Ellis Osborn and Kevin Li are CoFounders of Saturn.

This is the first episode in a new series by The Edge Podcast covering emerging DeFi builders. Ellis and Kevin break down how Saturn tokenizes STRC via two onchain assets, USDat and sUSDat. Michael Saylor and his team at Strategy built STRC to pay an 11.5% yield backed by Bitcoin. Saturn is building the DeFi layer on top of this STRC yield.

We learn how Saturn's tokenized yield unlocks global access to STRC, higher leverage through the likes of Morpho, yield trading on Pendle, and risk tranching soon through Strata. They share more on why Saylor himself is so excited for what Saturn is working on to distribute STRC yield on Ethereum. We cover why digital credit might be superior to private credit, and how STRC could become "the risk-free rate of onchain finance."

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💎 THIS EPISODE'S SPONSORS

🔒 KPK | Best risk-adjusted yield through automated vaults

🏙 MAINSTREET | Bringing proven TradFi yield strategies to DeFi markets

🏦 ALTURA | Bringing the yield institutions kept, to your wallet

🕛 NOON | The highest and safest stablecoin yield, built for the long term

👻 MANTLE | Aave V3 is live on Mantle

🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale

⚔️ KATANA | Deep liquidity & real yield

⚙️ GEARBOX PROTOCOL | Onchain lending reimagined

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⏱️ TIMESTAMPS

0:00 - Intro
2:21 - Saturn CoFounders background
4:47 - Why build Saturn?
6:57 - Why Michael Saylor’s excited for STRC in DeFi
10:14 - Three major DeFi use cases for Saturn: looping, Pendle, and tranching
14:59 - How does Saturn distribute STRC yield onchain?
15:58 - Where does STRC yield come from?
17:06 - Why 2-token design with USDat vs sUSDat
18:48 - Is USDat a stablecoin?
20:56 - How STRC vs USDat peg works
24:29 - The opportunity for STRC to grow alongside $1M BTC
28:37 - Demand for STRC digital credit will eat into fixed income
31:50 - DeFi is starving for a yield like STRC
35:43 - Can STRC become the risk-free rate onchain?
37:20 - Saturn means 24/7 trading of STRC onchain
39:16 - The impact of perps for STRC
41:46 - How far could STRC reasonably drop below $100?
43:50 - What’s live now on Saturn?
45:23 - Closing

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🔗 GUEST LINKS

► Saturn website: https://saturn.credit/
► Saturn on X: https://x.com/saturn_credit
► Ellis Osborn on X: https://x.com/ellisp_osborn
► Kevin Li on X: https://x.com/kevinlhr88
► Nomatic's write-up on STRC: https://www.the-edge.xyz/p/strc-the-birth-of-bitcoin-credit

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🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER

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► Apple: https://tinyurl.com/edgepod
► Spotify: https://tinyurl.com/edgepodspotify
► Linktree: https://linktr.ee/edge_pod
► Follow DeFi Dad: https://x.com/DeFi_Dad
► Follow Nomatic: https://x.com/Nomaticcap
► Learn DeFi: http://defidad.com/

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DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. DeFi Dad and Nomatic both have BTC exposure and were angels in Saturn's pre-seed. DeFi Dad and Nomatic do not hold STRC or MSTR.

sUSDat is only available to eligible participants outside the United States only.

sUSDat holders are currently earning 11.5%+ APY. This is not an offer or solicitation to buy or sell any security in any jurisdiction where prohibited, including to U.S. persons.

Nothing in this podcast constitutes investment advice. Yield is not guaranteed and may vary.

"Backed by Bitcoin" refers to collateral structure only and does not imply capital protection or risk elimination.

Saturn's Terms and Conditions https://saturn.credit/legal/terms-conditions