The Edge Podcast

John Gillen is an ex-BlackRock VP, General Partner at TRU Capital, and host of The Milk Road Show. In this episode, John breaks down his Wartime Ethereum thesis on why this is a defining moment for Ethereum that demands engagement, conviction, and patience rather than capitulation. He walks through how ETH functions as a triple point asset, why stablecoins, tokenization, and the agentic economy ar...

Jai Bhavnani is the Founder of Waymont Co, the developer of the Royco protocol. In this episode of DeFi Frontier, Jai walks through how Royco evolved from an incentive platform into a risk tranching protocol connecting RWA issuers with both institutions and DeFi users. He explains what makes an asset worth tranching, and then navigates through a real stress test in progress for Royco, with the rec...

Odysseus is the Founder and CEO of Phylax Systems, and Declan Fox is the VP and Head of Linea at Consensys. The rsETH exploit drained $292M from Aave, but a simple rule or circuit breaker could have prevented bigger losses! In this episode, Odysseus and Declan walk us through how Phylax's DeFi circuit breaker works: code currently running on the Linea sequencer that checks every transaction ag...

Tom Dunleavy is Head of Venture at Varys Capital. In this episode, Tom walks us through his valuation framework for ETH. He offers a mental model where Ethereum is the vault filled with stablecoins, RWAs, and DeFi activity secured by it. But ETH is the lock--and the bigger the vault gets, the more valuable the lock has to be to protect it. Based on Ethereum's current onchain activity, Tom gets us...

Robert Leshner is the Founder and CEO of Superstate, as well as the former CoFounder of Compound. Most people in DeFi are focused on the $2.5 trillion cryptonative market. Robert is focused on the $700 trillion that hasn't moved onchain yet. In this episode, he explains why tokenization is the long awaited evolution for crypto markets, how Superstate is building the bridge between institutional Tr...

Kash Dhanda is the COO at Jupiter. Most people know Jupiter for its flagship DEX aggregator and perps. But we've dug into the onchain business backing JUP token value accrual and why the fundamentals are worth understanding heading into the next bull run. In this episode of Revenue Meta, Kash walks us through how Jupiter generates revenue across five distinct products: DEX aggregator, perps, Jupit...

David Vatchev is Head of Tokenization at Fasanara, Arpan Gautam is the Founder at Noon, and Rob Montgomery is the CoFounder at infiniFi. In this episode, David, Arpan, and Rob break down why not all private credit is the same, and why the short duration, asset-backed, diversified kind is fundamentally different from what's causing problems in TradFi. They walk through how Noon and infiniFi indepen...

Vish is the CoFounder & CEO of Frontera Labs, the developer behind Strata. DeFi has an abundance of exotic yields. What's been missing is a way to transfer risk between users who want different things. So while risk tranching has existed in TradFi for decades, Strata just made it permissionless. In this episode, Vish explains how Strata brings risk tranching fully onchain: senior tranches for...

Samed Düzçay is the Founder of Tori. DeFi yields often collapse in bear markets because they recycle crypto-native capital. But Tori generates yield from somewhere else entirely. In this episode, Sam explains how Tori brings institutional FX carry trades onchain, borrowing in low-rate currencies, lending in high-rate emerging market currencies, and hedging the FX exposure fully back to USD. The sp...

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 l...

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 proto...

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 f...

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 thi...

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...

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 le...

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 p...

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...

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 bu...

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 competi...

Felipe Montealegre is the Founder and CIO of Theia. A liquid crypto investment fund explains why they believe the four-year token bear market is coming to an end and how they're deploying capital. Felipe explains why his team concluded 99% of crypto tokens, excluding a few SoV tokens, should be valued on discounted cash flows and how that view kept them out of certain overvalued L1s and L2s. Plus,...

Hart Lambur is the CoFounder of Across. We host a timely new discussion on the reasoning behind the first ever major token buyout in DeFi, a proposal to convert ACX tokenholders into equity shareholders of a traditional private company for Across. Hart explains how the $25M treasury would finance the buyout, and the vision for Across's future as stablecoin infrastructure where "$1 equals $1" and u...

Davide Crapis is an AI Lead at the Ethereum Foundation. AI agents are already choosing which blockchains to use. Davide Crapis, AI Lead at the Ethereum Foundation, explains why Ethereum is building the infrastructure to win them over and what the internet of agents looks like in the near future. In this episode, we cover: + Why AI agents are rational actors when choosing chains + From experiment t...

Gil Santos is Lead Quant at Credora, and Marcin Kazmierczak is CoFounder of RedStone, which recently acquired Credora. We dig into why DeFi desperately needs credit ratings, how Credora is building them, and why this is the missing piece for institutional capital to flow onchain. Gil explains the problem: DeFi has transparency of transactions but opacity when it comes to risk. You can see every tr...

Gabriel Shapiro is a top legal expert in cryptoassets and tokenization, who is now Founder of MetaLeX, where he's building onchain legal entities and tokenized securities infrastructure. We dig into Vitalik's recent tweet about refocusing on Ethereum L1 scaling, why Ethereum's commitment to maximum decentralization matters, and the evolution of L2s. Then Gabriel dives into why you don't actually o...

Mike Silagadze is the CoFounder and CEO of ether.fi. Ether.fi is building crypto's own Revolut, a fully integrated banking experience that's self-custodial, with lower fees and higher rewards than traditional fintech. In Q4 2025, ether.fi Cash hit $126M in card spending, up 160% quarter over quarter, making it the largest non-custodial crypto card. Mike breaks down the business model (Stake, Liqui...