Join Yan Liberman and Can Gurel as they speak with Samed Düzçay, founder of Tori, a yield protocol bringing institutional-grade delta-neutral strategies on-chain. Samed shares his journey from mining Bitcoin as a child to building and exiting a successful SaaS company, eventually identifying a massive gap in the stablecoin yield market. They dive into the mechanics of the "carry trade," exploring how Tori captures spreads in emerging markets while hedging out local currency risk. Samed explains the protocol's multi-layered security approach, its real-time auditability through ZK-proofs, and how tokenization unlocks yield-enhancing "loops" that were previously impossible in traditional finance. 💡 Want to stay updated with the latest in crypto & AI? Hit subscribe and the notification bell! 🔔🧠 Follow the Alpha▸ Yan's Twitter: @YanLiberman▸ Can's Twitter: @cannngurel▸ Sam's Twitter: @eth_nox🔗 Connect with Delphi🌐 Portal: https://delphidigital.io/🐦 Twitter: https://twitter.com/delphi_digital💼 LinkedIn: https://www.linkedin.com/company/delphi-digitalWatch on youtube:https://www.youtube.com/@Delphi_DigitalTimestamps00:00 — Samed’s background: From mining BTC to SaaS exits 03:00 — The yield gap: Why recycling crypto-native capital isn't enough 04:45 — Carry Trade 101: Borrowing low, lending high 06:30 — Covered Interest Parity (CIP) and why spreads still exist 09:30 — Security of the hedge: Counterparty risk and credit risk 12:30 — Tail risk scenarios: How hedged positions survive 30% currency drops 15:30 — Execution Mandates: Why Tori separates design from implementation 20:30 — The "Access Edge": Why you need an 8-9 figure balance sheet to play 23:45 — Tokenomics: The two-token model (T-R-U-S-T and receipt tokens) 26:30 — NAV Oracles vs. DEX Market Price: Preventing debt spirals 31:30 — Transparency: Real-time on-chain balance sheets via Accountable 35:30 — Unwinding scenarios: Fixed yields vs. new capital risk 41:30 — Lessons from Drift, Resolve, and AU hacks 46:30 — Stress Tests: Handling mass exits and secondary market de-pegs 50:30 — The Drawdown Protocol: Reserve funds and redemption controls 53:30 — Roadmap: Ethereum mainnet launch and auditsDisclaimerThis podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.