Sean Farrell is Head of Digital Asset Strategy at Fundstrat.Equities are at all-time highs. Crypto has lagged all year. And a lot of crypto investors are frustrated.In this episode, Sean explains exactly why that divergence happened but also why he believes the worst headwinds are now behind us and we're much closer to a bull market than we were at the start of 2026. He covers what data he watches day to day and which DeFi sectors are best positioned to accrue value in the next uptrend, plus the macro case for why Bitcoin and ETH belong in every modern portfolio.Bear markets are when the most money is made. Start to lock in!------💎 THIS EPISODE'S SPONSORS🔒 KPK | Best risk-adjusted yield through automated vaults🏦 AXIS | The Origin Vault launched on Ethereum🌐 RE | Earn real yield backed by regulated reinsurance programs🟠 APYX | The first dividend-backed stablecoin (DBS)🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale------⏱️ TIMESTAMPS0:00 - Intro3:03 - Sean’s role as Head of Digital Asset Strategy at Fundstrat6:31 - When did DeFi become legit tech for Fundstrat?12:47 - How Sean and Tom Lee marry differing market views20:04 - Why market conditions for crypto have vastly improved26:28 - Is this the market bottom?28:47 - Price recovery will precede an expansion in crypto-native credit31:35 - Can DeFi app-layer tokens be winners in the next uptrend?36:35 - Which DeFi sectors are best positioned to accrue value?43:48 - TradFi and fintechs are integrating DeFi into their business46:16 - Is sentiment bullish for crypto on Wall Street?52:47 - Chance for CLARITY to pass + possible political headwinds57:34 - The macro case for ETH and BTC in every portfolio1:03:00 - From niche alternative markets to trillions onchain1:05:23 - Closing------🔗 GUEST LINKS► Fundstrat Direct: https://fundstratdirect.com/► Fundstrat Direct on X: https://x.com/fundstratdirect► Sean Farrell on X: https://x.com/SeanMFarrell------🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER► Newsletter: https://the-edge.xyz► Apple: https://tinyurl.com/edgepod► Spotify: https://tinyurl.com/edgepodspotify► Linktree: https://linktr.ee/edge_pod► Follow DeFi Dad: https://x.com/DeFi_Dad► Follow Nomatic: https://x.com/Nomaticcap► Learn DeFi: http://defidad.com/------DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.

Parker White is a Founding Contributor of Apyx.Is STRC back? Saylor's flagship BTC-backed dividend-paying instrument has had a rough summer, trading more than 10% below par since mid-June, until this week. It's been a full on panic of investors asking what comes next.In this episode, Parker walks us through why STRC exists in the first place, why it's often misunderstood, and how it can fully restore investor confidence to get back to par ($100). He covers what Apyx does to distribute STRC exposure onchain, what happened with Apyx's own apyUSD/apxUSD and what's been improved since then. He also explains why DeFi composability makes STRC exponentially more powerful onchain than it is in a brokerage account.------💎 THIS EPISODE'S SPONSORS🔒 KPK | Best risk-adjusted yield through automated vaults🏦 AXIS | The Origin Vault launches on Ethereum on July 29th🌐 RE | Earn real yield backed by regulated reinsurance programs🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale⚔️ KATANA | Deep liquidity & real yield------⏱️ TIMESTAMPS0:00 - Intro2:33 - From fixed income to building Apyx4:35 - What is STRC, why it exists, and what’s the end goal?12:48 - Has the original vision for STRC changed?17:35 - What is Apyx? How does it distribute STRC exposure in DeFi?21:47 - What happened with apxUSD and what’s improved?25:40 - What can Strategy do to get STRC back to par?34:05 - What else could be used to back apxUSD and apyUSD?35:48 - Earning back user confidence in Apyx post-STRC’s depeg39:41 - Thoughts on future maturities for Strategy’s convertible debt51:01 - Saylor is still Bitcoin’s CMO53:16 - Why DeFi composability makes STRC more powerful58:00 - Closing------🔗 GUEST LINKS► Apyx website: https://apyx.fi/► Apyx on X: https://x.com/apyx_fi► Parker White on X: https://x.com/theotherparker_------🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER► Newsletter: https://the-edge.xyz► Apple: https://tinyurl.com/edgepod► Spotify: https://tinyurl.com/edgepodspotify► Linktree: https://linktr.ee/edge_pod► Follow DeFi Dad: https://x.com/DeFi_Dad► Follow Nomatic: https://x.com/Nomaticcap► Learn DeFi: http://defidad.com/------DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. Apyx has been a sponsor of The Edge Podcast. They have never paid for a guest slot. We do not offer paid guest slots. We chose Parker for his subject matter expertise bridging DeFi and explaining how the STRC perpetual preferred stock works.

Michael Nadeau is the Founder of The DeFi Report.Is the market bottom in? Michael isn't sure, but he's deploying anyway.In this episode, Michael walks us through his H2 2026 outlook using onchain data and market structure analysis. We cover why classic BTC top indicators never triggered this cycle, and why he's been buying below $65K while still unsure the lows are fully in. We discuss why application layer tokens could be the big winners next bull run, why fast DeFi protocols hold a place in his portfolio, and how to think about getting long the tokenization of all assets.------💎 THIS EPISODE'S SPONSORS🔒 KPK | Best risk-adjusted yield through automated vaults🏦 AXIS | The Origin Vault launches on Ethereum on July 29th🌐 RE | Earn real yield backed by regulated reinsurance programs🟠 APYX | The first dividend-backed stablecoin (DBS)🌏 MANTLE | The world’s premier RWA distribution layer🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale⚔️ KATANA | Deep liquidity & real yield------⏱️ TIMESTAMPS0:00 - Intro1:50 - From accounting to building The DeFi Report5:20 - The elevator pitch for crypto in 20268:46 - What to expect for crypto in the second half of 2026?13:52 - Is the market bottom in? Why Michael’s buying below $65k BTC19:13 - What’s different this bear market?23:43 - Why classic BTC top indicators never triggered?28:10 - App layer tokens could be big winners next bull run35:50 - What is fast DeFi and why Michael likes PUMP45:00 - Why Michael bought ENA49:30 - How Michael ended up with LIT vs HYPE59:00 - Key themes in Michael’s portfolio1:04:20 - How to get long the tokenization of all assets1:09:09 - What are the best ways to lose money in crypto?1:15:06 - $1M price target for BTC and why it’s a portfolio anchor1:18:40 - Closing------🔗 GUEST LINKS► The DeFi Report (one month free): https://thedefireport.io/friends► The DeFi Report on X: https://x.com/the_defi_report► Michael Nadeau on X: https://x.com/JustDeauIt------🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER► Newsletter: https://the-edge.xyz► Apple: https://tinyurl.com/edgepod► Spotify: https://tinyurl.com/edgepodspotify► Linktree: https://linktr.ee/edge_pod► Follow DeFi Dad: https://x.com/DeFi_Dad► Follow Nomatic: https://x.com/Nomaticcap► Learn DeFi: http://defidad.com/------DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.

Paul Frambot is the CoFounder and CEO of Morpho.In this episode, we discuss how Morpho has built through one of crypto's hardest bear markets, thriving off major integrations with CEXs and fintechs like Coinbase and Robinhood, plus partnerships with TradFi players like Apollo.We get a first look at Morpho Midnight, screensharing their biggest product launch yet, introducing a new primitive for DeFi fixed rate lending and borrowing. We cover what Midnight means for leveraged positions and loopers, and why fixed rates are a non-negotiable condition for serious institutional capital entering DeFi.------💎 THIS EPISODE'S SPONSORS🔒 KPK | Best risk-adjusted yield through automated vaults🏦 AXIS | The Origin Vault launches on Ethereum on July 29th🌐 RE | Earn real yield backed by regulated reinsurance programs🕛 NOON | The highest and safest stablecoin yield, built for the long term🟠 APYX | The first dividend-backed stablecoin (DBS)🌏 MANTLE | The world’s premier RWA distribution layer🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale⚔️ KATANA | Deep liquidity & real yield------⏱️ TIMESTAMPS0:00 - Intro1:58 - How Morpho managed to beat the bear market trend5:18 - Crypto’s greater success as finance infra9:57 - Onchain integrations for fintechs like Coinbase & Robinhood14:00 - Why TradFi partners like Apollo trust Morpho infra16:53 - The importance of Morpho being credibly neutral19:46 - The evolution of curators to underwrite billions of people26:03 - Introducing Morpho Midnight and the problem it solves29:48 - Screenshare demo of Morpho fixed rate markets35:08 - Understanding how multi-market offers work39:22 - Expectations for maturity dates40:48 - What Midnight unlocks for leverage and loopers42:40 - Closing------🔗 GUEST LINKS► Morpho website: https://morpho.org/► New Morpho Markets app: https://markets.morpho.org/► Morpho on X: https://x.com/morpho► Paul Frambot on X: https://x.com/PaulFrambot------🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER► Newsletter: https://the-edge.xyz► Apple: https://tinyurl.com/edgepod► Spotify: https://tinyurl.com/edgepodspotify► Linktree: https://linktr.ee/edge_pod► Follow DeFi Dad: https://x.com/DeFi_Dad► Follow Nomatic: https://x.com/Nomaticcap► Learn DeFi: http://defidad.com/------DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.

Pablo Sabbatella is the Founder of Opsek and Louis is the Head of Operations & Audits.North Korea has an estimated 2,500 organized hackers targeting crypto right now, which is why stolen funds often don't come from smart contract bugs, they start with hacking people.In this episode, Pablo and Louis walk through the real threat landscape facing DeFi users and protocols today, including the most common attack vectors targeting crypto holders right now. We discuss what DeFi protocols must do to raise the security bar and what we as individual users can do today to meaningfully reduce the risk and protect ourselves.------💎 THIS EPISODE'S SPONSORS🔒 KPK | Best risk-adjusted yield through automated vaults🏦 AXIS | The Origin Vault launches on Ethereum on July 29th🌐 RE | Earn real yield backed by regulated reinsurance programs🕛 NOON | The highest and safest stablecoin yield, built for the long term🟠 APYX | The first dividend-backed stablecoin (DBS)🌏 MANTLE | The world’s premier RWA distribution layer🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale⚔️ KATANA | Deep liquidity & real yield------⏱️ TIMESTAMPS0:00 - Intro2:04 - How Pablo pulled Nomatic’s data from just an email4:29 - From hacking for fun to white hat security11:42 - How real is the threat of AI in DeFi?17:12 - When will AI tools protect DeFi users?22:58 - Common attack vectors in DeFi and how to stay safe29:56 - How to safely buy a hardware wallet32:49 - Assessing Nomatic’s wallet management35:55 - Passkeys vs 2FA, mistakes to avoid43:28 - Why everyone should be using physical keys (Yubikey)46:17 - How DeFi builders can avoid compromising devices53:01 - What is Security Alliance (SEAL)?57:14 - How Opsek protects crypto for CEXs, HNWI, and DeFi1:02:31 - DPRK's 2,500 hackers working to steal your crypto1:10:22 - Close calls with real hackers1:18:47 - Closing------🔗 GUEST LINKS► Opsek website: https://opsek.io/► Opsek on X: https://x.com/opsek_io► Pablo Sabbatella on X: https://x.com/PabloSabbatella► Louis on X: https://x.com/theSouilos► Security Alliance on X: https://x.com/_SEAL_Org------🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER► Newsletter: https://the-edge.xyz► Apple: https://tinyurl.com/edgepod► Spotify: https://tinyurl.com/edgepodspotify► Linktree: https://linktr.ee/edge_pod► Follow DeFi Dad: https://x.com/DeFi_Dad► Follow Nomatic: https://x.com/Nomaticcap► Learn DeFi: http://defidad.com/------DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.

Johann Eid is the Chief Business Officer at Chainlink Labs.In this episode, Johann walks us through how crypto has evolved from a dreaming phase of romanticized white papers into its "big boy era," where hundreds of billions are now onchain, institutions from around the world are tokenizing RWAs like stocks, and stablecoins have changed the lives of everyday people from Lebanon to South America. He emphasizes why security is the foundation of everything built, what Chainlink's CCIP offers for an interoperable DeFi economy, and why AI agents transacting onchain represent the next wave of users nobody is pricing in yet.------💎 THIS EPISODE'S SPONSORS🔒 KPK | Best risk-adjusted yield through automated vaults🏦 AXIS | The Origin Vault launches on Ethereum on July 29th🌐 RE | Earn real yield backed by regulated reinsurance programs🕛 NOON | The highest and safest stablecoin yield, built for the long term🟠 APYX | The first dividend-backed stablecoin (DBS)🌏 MANTLE | The world’s premier RWA distribution layer🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale⚔️ KATANA | Deep liquidity & real yield------⏱️ TIMESTAMPS0:00 - Intro2:18 - How DeFi transformed from lofty ideas to real use cases7:37 - Every institution wants to migrate its business logic onchain12:14 - What finally pushed TradFi to move onchain18:06 - Security means everything for adoption of DeFi24:58 - CCIP and lessons from LayerZero-rsETH exploit30:18 - Prediction markets and Chainlink's role34:31 - Are AI agents the next wave of new users?40:21 - What DeFi and TradFi misunderstand about each other43:05 - The most bullish factor for Chainlink45:30 - What needs to happen for DeFi to replace TradFi legacy markets?50:48 - Closing------🔗 GUEST LINKS► Chainlink website: https://chain.link/► Chainlink on X: https://x.com/chainlink► Johann Eid on X: https://x.com/EidJohann------🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER► Newsletter: https://the-edge.xyz► Apple: https://tinyurl.com/edgepod► Spotify: https://tinyurl.com/edgepodspotify► Linktree: https://linktr.ee/edge_pod► Follow DeFi Dad: https://x.com/DeFi_Dad► Follow Nomatic: https://x.com/Nomaticcap► Learn DeFi: http://defidad.com/------DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.

John Gillen is an ex-BlackRock VP, General Partner at TRU Capital, and host of The Milk Road Show.In this episode, John breaks down his Wartime Ethereum thesis on why this is a defining moment for Ethereum that demands engagement, conviction, and patience rather than capitulation. He walks through how ETH functions as a triple point asset, why stablecoins, tokenization, and the agentic economy are all in their first innings with Ethereum best positioned to capture each tailwind, and why decentralized AI makes the case for Ethereum's censorship resistance more urgent than ever.------💎 THIS EPISODE'S SPONSORS🔒 KPK | Best risk-adjusted yield through automated vaults🕛 NOON | The highest and safest stablecoin yield, built for the long term🟠 APYX | The first dividend-backed stablecoin (DBS)🌏 MANTLE | The world’s premier RWA distribution layer🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale⚔️ KATANA | Deep liquidity & real yield------⏱️ TIMESTAMPS0:00 - Intro3:01 - Why John got invested in Ethereum and ETH8:39 - Why Ethereum + ETH are the most important chain + asset14:29 - Why are we in Wartime Ethereum mode?17:44 - Ethereum doubles down on “can’t be evil”20:23 - Ethereum is trustware for building economic systems24:48 - Is Wall Street understanding and buying ETH value accrual?32:04 - The largest institutional bull run vs bearish retail sentiment36:03 - When strong fundamentals translate to number-go-up for ETH45:57 - CLARITY Act will be a tailwind for Ethereum’s growth52:11 - There is no EF funding crisis, the ecosystem is reshaping59:05 - Why decentralized AI makes the case for Ethereum1:08:39 - DeFi attracts those who question the rules of society1:10:33 - How to value ETH: Triple point asset framework explained1:14:29 - John's outlook for ETH price1:18:23 - Closing------🔗 GUEST LINKS► Milk Road website: https://milkroad.com/pro/► Milk Road on X: https://x.com/MilkRoadDaily► John Gillen on X: https://x.com/BitcoinJesusETH------🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER► Newsletter: https://the-edge.xyz► Apple: https://tinyurl.com/edgepod► Spotify: https://tinyurl.com/edgepodspotify► Linktree: https://linktr.ee/edge_pod► Follow DeFi Dad: https://x.com/DeFi_Dad► Follow Nomatic: https://x.com/Nomaticcap► Learn DeFi: http://defidad.com/------DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. DeFi Dad, Nomatic, and John all hold ETH.

Jai Bhavnani is the Founder of Waymont Co, the developer of the Royco protocol.In this episode of DeFi Frontier, Jai walks through how Royco evolved from an incentive platform into a risk tranching protocol connecting RWA issuers with both institutions and DeFi users. He explains what makes an asset worth tranching, and then navigates through a real stress test in progress for Royco, with the recent apyUSD drawdown triggering a 21-day observation period. Plus, we get a first take on what to expect from Royco Dusk, a new app for extending credit to Royco senior tranche holders, through an AMM-backed liquidity pool.------💎 THIS EPISODE'S SPONSORS🔒 KPK | Best risk-adjusted yield through automated vaults🕛 NOON | The highest and safest stablecoin yield, built for the long term👻 MANTLE | Aave V3 is live on Mantle🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale⚔️ KATANA | Deep liquidity & real yield------⏱️ TIMESTAMPS0:00 - Intro2:37 - What is Royco? A DeFi risk tranching protocol6:01 - Why RWAs are the future of onchain yield11:32 - What is Royco Dawn and what does it solve?13:30 - What is the perfect asset to tranche?18:07 - Screenshare and explanation of Royco’s live markets22:01 - Observation period: Royco's first stress test with apyUSD25:05 - How seniors stay protected while juniors absorb losses27:00 - What could end the 21-day observation period?27:34 - Can you deposit or withdraw during observation period?29:01 - Can seniors lose money in a Royco loss event?30:04 - How Royco tries to restore markets to healthy status31:25 - Estimating losses if 21-day period runs out for apyUSD33:40 - Design for juniors to not get wiped out37:40 - What is protected? Tranching vs insurance41:23 - Is security in DeFi cooked? How we move forward43:49 - Royco’s decision to introduced delayed settlement47:54 - Royco Dusk: Extend credit to RWAs with AMM-backed LP50:43 - How seniors will get instant liquidity on Dusk53:42 - Closing------🔗 GUEST LINKS► Royco website: https://royco.org/► Royco on X: https://x.com/roycoprotocol► Jai Bhavnani on X: https://x.com/jaibhavnani------🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER► Newsletter: https://the-edge.xyz► Apple: https://tinyurl.com/edgepod► Spotify: https://tinyurl.com/edgepodspotify► Linktree: https://linktr.ee/edge_pod► Follow DeFi Dad: https://x.com/DeFi_Dad► Follow Nomatic: https://x.com/Nomaticcap► Learn DeFi: http://defidad.com/------DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. DeFi Dad invested in Royco's seed round in 2024.

Odysseus is the Founder and CEO of Phylax Systems, and Declan Fox is the VP and Head of Linea at Consensys.The rsETH exploit drained $292M from Aave, but a simple rule or circuit breaker could have prevented bigger losses!In this episode, Odysseus and Declan walk us through how Phylax's DeFi circuit breaker works: code currently running on the Linea sequencer that checks every transaction against a set of protocol-defined policies before it's added to a block. Already live on Linea, Phylax has stopped over 4,000 drain attempts and protected $1.5M in cumulative volume, including a real attack on 0x where users were being drained through an immutable contract. They also cover what institutions are still waiting for before coming onchain, and how banks can build secure, private composable environments powered by Ethereum.------💎 THIS EPISODE'S SPONSORS🔒 KPK | Best risk-adjusted yield through automated vaults🕛 NOON | The highest and safest stablecoin yield, built for the long term👻 MANTLE | Aave V3 is live on Mantle🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale⚔️ KATANA | Deep liquidity & real yield------⏱️ TIMESTAMPS0:00 - Intro2:02 - Declan’s work as Head of Linea3:15 - What Is Phylax? Preventative security for blockchains and apps4:45 - Ethereum’s security, with privacy and more protective controls for users12:14 - How Phylax can protect L2s and apps without sacrificing decentralization14:33 - What are institutions still waiting for, in order to come onchain?18:54 - How Linea is helping institutions come onchain23:06 - Freezing assets vs programmatic rules: what's the right threshold for action?26:09 - Why institutional demand for DeFi should help crypto transcend politics32:54 - How a Phylax circuit breaker could have stopped the Aave rsETH exploit38:09 - What actually triggers the Phylax circuit breaker to detect and stop an attack?42:38 - TradFi can build private, composable walled gardens on Ethereum45:56 - How dApp and networks can get started implementing Phylax47:32 - Closing------🔗 GUEST LINKS► Phylax website: https://phylax.systems/► Phylax Systems on X: https://x.com/phylaxsystems► Odysseus on X: https://x.com/odysseas_eth► Linea website: https://linea.build/► Linea on X: https://x.com/lineabuild► Declan Fox on X: https://x.com/DeclanFox14------🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER► Newsletter: https://the-edge.xyz► Apple: https://tinyurl.com/edgepod► Spotify: https://tinyurl.com/edgepodspotify► Linktree: https://linktr.ee/edge_pod► Follow DeFi Dad: https://x.com/DeFi_Dad► Follow Nomatic: https://x.com/Nomaticcap► Learn DeFi: http://defidad.com/------DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast.

Tom Dunleavy is Head of Venture at Varys Capital.In this episode, Tom walks us through his valuation framework for ETH. He offers a mental model where Ethereum is the vault filled with stablecoins, RWAs, and DeFi activity secured by it. But ETH is the lock--and the bigger the vault gets, the more valuable the lock has to be to protect it. Based on Ethereum's current onchain activity, Tom gets us to a fair value for ETH that's much higher than the price today. Furthermore, we discuss what happens to the price of ETH when Ethereum grows to $750B-$1T onchain by 2030.Tom insists the vault won't stop growing thanks to demand for stablecoins and RWAs—and that ETH, the lock, is simply due for a repricing.------💎 THIS EPISODE'S SPONSORS🔒 KPK | Best risk-adjusted yield through automated vaults🕛 NOON | The highest and safest stablecoin yield, built for the long term🟠 APYX | The first dividend-backed stablecoin (DBS)👻 MANTLE | Aave V3 is live on Mantle🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale⚔️ KATANA | Deep liquidity & real yield------⏱️ TIMESTAMPS0:00 - Intro2:51 - Tom’s role investing at Varys Capital3:32 - How Tom became convinced DCF was the wrong way to value ETH6:16 - Is Ethereum winning?11:20 - Fees are friction, and hence not how we should value ETH15:51 - Can Ethereum have its cake and eat it too, when it comes to capturing fees?19:24 - If Ethereum is the vault, ETH is the lock23:37 - Why stablecoin numbers are bullish against all odds this bear market26:43 - Ethereum must succeed, or crypto as an asset class fails28:39 - Linux and DTCC: Why the comparison to Ethereum is both useful and wrong32:34 - The importance of Ethereum as trustware, producing blocks for over 10 years35:19 - Underestimating the impact of Ethereum scaling L139:20 - If an issuer freezes stablecoins, it doesn’t break reliance on Ethereum security41:50 - Tom’s valuation framework is for ETH, not for DeFi tokens44:54 - $20,000 to $50,000 per ETH if onchain liquidity hits $750B–$1T47:12 - How Tom gets to a fair market value today of $6,900 per ETH50:03 - Was ETH overvalued in 2021 based on this same model?52:38 - The 2030 base case ($55k) vs bull case ($138K) 53:36 - Closing------🔗 GUEST LINKS► Tom Dunleavy on X: https://x.com/dunleavy89► Tom's Ethereum article on X: https://x.com/dunleavy89/status/2059717202392359118?s=20------🎙️ MORE FROM THE EDGE PODCAST AND EDGE NEWSLETTER► Newsletter: https://the-edge.xyz► Apple: https://tinyurl.com/edgepod► Spotify: https://tinyurl.com/edgepodspotify► Linktree: https://linktr.ee/edge_pod► Follow DeFi Dad: https://x.com/DeFi_Dad► Follow Nomatic: https://x.com/Nomaticcap► Learn DeFi: http://defidad.com/------DISCLAIMER: Nothing said on The Edge Podcast is a recommendation to buy or sell tokens or securities. This content is for educational and entertainment purposes only. Nothing shared here is financial advice. Any views expressed by hosts or guests on the show are solely their opinions. Always do your own research. DeFi Dad, Nomatic, and guests may have positions in the assets or other matters discussed in this podcast. DeFi Dad and Nomatic hold ETH.