:06:50] Differences between application vs networks[01:09:00] Initial draw to the ideals of Kinto[01:11:45] Get involved with Kinto! This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

Getty Hill is the CEO and Co-Founder of GFX Labs, a blockchain research & development company.[0:00] Introduction and Getty's time at Grapefruit Trading[10:00] Starting GFX [14:00] Breaking down the team and work at GFX[19:20] Funds delegating to GFX [20:30] The role of activist investors in DAOs[22:00] The state of MakerDAO [27:00] GFX's involvement at Uniswap[31:40] The Uniswap Fee Switch[39:00] Would the vote go differently today?[40:00] Relationship between protocols and Labs co's[43:00] The risk management space within DeFi [47:30] Other exciting developments in borrow/lend[48:20] Oku Trade[1:02:00] Raising from VCs vs grant programs [1:04:00] Metrics for success and next 12-months of Oku[1:07:30] POINTS [1:11:00] Retro on Optimism's RetroPGF 3[1:16:00] The world of many chains [1:18:00] What excited Getty about the future This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

Today's guest is Masa, who many of you may know as TheSkyHopper on Twitter (https://twitter.com/TheSkyhopper). Masa is the co-founder of Bastion Trading and has a long history trading and investing across traditional markets as well. [00:00] Introduction and background [01:30] 2017 arbitrage opportunities [03:00] Arbitrage and the life cycle of markets [07:10] A role in governance activism and "RFV" trades [11:30] how do you structure the team at a trading firm [14:00] developing edge within trading firms [18:00] Trading and being active in the markets post-FTX[27:00] How do DeFi venues actually replace CeFi venues?[29:00] The small offshore exchange niche [32:00] M&A (or lack of it) within DeFi[36:00] Bad actors in crypto [38:00] Risk management [41:00] Unique traits of successful crypto traders [47:00] Trading NFTs and private market investing [48:55] Animoca's venture book, fundiraising and more[52:00] Options markets in crypto [55:00] Whale in the options market [1:01:00] What catches Masa's attention today? This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

[0:00] Introduction, background, joining MakerDAO from Twitter[2:45] Initial spark with crypto[4:45] One-year anniversary of the Unreal Primer on Real World Assets report[7:20] Birth and Rebirth Assets[11:40] Why are most assets today rebirth?[17:00] RWA adoption happening via a pincer movement[19:00] High-risk credit markets drying up on-chain and the inevitability of defaults [23:00] Standards in RWA[26:30] Who develops the standards?[29:00] Figuring out the buy-side and secondary liquidity [33:00] Where will see cost declines?[37:00] The other side of Maker's "success" with its RWA deals [39:00] Where TJ sees opportunity in RWAs[41:50] What would TJ change about RWAs today?[45:00] Entheos Network, TJ's new company[53:00] Battery Management Systems and Go-to-market[59:50] Is there a crypto tie-in for Entheos? DePin?[1:07:32] The TJ Ragsdale Health optimization function This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

Marcus Leanos is the Founder of CIO of MJL Capital (https://twitter.com/MjlCapital) a multi-strategy digital asset hedge fund, and Adapt3r Digital (https://twitter.com/Adapt3rDigital), a trusted bridge between real-world asset origination and decentralized finance. [00:30] Introduction to Marcus and MJL Capital[3:00] Jump to crypto from traditional investing [7:30] Fintechs and community banks[11:30] Innovation in the capital structure of DeFi protocols[19:55] State of the community / regional bank sector[27:00] What do fundamental investors in crypto look for?[36:00] Fundamental investor traits and models[39:50] Credit and RWA[55:30] Opportunities for innovation in Credit/RWA[57:11] What is Adapt3r Digital?[59:20] What products come next?[1:01:08] New asset managers vs. the large institutions and RWA[1:06:30] Investment case studies, Nexus Mutual[1:15:30] Investment case studies, Convex [1:24:00] Closing and thanks for listening! This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

[0:00] Leslie's Background and intro to crypto [10:00] The decision and process to join Binance in the depths of the 2018/2019 bear. [17:00] Early keys to the Binance success story and embracing Chinese work culture[18:50] The culture of Binance [21:00] How CZ Runs the Firm [33:00] Leslie's time within Binance [39:00] The 2018/2019 Hong Kong crypto scene[41:00] What most people from tradfi don't get when they transition to crypto?[47:00] Coinflex chapter[50:00] Coinflex vs. FTX at the time [53:00] The binance vs. ftx competition [55:00] Starting GBV [58:00] GBV Investment pace [1:01:00] Themes and current interest areas [1:07:00] More on themes and applications [1:10:00] RWAs and Credit markets [1:17:25] L2s, Boba, and OP Stack[1:25:40] Thinking about valuations of L2 apps[1:29:00] Macro and turning points for crypto This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com