<p>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.</p><p><strong>GUEST LINKS:</strong></p><p>* Sébastien Derivaux: <a target="_blank" href="https://twitter.com/SebVentures">https://twitter.com/SebVentures</a></p><p>* Steakhouse Financial: <a target="_blank" href="https://twitter.com/SteakhouseFi">https://twitter.com/SteakhouseFi</a></p><p>* Steakhouse Financial Website: https://steakhouse.financial</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>* Vaults.fyi X: https://x.com/vaultsfyi</p><p>* Wallfacer X: https://x.com/wallfacerlabs</p><p><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] Introduction & Background</strong></p><p>* <strong>[02:20] MakerDAO’s Early RWA Experiments: Société Générale, Centrifuge & Lessons Learned</strong></p><p>* <strong>[10:02] The Economics of RWAs: Cost Savings, Efficiency & What Actually Works On-Chain</strong></p><p>* <strong>[16:31] Why Crypto Needs RWAs: Yield Sources, Composability & Liquidity Challenges</strong></p><p>* <strong>[24:20] The mF-ONE Controversy: What Happened & How to Think About Private Credit Risk</strong></p><p>* <strong>[31:00] Commercial Break</strong></p><p>* <strong>[34:17] Risk Management Philosophy: Lenders vs. Investors & Diversification Strategy</strong></p><p>* <strong>[42:46] Comparing RWA Risk to Crypto Collateral & Evolution of Market Perception</strong></p><p>* <strong>[48:53] Building Steakhouse: Three Business Pillars & Becoming a Morpho Curator</strong></p><p>* <strong>[51:45] The Future of Curation: Market Structure, Competition & Traditional Finance Entry</strong></p><p>* <strong>[57:08] Vault Governance: Non-Custodial Design & How Morpho Captures Value</strong></p><p>* <strong>[59:58] Grove Protocol & Sky’s Star System: Decentralized Allocation Strategy</strong></p><p>* <strong>[1:04:33] Looking Ahead: Term Lending, Yield Curves & 10-Year Vision</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>