The Edge Podcast

David Reising is the Founder of Lotus.

"Aave compresses risk. Morpho isolates it. Lotus clears it."

In this episode, David walks through why avoiding bad debt has become DeFi lending's biggest self-imposed constraint and how Lotus's connected tranches, cascading liquidity, and productive debt unlock a yield curve that neither Aave nor Morpho can offer.

According to David, the next battle in DeFi lending is what's inside your vault, and Lotus is the answer.

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💎 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

⚙️ GEARBOX PROTOCOL | Onchain lending reimagined

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⏱️ TIMESTAMPS

0:00 - Intro
2:22 - The team behind Lotus
3:45 - The problem with shared pool design like Aave
7:23 - The “missing middle” in DeFi lending
9:31 - The problem with isolated markets like Morpho
11:17 - What does Lotus aim to solve in DeFi lending?
13:40 - The elevator pitch for Lotus
19:54 - How tranching plays a role in Lotus
24:00 - Demo of Lotus and BTC market curve explained
28:56 - Credora credit ratings and what value they add to Lotus
31:01 - How tranche-level risk ratings figure into Lotus Vaults
33:19 - Earning more consistent yield with Lotus productive debt
37:52 - How productive debt dampens rate volatility
39:50 - Will productive debt become table stakes in DeFi?
42:13 - How Lotus differs in how it handles bad debt
45:08 - Vault managers, curators, neobanks, and who else will use Lotus
48:04 - What use cases could Lotus unlock?
50:49 - Security: Audits, SEAL certification, and lessons from rsETH exploit
57:02 - Closing + Lotus launch in summer 2026

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🔗 GUEST LINKS

► Lotus website: https://www.lotuslabs.net/
► Lotus on X: https://x.com/LotusFi_
► David Reising on X: https://x.com/davidareising

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🎙️ 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/

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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 have been advising Lotus during their pre-launch phase.

Daniele Ugolini is the CoFounder at Rysk.

DeFi options have failed repeatedly. Ribbon, Opyn, and a long list of protocols shut down or pivoted. Rysk almost joined them, over two years ago they had no product and were close to quitting.

In this new episode of DeFi Frontier, Dan walks through how Rysk rebuilt from zero to $60M TVL in under a year by solving the one thing every previous options protocol got wrong: making it simple enough for anyone to actually use. He demos how users on Rysk use cash secured puts and covered calls, explains why 90% of users roll over their positions every Friday, and addresses the criticism around Rysk's premium vs Derive head on.

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💎 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

⚙️ GEARBOX PROTOCOL | Onchain lending reimagined

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⏱️ TIMESTAMPS

0:00 - Intro
2:01 - Starting Rysk
4:13 - Why DeFi options failed before and what Rysk does differently
11:21 - Demo of Rysk cash secured puts
15:57 - What market conditions would be more ideal for covered calls?
19:24 - Rysk targets a different user than Derive
23:36 - Who’s using Rysk?
26:57 - Addressing criticisms of Rysk's premium
36:40 - What’s next for the Rysk roadmap?
42:01 - Closing

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🔗 GUEST LINKS

► Rysk website: https://rysk.finance/
► Rysk on X: https://x.com/ryskfinance
► Daniele Ugolini on X: https://x.com/DanDeFiEd

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🎙️ 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/

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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.

Scoopy Trooples is the Founder of Alchemix.

Many DeFi protocols from 2021 are gone. But Alchemix never quit.

In this episode, Scoopy walks through the full Alchemix V3 redesign: how the new Mix-Yield Token (MYT) creates vaulted yields users can borrow against at 90% LTV, with zero interest, looping up to 10x, and how fixed-term redemptions unlock an entirely new yield primitive. Alchemix was the first protocol to use yield-bearing collateral for loans. V3 looks to be the long overdue evolution of the self-repaying loan, and we think this version can scale to be even bigger than V1.

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💎 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

⚙️ GEARBOX PROTOCOL | Onchain lending reimagined

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⏱️ TIMESTAMPS

0:00 - Intro
1:30 - Alchemix V1 and the idea for self-repaying loans
6:57 - Lessons from V1
11:37 - Ideas leading into V3
16:19 - How Alchemix V1 worked
20:47 - V2’s weaknesses
24:17 - Overview of three pillars of Alchemix V3
31:31 - Pillar 1: Mix-Yield Token (MYT), Alchemix's own vaulted yields
34:27 - Pillar 2: Synthetic borrowing up to 90% LTV, zero interest, 10x leverage
36:39 - Pillar 3: Fixed term redemptions unlocking fixed yield
41:16 - Zero interest on debt but what do we pay?
42:26 - Liquidation risk in Alchemix V3
44:11 - Tracking where V3 strategies deploy money
45:24 - V2 to V3 migration
46:17 - A new fixed yield primitive
49:24 - The tradeoffs of looping in Alchemix V3
55:19 - Example of how a loan, looping, yield works in V3
59:07 - What’s a doomsday scenario for V3?
1:02:01 - Audits
1:06:51 - Could curators be involved in Alchemix V3?
1:08:11 - New ALCX tokenomics coming
1:13:25 - Closing

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🔗 GUEST LINKS

► Alchemix website: https://alchemix.fi/
► Alchemix on X: https://x.com/alchemixfi
► Scoopy Trooples on X: https://x.com/scupytrooples

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🎙️ 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/

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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.

Vivek Raman is Etherealize CoFounder and CEO while Michael McGuiness is an Etherealize Researcher and author of their recent report "Ethereum and The Era of Productive Money."

Many have viewed ETH as a technology bet. Etherealize just published a report arguing it's something far more important, better money than BTC and gold, and the first monetary asset in history that actually compounds.

In this episode, they break down their $250,000 ETH thesis and why institutions that understand pristine collateral are quietly becoming the biggest ETH bulls.

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💎 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

⚙️ GEARBOX PROTOCOL | Onchain lending reimagined

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⏱️ TIMESTAMPS

0:00 - Intro
3:06 - Vivek and Michael’s background on Wall Street
5:18 - Core thesis: ETH is better money than BTC or gold
10:03 - What is productive money?
12:15 - Is Wall Street buying the story of ETH as productive money?
16:02 - The institutional crypto bull market
18:08 - Three demand drivers for ETH: gas, collateral, and staking
20:53 - Why ETH wasn’t reaching its full potential until recently
25:20 - What needed to happen in order for ETH to reprice?
30:47 - Distribution channels: ETFs, Schwab, Tom Lee
32:41 - Bitcoin's security budget problem
33:33 - Ethereum’s censorship resistance, decentralization, and predictability
39:54 - The path to $250,000 ETH price
44:37 - Bitcoin's coordination problem vs Ethereum's shipping velocity
46:02 - The Ethereum roadmap and AI accelerating scaling expectations
51:43 - Principal risks to the $250k ETH thesis
55:37 - What institutions still don’t understand about Ethereum
58:19 - What’s Etherealize been working on?
58:55 - Closing

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🔗 GUEST LINKS

► Etherealize website: https://www.etherealize.com/
► Productive Money report: https://www.productivemoney.org/
► Etherealize on X: https://x.com/etherealize_io
► Vivek Raman on X: https://x.com/VivekVentures
► Michael McGuiness on X: https://x.com/mikemcg0

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🎙️ 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/

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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 are long term holders of ETH.

Sam MacPherson is the CoFounder and CEO of Phoenix Labs, the core team behind Spark.

Some DeFi protocols are burning through reserves, while others wait for the bull market to save them. Spark is doing neither.

In a new episode of our Revenue Meta series, Sam breaks down the business behind Spark and how it's generating $27.8M in projected annual revenue (up from $23M since recording) across four business channels. We discuss what's being done with the $9.6M protocol surplus to better return value to SPK holders through programmatic buybacks and growth initiatives. We also cover the Spark Liquidity Layer managing over $2.3 billion in DeFi, CeFi, and TradFi. Sam has the latest on their upcoming CeDeFi prime brokerage called Spark Prime and what else is in store to get Spark back to earning a projected $80M in annual revenue.

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💎 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

⚙️ GEARBOX PROTOCOL | Onchain lending reimagined

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⏱️ TIMESTAMPS

0:00 - Intro
2:10 - Spark x Sky relationship
4:03 - Spark products: Spark Savings, Spark Liquidity Layer, SparkLend
9:22 - Team and operations behind Spark
10:57 - How does Spark make money?
13:42 - Spark’s revenue: $23M net returns, $13.6M opex, $9.6M surplus
20:06 - How Spark DAO uses protocol surplus to return value to SPK holders
22:14 - Spark DAO treasury and SPK buybacks
26:56 - Who are Spark’s customers?
32:57 - Which Spark product is driving more revenue?
35:23 - Does Sky growth create tailwinds for Spark?
38:44 - Is Aave’s reputation hit an opportunity for Spark and Sky?
41:37 - Growth drivers for Spark next
44:03 - Spark Prime, a CeDeFi prime brokerage
46:22 - Sam’s growth goals for 2026
47:53 - Closing

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🔗 GUEST LINKS

► Spark website: https://spark.fi/
► Spark Data Hub: https://data.spark.fi/
► Spark Financials: https://data.spark.fi/financials
► Spark on X: https://x.com/sparkdotfi
► Sam MacPherson on X: https://x.com/hexonaut

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🎙️ 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.

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

🕛 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

► 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 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

Chaitanya Jain (CJ) works on the Bitcoin team at Strategy.

Most people know Strategy for its outspoken BTC bull Founder Michael Saylor and second, for buying billions in BTC, but more of you ought to learn about the financial instruments they've engineered, backed by BTC as digital capital that appreciates over time.

In this episode, CJ breaks down how Strategy’s flagship STRC works, a perpetual preferred stock with a stable $100 price and 11.5% annual yield paid monthly in tax-deferred cash dividends. We dive into the ambitious plans at Strategy to target a $300 trillion fixed income market with STRC and how that could impact the price of BTC long term. We also dive into how DeFi teams are already tokenizing STRC to bring it onchain.

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💎 THIS EPISODE'S PARTNERS

🔒 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

⚙️ GEARBOX PROTOCOL | Onchain lending reimagined

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⏱️ TIMESTAMPS

0:00 - Intro
2:46 - CJ’s background and role at Strategy
7:23 - What Strategy actually does with Bitcoin
10:40 - Why Strategy chose to offer perpetual preferred equity
14:58 - Which Strategy instrument is most senior?
16:44 - How AI helped design Strategy instruments
19:18 - What is STRC? Stable price, 11.5% yield, monthly dividends
23:23 - Where does STRC yield actually come from?
26:14 - ATM program for raising capital to buy more BTC
29:21 - How does STRC enable Strategy to accumulate BTC in the bear
36:49 - STRC could serve $300T fixed income market + the impact on BTC
41:48 - Difference between MSTR vs STRC investors
44:36 - Who is buying STRC right now?
47:04 - Teams tokenizing STRC for DeFi
51:41 - What are the real risks for STRC?
55:00 - Would Strategy ever sell BTC?
57:50 - Why STRC is Strategy’s “iPhone moment”
1:01:55 - Closing

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🔗 GUEST LINKS

► Strategy website: https://strategy.com/
► Strategy on X: https://x.com/strategy
► CJ on X: https://x.com/cj_bitcoin
► Nomatic's write-up on STRC: https://www.the-edge.xyz/p/strc-the-birth-of-bitcoin-credit

------
🎙️ 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 both have BTC exposure.

Matthew Fisher is CEO of Katana.

Many L2s have launched, hoping the apps show up. Katana is taking a different approach, building apps itself and designing the economic engine from day one to make this all possible.

In this episode, Matthew breaks down how vaultbridge assets like vbETH and vbUSDT redirect real yield from Ethereum Mainnet to active DeFi participants on Katana, why they acquired the team behind IDEX to launch Katana Perps, and their roadmap to onboard major liquidity from CEXs like OKX and fintechs like Revolut who can route liquidity through Katana for yield.

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💎 THIS EPISODE'S PARTNERS

🔒 KPK | Best risk-adjusted yield through automated vaults

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

🌅 NEUTRL | The next generation of crypto-native yield

🛡️ ACCOUNTABLE | Real-time financial verification

👻 MANTLE | Aave V3 is live on Mantle

🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale

⚙️ GEARBOX PROTOCOL | Onchain lending reimagined

------
⏱️ TIMESTAMPS

0:00 - Intro
2:04- Matthew’s background in DeFi
6:24 - Katana’s origin story
10:25 - vbTokens and why yield goes to DeFi participants, not holders
12:00 - How the vaultbridge actually works with Morpho on Ethereum
17:38 - Vitalik’s L2 comments and Ethereum alignment
21:50 - How Katana can win over users as a DeFi hub
25:12 - IDEX acquisition and Katana Perps launch
28:06 - 5 revenue-generating businesses for one network
30:55 - Built for both retail and institutions
32:51 - ve(3,3) flywheel at the network level on Katana
44:35 - KAT vs vKAT vs avKAT
48:08 - OKX Earn and Binance programs powered by Katana
52:29 - Katana’s endgame to tap into fintech liquidity
54:32 - Why Katana is strategically aligned with Polygon
59:20 - What Matthew's most excited for in 6-12 months
1:01:26 - Closing

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🔗 GUEST LINKS

► Katana website: https://katana.network/
► Katana on X: https://x.com/katana
► Katana Perps website: https://perps.katana.network/
► Katana Perps on X: https://x.com/katanaperps
► Matthew on X: https://x.com/mfisher10x

------
🎙️ 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 earned ~$500 of KAT in the airdrop and voluntarily staked it as avKAT in a demo edited into the pod. Katana has been a sponsor of The Edge Podcast but we do not accept paid guest slots. We believe Katana has an interesting story given its use of vbAssets and ve(3,3) mechanics at the network level.

Nick Forster is CoFounder and CEO of Derive.

Every year since 2021, we've said onchain options would be huge, but it's never played out, until now. Derive has captured 90-95% of onchain options volume while competitors all died or pivoted to perps. The inflection point has arrived.

In this episode, Nick explains why he stayed the course building the hardest product in DeFi, how Yieldmageddon is bullish for the growth of options, and why institutional funds are now turning to onchain options for yield generation. The thesis was right. The timing was just early. And the network effects now make Derive's moat nearly impossible to replicate.

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💎 THIS EPISODE'S PARTNERS

🔒 KPK | Best risk-adjusted yield through automated vaults

🏙 MAINSTREET | Bringing proven TradFi yield strategies to DeFi markets

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

🌅 NEUTRL | The next generation of crypto-native yield

🛡️ ACCOUNTABLE | Real-time financial verification

⚔️ KATANA | Deep liquidity & real yield

👻 MANTLE | Aave V3 is live on Mantle

🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale

⚙️ GEARBOX PROTOCOL | Onchain lending reimagined

------
⏱️ TIMESTAMPS

0:00 - Intro
2:27 - Why Nick bet on onchain options in 2021
4:10 - Derive is the largest onchain options exchange
5:28 - Building “the infinite payoff factory”
11:59 - Why not pivot to perps when everyone else did
14:00 - The inflection point: What changed in the last year
16:37 - How RFQ (request for quote) works for institutional size
18:04 - Yieldmageddon, the end of the basis trade and TVL deals
22:19 - Vaults and structured products being built on Derive
24:17 - Is there an LP pool-style product being built for Derive?
25:17 - From Lyra's AMM to Derive's CLOB
28:20 - What options markets are live today?
29:09 - Which networks Derive supports via its appchain
30:26 - HYPE options driving new growth
31:36 - What if Hyperliquid launched options?
35:53 - Why options markets have stronger network effects
39:17 - Will Derive support RWA options markets?
44:14 - Who trades on Derive?
46:13 - Growth charts: From 0.15% to significant market share
48:43 - Why options are countercyclical
51:09 - DRV token: All value flows through the token
55:08 - The story behind Synthetix’s acquisition proposal
57:43 - How big can Derive grow in options trading?
1:00:27 - What's next?
1:02:03 - Closing

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🔗 GUEST LINKS

► Derive website: https://derive.xyz/
► Derive on X: https://x.com/derivexyz
► Nick on X: https://x.com/itseneff

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🎙️ 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/

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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.

Arpan Gautam is the Founder of Noon.

After years at McKinsey and Goldman, Arpan was led to build institutional-grade yield products in DeFi. Noon now delivers one of the highest performing stablecoin yields (9% APY the last 30 days) while DeFi's biggest competitors sit at 4-6%.

In this episode, we cover:
+ How Noon's multi-strategy yield engine combines DeFi, CeFi, and TradFi to outperform competitors
+ Why private credit, leverage looping, and institutional access remove the gatekeepers on high-yield products
+ What institutions actually want: yield, infrastructure, and risk management
+ Noon's newly launched tBTC yield vaults

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💎 THIS EPISODE'S PARTNERS

🔒 KPK | Best risk-adjusted yield through automated vaults

🏙 MAINSTREET | Bringing proven TradFi yield strategies to DeFi markets

🌅 NEUTRL | The next generation of crypto-native yield

🛡️ ACCOUNTABLE | Real-time financial verification

⚔️ KATANA | Deep liquidity & real yield

👻 MANTLE | Aave V3 is live on Mantle

🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale

⚙️ GEARBOX PROTOCOL | Onchain lending reimagined

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⏱️ TIMESTAMPS

0:00 - Intro
1:27 - Arpan’s background
3:58 - Why choose to build in DeFi
7:58 - What institutions want: Yield, infrastructure, and risk management
14:08 - Retail vs. institutional: Navigating the changing DeFi landscape
18:05 - What is Noon? “The highest, safest stablecoin yield”
23:57 - Evolving beyond self-reported transparency dashboards
27:29 - Noon's multi-strategy yield engine: DeFi, CeFi, and TradFi
32:53 - How Noon achieves 9%+ yields: Removing gatekeepers and accessing institutional products
36:44 - Private credit exposure and why the risk is acceptable for Noon
41:31 - New Noon tBTC yields and strategies
44:41 - NOON token launch: transferability, staking, and LP vault
50:02 - Closing

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🔗 GUEST LINKS

► Noon website: https://noon.capital/
► Noon on X: https://x.com/noon_capital
► Arpan on X: https://x.com/ag_noon

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🎙️ 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. Noon has been a sponsor of The Edge Podcast but we do not do paid guest slots. We believe Noon has a compelling story to spotlight given their standout yield products.