What if the most resilient financial primitive in crypto actually gets stronger every time the market crashes?

Eric Coley, CEO of Indigo, joins Bryan Colligan and Eric Waisanen to break down how collateralized debt positions (CDPs) absorb panic and why real-world assets are the next massive unlock for onchain liquidity. Eric builds in crypto and leads one of Cardano's original DeFi mainstays—launching a "hello world" before smart contracts even existed on the chain. He sits in a rare seat: overseeing a protocol that survived the brutal October flash crash without taking on a single dollar of bad debt.

While centralized market makers hide losses on their balance sheets after a crash, properly structured CDPs do the opposite. By heavily collateralizing positions and aggressively rewarding stability pool depositors, Indigo stays entirely solvent. As Nassim Taleb's "Black Swan" theory outlines, the leverage stack eventually breaks. But a CDP acts as an anti-fragile primitive—using liquidation hunting to maintain the peg and protect the ecosystem. Now, Indigo pushes this model into Real World Assets (RWAs), building out a multi-collateral suite that allows tokenized T-Bills or equities to mint stable liquidity without paying Wall Street's 16% hurdle rates.

The kicker: Superior technology means nothing if big liquidity providers can't find basic composability. That's why building siloed chains no longer works, and why continuous infrastructure upgrades are the only true way to capture institutional capital when the macro cycle flips. Eric closes by ranking the narratives—killing the "DeFi mullet," charting the RWA pump, and betting long-term on agentic AI. This is the alpha.

Chapters: 0:00 Cold Open & Welcome: Eric Coley from Indigo 1:13 Paying for Past Sins: Crypto's Necessary Purge 2:44 The October Flash Crash: Surviving With Zero Bad Debt 4:41 Taleb's Black Swan & The Anti-Fragile CDP 8:41 Information Cascades: How Hype Actually Moves Markets 10:36 Tokenize Everything: RWAs & Cheaper Crypto Loans 16:02 Solving Cardano's Composability Gaps 22:39 Why Indigo Partnered With AlphaGrowth 23:35 F/Marry/Kill: Agentic AI, RWAs & The DeFi Mullet

More alpha drops soon. Follow on X: Alpha Growth: @alphagrowth1 | Bryan Colligan: @bryancolligan | Eric Waisanen: @EricWaisanen | Eric Coley: @ecatxvc & Indigo: @Indigo_protocol

The Alpha Growth team is excited to bring you real-time intel from the DeFi front lines. Catch every episode of Dose of Alpha on YouTube, Spotify, and X. Learn more at alphagrowth.io.

Subscribe, like, and drop a comment to let us know what alpha you want next.

#DoseOfAlpha #Indigo #Cardano #DeFi #RWAs #Stablecoins

What if the next trillion-dollar market isn't driven by institutions, but by non-custodial AI agents trading 24/7 on your behalf?

Charles Hoskinson, founder of Cardano and CEO of Input Output, joins Bryan Colligan and Eric Waisanen to break down the unification of Web2 and Web3. Charles is a 15-year crypto OG who created the first algorithmic stablecoin, co-founded Ethereum, and now pioneers synthetic biology at Colossal. He sits in a rare seat: he understands the philosophical roots of decentralized consensus better than almost anyone, and actively applies them to everything from genetic engineering to privacy-enhancing network layers.

True mainstream adoption requires four pillars: abstraction, smart compliance, privacy-enhancing tech (PET), and agents. Right now, DeFi is too complex and unforgiving. By pairing zero-knowledge proofs with trusted execution environments, your agent navigates the markets, reads 10-Ks, and executes complex trades without ever leaking your proprietary alpha. Charles calls tokenization and smart contracts the "financial stem cell"—a primitive that grows into any financial instrument imaginable, completely outside the legacy broker-dealer structure.

The kicker: Cardano is adding its "executive branch," transforming from an insular research project into an industry-wide juggernaut. With Input Output operating as a venture studio, the chain with eight years of perfect uptime is aiming to capture billions in TVL through novel, non-adversarial ecosystems like Midnight City. In the rapid-fire F/Marry/Kill segment, Charles kills RWA 1.0 (tokenized Microsoft stock) but marries agentic finance. This is the alpha.

Chapters:

0:00 Cold Open & Welcome: Charles Hoskinson

2:08 Resurrecting the Direwolf: Synthetic Biology & Decentralized Science

10:54 Metcalfe's Law, AI Deepfakes & The Veracity Layer

15:30 Cardano's Constitution & Building an Executive Branch

21:58 Input Output's Pivot to a Venture Studio 29:18 The DeFi Mullet & Unifying Web2 and Web3

35:41 F/Marry/Kill: RWAs, Agentic Finance & The DeFi Mullet

41:48 Non-Custodial Agents & The "Financial Stem Cell"

52:20 Turning the "Ghost Chain" into a TVL Juggernaut

More alpha drops soon. Follow on X: Alpha Growth: @alphagrowth1 | Bryan Colligan: @bryancolligan | Eric Waisanen: @EricWaisanen | Charles Hoskinson: @IOHK_Charles & @IOGroup

The Alpha Growth team is excited to bring you real-time intel from the DeFi front lines. Catch every episode of Dose of Alpha on YouTube, Spotify, and X. Learn more at alphagrowth.io.

Subscribe, like, and drop a comment to let us know what alpha you want next.

#DoseOfAlpha #Cardano #DeFi #AgenticFinance #CharlesHoskinson #InputOutput

What if the chain everyone calls a "ghost chain" or "a cult" is quietly becoming the closest thing crypto has to an actual working government? Dave (@Dave__Dionisio) joins Bryan Colligan and Eric Waisanen straight from the Cardano ecosystem — years auditing banks at the CFPB in D.C., then in deep with Input Output (formerly IOG), now working alongside Midgard, the Cardano layer-2 built by Anastasia Labs founder Philip DiSarro. Dave breaks down why Cardano's UTXO model isn't just a technical footnote: it's why the chain hasn't gone down since launching in 2017, why Midgard can inherit that security instead of bootstrapping a new trust model, and why Vitalik Buterin quietly agreeing with ideas Charles Hoskinson mapped out eight years ago isn't a coincidence. Then governance. Cardano runs on a tri-cameral system — SPOs keeping the network running, DReps voting with delegated ADA, a constitutional committee acting as the Supreme Court — sitting on top of a 1.5 billion ADA treasury. Dave calls it a mini-government, complete with the same growing pains: expertise gaps, emerging political factions, and the hard problem of asking one ADA holder to be an expert in security, tokenomics, and go-to-market all at once. The kicker: Alpha Growth's own proposal to bring a coherent DeFi strategy to Cardano goes on-chain around this very episode — not because Bryan and Eric claimed to know every protocol, but because they didn't. Dave tells the Tether Gold story to explain why: great tech with zero marketing or BD still fails. Alpha Growth won the RFP by offering to curate and connect, not compete. This is the alpha. Chapters: 0:00 Intro: Welcoming Dave from Midgard 1:28 Dave's Path: D.C. Bank Regulator to Cardano & IOG 6:22 Vitalik Validates Hoskinson: Cardano's Long Game 9:41 UTXO & Real Decentralization, Explained 12:52 Bitcoin's Upgrade Problem vs. Cardano's Built-to-Evolve Design 17:02 Plutus & Math-Provable Smart Contracts 18:57 What Midgard Actually Is (and Why Philip DiSarro Built It) 23:49 Inside Cardano's Tri-Cameral Governance 28:18 The D-Rep Expertise Problem 33:27 Political Factions Emerging in Cardano Governance 37:53 Why Alpha Growth Won the Cardano DeFi RFP 43:35 The Tether Gold Story: Tech Isn't Enough 51:44 What Winning Looks Like for Cardano in 1, 5, 10 Years 54:24 F/Marry/Kill: AI, RWAs & the DeFi Mullet 1:00:08 Money, Privacy & the Surveillance Question 1:04:13 AI Tangent: Claude's Fable & the Ceramics Parable 1:14:50 Wrap & Where to Find the Cardano Proposal More alpha drops soon. Follow on X: Alpha Growth: @alphagrowth1 | Bryan Colligan: @bryancolligan | Eric Waisanen: @EricWaisanen | Dave: @Dave__Dionisio & Midgard: @midgardprotocol | Cardano: @Cardano The Alpha Growth team is excited to bring you real-time intel from the DeFi front lines. Catch every episode of Dose of Alpha on YouTube, Spotify, and X. Learn more at alphagrowth.io. Subscribe, like, and drop a comment to let us know what alpha you want next. #DoseOfAlpha #Cardano #Midgard #DeFi #Governance #UTXO #ADA

What if the only thing keeping hundreds of millions in real-world assets off-chain is a four-day wait for a bank wire to clear?

Mike Massari, Head of Partnerships at RedStone, joins Bryan Colligan and Eric Waisanen to break down what it takes to make RWAs work onchain — and why the fix has to live in the oracle.

RedStone started as a price-feed oracle with a spotless track record, but secure feeds aren't enough once institutions and tokenized assets show up. So the team built the RedStone Stack, including OEV (Oracle Extractable Value): instead of letting MEV bots pocket the bonus on every liquidation, an off-chain auction fires the instant a price update would trigger one, and the recaptured value goes back to the protocol. Their acquisition of Credora added independent risk ratings on top.

Then the centerpiece: RedStone Settle, built with Symbiotic. RWAs have a redemption problem — a gold token might promise $100M of borrow capacity while holding just $5M of real onchain liquidity, and redeeming to cash can take four days. Settle fixes it with a reverse auction: solvers bid a discount to liquidate closest to 100%, the position settles instantly at T-zero, and the solver eats the multi-day wait. Instant liquidity on an asset that normally can't offer it.

The kicker: Mike ranks RWAs as the single most bullish narrative in crypto — above the DeFi mullet, above AI — not because he's cheerleading, but because "it's just happening." The endgame is no "TradFi" and no "DeFi," just finance, with the chain as the rails underneath. This is the alpha.

Chapters:

0:00 Cold Open & Welcoming Mike from RedStone 1:53 Beyond Price Feeds: The Evolution of RedStone 2:53 Inside the RedStone Stack 3:49 What Institutions Actually Want in DeFi 6:20 Oracle Extractable Value (OEV), Explained 9:15 Is a Protocol a Business? The Liquidation Debate 11:12 The Ugly Truth About Risk Curation 14:35 F/Marry/Kill: Ranking RWAs, the DeFi Mullet & AI 18:08 The RWA Liquidity Problem (The Gold Token Story) 20:11 Introducing RedStone Settle with Symbiotic 24:07 Winners & Losers in the On-Chain Transition 29:02 The Need for Speed: RedStone Bolt & Fast Oracles 32:29 Partnership Reflections & Where to Find RedStone

More alpha drops soon.

Follow on X: Alpha Growth: @alphagrowth1 | Bryan Colligan: @bryancolligan | Eric Waisanen: @EricWaisanen | Mike Massari: @mkmassari & RedStone: @redstone_defi

The Alpha Growth team is excited to bring you real-time intel from the DeFi front lines. Catch every episode of Dose of Alpha on YouTube, Spotify, and X. Learn more at alphagrowth.io.

Subscribe, like, and drop a comment to let us know what alpha you want next.

#DoseOfAlpha #RedStone #RWA #DeFi #Oracles #OEV #Symbiotic

What if the most reliable 11% yield in crypto exists only because Wall Street still scores Bitcoin as negative capital?

Kevin Li, co-founder and CEO of Saturn Credit, joins Bryan Colligan and Eric Waisanen to break down how MicroStrategy's digital credit is becoming the benchmark rate for onchain finance — and where it could break. Kevin ran the Digital Asset Treasury initiative at Artemis and has held MicroStrategy since 2023, so he sits in a rare seat: he understands Strategy better than most people in DeFi, and DeFi better than most people who follow Strategy.

Stretch (STRC) is a perpetual preferred equity — no maturity, no redemption to par, a dividend the board can skip. So it all rests on Strategy's willingness to pay, backed by ~800K BTC at a 25% LTV. The catch that unlocks the yield: S&P scored that Bitcoin as negative capital. TradFi can't price Bitcoin as collateral yet — and that mispricing is the entire ~11% spread. Saturn brings that credit onchain through USDAT and sUSDAT, plus a simple DeFi stack — Pendle, looping, and tranching — that splits Stretch into a safe senior tranche and a leveraged junior one. Launched a month ago, already at $167M TVL.

The kicker: Stretch grew from $2.7B to $8.5B in months — through a Bitcoin drawdown — because unlike Ethena, every dollar in ultimately buys more Bitcoin, giving Strategy room to issue even more. It's a reflexive flywheel, and it's still leverage: it only really breaks under massive contagion. Kevin closes by ranking the narratives — AI, the DeFi mullet, and RWAs. This is the alpha.

Chapters:

0:00 Cold Open & Welcome: Kevin from Saturn

1:18 Kevin's Background: Artemis, a VC Fund & the STEPN Craze

3:51 Is Stretch an Infinite Money Glitch? Preferred-Equity Risk

6:15 Will Strategy Sell Its Bitcoin? The "Trust Me, Bro" Problem

9:55 The Three Stages of MicroStrategy's Evolution

11:19 Saturn's Edge & Stretch as the New Benchmark Rate

12:50 Taking the Leap: The Saturn Founding Story

14:08 Launch, $167M TVL & Yield Compression

17:35 TradFi's Big Mispricing: Bitcoin as "Negative Capital"

21:00 The Saturn Stack: USDAT, Pendle, Looping & Tranches

25:00 Oracle Pricing, Liquidations & Saturn's Business Model

28:35 The Sailor Lesson: Focus & Distribution

29:40 Rate Compression, the Bitcoin Flywheel & Dynamic Reserve

36:12 F/Marry/Kill: AI, the DeFi Mullet & RWAs

More alpha drops soon.

Follow on X: Alpha Growth: @alphagrowth1 | Bryan Colligan: @bryancolligan | Eric Waisanen: @EricWaisanen | Kevin Li: @kevinlhr88 & Saturn: @saturn_credit

The Alpha Growth team is excited to bring you real-time intel from the DeFi front lines. Catch every episode of Dose of Alpha on YouTube, Spotify, and X. Learn more at alphagrowth.io.

Subscribe, like, and drop a comment to let us know what alpha you want next.

#DoseOfAlpha #Saturn #MicroStrategy #Bitcoin #DeFi #Stablecoins #STRC

What if everything crypto teaches you about bootstrapping a blockchain — high yields, fat incentives, mercenary TVL — is exactly what guarantees its collapse?

PaperImperium, economics lead at MegaETH, joins Bryan Colligan and Eric Waisanen to break down how you actually build a chain that lasts. Paper spent four years running the delegation portfolio at GFX Labs — a lifetime in crypto — through the Maker and Sky DAO governance wars, and came up as an archaeologist before he came up as an economist. His job now is to invert problems: start from where MegaETH wants to be in 6 to 12 months and work backwards to what has to happen today. He's one of the few people outside the founders who sees the whole chessboard.

The core thesis is: Block space is empty land — you can pay settlers to show up, but if all they do is mill around collecting incentives, you run out of money. They have to build something productive. MegaETH's structural edge is USDM, a native stablecoin (100% backed by USDC and USDT-B) that monetizes passively into buybacks, so the chain earns even on slow summer days when gas-only chains go quiet. Pair that with an Aave incentive model that runs countercyclically — roughly 5% guaranteed, incentives weaning off as organic yield rises, so you never attract the 20%-APY mercenaries who leave the second the number drops. Then come the apps only a real-time chain can run: Hit One, random-direction 400–1000x micro-bets you place while waiting for coffee — "the pro wrestling of finance" — built fully onchain on world markets.

The kicker: only about 15% of the entire stablecoin market is actually DeFi. So Paper's whole strategy is to skip the crowded part — don't fight Circle, Tether, and 80,000 DeFi forks over the same sliver. Go where the A+ products can't reach: a yield-bearing Turkish lira stablecoin, a better-than-your-local-bank dollar in Venezuela, the gray-market lenders in Bangladesh. A B+ product wins when it's the only product on the ground. Because it's cheaper to provide stability than a high APY — and stability is something almost nobody else offers. This is the alpha.

Chapters:

0:00 Introduction & Cold Open 1:11 PaperImperium's Journey: GFX Labs to MegaETH 2:46 The Economics Lead Role: Working Backwards from Goals 4:40 Avoiding the TVL Pump-and-Collapse 6:34 Homegrown vs. Brand-Name DApps 8:19 Stability Over Yield: The Aave & USDM Model 12:13 KPIs, Native App Market Cap & Asset Issuance 13:19 Why Gas Fees Aren't Enough: Monetizing a Chain 16:37 The Frontier Analogy: Settlers & Productive Activity 18:21 Don't Fight in DeFi: Choosing Your Target Market 22:46 Real-Time-Only Use Cases: Hit One 26:26 L2 Monetization Models & the Sequencer Question 28:53 VC or Hedge Fund? The Circle of Competence 32:56 Rapid Fire: AI in Crypto 34:06 Rapid Fire: Are DAOs Dead? 37:01 Security & Outro

More alpha drops soon.

Follow on X: Alpha Growth: @alphagrowth1 | Bryan Colligan: @bryancolligan | Eric Waisanen: @EricWaisanen | PaperImperium: @ImperiumPaper & MegaETH: @megaeth

The Alpha Growth team is excited to bring you real-time intel from the DeFi front lines. Catch every episode of Dose of Alpha on YouTube, Spotify, and X. Learn more at alphagrowth.io.

Subscribe, like, and drop a comment to let us know what alpha you want next.

#DoseOfAlpha #MegaETH #DeFi #Stablecoins #USDM #Aave #L2

Crypto showed up to Consensus Miami in a suit — and the culture didn't show up at all. Bryan and Eric catch up post-Miami: what's new, what's current, how it actually went, and the pivots they can feel coming. They debrief the whole circuit — Miami, ETH Denver, DAS New York — and the read is the same everywhere: crypto's growing up. Eric's now the youngest guy in rooms he used to be the oldest in. $60 billion family offices want in and have no idea how. And the college kids? They don't care about meme coins or DeFi anymore — they care about prediction markets. This is Bryan Colligan and Eric Waisanen unfiltered: decentralized finance, market maneuvers, TradFi convergence, and where crypto actually sits in today's economy. From there it goes wide. Agentic payments and "nano payments" for AI agents that hold their own wallets. The love-hate grind of working with AI that's brilliant until it confidently lies to you — treat it like a talented 22-year-old intern. Tax-free, yield-bearing tokens to fund public hospitals. Data center operators hedging GPUs against Bitcoin mining, and a token paying 14 to 15% Bitcoin yield on your dollars. Then the conversation does what these two always do — wanders somewhere bigger. A million people on Mars and 10,000 Starships. Nietzsche, game theory, and why morality might just be the winning survival strategy. Theranos, Solyndra, and the Tesla factory that only exists because a $3 billion government failure built it first. Fake it till you make it — but what counts as fraud when the faker eventually makes it? The throughline back to crypto: less grift than last cycle, but not more trust. We're a $3 trillion industry with barely 0.2% actually onchain in DeFi — and retail already got burned and left. Crypto's gone full TradFi. AI is the new retail. The game just put on a suit. This is the alpha. Chapters: 0:00 Intro: Miami Vibes & a Maturing Crypto 1:18 Prediction Markets & Institutional Interest 3:00 Agentic Payments & Nano Payments 4:04 The Love-Hate Relationship with AI 5:24 Yield-Bearing Tokens for Public Bonds 6:49 Data Centers: Bitcoin Mining vs. GPUs 10:20 Biohacking, Peptides & DeSci 12:09 Space Ventures & Mars 14:55 Game Theory, Morality & the Evolution of Trust 17:47 "Fake It Till You Make It": Theranos, Solyndra & Tesla 22:53 Back to Crypto: Grift, Trust & the DeFi Mullet 27:02 Crypto's Gone Full TradFi (AI Is the New Retail) More alpha drops soon. Follow on X: Alpha Growth: @alphagrowth1 | Bryan Colligan: @bryancolligan | Eric Waisanen: @EricWaisanen The Alpha Growth team is excited to bring you real-time intel from the DeFi front lines. Catch every episode of Dose of Alpha on YouTube, Spotify, and X. Learn more at alphagrowth.io. Subscribe, like, and drop a comment to let us know what alpha you want next. #DoseOfAlpha #ConsensusMiami #DeFi #PredictionMarkets #AIagents #TradFi

What if the LP tokens already sitting in your wallet could back a loan, run a leveraged loop, and earn lending yield — without you selling a single token? Marcus Hardt of Balancer joins Bryan and Eric to break down how Balancer V3 turns liquidity positions into building blocks the rest of DeFi can actually use. Balancer pioneered weighted, multi-token pools — some running untouched for four years — and Marcus is steering the team through its biggest change yet: shutting down Balancer Labs and pulling the whole team under the Balancer DAO. He's candid about all of it — the V2 exploit, the white-hat who mapped the attack & counter-hit to rescue funds, and why AI now lets attackers run thousands of agents probing every contract at once. His rule: audited and immutable doesn't mean done. You check it daily. Then the good stuff. V3 strips out complexity so anyone can build on top — custom hooks for KYC'd or permissioned pools, and fungible concentrated-liquidity range pools that deepen liquidity three to four times without handing you impermanent loss. And because Balancer keeps LP tokens fungible instead of following Uniswap into NFTs, those positions plug straight into lending markets — collateral, looping, leverage. A DAO can provide liquidity for its own token, borrow against the LP position for daily expenses, and stop selling into its own chart. The kicker: most pools quietly lose to simply holding. One QuantAMM index pool — Bitcoin, gold, and USD — trains a model to shift its weights with the market, and it's up 15 to 16% over HODL, net of impermanent loss. Pair that with LP-as-collateral loops running around 26% on Monad, and the thesis comes into focus: bring everything onchain, and the opportunities get insane. This is the alpha. Chapters: 0:00 Intro & Balancer's Restructuring Under the DAO 3:13 Exploits, Audits & AI-Driven Hacks 6:42 DAO Legal Wrappers & Corporate Structure 8:55 DEXs vs. the Perpetual Markets 9:47 Why Balancer Built V3 (Hooks & Simplicity) 12:29 Concentrated Liquidity & Range Pools 15:06 Fungible LP Tokens, Lending & Looping 17:59 Ranking the Narratives: AI, RWAs & Forex 22:50 QuantAMM & Self-Rebalancing Index Pools 26:28 Multi-Chain Strategy & Non-EVM Question 27:19 One-Year Vision: TVL Goals & Roadmap 30:18 Everything On-Chain & AI Agents 34:10 How to Connect with Balancer More alpha drops soon. Follow on X: Alpha Growth: @alphagrowth1 | Bryan Colligan: @bryancolligan | Eric Waisanen: @EricWaisanen | Marcus Hardt: @Marcus_Balancer & Balancer: @Balancer The Alpha Growth team is excited to bring you real-time intel from the DeFi front lines. Catch every episode of Dose of Alpha on YouTube, Spotify, and X. Learn more at alphagrowth.io. Subscribe, like, and drop a comment to let us know what alpha you want next. #DoseOfAlpha #Balancer #DeFi #AMM #LPTokens #RWA #Euler

or simply the invisible hand? Michael Saylor just bought something other than Bitcoin — and that one move breaks the trade a whole lot of people were quietly front-running. Bryan and Eric's scheduled guest cancels, so they go live and unfiltered, and the whole conversation circles one question: who's the greater fool? This is Bryan Colligan and Eric Waisanen on decentralized finance, market maneuvers, TradFi convergence, and where crypto actually sits in the global economy. MicroStrategy diversifying into bonds, the old "they'll buy Bitcoin forever" thesis cracking, and the egg man who corners the entire market and then asks his broker who's left to sell to. From there it goes everywhere. Supply chains turned into economic warfare — drones hitting helium and hydrogen plants in the UAE. A rumored play to line up China, Russia, and the US, hand back Taiwan, and end three wars at once. SpaceX promising three rockets a day. Why English already won the language war, and what that says about dollar stablecoins swallowing local currencies. Then the AI thread, which is really the whole show. A top security firm says the average company gets taken over in 17 hours for $20,000. Agentic payments as the next real crypto cycle — agent tokens as the new DAO, your phone's assistant making purchases and accepting money onchain. Open Router doing a billion in revenue routing AI traffic. Cloud regulation, public-benefit corporations, and Dodge v. Ford. The trolley problem, autonomous cars, and the uncomfortable math of putting a number on a human life. The kicker: the whole AI buildout might rhyme with the fiber-optic bubble — billions laid down, most of it wiped, and the distributors sitting at the last mile taking all the money. You don't need a million-token model any more than you needed gigabit internet. So who's the greater fool? Maybe the egg man — and being willing to sell doesn't mean there's anyone left to buy. This is the alpha. Chapters: 0:00 Intro & Macroeconomic Overload 3:35 Economic Warfare & Supply-Chain Weapons 5:04 The AI Security Apocalypse 6:18 Crypto Market Cycles & Trends 7:09 The Greater Fool Theory, MicroStrategy & Portfolio Theory 12:21 Geopolitical Rumors: A China-Russia-US Coalition? 16:31 Space, Rockets & Private-Sector Speed 19:30 Language, Culture & AI Translation 26:21 EVM, Solidity & DeFi Security 28:07 The Egg Man & the Greater Fool 29:17 The Next Narrative: Agentic Payments & Agent Tokens 34:59 Employment, Ideology & Cloud Regulation 41:39 The Trolley Problem & Valuing Human Life 46:13 Compute, AI Routing & the AI Arms Race 52:50 The Fiber-Optic Bubble Analogy for AI 55:42 Wrap: Who Is the Greater Fool? More alpha drops soon. Follow on X: Alpha Growth: @alphagrowth1 | Bryan Colligan: @bryancolligan | Eric Waisanen: @EricWaisanen The Alpha Growth team is excited to bring you real-time intel from the DeFi front lines. Catch every episode of Dose of Alpha on YouTube, Spotify, and X. Learn more at alphagrowth.io. Subscribe, like, and drop a comment to let us know what alpha you want next. #DoseOfAlpha #GreaterFool #MicroStrategy #Bitcoin #DeFi #AIagents

What if the entire stablecoin economy is built on a monetary system that works in REVERSE of the dollar? Kory Hoang, CEO and co-founder of Stably, joins Bryan and Eric to break down a brand new taxonomy for stablecoins — and why credit expansion in DeFi actually SHRINKS the money supply instead of growing it. Kory was the fifth USD stablecoin issuer in the world. He and David launched on Binance back in 2019, survived the first stablecoin liquidity war, then pivoted Stably into stablecoin-as-a-service for institutions. Now he's published a research paper proposing a top-down taxonomy — exogenous vs. endogenous, reserve-backed vs. CDP vs. strategy-backed — and mapping stablecoins to M0, M1, M2 monetary aggregates the same way central banks track fiat. The kicker: the math is inverted. Fiat credit creation grows M2 to 4.21x M0. Stablecoin credit creation pulls tokens OUT of circulation through redemptions. Right now the stablecoin multiplier is 1.13x — but as DeFi composability stacks receipt tokens, wrapped assets, and lending deposits on top of each other, the "meta money supply" is the next thing every policymaker, builder, and investor needs to understand. This is one of the most important conversations we've had on Dose of Alpha. If you're building, investing, or just trying to understand where digital dollars are going next — this is the alpha. Chapters: 0:00 Introduction to Kory Hoang and Stably 0:59 Stably's History and Mission 2:10 From Algorithmic Trading to Crypto 5:15 Competing with Tether in the Early Days 7:26 The Launch of USDS and Binance Listing 8:50 Surviving the First Stablecoin War 12:29 Pivot to Stablecoin Infrastructure 14:02 Stablecoins in the AI Agent Economy 18:15 Proposed Stablecoin Taxonomy Research 20:26 Exogenous vs. Endogenous Stablecoin Models 24:08 How Fiat vs. Stablecoin Money Is Created 28:57 Defining M0 through M4 in Traditional Finance 33:22 Applying Monetary Aggregates to Stablecoins 45:13 The Stablecoin Money Multiplier Challenge 48:05 DeFi Composability and Meta Money Supply Risks 53:14 Stably's Advisory Services and Future Outlook More alpha drops soon. Follow on X: Kory: @koryhoang | Stably: @stably | Bryan: @bryancolligan | Eric: @EricWaisanen & Alpha Growth: @alphagrowth1 The Alpha Growth team is excited to bring you real-time intel from the DeFi front lines. Catch every episode of Dose of Alpha on YouTube, Spotify, and X. Learn more at alphagrowth.io. Subscribe, like, and drop a comment to let us know what alpha you want next. #DoseOfAlpha #Stably #Stablecoins #DeFi #Tether #Aave #StablecoinTaxonomy