In this episode, I sit down with Marko, Co-founder of Tapir Protocol, to break down one of the most underappreciated risks in DeFi , depegging. We dig into how stablecoins and yield-bearing assets can lose their peg, what the real financial damage looks like (spoiler: up to $3.3 billion in losses between 2020 and 2025), and how Tapir is building a smarter, fully automatic, non-custodial solution to protect investors without sacrificing yield or capital efficiency. Marko walks me through how Tapir splits a single asset into a depeg-protected version and a yield-boosted version, letting the market price the risk rather than a committee deciding your claim. Whether you manage a treasury, run a fund, or just want safer DeFi yields, this conversation is packed with practical insight. Disclaimer Nothing mentioned in this podcast is investment advice and please do your own research. It would mean a lot if you can leave a review of this podcast on Apple Podcasts or Spotify and share this podcast with a friend. Be a guest on the podcast or contact us - https://www.web3pod.xyz/ --- CONNECT --- Tapir Protocol Website: https://tapir.money/ Marko on Twitter/X: https://x.com/markoinether Tapir X/twitter: https://x.com/Tapir_Protocol --- KEY POINTS WITH TIMESTAMPS --- • [00:00] Sam introduces Marko from Tapir Protocol and the focus on safer DeFi for institutional and retail investors • [01:19] Marko shares his background , from e-commerce to crypto in 2015, winning ETH Global hackathons in 2020 and 2021, building Marinate Finance (first liquid staking on Solana), and leading developer ecosystems at SSV Network • [04:15] Discussion on the explosive growth of stablecoins and why stablecoin yield products are the focus for Tapir • [07:02] Deep dive into what a depeg is and a live case study of APX USD trading at 80 cents on the dollar • [08:48] How Tapir splits one asset into three: a base version, a depeg-protected version, and a yield-boosted version , all 100% capital efficient • [13:02] Tapir's business model , a marketplace that earns a small fee on minting and redeeming assets • [13:59] Where Tapir is in its lifecycle , live on mainnet, running with internal funds, opening to launch partners and private mainnet users very soon • [16:05] Who Tapir is built for , DAO treasuries, fund managers, and any DeFi investor who understands that risk is real • [19:07] Sam and Marko discuss the drop in DeFi TVL from $180B to ~$69B and how AI-assisted bug finding is increasing vulnerability concerns • [21:23] Tapir has completed two independent audits and keeps its entire codebase under 1,000 lines of code to minimise attack surface • [24:36] Marko's take on algorithmic stablecoins , most fail because of positive feedback loops that collapse under stress • [26:22] Breakdown of Tapir's depeg analysis: long-term depeg losses estimated at $1.5B to $3.3B between 2020 and 2025 • [30:46] How Tapir differentiates from Nexus Mutual, Y2K Finance, and other risk protection protocols , fully automatic resolution, no claims committees, and no capital inefficiency • [39:48] Will USD-denominated stablecoins keep dominating? Marko shares his view and gives a shoutout to Vifi (Virtual Finance) building for smaller currencies • [44:00] What's next for Tapir , opening to external users, launching higher-yield pools targeting ~15%, and looking for feedback from funds on which assets to list next
