Today's guests are John Morrow, COO and Co-founder of Gauntlet, and Holt Butler, Product Lead for Gauntlet USD Alpha. We discuss Gauntlet's evolution from protocol risk consultants to direct vault operators managing $700M+, the emerging "vault curator" role in DeFi, and how they're bridging TradFi and DeFi through products like gtUSDa. We also explore the competitive dynamics reshaping DeFi lending markets and why automation beats governance for capital allocation.

GUEST LINKS:

* John Morrow: https://x.com/jmo_mx

* Holt Butler: https://x.com/0xhotl

* Gauntlet: https://x.com/gauntlet_xyz

* https://gauntlet.xyz

* Gauntlet USD Alpha: https://app.gauntlet.xyz/vaults/gtusda

HOST LINKS:

* Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh

* Vaults.fyi: https://vaults.fyi

* gtUSDa on vaults.fyi: https://app.vaults.fyi/opportunity/base/0x000000000001CdB57E58Fa75Fe420a0f4D6640D5

* Wallfacer: https://x.com/wallfacerlabs

SUBSCRIBE SECTION: Subscribe to Wallfacer Podcast and share with friends:

* Apple / Spotify: https://www.wallfacer.io/podcast

* YouTube: https://www.youtube.com/@WallfacerLabs

* Substack: https://wallfacerlabs.substack.com/s/podcast

TIMESTAMPS:

* [00:13] Gauntlet's Evolution: From Risk Models to Vault Management

* [07:14] Defining the Vault Curator Role

* [14:50] Behind the Scenes: Vault Management Operations

* [17:54] Aera Protocol & Gauntlet USD Alpha Launch

* [25:20] Institutional vs Retail Capital Allocation

* [33:04] Customer Relationships & Platform Ownership

* [36:56] Real World Assets & Cross-Chain Strategies

* [46:25] DeFi Lending Competition: Morpho vs Aave

* [49:26] Gaming, Tokenized Assets & Future DeFi Use Cases

Today's guest is Ivan Kozlov, co-founder of Resolv Protocol. We discuss how Resolv has been successful with tranching, their yield-bearing stablecoin architecture, and why most TradFi instruments fail when transplanted to crypto. Ivan shares his contrarian take on distribution strategies and his ambitious vision to "stablecoinize" hedge funds, credit funds, and eventually everything.

GUEST LINKS:

* Ivan Kozlov: https://x.com/Iv4n_Ko

* Resolv Protocol: https://x.com/ResolvLabs

* Resolv Journey (Roadmap): https://resolv.xyz/journey

HOST LINKS:

* Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh

* Vaults.fyi: https://twitter.com/vaultsfyi

* Wallfacer: https://x.com/wallfacerlabs

SUBSCRIBE SECTION: Subscribe to Wallfacer Podcast and share with friends:

* Apple

* Spotify

* YouTube: https://www.youtube.com/@WallfacerLabs

* Substack: https://wallfacerlabs.substack.com/s/podcast

TIMESTAMPS:

[00:00] Background & Journey from Nuclear Physics to DeFi

[03:15] Why TradFi Products Fail in Crypto

[09:39] What is Resolv Protocol

[14:56] Tranching Mechanics & Risk Segregation

[24:27] Market Segmentation & Risk Profiles

[29:53] Distribution Strategy & Go-to-Market

[40:01] Multi-Chain Expansion Philosophy

[48:17] Future Yield Sources Beyond Delta Neutral

[54:26] Five-Year Vision & Market Size Predictions

Today's guests are @DeFi_Dad and @Nomaticcap, co-hosts of The Edge Podcast, authors of The Edge newsletter, and prominent angel investors. We discuss the foundational role of Bitcoin ideology in shaping the crypto industry, why Ethereum is "woefully undervalued," and the gap between crypto narratives and reality in today's market. Plus, where they're placing their angel investment bets in 2025.

Guests:

* DeFi Dad: https://twitter.com/DeFi_Dad

* Nomatic: https://twitter.com/nomaticcap

* The Edge Podcast: https://x.com/edge_pod

* The Edge Newsletter: https://the-edge.xyz

Host:

* Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh

* Vaults.fyi: https://vaults.fyi

Subscribe to Wallfacer Podcast and share with friends:

* Spotify:

* YouTube: https://www.youtube.com/@WallfacerLabs

* Substack: https://wallfacerlabs.substack.com/s/podcast

Show Notes:

[00:00] Intro & Origins

[05:02] Nomatic's Backstory

[10:33] The Bitcoin Foundation

[16:14] Modern Blockchain Philosophy

[24:59] Ethereum Sentiment & Conviction

[31:26] Ethereum's Path Forward

[37:45] The User Advantage

[40:39] Storytelling vs. Reality Problem

[46:39] DeFi Evolution: The Curator Model

[55:20] Portfolio Examples & Strategy

[1:00:40] DeFi Tokens in Top 20 Problem

[1:11:25] Future Bets & Trends

[1:21:21] App Layer Thesis

[1:26:29] Mispriced Opportunities

[1:27:32] Wrap-up & Where to Find Them

Please like, subscribe, and leave a positive review. It helps us get the show in front of more listeners and viewers (Apple, Spotify , YouTube)

Today’s guest is Dion Chu, Co-founder and CEO of Term Finance, a fixed-rate lending protocol. Term has raised over 7mm led by Electric Capital. Their token just recently went live and is trading on top exchanges like Kraken

* Ryan: https://x.com/RyanRodenbaugh

* Wallfacer: https://x.com/wallfacerlabs

* Vaults.fyi: https://x.com/vaultsfyi

* Dion Chu: https://x.com/dionchu

* Term Labs: https://x.com/term_labs

Timestamps:

* 00:09 - Introduction to Dion Chu and Term Finance

* 00:28 - What Term Finance does and what makes it unique in the lending space

* 01:04 - The auction mechanism and insights that led to Term Finance's approach

* 06:04 - How treasury auction mechanisms were adapted for DeFi

* 09:02 - Potential for collusion in auction markets 10:29 - Supply and demand dynamics in Term Finance's market

* 13:02 - Approaches to cultivating more lending capital

* 15:03 - Impact of low variable rates across DeFi on Term's rates

* 18:18 - Overview of Term's product suite (auctions, blue sheets, meta vaults)

* 21:43 - Collateral preferences and makeup from borrowers

* 23:26 - Cross-chain expansion and differences between Ethereum and Avalanche

* 27:14 - Selling points for institutional capital and family offices

* 28:56 - Security benefits of Term's architecture

* 31:18 - Token launch learnings and advice for other founders

* 36:24 - Next innovations and improvements planned for Term

* 37:31 - Original vision of success and how goals have evolved

Today’s guest is Nik Kunkel, the founder and CEO of Chronicle Labs. Nik is a long-time contributor to MakerDAO and an early builder in the oracle space.

* Nik: https://x.com/nomos_paradox

* Chronicle: https://x.com/ChronicleLabs

* Ryan: https://twitter.com/RyanRodenbaugh

* Wallfacer: https://x.com/wallfacerlabs

* vaults.fyi: https://twitter.com/vaultsfyi

Timestamps:

* 00:00 Introduction to Nik Kunkel and Chronicle Labs

* 00:19 Nik's journey from IBM Hyperledger to MakerDAO

* 03:27 Joining MakerDAO and the origins of SAI

* 04:57 Early challenges with stablecoins and off-ramping

* 06:54 The early days at MakerDAO and infrastructure challenges

* 10:06 Introduction to Chronicle Labs and its origins

* 14:32 Oracle scalability challenges and solutions

* 17:05 Validator roles and the importance of identity

* 20:44 How validators collect and report data across protocols

* 21:58 How apps and chains choose Oracle providers

* 27:24 Metrics for comparing Oracle providers

* 30:24 Understanding Oracle business models

* 37:03 Different pricing approaches for Oracle services

* 40:33 Chronicle's focus on real-world assets (RWAs)

* 46:21 Fungible vs. non-fungible RWAs and growth potential

* 51:11 Chronicle's role in the Spark Grand Prix and Verified Asset Oracle

* 55:32 Future evolution of the Oracle space

* 58:37 The Chronicle points program and staking

Today’s guest is Sam MacPherson, co-founder and CEO of Phoenix Labs, the core contributors to the Spark Protocol. Sam is also a long-time contributor to Sky, previously known as MakerDAO

• Sam: https://x.com/hexonaut
• Spark: https://x.com/sparkdotfi
• Ryan: https://twitter.com/RyanRodenbaugh
• Wallfacer: https://x.com/wallfacerlabs
• vaults.fyi: https://twitter.com/vaultsfyi

Timestamps: 

• 00:00: Introduction and Sam's Journey to MakerDAO
• 03:05: Idealism vs. Practicality in Protocol Evolution
• 09:10: The SubDAO Model and Spark's Genesis
• 15:30: The Role of Spark in the Sky Ecosystem
• 18:50: Spark Liquidity Layer Innovation
• 24:10: The Banking Analogy and Value Distribution
• 29:10: The Stablecoin Landscape and Tether's Dominance
• 34:19: Cross-Chain Expansion and Bridge Infrastructure
• 36:40: Competitive Dynamics in DeFi
• 39:40: RWA Integration and the Grand Prix
• 45:40: Spark's Future and Value Capture
• 49:50: Closing Remarks and Ways to Follow

Please like, subscribe, and share with a friend! 

How are stablecoins reshaping the financial stack?

Ryan chats with Luca Prosperi about reimagining the financial stack from first principles, why separation between money creation and distribution matters, and how M^0's enables both DeFi protocols and fintech apps to build better products.

Follow our guests: 

• https://x.com/LucaProsperi
• https://x.com/m0foundation

And try out Wallfacer’s latest release: https://app.vaults.fyi

Follow our host: 

• https://twitter.com/RyanRodenbaugh
• https://warpcast.com/ryanrodenbaugh.eth

Timestamps

• 00:00 - Luca's crypto red pill
• 03:03 - The philosophy of money
• 07:21 - Understanding modern banking
• 12:14 - Reflections on working with MakerDAO
• 17:24 - The current state of RWAs
• 21:52 - The belief behind M^0
• 30:28 - $M's role as wholesale money
• 38:04 - How M^0 manages collateral
• 41:40 - Composability and $M
• 44:47 - M^0's pitch for GTM success
• 47:37 - The economics of stablecoin issuers
• 53:58 - M^0's two token governance model
• 58:32 - The economics of M^0
• 1:00:52 - Levelling up crypto monetary infrastructure
• 1:04:27 - Closing predictions on DeFi

How is Euler Finance becoming DeFi's global liquidity layer? 

Ryan Rodenbaugh chats with Michael Bentley about reimagining DeFi infrastructure through modular design, what’s driving the protocol’s high yields, and why more builders are choosing Euler as their foundation.

Follow our guests: 

• https://x.com/euler_mab
• https://x.com/eulerfinance
  
  

And try out Wallfacer’s latest release: https://app.vaults.fyi

Timestamps

00:00 - Michael’s background

05:22 - Getting into crypto

08:32 - The vaults.fyi app

09:17 - Euler’s culture 

12:12 - Screening for culture fits

14:17 - Sticking around after the Euler hack

17:00 - Euler v2 vs Euler v1

19:49 - Euler as primitive infrastructure

28:54 - The case for alternative collateral 

31:28 - Why Euler is a RWA project

35:58 - Bootstrapping stablecoins with modular DeFi protocols

39:37 - What’s driving Euler’s high yields

42:51 - Balancing incentives for a mature token

46:05 - Euler’s metrics for success

49:30 - Why don’t protocols just launch on Euler?

52:48 - DeFi and the Lindy effect

55:04 - What’s next for Euler

59:37 - Realizing Euler’s vision

@RyanRodenbaugh sat down with @MattFiebach of @EntropyAdvisors in our latest podcast! 

They discussed how the Entropy team is accelerating the @arbitrum DAO, the current OpCo proposal, & the world of decentralized governance. 

Timestamps

00:00 - What is Entropy Advisors?
01:59 - Why Arbitrum?
05:54 - Who contributes to Arbitrum today?
08:02 - Which Arbitrum competitors stand out?
12:11 - Offchain Labs’ influence on Arbitrum
13:56 - What does OpCo address?
16:10 - How OpCo has been received
18:35 - Analogous structures & OpCo’s role
21:40 - In-house vs service providers
23:07 - How L2s are valued
25:33 - Arbitrum DAO’s business model
28:25 - Matt’s thoughts on the Superchain narrative
37:02 - What should L2s focus on?
41:16 - Arbitrum’s homegrown success stories
46:37 - Focusing on Ethereum vs other L1s
51:13 - Arbitrum and L2 interoperability
53:18 - Friction points for users
54:58 - Getting people onchain & closing thoughts

Follow our guests: 

• https://x.com/MattFiebach
• https://x.com/EntropyAdvisors

Stay connected with Wallfacer: 

• https://twitter.com/wallfacerlabs
• https://linktr.ee/wallfacerlabs
• https://twitter.com/ryanrodenbaugh
• https://warpcast.com/ryanrodenbaugh

🎙️ Join @RyanRodenbaugh and @DeFi_Made_Here in our latest podcast. 

They discussed @0xFluid’s approach to DeFi, @Instadapp’s evolution, and more!

• 00:00 - DMH’s background
• 04:40 - What is Fluid?
• 07:09 - Instadapp’s evolution
• 09:05 - Fluid’s design
• 10:40 - How the Liquidity Layer works
• 12:35 - Risk in Fluid’s ecosystem
• 14:55 - Fluid’s competitive rates 
• 16:03 - How Fluid utilizes capital 
• 24:51 - Building on the Liquidity Layer
• 29:10 - Collaborating with other protocols
• 33:00 - Fluid’s biggest competitor 
• 35:35 - Rapid growth without token incentives
• 37:19 - Maintaining APY with high TVL
• 39:45 - Fluid’s approach to L2s
• 41:41 - The evolution on $INST
• 43:19 -  Establishing Fluid as a “blue-chip” protocol

Follow: https://x.com/defi_made_here
https://x.com/instadapp
https://x.com/0xFluid

Follow Wallfacer: https://twitter.com/wallfacerlabs

And our host, Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh 
https://warpcast.com/ryanrodenbaugh

And subscribe for all our other content: https://linktr.ee/wallfacerlabs