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- 1 weeks ago47 min
#32: David Reising, Lotus Protocol | Tranched Lending and the Missing Middle in DeFi Credit
Episode DescriptionToday’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.netHost Links* Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh* Vaults.fyi: https://vaults.fyi* API Docs: https://docs.vaults.fyi/Subscribe to Wallfacer Podcasthttps://wallfacer.io/podcastTimestamps* [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
- 2 weeks ago46 min
#31: Joey Isaacson, Nook | Building a DeFi Savings App for Non-Crypto Users
Episode DescriptionToday’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.fyiSubscribehttps://www.wallfacer.io/podcastTimestamps* [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
- 4 weeks ago33 min
#30: TezDev: Beyond Crypto-Natives: The Next Era of Earn w/ Tezos, Meria, and Hanji
Episode DescriptionToday’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.ioHost Links* Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh* Vaults.fyi: https://vaults.fyiSubscribe 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
- Apr 10, 202654 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.ioHost Links* Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh* Vaults.fyi: https://vaults.fyiSubscribe 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
- Mar 4, 202649 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/earnLearn how Jumper leverages the vaults.fyi API: https://docs.vaults.fyi/general/case-studies/jumper-earnHOST LINKS:* Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh* Vaults.fyi: https://app.vaults.fyi/* Build with our APIs: https://docs.vaults.fyiSUBSCRIBE:* Apple * Spotify * YouTube: https://www.youtube.com/@WallfacerLabs* Substack: https://wallfacerlabs.substack.com/s/podcastTIMESTAMPS:[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, 20251h 6m
#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.financialHOST LINKS:* Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh* Vaults.fyi: https://vaults.fyi* Vaults.fyi X: https://x.com/vaultsfyi* Wallfacer X: https://x.com/wallfacerlabsSUBSCRIBE TO WALLFACER PODCAST AND SHARE WITH FRIENDS:* Apple * Spotify * YouTube: https://www.youtube.com/@WallfacerLabs* Substack: https://wallfacerlabs.substack.com/s/podcastTIMESTAMPS:* [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, 202531 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/darmacapitalHOST LINKS:* Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh* Vaults.fyi: https://vaults.fyiSUBSCRIBE 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/podcastTIMESTAMPS:* [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, 202542 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/vaultsfyiSubscribe 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/podcastTIMESTAMPS:* [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
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About 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 wallfacerlabs.substack.com
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