Wallfacer Podcast

Wallfacer Podcast

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

  1. #26: Andrew Keys, The Ether Machine | Why DATs beat ETFs & The $654M Ethereum Bet

    SEP 23

    #26: Andrew Keys, The Ether Machine | Why DATs beat ETFs & The $654M Ethereum Bet

    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. GUEST LINKS: * Andrew Keys: https://x.com/AK_EtherMachine * The Ether Machine: https://x.com/TheEtherMachine * DARMA Capital: https://x.com/darmacapital HOST LINKS: * Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh * Vaults.fyi: https://vaults.fyi SUBSCRIBE SECTION: Subscribe to Wallfacer Podcast and share with friends: * Apple/Spotify: https://www.wallfacer.io/podcast * YouTube: https://www.youtube.com/@WallfacerLabs * Substack: https://wallfacerlabs.substack.com/s/podcast TIMESTAMPS: * [00:18] Andrew's Background & Early Ethereum Journey * [05:39] ETFs vs Digital Asset Treasuries (DATs) * [08:15] North Star Metric: Ether Concentration Per Share * [09:54] Institutional Investor Education & Market Response * [10:25] Ethereum's Evolving Narrative & Stablecoin Product-Market Fit * [12:40] Ethereum's Market Dominance in High-Quality Liquid Assets * [16:57] DARMA Capital's Institutional Staking Business * [20:35] Why Go Public: Philosophy vs Opportunity * [22:46] Regulatory Environment & Long-Term Vision * [23:54] Clean Corporate Structure Strategy * [28:10] The Future of Altcoin DATs & Market Sustainability * [29:36] Lessons Learned: From Naive Decentralization to Meeting People Where They Are This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

    32 min

  2. SEP 16

    #25: Rob Montgomery, InfiniFi | How InfiniFi Hit $120M TVL & bringing tradFi onchain

    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. Rob shares insights on building automated asset-liability matching systems and his vision for bringing TradFi capital into crypto through superior yield optimization. GUEST LINKS: * Rob Montgomery: https://twitter.com/RobAnon94 * InfiniFi: https://infinifi.xyz * InfiniFi on X: https://x.com/infiniFi_ HOST LINKS: * Ryan Rodenbaugh: https://x.com/ryanrodenbaugh * Vaults.fyi: https://vaults.fyi * vaults.fyi on X: https://x.com/vaultsfyi Subscribe to Wallfacer Podcast and share with friends: * Apple / Spotify: https://www.wallfacer.io/podcast * YouTube: https://www.youtube.com/@WallfacerLabs * Substack: https://wallfacerlabs.substack.com/s/podcast TIMESTAMPS: * [01:01] InfiniFi's Timeline & Rapid Growth * [02:47] Capital Composition - Retail vs Institutional * [05:52] What is InfiniFi? * [08:00] How Duration Users Get Higher Yields * [09:31] Tranching Analogy & How It Works * [10:33] Portfolio Selection & Governance Process * [17:58] Complex Governance Structure Vision * [21:24] Risk Assessment & Due Diligence Process * [23:34] Duration Asset Adoption in Crypto * [27:59] The Pendle Relationship & Symbiosis * [29:38] Background on Resonate vs Pendle * [31:03] Why Haven't Competitors Built This? * [33:14] Network Effects & Defensibility * [34:35] RWA Vision & Tokenizer Strategy * [39:14] Revenue Model & Performance Fees * [40:54] What Haven't I Asked About? * [41:22] Success Metrics Beyond TVL This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

    43 min
  3. #24: John Morrow & Holt Butler, Gauntlet | Vault Curation, gtUSDa, & The New DeFi Landscape

    AUG 6

    #24: John Morrow & Holt Butler, Gauntlet | Vault Curation, gtUSDa, & The New DeFi Landscape

    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. GUEST LINKS: * John Morrow: https://x.com/jmo_mx * Holt Butler: https://x.com/0xhotl * Gauntlet: https://x.com/gauntlet_xyz * https://gauntlet.xyz * Gauntlet USD Alpha: https://app.gauntlet.xyz/vaults/gtusda HOST LINKS: * Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh * Vaults.fyi: https://vaults.fyi * gtUSDa on vaults.fyi: https://app.vaults.fyi/opportunity/base/0x000000000001CdB57E58Fa75Fe420a0f4D6640D5 * Wallfacer: https://x.com/wallfacerlabs SUBSCRIBE SECTION: Subscribe to Wallfacer Podcast and share with friends: * Apple / Spotify: https://www.wallfacer.io/podcast * YouTube: https://www.youtube.com/@WallfacerLabs * Substack: https://wallfacerlabs.substack.com/s/podcast TIMESTAMPS: * [00:13] Gauntlet's Evolution: From Risk Models to Vault Management * [07:14] Defining the Vault Curator Role * [14:50] Behind the Scenes: Vault Management Operations * [17:54] Aera Protocol & Gauntlet USD Alpha Launch * [25:20] Institutional vs Retail Capital Allocation * [33:04] Customer Relationships & Platform Ownership * [36:56] Real World Assets & Cross-Chain Strategies * [46:25] DeFi Lending Competition: Morpho vs Aave * [49:26] Gaming, Tokenized Assets & Future DeFi Use Cases This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

    59 min
  4. #23: Ivan Kozlov, Resolv | Yield bearing stables, why tranching works, & "stablecoinizing" everything

    JUL 2

    #23: Ivan Kozlov, Resolv | Yield bearing stables, why tranching works, & "stablecoinizing" everything

    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. GUEST LINKS: * Ivan Kozlov: https://x.com/Iv4n_Ko * Resolv Protocol: https://x.com/ResolvLabs * Resolv Journey (Roadmap): https://resolv.xyz/journey HOST LINKS: * Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh * Vaults.fyi: https://twitter.com/vaultsfyi * Wallfacer: https://x.com/wallfacerlabs SUBSCRIBE SECTION: Subscribe to Wallfacer Podcast and share with friends: * Apple * Spotify * YouTube: https://www.youtube.com/@WallfacerLabs * Substack: https://wallfacerlabs.substack.com/s/podcast TIMESTAMPS: [00:00] Background & Journey from Nuclear Physics to DeFi [03:15] Why TradFi Products Fail in Crypto [09:39] What is Resolv Protocol [14:56] Tranching Mechanics & Risk Segregation [24:27] Market Segmentation & Risk Profiles [29:53] Distribution Strategy & Go-to-Market [40:01] Multi-Chain Expansion Philosophy [48:17] Future Yield Sources Beyond Delta Neutral [54:26] Five-Year Vision & Market Size Predictions This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

    57 min

  5. JUN 11

    #22: @Defi_dad & @Nomaticcap | ETH's path forward, narrative problems, & the user advantage

    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. Guests: * DeFi Dad: https://twitter.com/DeFi_Dad * Nomatic: https://twitter.com/nomaticcap * The Edge Podcast: https://x.com/edge_pod * The Edge Newsletter: https://the-edge.xyz Host: * Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh * Vaults.fyi: https://vaults.fyi Subscribe to Wallfacer Podcast and share with friends: * Spotify: * YouTube: https://www.youtube.com/@WallfacerLabs * Substack: https://wallfacerlabs.substack.com/s/podcast Show Notes: [00:00] Intro & Origins [05:02] Nomatic's Backstory [10:33] The Bitcoin Foundation [16:14] Modern Blockchain Philosophy [24:59] Ethereum Sentiment & Conviction [31:26] Ethereum's Path Forward [37:45] The User Advantage [40:39] Storytelling vs. Reality Problem [46:39] DeFi Evolution: The Curator Model [55:20] Portfolio Examples & Strategy [1:00:40] DeFi Tokens in Top 20 Problem [1:11:25] Future Bets & Trends [1:21:21] App Layer Thesis [1:26:29] Mispriced Opportunities [1:27:32] Wrap-up & Where to Find Them This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

    1h 30m
  6. #21: Dion Chu, Term Finance | Beyond Variable Rates, DeFi's Fixed Income Future

    APR 21

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

    Please like, subscribe, and leave a positive review. It helps us get the show in front of more listeners and viewers (Apple, Spotify , YouTube) 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 * Ryan: https://x.com/RyanRodenbaugh * Wallfacer: https://x.com/wallfacerlabs * Vaults.fyi: https://x.com/vaultsfyi * Dion Chu: https://x.com/dionchu * Term Labs: https://x.com/term_labs Timestamps: * 00:09 - Introduction to Dion Chu and Term Finance * 00:28 - What Term Finance does and what makes it unique in the lending space * 01:04 - The auction mechanism and insights that led to Term Finance's approach * 06:04 - How treasury auction mechanisms were adapted for DeFi * 09:02 - Potential for collusion in auction markets 10:29 - Supply and demand dynamics in Term Finance's market * 13:02 - Approaches to cultivating more lending capital * 15:03 - Impact of low variable rates across DeFi on Term's rates * 18:18 - Overview of Term's product suite (auctions, blue sheets, meta vaults) * 21:43 - Collateral preferences and makeup from borrowers * 23:26 - Cross-chain expansion and differences between Ethereum and Avalanche * 27:14 - Selling points for institutional capital and family offices * 28:56 - Security benefits of Term's architecture * 31:18 - Token launch learnings and advice for other founders * 36:24 - Next innovations and improvements planned for Term * 37:31 - Original vision of success and how goals have evolved This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

    39 min
  7. #20: Nik Kunkel, Chronicle Labs | Oracle Evolution & Enabling the Tokenization Wave

    APR 11

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

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

    1h 1m
  8. #19: Sam MacPherson, Spark | Building DeFi's Liquidity Layer

    MAR 31

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

    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 Sam: https://x.com/hexonautSpark: https://x.com/sparkdotfiRyan: https://twitter.com/RyanRodenbaughWallfacer: https://x.com/wallfacerlabsvaults.fyi: https://twitter.com/vaultsfyiTimestamps:  00:00: Introduction and Sam's Journey to MakerDAO03:05: Idealism vs. Practicality in Protocol Evolution09:10: The SubDAO Model and Spark's Genesis15:30: The Role of Spark in the Sky Ecosystem18:50: Spark Liquidity Layer Innovation24:10: The Banking Analogy and Value Distribution29:10: The Stablecoin Landscape and Tether's Dominance34:19: Cross-Chain Expansion and Bridge Infrastructure36:40: Competitive Dynamics in DeFi39:40: RWA Integration and the Grand Prix45:40: Spark's Future and Value Capture49:50: Closing Remarks and Ways to FollowPlease like, subscribe, and share with a friend!  This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com

    50 min
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Ratings & Reviews

5
out of 5
2 Ratings

About

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

Information

  • Creator
    Wallfacer Podcast
  • Years Active
    2023 - 2025
  • Episodes
    27
  • Rating
    Clean
  • Copyright
    © Wallfacer Labs
  • Show Website
    Wallfacer Podcast