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#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&utm_campaign=CTA_1">wallfacerlabs.substack.com</a>

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89 MIN

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

APR 21, 2025

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

<p>Please like, subscribe, and leave a positive review. It helps us get the show in front of more listeners and viewers (<a target="_blank" href="https://podcasts.apple.com/us/podcast/wallfacer-podcast/id1709530326?l=es-MX">Apple</a>, <a target="_blank" href="https://open.spotify.com/show/2PNkM1JiIZCvvPLfdRYrb4">Spotify</a> , <a target="_blank" href="https://www.youtube.com/@WallfacerLabs">YouTube</a>)</p><p>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</p><p>* Ryan: <a target="_blank" href="https://x.com/RyanRodenbaugh">https://x.com/RyanRodenbaugh</a></p><p>* Wallfacer: <a target="_blank" href="https://x.com/wallfacerlabs">https://x.com/wallfacerlabs</a></p><p>* Vaults.fyi: <a target="_blank" href="https://x.com/vaultsfyi">https://x.com/vaultsfyi</a></p><p>* Dion Chu: <a target="_blank" href="https://x.com/dionchu">https://x.com/dionchu</a></p><p>* Term Labs: <a target="_blank" href="https://x.com/term_labs">https://x.com/term_labs</a></p><p>Timestamps: </p><p>* 00:09 - Introduction to Dion Chu and Term Finance </p><p>* 00:28 - What Term Finance does and what makes it unique in the lending space </p><p>* 01:04 - The auction mechanism and insights that led to Term Finance's approach </p><p>* 06:04 - How treasury auction mechanisms were adapted for DeFi </p><p>* 09:02 - Potential for collusion in auction markets 10:29 - Supply and demand dynamics in Term Finance's market </p><p>* 13:02 - Approaches to cultivating more lending capital </p><p>* 15:03 - Impact of low variable rates across DeFi on Term's rates </p><p>* 18:18 - Overview of Term's product suite (auctions, blue sheets, meta vaults) </p><p>* 21:43 - Collateral preferences and makeup from borrowers </p><p>* 23:26 - Cross-chain expansion and differences between Ethereum and Avalanche </p><p>* 27:14 - Selling points for institutional capital and family offices </p><p>* 28:56 - Security benefits of Term's architecture </p><p>* 31:18 - Token launch learnings and advice for other founders </p><p>* 36:24 - Next innovations and improvements planned for Term </p><p>* 37:31 - Original vision of success and how goals have evolved</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&utm_campaign=CTA_1">wallfacerlabs.substack.com</a>

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39 MIN

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

APR 11, 2025

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

<p>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. </p><p>* Nik: https://x.com/nomos_paradox</p><p>* Chronicle: https://x.com/ChronicleLabs</p><p>* Ryan: https://twitter.com/RyanRodenbaugh</p><p>* Wallfacer: https://x.com/wallfacerlabs</p><p>* vaults.fyi: https://twitter.com/vaultsfyi</p><p>Timestamps: </p><p>* 00:00 Introduction to Nik Kunkel and Chronicle Labs </p><p>* 00:19 Nik's journey from IBM Hyperledger to MakerDAO </p><p>* 03:27 Joining MakerDAO and the origins of SAI </p><p>* 04:57 Early challenges with stablecoins and off-ramping </p><p>* 06:54 The early days at MakerDAO and infrastructure challenges </p><p>* 10:06 Introduction to Chronicle Labs and its origins </p><p>* 14:32 Oracle scalability challenges and solutions </p><p>* 17:05 Validator roles and the importance of identity </p><p>* 20:44 How validators collect and report data across protocols </p><p>* 21:58 How apps and chains choose Oracle providers </p><p>* 27:24 Metrics for comparing Oracle providers </p><p>* 30:24 Understanding Oracle business models </p><p>* 37:03 Different pricing approaches for Oracle services </p><p>* 40:33 Chronicle's focus on real-world assets (RWAs) </p><p>* 46:21 Fungible vs. non-fungible RWAs and growth potential </p><p>* 51:11 Chronicle's role in the Spark Grand Prix and Verified Asset Oracle </p><p>* 55:32 Future evolution of the Oracle space </p><p>* 58:37 The Chronicle points program and staking</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&utm_campaign=CTA_1">wallfacerlabs.substack.com</a>

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61 MIN

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

MAR 31, 2025

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

<p>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</p><ul><li>Sam: <a href="https://x.com/hexonaut" class="linkified" target="_blank">https://x.com/hexonaut</a></li><li>Spark: <a href="https://x.com/sparkdotfi" class="linkified" target="_blank">https://x.com/sparkdotfi</a></li><li>Ryan: <a href="https://twitter.com/RyanRodenbaugh" class="linkified" target="_blank">https://twitter.com/RyanRodenbaugh</a></li><li>Wallfacer: <a href="https://x.com/wallfacerlabs" class="linkified" target="_blank">https://x.com/wallfacerlabs</a></li><li><a href="http://vaults.fyi" class="linkified" target="_blank">vaults.fyi</a>: <a href="https://twitter.com/vaultsfyi" class="linkified" target="_blank">https://twitter.com/vaultsfyi</a></li></ul><p>Timestamps: </p><ul><li>00:00: Introduction and Sam's Journey to MakerDAO</li><li>03:05: Idealism vs. Practicality in Protocol Evolution</li><li>09:10: The SubDAO Model and Spark's Genesis</li><li>15:30: The Role of Spark in the Sky Ecosystem</li><li>18:50: Spark Liquidity Layer Innovation</li><li>24:10: The Banking Analogy and Value Distribution</li><li>29:10: The Stablecoin Landscape and Tether's Dominance</li><li>34:19: Cross-Chain Expansion and Bridge Infrastructure</li><li>36:40: Competitive Dynamics in DeFi</li><li>39:40: RWA Integration and the Grand Prix</li><li>45:40: Spark's Future and Value Capture</li><li>49:50: Closing Remarks and Ways to Follow</li></ul><p>Please like, subscribe, and share with a friend! </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&utm_campaign=CTA_1">wallfacerlabs.substack.com</a>

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50 MIN

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

FEB 3, 2025

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

<p>How are stablecoins reshaping the financial stack?</p><p>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.</p><p>Follow our guests: </p><ul><li><a href="https://x.com/LucaProsperi" class="linkified" target="_blank">https://x.com/LucaProsperi</a></li><li><a href="https://x.com/m0foundation" class="linkified" target="_blank">https://x.com/m0foundation</a></li></ul><p>And try out Wallfacer’s latest release: <a href="https://app.vaults.fyi">https://app.vaults.fyi</a></p><p>Follow our host: </p><ul><li><a href="https://twitter.com/RyanRodenbaugh" class="linkified" target="_blank">https://twitter.com/RyanRodenbaugh</a></li><li><a href="https://warpcast.com/ryanrodenbaugh.eth" class="linkified" target="_blank">https://warpcast.com/ryanrodenbaugh.eth</a></li></ul><p><br/>Timestamps</p><p><br/></p><ul><li>00:00 - Luca's crypto red pill</li><li>03:03 - The philosophy of money</li><li>07:21 - Understanding modern banking</li><li>12:14 - Reflections on working with MakerDAO</li><li>17:24 - The current state of RWAs</li><li>21:52 - The belief behind M^0</li><li>30:28 - $M's role as wholesale money</li><li>38:04 - How M^0 manages collateral</li><li>41:40 - Composability and $M</li><li>44:47 - M^0's pitch for GTM success</li><li>47:37 - The economics of stablecoin issuers</li><li>53:58 - M^0's two token governance model</li><li>58:32 - The economics of M^0</li><li>1:00:52 - Levelling up crypto monetary infrastructure</li><li>1:04:27 - Closing predictions on DeFi</li></ul><p><br/></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&utm_campaign=CTA_1">wallfacerlabs.substack.com</a>

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73 MIN