Wallfacer Podcast
Wallfacer Podcast

Wallfacer Podcast

Wallfacer Podcast

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Episodes

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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

Recent Episodes

#26: Andrew Keys, The Ether Machine | Why DATs beat ETFs & The $654M Ethereum Bet
SEP 23, 2025
#26: Andrew Keys, The Ether Machine | Why DATs beat ETFs & The $654M Ethereum Bet
<p>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.</p><p><strong>GUEST LINKS:</strong></p><p>* Andrew Keys: <a target="_blank" href="https://x.com/AK_EtherMachine">https://x.com/AK_EtherMachine</a></p><p>* The Ether Machine: <a target="_blank" href="https://x.com/TheEtherMachine">https://x.com/TheEtherMachine</a></p><p>* DARMA Capital: <a target="_blank" href="https://x.com/darmacapital">https://x.com/darmacapital</a></p><p><strong>HOST LINKS:</strong></p><p>* Ryan Rodenbaugh: <a target="_blank" href="https://twitter.com/ryanrodenbaugh">https://twitter.com/ryanrodenbaugh</a></p><p>* Vaults.fyi: https://vaults.fyi</p><p><strong>SUBSCRIBE SECTION:</strong> <strong>Subscribe to Wallfacer Podcast and share with friends:</strong></p><p>* Apple/Spotify: <a target="_blank" href="https://www.wallfacer.io/podcast">https://www.wallfacer.io/podcast</a></p><p>* YouTube: <a target="_blank" href="https://www.youtube.com/@WallfacerLabs">https://www.youtube.com/@WallfacerLabs</a></p><p>* Substack: <a target="_blank" href="https://wallfacerlabs.substack.com/s/podcast">https://wallfacerlabs.substack.com/s/podcast</a></p><p><strong>TIMESTAMPS:</strong></p><p>* <strong>[00:18] Andrew's Background & Early Ethereum Journey</strong></p><p>* <strong>[05:39] ETFs vs Digital Asset Treasuries (DATs)</strong></p><p>* <strong>[08:15] North Star Metric: Ether Concentration Per Share</strong></p><p>* <strong>[09:54] Institutional Investor Education & Market Response</strong></p><p>* <strong>[10:25] Ethereum's Evolving Narrative & Stablecoin Product-Market Fit</strong></p><p>* <strong>[12:40] Ethereum's Market Dominance in High-Quality Liquid Assets</strong></p><p>* <strong>[16:57] DARMA Capital's Institutional Staking Business</strong></p><p>* <strong>[20:35] Why Go Public: Philosophy vs Opportunity</strong></p><p>* <strong>[22:46] Regulatory Environment & Long-Term Vision</strong></p><p>* <strong>[23:54] Clean Corporate Structure Strategy</strong></p><p>* <strong>[28:10] The Future of Altcoin DATs & Market Sustainability</strong></p><p>* <strong>[29:36] Lessons Learned: From Naive Decentralization to Meeting People Where They Are</strong></p> <br/><br/>This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit <a href="https://wallfacerlabs.substack.com?utm_medium=podcast&#38;utm_campaign=CTA_1">wallfacerlabs.substack.com</a>
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31 MIN
#25: Rob Montgomery, InfiniFi | How InfiniFi Hit $120M TVL & bringing tradFi onchain
SEP 16, 2025
#25: Rob Montgomery, InfiniFi | How InfiniFi Hit $120M TVL & bringing tradFi onchain
<p>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. </p><p>Rob shares insights on building automated asset-liability matching systems and his vision for bringing TradFi capital into crypto through superior yield optimization.</p><p><strong>GUEST LINKS:</strong></p><p>* Rob Montgomery: <a target="_blank" href="https://twitter.com/RobAnon94">https://twitter.com/RobAnon94</a></p><p>* InfiniFi: <a target="_blank" href="https://infinifi.xyz/">https://infinifi.xyz</a></p><p>* InfiniFi on X: <a target="_blank" href="https://x.com/infiniFi_">https://x.com/infiniFi_</a></p><p><strong>HOST LINKS:</strong></p><p>* Ryan Rodenbaugh: <a target="_blank" href="https://x.com/ryanrodenbaugh">https://x.com/ryanrodenbaugh</a></p><p>* Vaults.fyi: <a target="_blank" href="https://vaults.fyi/">https://vaults.fyi</a></p><p>* vaults.fyi on X: <a target="_blank" href="https://x.com/vaultsfyi">https://x.com/vaultsfyi</a></p><p><strong>Subscribe to Wallfacer Podcast and share with friends:</strong></p><p>* Apple / Spotify: <a target="_blank" href="https://www.wallfacer.io/podcast">https://www.wallfacer.io/podcast</a></p><p>* YouTube: <a target="_blank" href="https://www.youtube.com/@WallfacerLabs">https://www.youtube.com/@WallfacerLabs</a></p><p>* Substack: <a target="_blank" href="https://wallfacerlabs.substack.com/s/podcast">https://wallfacerlabs.substack.com/s/podcast</a></p><p><strong>TIMESTAMPS:</strong></p><p>* <strong>[01:01] InfiniFi's Timeline & Rapid Growth</strong></p><p>* <strong>[02:47] Capital Composition - Retail vs Institutional</strong></p><p>* <strong>[05:52] What is InfiniFi?</strong></p><p>* <strong>[08:00] How Duration Users Get Higher Yields</strong></p><p>* <strong>[09:31] Tranching Analogy & How It Works</strong></p><p>* <strong>[10:33] Portfolio Selection & Governance Process</strong></p><p>* <strong>[17:58] Complex Governance Structure Vision</strong></p><p>* <strong>[21:24] Risk Assessment & Due Diligence Process</strong></p><p>* <strong>[23:34] Duration Asset Adoption in Crypto</strong></p><p>* <strong>[27:59] The Pendle Relationship & Symbiosis</strong></p><p>* <strong>[29:38] Background on Resonate vs Pendle</strong></p><p>* <strong>[31:03] Why Haven't Competitors Built This?</strong></p><p>* <strong>[33:14] Network Effects & Defensibility</strong></p><p>* <strong>[34:35] RWA Vision & Tokenizer Strategy</strong></p><p>* <strong>[39:14] Revenue Model & Performance Fees</strong></p><p>* <strong>[40:54] What Haven't I Asked About?</strong></p><p>* <strong>[41:22] Success Metrics Beyond TVL</strong></p><p></p> <br/><br/>This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit <a href="https://wallfacerlabs.substack.com?utm_medium=podcast&#38;utm_campaign=CTA_1">wallfacerlabs.substack.com</a>
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42 MIN
#24: John Morrow & Holt Butler, Gauntlet | Vault Curation, gtUSDa, & The New DeFi Landscape
AUG 6, 2025
#24: John Morrow & Holt Butler, Gauntlet | Vault Curation, gtUSDa, & The New DeFi Landscape
<p>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.</p><p><strong>GUEST LINKS:</strong></p><p>* John Morrow: <a target="_blank" href="https://x.com/jmo_mx">https://x.com/jmo_mx</a></p><p>* Holt Butler: <a target="_blank" href="https://x.com/0xhotl">https://x.com/0xhotl</a></p><p>* Gauntlet: <a target="_blank" href="https://x.com/gauntlet_xyz">https://x.com/gauntlet_xyz</a></p><p>* https://gauntlet.xyz</p><p>* Gauntlet USD Alpha: <a target="_blank" href="https://app.gauntlet.xyz/vaults/gtusda">https://app.gauntlet.xyz/vaults/gtusda</a></p><p><strong>HOST LINKS:</strong></p><p>* Ryan Rodenbaugh: <a target="_blank" href="https://twitter.com/ryanrodenbaugh">https://twitter.com/ryanrodenbaugh</a></p><p>* Vaults.fyi: <a target="_blank" href="https://app.vaults.fyi/">https://vaults.fyi</a></p><p>* gtUSDa on vaults.fyi: https://app.vaults.fyi/opportunity/base/0x000000000001CdB57E58Fa75Fe420a0f4D6640D5</p><p>* Wallfacer: <a target="_blank" href="https://x.com/wallfacerlabs">https://x.com/wallfacerlabs</a></p><p><strong>SUBSCRIBE SECTION:</strong> <strong>Subscribe to Wallfacer Podcast and share with friends:</strong></p><p>* Apple / Spotify: https://www.wallfacer.io/podcast</p><p>* YouTube: <a target="_blank" href="https://www.youtube.com/@WallfacerLabs">https://www.youtube.com/@WallfacerLabs</a></p><p>* Substack: <a target="_blank" href="https://wallfacerlabs.substack.com/s/podcast">https://wallfacerlabs.substack.com/s/podcast</a></p><p><strong>TIMESTAMPS:</strong></p><p>* <strong>[00:13] Gauntlet's Evolution: From Risk Models to Vault Management</strong></p><p>* <strong>[07:14] Defining the Vault Curator Role</strong></p><p>* <strong>[14:50] Behind the Scenes: Vault Management Operations</strong></p><p>* <strong>[17:54] Aera Protocol & Gauntlet USD Alpha Launch</strong></p><p>* <strong>[25:20] Institutional vs Retail Capital Allocation</strong></p><p>* <strong>[33:04] Customer Relationships & Platform Ownership</strong></p><p>* <strong>[36:56] Real World Assets & Cross-Chain Strategies</strong></p><p>* <strong>[46:25] DeFi Lending Competition: Morpho vs Aave</strong></p><p>* <strong>[49:26] Gaming, Tokenized Assets & Future DeFi Use Cases</strong></p><p></p> <br/><br/>This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit <a href="https://wallfacerlabs.substack.com?utm_medium=podcast&#38;utm_campaign=CTA_1">wallfacerlabs.substack.com</a>
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58 MIN
#23: Ivan Kozlov, Resolv | Yield bearing stables, why tranching works, & "stablecoinizing" everything
JUL 2, 2025
#23: Ivan Kozlov, Resolv | Yield bearing stables, why tranching works, & "stablecoinizing" everything
<p>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.</p><p><strong>GUEST LINKS:</strong></p><p>* Ivan Kozlov: <a target="_blank" href="https://x.com/Iv4n_Ko">https://x.com/Iv4n_Ko</a></p><p>* Resolv Protocol: <a target="_blank" href="https://x.com/ResolvLabs">https://x.com/ResolvLabs</a></p><p>* Resolv Journey (Roadmap): <a target="_blank" href="https://resolv.xyz/journey">https://resolv.xyz/journey</a></p><p><strong>HOST LINKS:</strong></p><p>* Ryan Rodenbaugh: <a target="_blank" href="https://twitter.com/ryanrodenbaugh">https://twitter.com/ryanrodenbaugh</a></p><p>* Vaults.fyi: https://twitter.com/vaultsfyi</p><p>* Wallfacer: https://x.com/wallfacerlabs</p><p><strong>SUBSCRIBE SECTION:</strong> <strong>Subscribe to Wallfacer Podcast and share with friends:</strong></p><p>* <a target="_blank" href="https://podcasts.apple.com/us/podcast/wallfacer-podcast/id1709530326">Apple</a> </p><p>* <a target="_blank" href="https://open.spotify.com/show/2PNkM1JiIZCvvPLfdRYrb4">Spotify</a> </p><p>* YouTube: <a target="_blank" href="https://www.youtube.com/@WallfacerLabs">https://www.youtube.com/@WallfacerLabs</a></p><p>* Substack: <a target="_blank" href="https://wallfacerlabs.substack.com/s/podcast">https://wallfacerlabs.substack.com/s/podcast</a></p><p><strong>TIMESTAMPS:</strong> </p><p><strong>[00:00] Background & Journey from Nuclear Physics to DeFi</strong> </p><p><strong>[03:15] Why TradFi Products Fail in Crypto</strong> </p><p><strong>[09:39] What is Resolv Protocol</strong> </p><p><strong>[14:56] Tranching Mechanics & Risk Segregation</strong> </p><p><strong>[24:27] Market Segmentation & Risk Profiles</strong> </p><p><strong>[29:53] Distribution Strategy & Go-to-Market</strong> </p><p><strong>[40:01] Multi-Chain Expansion Philosophy</strong> </p><p><strong>[48:17] Future Yield Sources Beyond Delta Neutral</strong> </p><p><strong>[54:26] Five-Year Vision & Market Size Predictions</strong></p><p></p> <br/><br/>This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit <a href="https://wallfacerlabs.substack.com?utm_medium=podcast&#38;utm_campaign=CTA_1">wallfacerlabs.substack.com</a>
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56 MIN
#22: @Defi_dad & @Nomaticcap | ETH's path forward, narrative problems, & the user advantage
JUN 11, 2025
#22: @Defi_dad & @Nomaticcap | ETH's path forward, narrative problems, & the user advantage
<p>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.</p><p><strong>Guests:</strong></p><p>* DeFi Dad: https://twitter.com/DeFi_Dad</p><p>* Nomatic: https://twitter.com/nomaticcap</p><p>* The Edge Podcast: https://x.com/edge_pod</p><p>* The Edge Newsletter: https://the-edge.xyz</p><p><strong>Host:</strong></p><p>* Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh</p><p>* Vaults.fyi: https://vaults.fyi</p><p><strong>Subscribe to Wallfacer Podcast and share with friends:</strong></p><p>* Spotify:</p><p>* YouTube: https://www.youtube.com/@WallfacerLabs</p><p>* Substack: https://wallfacerlabs.substack.com/s/podcast</p><p><strong>Show Notes:</strong></p><p><strong>[00:00] Intro & Origins</strong></p><p><strong>[05:02] Nomatic's Backstory</strong></p><p><strong>[10:33] The Bitcoin Foundation</strong></p><p><strong>[16:14] Modern Blockchain Philosophy</strong></p><p><strong>[24:59] Ethereum Sentiment & Conviction</strong></p><p><strong>[31:26] Ethereum's Path Forward</strong></p><p><strong>[37:45] The User Advantage</strong></p><p><strong>[40:39] Storytelling vs. Reality Problem</strong></p><p><strong>[46:39] DeFi Evolution: The Curator Model</strong></p><p><strong>[55:20] Portfolio Examples & Strategy</strong></p><p><strong>[1:00:40] DeFi Tokens in Top 20 Problem</strong></p><p><strong>[1:11:25] Future Bets & Trends</strong></p><p><strong>[1:21:21] App Layer Thesis</strong></p><p><strong>[1:26:29] Mispriced Opportunities</strong></p><p><strong>[1:27:32] Wrap-up & Where to Find Them</strong></p><p></p> <br/><br/>This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit <a href="https://wallfacerlabs.substack.com?utm_medium=podcast&#38;utm_campaign=CTA_1">wallfacerlabs.substack.com</a>
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89 MIN