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Wallfacer Podcast

Wallfacer Podcast

Wallfacer Podcast: Conversations with the builders, operators, and investors shaping crypto's future. We explore the strategies, technical innovations, and market insights that go beyond the headlines

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  • 21 episodes
  • Avg 53 min
  • English

Episodes 21

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  • August 19 · 56 min

    #35: Jerome de Tychey | EIP-8363, the 50% staking line, and Ethereum's issuance fight

    Today’s guest is Jérôme de Tychey, president of Ethereum France, founder of EthCC, and a co-author of EIP-8363. He makes the case that Ethereum’s issuance curve has no equilibrium, concedes that the proposal’s original solo staker claim was a mistake his own team had to walk back, and puts community feedback at roughly 60 percent negative. We get into what actually breaks above a 50 percent staking ratio, the 15 hours he spent trying to convince SharpLink, and what he would still change about the proposal. Guest Links * Jérôme de Tychey: https://x.com/jdetychey * EthCC: https://x.com/EthCC * Ethereum France: https://x.com/Ethereum_France * EIP-8363 discussion thread: https://ethereum-magicians.org/t/eip-8363-tapered-issuance-burn/29263 * Issuance research index: https://issuance.wtf/ Host Links * Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh * Vaults.fyi: https://vaults.fyi * API Docs: https://docs.vaults.fyi/ Subscribe to the Podcast * https://wallfacer.io/podcast Timestamps [00:00] Intro [01:13] Why issuance, and why now [02:22] Ethereum’s history of cutting issuance, from 5 ETH blocks to the Merge [04:29] The original curve was set before LSTs and ETFs existed [07:17] Justin Drake on why the topic stalled, and “impossible is not French” [09:20] How the proposal came together, and the shape of the curve [12:44] What actually breaks above a 50 percent staking ratio [13:35] Slashing risk, LSTs, and the bailout expectation [18:15] Economic finality, and why 20 to 30 percent is the target [25:48] Why the diversity of the validator set matters more than the ratio [28:26] The Nakamoto coefficient, and contestability over concentration [30:28] “That was our own fault”: walking back the solo staker claim [32:58] Talking to SharpLink, Bitmine, and the ETF issuers [35:25] The coupon versus the principal, and what Grayscale pushed for [39:48] Store of value, looping, and what ETH actually gets used for [45:14] Monetary neutrality, and comparing ETH issuance to Bitcoin [50:00] What he has changed his mind on since publishing [52:05] The missing cascade model, and early signs of convergence [54:41] Where to follow the debate This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

  • July 31 · 53 min

    #34: corn (Yearn) & Connor Flanagan (Birch Hill) | What even is a vault?

    Today’s guests are corn, who works on growth at Yearn, and Connor Flanagan, COO and co-founder of Birch Hill. We get into why the word “vault” stopped meaning anything, how Yearn spotted $10 million missing from Stream Finance’s wallets weeks before it collapsed, and why Birch Hill responded to the SEC’s vault statement by asking for a meeting. They also walk through their launch with Groma, where a renter’s monthly payment buys equity in the building instead of disappearing. Guest Links * corn: https://x.com/omgcorn * Yearn: https://x.com/yearnfi * Connor Flanagan: https://x.com/cflan_ * Birch Hill: https://x.com/BirchHill_io * Groma: https://x.com/GromaCorp Host Links * Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh * Vaults.fyi: https://vaults.fyi * API Docs: https://docs.vaults.fyi/ Subscribe to Wallfacer Podcast * https://wallfacer.io/podcast Timestamps * [00:31] What does the word “vault” even mean anymore? * [02:21] Birch Hill’s thesis: bringing credit origination onchain * [07:01] Yearn is onchain to the core. Why work on offchain collateral? * [08:32] corn on the three tiers of vaults, and which one produced Stream Finance * [12:09] The spectrum of discretion, and whether KYC kills composability * [16:35] “I don’t think every vault is a security” * [18:02] What genuinely can’t be built onchain yet * [19:05] Which RWAs actually work onchain, and why fungibility decides it * [22:58] Modular lending markets as the new bootstrapping mechanism * [25:16] The Stream test: how to spot the next blowup * [27:03] Do curators inevitably push out the risk curve until they blow up? * [30:35] The Groma launch, and rent vesting as a renter’s mortgage * [38:22] Going live: permissioning, accredited checks, and discounted NAV oracles * [44:21] Why Yearn curates on Morpho * [44:35] What “institutional curator” actually means * [48:06] What’s next: new asset classes, yearn V4, and why CLARITY timing matters This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

  • July 15 · 46 min

    #33: Ivo Georgiev & Dimo Stoyanov, Ambire & heyAura | Building for the Chronically On-Chain

    Episode Description Today’s guests are Ivo Georgiev and Dimo Stoyanov, co-founders of Ambire and heyAura, who have been building together for 13 years, from Stremio to AdEx to a smart-account wallet. We get into why the “next billion” wallet thesis stalled and why Ambire instead built for the chronically on-chain, how the Ethereum Foundation’s Kohaku privacy initiative ended up built on Ambire, and why an AI agent living inside your wallet could make protocol interfaces, discovery, and even vaults obsolete. Along the way, Ivo argues that people trust user interfaces more than they trust smart contracts, and that almost everything in crypto is really just a swap. Guest Links * Ivo Georgiev: https://twitter.com/Ivshti * Dimo Stoyanov: https://twitter.com/_DimoStoyanov * Ambire: https://twitter.com/AmbireWallet * heyAura: https://twitter.com/heyaura Host Links * Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh * Vaults.fyi: https://vaults.fyi * API Docs: https://docs.vaults.fyi/introduction Subscribe https://www.wallfacer.io/podcast Timestamps * [00:00] Intro * [00:34] How Ivo and Dimo met, Stremio, and the start of AdEx * [02:03] Why the ad network had to be built on Ethereum * [03:32] From AdEx to Ambire: onboarding people who’d never used a wallet * [06:02] The wallet market and who Ambire is really for * [10:10] Accounts vs. wallets, and unsustainable embedded-wallet pricing * [12:07] Shipping EIP-7702 first, and why it enabled Ambire’s growth * [16:06] Kohaku: the Ethereum Foundation’s privacy initiative built on Ambire * [19:12] The Safe integration, and trusting UIs over smart contracts * [22:47] heyAura’s origin, and putting discovery and security into the agent * [26:47] Smart sessions, and running an agent on your existing wallet * [29:12] Prompt injection, and finding the use case people actually want * [32:42] Can an agent replace the vault? Personalization vs. capital efficiency * [35:24] Local models, order flow, and opaque addresses * [37:31] heyAura’s top use cases and the year ahead * [40:45] The business of wallets: why everything is a swap * [45:05] Closing This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

  • May 8 · 47 min

    #32: David Reising, Lotus Protocol | Tranched Lending and the Missing Middle in DeFi Credit

    Episode Description Today’s guest is David Reising, founder and CEO of Lotus Protocol. Ryan and David get into why isolated lending markets keep converging on the same handful of pairs, how Lotus prices risk on liquidation thresholds, and why the recent string of DeFi exploits (Aave, Resolv, Stream Finance) is forcing a real rethink of how curators underwrite collateral. They also cover productive debt and the LotusUSD base rate, what David learned relaunching hyETH on Morpho with Gauntlet at Index Coop, and the case for going direct to markets in an agentic world. Guest Links * David Reising: https://twitter.com/Davidareising * Lotus Protocol: https://x.com/LotusFi_ * Lotus Labs: https://lotuslabs.net Host Links * Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh * Vaults.fyi: https://vaults.fyi * API Docs: https://docs.vaults.fyi/ Subscribe to Wallfacer Podcast https://wallfacer.io/podcast Timestamps * [00:00] Intro and what Lotus is * [01:18] Pricing risk on liquidation thresholds, not collateral quality * [04:47] The Morpho cbBTC market example and the case for tranched lending * [08:24] Designing for borrowers, not just lenders * [11:09] Embedded borrow, predictable rates, and what integrators want * [16:09] Risk frameworks and the limits of curator diligence after recent exploits * [18:43] Why collateral expansion will slow down in curated markets * [20:08] Lotus vaults: conservative, balanced, and aggressive * [24:24] Credora ratings and how onchain liquidity reprices risk * [27:48] Productive debt, cascading liquidity, and the LotusUSD base rate * [31:00] Senior vs junior demand, Ajna, and tick based lending * [34:24] Index Coop, relaunching hyETH on Morpho, and what scaled * [39:30] Operational intensity of the curator model * [41:48] Going direct to markets in an agentic world * [45:07] Launch timeline, pre-deposits, and subsidized borrow rates This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

  • May 1 · 46 min

    #31: Joey Isaacson, Nook | Building a DeFi Savings App for Non-Crypto Users

    Episode Description Today’s guest is Joey Isaacson, co-founder and CEO of Nook, a consumer savings app that connects everyday users to DeFi lending markets on Base. Joey spent five years at Coinbase leading design on earn, staking, and lending before building Nook to reach the 99.9% of people who’ve never touched DeFi. We talk about finding users on TikTok and Reddit instead of Crypto Twitter, why Nook won’t force-rebalance your funds, and how to build a business in consumer crypto. Guest Links * Joey Isaacson: https://twitter.com/joeyisaacson * Nook: https://earnwithnook.com * Nook Instagram: https://www.instagram.com/nookearnapp/ Host Links * Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh * Vaults.fyi: https://vaults.fyi Subscribe https://www.wallfacer.io/podcast Timestamps * [00:00] Intro * [00:13] What is Nook and why Joey built it * [01:13] Who the actual Nook user is * [04:50] Distribution: TikTok, Reddit, Meta, and creator partnerships * [08:00] Short-form content strategy and the three-second hook * [10:24] Onboarding, trust, and starting with $5 * [13:45] Progressive disclosure: reputation scores, auto-deposits, building trust over time * [16:21] What builds trust fastest: referrals, cash bonuses, real faces * [19:43] Coinbase and the earn landscape: feature vs. product * [23:19] Risk after a wild weekend: Resolv, Drift, Kelp, and Aave liquidity * [29:05] How rebalancing works: Privy, CCTP, individual wallets vs. supervaults * [33:21] Business model: curator revenue shares, yield compression, and exchange fees * [40:55] Magic wand: cross-chain movement and insurance * [44:29] Roadmap: multiple positions, multiple assets, OpenCover coverage This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

  • April 20 · 33 min

    #30: TezDev: Beyond Crypto-Natives: The Next Era of Earn w/ Tezos, Meria, and Hanji

    Episode Description Today’s guests are Arthur Breitman (co-founder of Tezos), Owen (Hasheur) Simonin (CEO of Meria), and Dmitriy Kovalevskiy (founder of Hanji). Recorded live at TezDev 2026 in Cannes, the panel covers why crypto yields remain structurally higher than traditional markets, the real obstacles keeping fintechs from offering DeFi yield, and whether tokenized commodities or tokenized stocks will drive the next wave of adoption. Guest Links * Arthur Breitman: https://twitter.com/ArthurB * Tezos: https://tezos.com * Etherlink: https://etherlink.com * Owen Simonin (Hasheur): https://twitter.com/PowerHasheur * Meria: https://meria.com * Dmitriy Kovalevskiy: https://twitter.com/dmitrytez * Hanji: https://hanji.io Host Links * Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh * Vaults.fyi: https://vaults.fyi Subscribe and share with friends: * https://www.wallfacer.io/podcast ← Apple, YouTube, Spotify, and more! Timestamps * [00:00] Introductions * [00:33] What’s still holding fintechs back from offering DeFi yield * [02:02] Why crypto yields are structurally higher than traditional markets * [03:35] Two types of yield seekers: high yield chasers vs. reliability seekers * [04:26] Celsius, Resolv, and the new wave of on-chain risk * [07:08] Fixed-term lending: is there real demand beyond institutions? * [09:28] RWAs in the earn stack: commodities vs. real estate vs. T-bills * [12:06] Retail is attention-driven: the case for adding oil and macro assets * [13:25] Collateral diversity and why it starts with user demand * [14:27] The Robinhood of DeFi yield and Meria’s approach * [16:07] Regulator conversations: custody, staking risk categories, and MiCA * [19:46] Who are your users in two years? B2B2C, crypto natives, and new populations * [23:53] Etherlink’s DeFi growth and vaults.fyi integration * [24:04] Stablecoins as the onramp: why DEX trading will be easier than brokerage trading * [25:25] Tokenized stocks: the NVIDIA problem and long-tail assets * [29:23] Building the everything-app vs. staying specialized * [31:30] What each panelist is most excited about in crypto right now This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

  • April 10 · 54 min

    #29: Jeremiah Smith, OpenCover | Why 99.95% of DeFi Is Uninsured

    Today’s guest is Jeremiah Smith, co-founder and CEO of OpenCover. Jeremiah explains why less than 0.05% of DeFi TVL is insured, walks through how OpenCover’s new “covered vaults” primitive eliminates the upfront cost and manual renewal problems that killed DeFi insurance adoption, and breaks down the Nexus Mutual underwriting stack that backs it all. Ryan and Jeremiah also discuss the Resolv USR fallout, the xUSD claims payout, and why embedded risk transfer is becoming table stakes for any product offering DeFi yield. Guest Links * Jeremiah Smith: https://twitter.com/itsJeremiahS * OpenCover: https://opencover.com * Nexus Mutual: https://nexusmutual.io Host Links * Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh * Vaults.fyi: https://vaults.fyi Subscribe and share with friends: * https://www.wallfacer.io/podcast ← Apple, YouTube, Spotify, and more! Timestamps * [00:00] Intro and OpenCover’s founding story * [03:54] The “DeFi mullet” app that preceded OpenCover * [06:40] Celsius, BlockFi, and why self-custody won * [08:29] What OpenCover does and doesn’t underwrite * [10:26] Yield compression and the challenge of scaling DeFi yield * [13:01] How much DeFi capital is actually insured today * [16:20] Why DeFi insurance adoption is so low * [19:45] Tranching, TrueFi, and the structural shortage of conservative capital * [22:14] OpenCover’s two verticals: protocol risk and transaction risk * [26:01] How covered vaults work: stake, cover on, unstake, cover off * [28:56] Premium streaming, rate dynamics, and whether insurance only works in high-rate environments * [33:13] The Resolv USR fallout and contagion risk across Morpho vaults * [34:46] The xUSD / Stream Finance claims payout, end to end * [37:13] How underwriting and repricing works for Morpho vaults * [40:00] Risk ratings vs. risk transfer: why insurance beats scores * [43:37] The Nexus Mutual underwriting stack: syndicates, capacity, and claims * [49:51] Who insures the insurers? Smart contract risk on the covered vault itself * [51:13] What success looks like: embedded protection as the default This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

  • March 4 · 49 min

    #28: Octave Mesnard, Jumper | A consumer hub vision, building for prosumers & multi-chain myths

    EPISODE DESCRIPTION: Today’s guest is Octave Mesnard, Head of Strategy and Consumer Products at Jumper Exchange. We discuss Jumper’s evolution from a thin cross-chain swap interface into a full on-chain consumer hub, the real challenges of building consumer DeFi products at the right time, and why Octave thinks the multi-chain future will consolidate around far fewer chains than anyone expected. GUEST LINKS: * Octave Mesnard: https://twitter.com/octavionotpunk * Jumper Exchange: https://jumper.exchange * Jumper Exchange on X: https://x.com/JumperExchange * Jumper Earn: https://jumper.exchange/earn Learn how Jumper leverages the vaults.fyi API: https://docs.vaults.fyi/general/case-studies/jumper-earn HOST LINKS: * Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh * Vaults.fyi: https://app.vaults.fyi/ * Build with our APIs: https://docs.vaults.fyi SUBSCRIBE: * Apple * Spotify * YouTube: https://www.youtube.com/@WallfacerLabs * Substack: https://wallfacerlabs.substack.com/s/podcast TIMESTAMPS: [00:00] Introduction [00:39] What was your initial foray into crypto? [02:17] Are there any parallels between catastrophe bonds and crypto insurance? [05:43] Tell us about Valha and Kook Exchange — what did you set out to solve? [09:10] You had both an API and a consumer interface — was that intentional? [12:05] Before joining LiFi, you were already working with them. How did that come about and how did you end up joining? [13:34] When you joined, did you already have a vision for what you wanted Jumper to become? [15:23] How do you think about where Jumper goes from here — browser, desktop, mobile? [19:43] Does the Robinhood comparison resonate — one place where users manage everything? [22:07] Who actually is the “normie” user in crypto? [23:42] So Jumper started as a thin layer on LiFi’s stack — is Earn the attempt to thicken that? [26:21] How have you thought about curation on Jumper Earn — what gets listed and what stays out? [29:10] How do you think about risk scoring more broadly across DeFi? [34:46] What are your concerns around RWAs coming into DeFi? [37:28] How do you view the competitive landscape for swapping and bridging today? [40:22] How did you think about working with vaults.fyi and how do you approach partnerships generally? [42:01] Outside of your role at Jumper, what’s catching your attention in DeFi right now? [44:22] You work in interoperability — do you have a contrarian view on the multi-chain future? [48:58] What is the origin of Octavio Not Punk This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

  • Dec 10, 2025 · 1 hr 6 min

    #27: Sebastien Derivaux, Steakhouse Financial | Building Steakhouse, MakerDAO's RWA Legacy, and DeFi risk management

    Today’s guest is Sébastien Derivaux, co-founder of Steakhouse Financial. We discuss the evolution of real-world assets in DeFi from MakerDAO’s pioneering experiments to today’s institutional-grade credit infrastructure, the recent mF-ONE private credit controversy and what it reveals about risk management in tokenized assets, and how Steakhouse built a $1B+ vault curation business on Morpho. Seb shares unfiltered lessons from five years of bringing TradFi credit on-chain—from Société Générale’s groundbreaking tokenized bond deal to defaults to launching Grove as a Sky Star allocating $1B into CLO strategies. GUEST LINKS: * Sébastien Derivaux: https://twitter.com/SebVentures * Steakhouse Financial: https://twitter.com/SteakhouseFi * Steakhouse Financial Website: https://steakhouse.financial HOST LINKS: * Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh * Vaults.fyi: https://vaults.fyi * Vaults.fyi X: https://x.com/vaultsfyi * Wallfacer X: https://x.com/wallfacerlabs 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] Introduction & Background * [02:20] MakerDAO’s Early RWA Experiments: Société Générale, Centrifuge & Lessons Learned * [10:02] The Economics of RWAs: Cost Savings, Efficiency & What Actually Works On-Chain * [16:31] Why Crypto Needs RWAs: Yield Sources, Composability & Liquidity Challenges * [24:20] The mF-ONE Controversy: What Happened & How to Think About Private Credit Risk * [31:00] Commercial Break * [34:17] Risk Management Philosophy: Lenders vs. Investors & Diversification Strategy * [42:46] Comparing RWA Risk to Crypto Collateral & Evolution of Market Perception * [48:53] Building Steakhouse: Three Business Pillars & Becoming a Morpho Curator * [51:45] The Future of Curation: Market Structure, Competition & Traditional Finance Entry * [57:08] Vault Governance: Non-Custodial Design & How Morpho Captures Value * [59:58] Grove Protocol & Sky’s Star System: Decentralized Allocation Strategy * [1:04:33] Looking Ahead: Term Lending, Yield Curves & 10-Year Vision This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

  • Sep 23, 2025 · 31 min

    #26: Andrew Keys, The Ether Machine | Why DATs beat ETFs & The $654M Ethereum Bet

    Today's guest is Andrew Keys, co-founder and chairman of The Ether Machine and managing partner of DARMA Capital. We discuss why crypto treasury companies offer superior returns to ETFs through active yield generation, the structural limitations preventing ETFs from capturing Ethereum's full economic value, and Andrew's $654 million bet on Ethereum's future as the infrastructure for a decentralized internet. Andrew also shares lessons from a decade building Ethereum's institutional adoption and why clean corporate structures matter more than speed to market. GUEST LINKS: * Andrew Keys: https://x.com/AK_EtherMachine * The Ether Machine: https://x.com/TheEtherMachine * DARMA Capital: https://x.com/darmacapital HOST LINKS: * Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh * Vaults.fyi: https://vaults.fyi 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: * [00:18] Andrew's Background & Early Ethereum Journey * [05:39] ETFs vs Digital Asset Treasuries (DATs) * [08:15] North Star Metric: Ether Concentration Per Share * [09:54] Institutional Investor Education & Market Response * [10:25] Ethereum's Evolving Narrative & Stablecoin Product-Market Fit * [12:40] Ethereum's Market Dominance in High-Quality Liquid Assets * [16:57] DARMA Capital's Institutional Staking Business * [20:35] Why Go Public: Philosophy vs Opportunity * [22:46] Regulatory Environment & Long-Term Vision * [23:54] Clean Corporate Structure Strategy * [28:10] The Future of Altcoin DATs & Market Sustainability * [29:36] Lessons Learned: From Naive Decentralization to Meeting People Where They Are This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

  • Sep 16, 2025 · 42 min

    #25: Rob Montgomery, InfiniFi | How InfiniFi Hit $120M TVL & bringing tradFi onchain

    Today's guest is Rob Montgomery, co-founder and CEO of InfiniFi. We discuss how fractional reserve banking principles can revolutionize DeFi yields, the symbiotic relationship between InfiniFi and Pendle, and why traditional finance assets may finally have a compelling reason to migrate on-chain. Rob shares insights on building automated asset-liability matching systems and his vision for bringing TradFi capital into crypto through superior yield optimization. GUEST LINKS: * Rob Montgomery: https://twitter.com/RobAnon94 * InfiniFi: https://infinifi.xyz * InfiniFi on X: https://x.com/infiniFi_ HOST LINKS: * Ryan Rodenbaugh: https://x.com/ryanrodenbaugh * Vaults.fyi: https://vaults.fyi * vaults.fyi on X: https://x.com/vaultsfyi 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: * [01:01] InfiniFi's Timeline & Rapid Growth * [02:47] Capital Composition - Retail vs Institutional * [05:52] What is InfiniFi? * [08:00] How Duration Users Get Higher Yields * [09:31] Tranching Analogy & How It Works * [10:33] Portfolio Selection & Governance Process * [17:58] Complex Governance Structure Vision * [21:24] Risk Assessment & Due Diligence Process * [23:34] Duration Asset Adoption in Crypto * [27:59] The Pendle Relationship & Symbiosis * [29:38] Background on Resonate vs Pendle * [31:03] Why Haven't Competitors Built This? * [33:14] Network Effects & Defensibility * [34:35] RWA Vision & Tokenizer Strategy * [39:14] Revenue Model & Performance Fees * [40:54] What Haven't I Asked About? * [41:22] Success Metrics Beyond TVL This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

  • #24
    Aug 6, 2025 · 58 min

    #24: John Morrow & Holt Butler, Gauntlet | Vault Curation, gtUSDa, & The New DeFi Landscape

    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 This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

  • Jul 2, 2025 · 56 min

    #23: Ivan Kozlov, Resolv | Yield bearing stables, why tranching works, & "stablecoinizing" everything

    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 This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

  • Jun 11, 2025 · 1 hr 29 min

    #22: @Defi_dad & @Nomaticcap | ETH's path forward, narrative problems, & the user advantage

    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 This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

  • #21
    Apr 21, 2025 · 39 min

    #21: Dion Chu, Term Finance | Beyond Variable Rates, DeFi's Fixed Income Future

    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 This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

  • #20
    Apr 11, 2025 · 1 hr 1 min

    #20: Nik Kunkel, Chronicle Labs | Oracle Evolution & Enabling the Tokenization Wave

    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 This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

  • Mar 31, 2025 · 50 min

    #19: Sam MacPherson, Spark | Building DeFi's Liquidity Layer

    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! This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

  • Feb 3, 2025 · 1 hr 13 min

    #18: Luca Prosperi, M^0 | Reimagining Money & the Future of Stablecoins

    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 This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

  • Jan 17, 2025 · 1 hr 1 min

    #17: Michael Bentley, Euler | Building DeFi’s Global Liquidity Layer

    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 This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

  • Dec 2, 2024 · 59 min

    #16: Matt Fiebach, Entropy Advisors | Accelerating the Arbitrum DAO

    @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 This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

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