The Edge Podcast

John Gillen is an ex-BlackRock VP, General Partner at TRU Capital, and host of The Milk Road Show.

In this episode, John breaks down his Wartime Ethereum thesis on why this is a defining moment for Ethereum that demands engagement, conviction, and patience rather than capitulation. He walks through how ETH functions as a triple point asset, why stablecoins, tokenization, and the agentic economy are all in their first innings with Ethereum best positioned to capture each tailwind, and why decentralized AI makes the case for Ethereum's censorship resistance more urgent than ever.

------
💎 THIS EPISODE'S SPONSORS

🔒 KPK | Best risk-adjusted yield through automated vaults

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

🟠 APYX | The first dividend-backed stablecoin (DBS)

🌏 MANTLE | The world’s premier RWA distribution layer

🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale

⚔️ KATANA | Deep liquidity & real yield

------
⏱️ TIMESTAMPS

0:00 - Intro
3:01 - Why John got invested in Ethereum and ETH
8:39 - Why Ethereum + ETH are the most important chain + asset
14:29 - Why are we in Wartime Ethereum mode?
17:44 - Ethereum doubles down on “can’t be evil”
20:23 - Ethereum is trustware for building economic systems
24:48 - Is Wall Street understanding and buying ETH value accrual?
32:04 - The largest institutional bull run vs bearish retail sentiment
36:03 - When strong fundamentals translate to number-go-up for ETH
45:57 - CLARITY Act will be a tailwind for Ethereum’s growth
52:11 - There is no EF funding crisis, the ecosystem is reshaping
59:05 - Why decentralized AI makes the case for Ethereum
1:08:39 - DeFi attracts those who question the rules of society
1:10:33 - How to value ETH: Triple point asset framework explained
1:14:29 - John's outlook for ETH price
1:18:23 - Closing

------
🔗 GUEST LINKS

► Milk Road website: https://milkroad.com/pro/
► Milk Road on X: https://x.com/MilkRoadDaily
► John Gillen on X: https://x.com/BitcoinJesusETH

------
🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER

► Newsletter: https://the-edge.xyz
► 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/

------
DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. DeFi Dad, Nomatic, and John all hold ETH.

Jai Bhavnani is the Founder of Waymont Co, the developer of the Royco protocol.

In this episode of DeFi Frontier, Jai walks through how Royco evolved from an incentive platform into a risk tranching protocol connecting RWA issuers with both institutions and DeFi users. He explains what makes an asset worth tranching, and then navigates through a real stress test in progress for Royco, with the recent apyUSD drawdown triggering a 21-day observation period. Plus, we get a first take on what to expect from Royco Dusk, a new app for extending credit to Royco senior tranche holders, through an AMM-backed liquidity pool.

------
💎 THIS EPISODE'S SPONSORS

🔒 KPK | Best risk-adjusted yield through automated vaults

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

👻 MANTLE | Aave V3 is live on Mantle

🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale

⚔️ KATANA | Deep liquidity & real yield

------
⏱️ TIMESTAMPS

0:00 - Intro
2:37 - What is Royco? A DeFi risk tranching protocol
6:01 - Why RWAs are the future of onchain yield
11:32 - What is Royco Dawn and what does it solve?
13:30 - What is the perfect asset to tranche?
18:07 - Screenshare and explanation of Royco’s live markets
22:01 - Observation period: Royco's first stress test with apyUSD
25:05 - How seniors stay protected while juniors absorb losses
27:00 - What could end the 21-day observation period?
27:34 - Can you deposit or withdraw during observation period?
29:01 - Can seniors lose money in a Royco loss event?
30:04 - How Royco tries to restore markets to healthy status
31:25 - Estimating losses if 21-day period runs out for apyUSD
33:40 - Design for juniors to not get wiped out
37:40 - What is protected? Tranching vs insurance
41:23 - Is security in DeFi cooked? How we move forward
43:49 - Royco’s decision to introduced delayed settlement
47:54 - Royco Dusk: Extend credit to RWAs with AMM-backed LP
50:43 - How seniors will get instant liquidity on Dusk
53:42 - Closing

------
🔗 GUEST LINKS

► Royco website: https://royco.org/
► Royco on X: https://x.com/roycoprotocol
► Jai Bhavnani on X: https://x.com/jaibhavnani

------
🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER

► Newsletter: https://the-edge.xyz
► 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/

------
DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. DeFi Dad invested in Royco's seed round in 2024.

Odysseus is the Founder and CEO of Phylax Systems, and Declan Fox is the VP and Head of Linea at Consensys.

The rsETH exploit drained $292M from Aave, but a simple rule or circuit breaker could have prevented bigger losses!

In this episode, Odysseus and Declan walk us through how Phylax's DeFi circuit breaker works: code currently running on the Linea sequencer that checks every transaction against a set of protocol-defined policies before it's added to a block. Already live on Linea, Phylax has stopped over 4,000 drain attempts and protected $1.5M in cumulative volume, including a real attack on 0x where users were being drained through an immutable contract. They also cover what institutions are still waiting for before coming onchain, and how banks can build secure, private composable environments powered by Ethereum.

------
💎 THIS EPISODE'S SPONSORS

🔒 KPK | Best risk-adjusted yield through automated vaults

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

👻 MANTLE | Aave V3 is live on Mantle

🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale

⚔️ KATANA | Deep liquidity & real yield

------
⏱️ TIMESTAMPS

0:00 - Intro
2:02 - Declan’s work as Head of Linea
3:15 - What Is Phylax? Preventative security for blockchains and apps
4:45 - Ethereum’s security, with privacy and more protective controls for users
12:14 - How Phylax can protect L2s and apps without sacrificing decentralization
14:33 - What are institutions still waiting for, in order to come onchain?
18:54 - How Linea is helping institutions come onchain
23:06 - Freezing assets vs programmatic rules: what's the right threshold for action?
26:09 - Why institutional demand for DeFi should help crypto transcend politics
32:54 - How a Phylax circuit breaker could have stopped the Aave rsETH exploit
38:09 - What actually triggers the Phylax circuit breaker to detect and stop an attack?
42:38 - TradFi can build private, composable walled gardens on Ethereum
45:56 - How dApp and networks can get started implementing Phylax
47:32 - Closing

------
🔗 GUEST LINKS

► Phylax website: https://phylax.systems/
► Phylax Systems on X: https://x.com/phylaxsystems
► Odysseus on X: https://x.com/odysseas_eth
► Linea website: https://linea.build/
► Linea on X: https://x.com/lineabuild
► Declan Fox on X: https://x.com/DeclanFox14

------
🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER

► Newsletter: https://the-edge.xyz
► 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/

------
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.

Tom Dunleavy is Head of Venture at Varys Capital.

In this episode, Tom walks us through his valuation framework for ETH. He offers a mental model where Ethereum is the vault filled with stablecoins, RWAs, and DeFi activity secured by it. But ETH is the lock--and the bigger the vault gets, the more valuable the lock has to be to protect it. Based on Ethereum's current onchain activity, Tom gets us to a fair value for ETH that's much higher than the price today. Furthermore, we discuss what happens to the price of ETH when Ethereum grows to $750B-$1T onchain by 2030.

Tom insists the vault won't stop growing thanks to demand for stablecoins and RWAs—and that ETH, the lock, is simply due for a repricing.

------
💎 THIS EPISODE'S SPONSORS

🔒 KPK | Best risk-adjusted yield through automated vaults

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

🟠 APYX | The first dividend-backed stablecoin (DBS)

👻 MANTLE | Aave V3 is live on Mantle

🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale

⚔️ KATANA | Deep liquidity & real yield

------
⏱️ TIMESTAMPS

0:00 - Intro
2:51 - Tom’s role investing at Varys Capital
3:32 - How Tom became convinced DCF was the wrong way to value ETH
6:16 - Is Ethereum winning?
11:20 - Fees are friction, and hence not how we should value ETH
15:51 - Can Ethereum have its cake and eat it too, when it comes to capturing fees?
19:24 - If Ethereum is the vault, ETH is the lock
23:37 - Why stablecoin numbers are bullish against all odds this bear market
26:43 - Ethereum must succeed, or crypto as an asset class fails
28:39 - Linux and DTCC: Why the comparison to Ethereum is both useful and wrong
32:34 - The importance of Ethereum as trustware, producing blocks for over 10 years
35:19 - Underestimating the impact of Ethereum scaling L1
39:20 - If an issuer freezes stablecoins, it doesn’t break reliance on Ethereum security
41:50 - Tom’s valuation framework is for ETH, not for DeFi tokens
44:54 - $20,000 to $50,000 per ETH if onchain liquidity hits $750B–$1T
47:12 - How Tom gets to a fair market value today of $6,900 per ETH
50:03 - Was ETH overvalued in 2021 based on this same model?
52:38 - The 2030 base case ($55k) vs bull case ($138K)
53:36 - Closing

------
🔗 GUEST LINKS

► Tom Dunleavy on X: https://x.com/dunleavy89
► Tom's Ethereum article on X: https://x.com/dunleavy89/status/2059717202392359118?s=20

------
🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER

► Newsletter: https://the-edge.xyz
► 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/

------
DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. DeFi Dad and Nomatic hold ETH.

Matthew Pinnock is the COO of Altura.

In this new episode of DeFi Frontier, we walk through Altura's multi-strategy vault and how it generates yield from three sources: a physical gold arbitrage trade, delta-neutral crypto strategies including market-making and funding rate arbitrage, and private credit yield through Fasanara's Midas mF-ONE. Matthew explains how every leg of this real world gold trade is insured. He also breaks down their Yield Run program and the related Pendle market for AVLT including the PT fixed yield and YT points leverage.

------
💎 THIS EPISODE'S SPONSORS

🔒 KPK | Best risk-adjusted yield through automated vaults

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

🟠 APYX | The first dividend-backed stablecoin (DBS)

👻 MANTLE | Aave V3 is live on Mantle

🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale

⚔️ KATANA | Deep liquidity & real yield

------
⏱️ TIMESTAMPS

0:00 - Intro
1:44 - Team background
2:53 - What is Altura? Multi-Strategy Yield vault explained
5:30 - Altura’s gold arbitrage trade
8:42 - Insuring every step of the gold trade
11:58 - Crypto native strategies behind AVLT
15:13 - Breakdown of where AVLT yield comes from
18:55 - Which networks support Altura and AVLT
21:31 - Base APY vs Yield Run points program
23:49 - Overview of AVLT pool on Pendle
28:05 - Security: insurance, audits, and opsec
31:32 - What’s next? Altura’s neobank vision
32:30 - Closing

------
🔗 GUEST LINKS

► Altura website (ref link): https://app.altura.trade?referral=edgepod
► Altura Proof of Solvency dashboard: https://accountable.altura.trade/
► Altura on X: https://x.com/alturax

------
🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER

► Newsletter: https://the-edge.xyz
► 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/

------
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. Altura has been a sponsor of The Edge Podcast, but we do not do paid guest interviews. After learning more about Altura, we invited them on the podcast to explain more on their unique gold arb trade underpinning AVLT.

Robert Leshner is the Founder and CEO of Superstate, as well as the former CoFounder of Compound.

Most people in DeFi are focused on the $2.5 trillion cryptonative market. Robert is focused on the $700 trillion that hasn't moved onchain yet. In this episode, he explains why tokenization is the long awaited evolution for crypto markets, how Superstate is building the bridge between institutional TradFi assets and DeFi, and why the benefits of tokenization will soon lead to a hockey stick moment in DeFi and RWAs.

------
💎 THIS EPISODE'S SPONSORS

🔒 KPK | Best risk-adjusted yield through automated vaults

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

🟠 APYX | The first dividend-backed stablecoin (DBS)

👻 MANTLE | Aave V3 is live on Mantle

🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale

⚔️ KATANA | Deep liquidity & real yield

------
⏱️ TIMESTAMPS

0:00 - Intro
1:58 - What does tokenization actually mean?
3:41 - Tokenization is evolution, not revolution
7:42 - Why Robert built Superstate
12:49 - What are the primary benefits for tokenized asset issuers?
18:34 - Superstate’s customers + how Superstate tokenized funds work
23:13 - The magic of finance automation that is DeFi
26:28 - How Superstate straddles DeFi ethos and compliance
30:02 - Regulatory landscape, CLARITY Act, and any political headwinds
39:36 - Different categories of tokenized securities
41:26 - Big differentiators for Superstate tokenized securities
44:57 - When does tokenization hit its hockey stick moment?
48:12 - The endgame is primary issuance onchain
49:16 - Closing

------
🔗 GUEST LINKS

► Superstate website: https://superstate.com/
► Superstate on X: https://x.com/superstateinc
► Robert on X: https://x.com/rleshner

------
🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER

► Newsletter: https://the-edge.xyz
► 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/

------
DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.

Kash Dhanda is the COO at Jupiter.

Most people know Jupiter for its flagship DEX aggregator and perps. But we've dug into the onchain business backing JUP token value accrual and why the fundamentals are worth understanding heading into the next bull run.

In this episode of Revenue Meta, Kash walks us through how Jupiter generates revenue across five distinct products: DEX aggregator, perps, Jupiter Lend, JupUSD, and Jupiter Spend, plus more revenue streams growing in development. This is a fascinating deep dive into Solana's largest, most dominant DeFi super app, including why perps for just three trading pairs wins over so much trade volume, how JLP remains one of Jupiter's most popular products, and how JUP token value accrual is aligned with Jupiter's app success. We also get the inside details on what's coming with Jupiter Lens DEX, prediction markets for the World Cup, Jupiter Spend, and their new Offerbook for borrowing and lending with long tail tokens.

------
💎 THIS EPISODE'S SPONSORS

🔒 KPK | Best risk-adjusted yield through automated vaults

🟠 APYX | The first dividend-backed stablecoin (DBS)

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

👻 MANTLE | Aave V3 is live on Mantle

🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale

⚔️ KATANA | Deep liquidity & real yield

------
⏱️ TIMESTAMPS

0:00 - Intro
1:40 - Overview of Jupiter ecosystem products
2:50 - Jupiter’s biggest growth wins in 2025
4:55 - DEX aggregator revenue is still the foundation
9:17 - Perps is Jupiter's biggest revenue driver
11:32 - New revenue streams
13:57 - JLP is one of Jupiter’s most popular products
18:27 - The importance of Jupiter’s wallet development
19:53 - The potential for Jupiter Lend growth
21:14 - How Jupiter Lend generates revenue for JUP holders
24:06 - What went into launching Bitwise x Ethena market
27:04 - The JupUSD stablecoin and how Jupiter will grow its usage
31:06 - Jupiter is a platform for builders, not just an app
33:43 - Overview of JUP token value accrual
42:54 - Jupiter Lens DEX, prediction markets, Offerbook, and Jupiter Spend
45:41 - Jupiter Spend monthly volume is growing fast
48:09 - Closing

------
🔗 GUEST LINKS

► Jupiter website: https://jup.ag/
► Jupiter on X: https://x.com/JupiterExchange
► Kash on X: https://x.com/kashdhanda

------
🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER

► Newsletter: https://the-edge.xyz
► 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/

------
DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. Kash holds JUP.

David Vatchev is Head of Tokenization at Fasanara, Arpan Gautam is the Founder at Noon, and Rob Montgomery is the CoFounder at infiniFi.

In this episode, David, Arpan, and Rob break down why not all private credit is the same, and why the short duration, asset-backed, diversified kind is fundamentally different from what's causing problems in TradFi. They walk through how Noon and infiniFi independently chose to allocate to Fasanara, how the First Brands Group bankruptcy stress-tested their thesis in real time, and what tokenized private credit needs to get right in its next phase for DeFi.

------
💎 THIS EPISODE'S SPONSORS

🔒 KPK | Best risk-adjusted yield through automated vaults

🟠 APYX | The first dividend-backed stablecoin (DBS)

👻 MANTLE | Aave V3 is live on Mantle

🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale

⚔️ KATANA | Deep liquidity & real yield

------
⏱️ TIMESTAMPS

0:00 - Intro
2:53 - How Fasanara thinks about private credit in DeFi
4:58 - What is infiniFi building?
8:28 - What is Noon building?
10:55 - The opportunity for tokenization is huge!
16:31 - What are valid vs overstated concerns about private credit onchain?
20:52 - Why Noon tokenized yield deployed directly into Fasanara
23:25 - How Noon manages liquidity demands with Fasanara exposure
27:22 - Why infiniFi chose to deploy into mGLOBAL on Midas
31:48 - The First Brands stress test on Fasanara and DeFi’s exposure
43:17 - What DeFi must get right in the next phase of tokenized private credit
48:04 - Real-time verification and transparency onchain can improve TradFi
52:53 - How infiniFi is betting more on private credit yield onchain
58:12 - What shouldn't work well onchain
1:01:19 - What’s next on product roadmaps for infiniFi and Noon?
1:04:41 - Closing

------
🔗 GUEST LINKS

► Fasanara website: https://www.fasanara.com/
► Fasanara on X: https://x.com/FasanaraCapital
► Noon website: https://noon.capital/
► Noon on X: https://x.com/noon_capital
► Arpan on X: https://x.com/ag_noon
► infiniFi website: https://infinifi.xyz/
► infiniFi on X: https://x.com/infiniFi
► Rob on X: https://x.com/RobAnon

------
🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER

► Newsletter: https://the-edge.xyz
► 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/

------
DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. DeFi Dad and Nomatic invested in the seed round for infiniFi. Noon has been a sponsor of The Edge Podcast, but they have never paid for a guest slot. We do NOT offer paid guest slots. We chose Arpan for this roundtable based on his expertise in Fasanara's private credit offering.

Vish is the CoFounder & CEO of Frontera Labs, the developer behind Strata.

DeFi has an abundance of exotic yields. What's been missing is a way to transfer risk between users who want different things. So while risk tranching has existed in TradFi for decades, Strata just made it permissionless.

In this episode, Vish explains how Strata brings risk tranching fully onchain: senior tranches for conservative capital that wants protected yield, junior tranches for risk-tolerant capital earning ~2x the base rate. All enforced by smart contracts. He demos a live Strata market, walks through how the yield split mechanism works under the hood, and explains why mispriced lending yields are DeFi's biggest unsolved problem, and how tranching fixes it.

------
💎 THIS EPISODE'S SPONSORS

🔒 KPK | Best risk-adjusted yield through automated vaults

🟠 APYX | The first dividend-backed stablecoin (DBS)

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

👻 MANTLE | Aave V3 is live on Mantle

🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale

⚔️ KATANA | Deep liquidity & real yield

------
⏱️ TIMESTAMPS

0:00 - Intro
2:14 - Founding Strata
3:40 - What is tranching?
7:14 - Why tranching products make sense to now take off in DeFi?
13:43 - How Strata tranches risk for DeFi yields
17:05 - How Strata splits yields into junior vs senior tranches
21:49 - Screenshare demo of real Strata market
26:40 - Balancing senior vs junior TVL
29:26 - Tranching vs insurance: what’s the difference?
38:13 - How Strata works with RWAs
42:59 - Strata is addressing DeFi’s big issue: mispriced yields
46:00 - How builders can get started with Strata
49:12 - Closing

------
🔗 GUEST LINKS

► Strata website: https://strata.markets/
► Strata on X: https://x.com/strata_markets
► Vish on X: https://x.com/UnQuidPro

------
🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER

► Newsletter: https://the-edge.xyz
► 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/

------
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.

Samed Düzçay is the Founder of Tori.

DeFi yields often collapse in bear markets because they recycle crypto-native capital. But Tori generates yield from somewhere else entirely.

In this episode, Sam explains how Tori brings institutional FX carry trades onchain, borrowing in low-rate currencies, lending in high-rate emerging market currencies, and hedging the FX exposure fully back to USD. The spread that remains after hedging is 8-15% yield, generated from real economic activity in global money markets, completely uncorrelated with crypto cycles. Tori is expected to launch in May so we're getting a jumpstart with this episode of DeFi Frontier to learn more.

------
💎 THIS EPISODE'S SPONSORS

🔒 KPK | Best risk-adjusted yield through automated vaults

🟠 APYX | The first dividend-backed stablecoin (DBS)

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

👻 MANTLE | Aave V3 is live on Mantle

🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale

⚔️ KATANA | Deep liquidity & real yield

------
⏱️ TIMESTAMPS

0:00 - Intro
1:50 - Sam’s background
4:05 - What is Tori? Institutional FX carry trades onchain
5:13 - Why DeFi yields are falling short of investor expectations
11:23 - How Tori strategies earn yield
14:35 - Capacity to scale the Tori trade and estimated yields
16:46 - Two-token model: trUSD vs strUSD
17:27 - Coming DeFi integrations for Tori
19:14 - Risks to using Tori
26:39 - Expected launch time for Tori
27:26 - Closing

------
🔗 GUEST LINKS

► Tori website: https://tori.finance/
► Tori on X: https://x.com/tori_finance
► Sam on X: https://x.com/0xNox_eth

------
🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER

► Newsletter: https://the-edge.xyz
► 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/

------
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.