The Edge Podcast

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.
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💎 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

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⏱️ TIMESTAMPS
0:00 - Intro
2:02 - Declan’s work as Head of Linea
3:15 - What Is Phylax? Preventative security for blockchains and apps
4:45 - Ethereum’s security, with privacy and more protective controls for users
12:14 - How Phylax can protect L2s and apps without sacrificing decentralization
14:33 - What are institutions still waiting for, in order to come onchain?
18:54 - How Linea is helping institutions come onchain
23:06 - Freezing assets vs programmatic rules: what's the right threshold for action?
26:09 - Why institutional demand for DeFi should help crypto transcend politics
32:54 - How a Phylax circuit breaker could have stopped the Aave rsETH exploit
38:09 - What actually triggers the Phylax circuit breaker to detect and stop an attack?
42:38 - TradFi can build private, composable walled gardens on Ethereum
45:56 - How dApp and networks can get started implementing Phylax
47:32 - Closing
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🔗 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
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🎙️ 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/
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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.
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💎 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

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⏱️ TIMESTAMPS
0:00 - Intro
2:51 - Tom’s role investing at Varys Capital
3:32 - How Tom became convinced DCF was the wrong way to value ETH
6:16 - Is Ethereum winning?
11:20 - Fees are friction, and hence not how we should value ETH
15:51 - 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 lock
23:37 - Why stablecoin numbers are bullish against all odds this bear market
26:43 - Ethereum must succeed, or crypto as an asset class fails
28:39 - Linux and DTCC: Why the comparison to Ethereum is both useful and wrong
32:34 - The importance of Ethereum as trustware, producing blocks for over 10 years
35:19 - Underestimating the impact of Ethereum scaling L1
39:20 - If an issuer freezes stablecoins, it doesn’t break reliance on Ethereum security
41:50 - Tom’s valuation framework is for ETH, not for DeFi tokens
44:54 - $20,000 to $50,000 per ETH if onchain liquidity hits $750B–$1T
47:12 - How Tom gets to a fair market value today of $6,900 per ETH
50:03 - Was ETH overvalued in 2021 based on this same model?
52:38 - The 2030 base case ($55k) vs bull case ($138K)
53:36 - Closing
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🔗 GUEST LINKS
► Tom Dunleavy on X: https://x.com/dunleavy89
► Tom's Ethereum article on X: https://x.com/dunleavy89/status/2059717202392359118?s=20
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🎙️ 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/
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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.

Matthew Pinnock is the COO of Altura.
In this new episode of DeFi Frontier, we walk through Altura's multi-strategy vault and how it generates yield from three sources: a physical gold arbitrage trade, delta-neutral crypto strategies including market-making and funding rate arbitrage, and private credit yield through Fasanara's Midas mF-ONE. Matthew explains how every leg of this real world gold trade is insured. He also breaks down their Yield Run program and the related Pendle market for AVLT including the PT fixed yield and YT points leverage.
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💎 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

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⏱️ TIMESTAMPS
0:00 - Intro
1:44 - Team background
2:53 - What is Altura? Multi-Strategy Yield vault explained
5:30 - Altura’s gold arbitrage trade
8:42 - Insuring every step of the gold trade
11:58 - Crypto native strategies behind AVLT
15:13 - Breakdown of where AVLT yield comes from
18:55 - Which networks support Altura and AVLT
21:31 - Base APY vs Yield Run points program
23:49 - Overview of AVLT pool on Pendle
28:05 - Security: insurance, audits, and opsec
31:32 - What’s next? Altura’s neobank vision
32:30 - Closing
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🔗 GUEST LINKS
► Altura website (ref link): https://app.altura.trade?referral=edgepod
► Altura Proof of Solvency dashboard: https://accountable.altura.trade/
► Altura on X: https://x.com/alturax
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🎙️ 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/
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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. Altura has been a sponsor of The Edge Podcast, but we do not do paid guest interviews. After learning more about Altura, we invited them on the podcast to explain more on their unique gold arb trade underpinning AVLT.

Robert Leshner is the Founder and CEO of Superstate, as well as the former CoFounder of Compound.
Most people in DeFi are focused on the $2.5 trillion cryptonative market. Robert is focused on the $700 trillion that hasn't moved onchain yet. In this episode, he explains why tokenization is the long awaited evolution for crypto markets, how Superstate is building the bridge between institutional TradFi assets and DeFi, and why the benefits of tokenization will soon lead to a hockey stick moment in DeFi and RWAs.
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💎 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

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⏱️ TIMESTAMPS
0:00 - Intro
1:58 - What does tokenization actually mean?
3:41 - Tokenization is evolution, not revolution
7:42 - Why Robert built Superstate
12:49 - What are the primary benefits for tokenized asset issuers?
18:34 - Superstate’s customers + how Superstate tokenized funds work
23:13 - The magic of finance automation that is DeFi
26:28 - How Superstate straddles DeFi ethos and compliance
30:02 - Regulatory landscape, CLARITY Act, and any political headwinds
39:36 - Different categories of tokenized securities
41:26 - Big differentiators for Superstate tokenized securities
44:57 - When does tokenization hit its hockey stick moment?
48:12 - The endgame is primary issuance onchain
49:16 - Closing
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🔗 GUEST LINKS
► Superstate website: https://superstate.com/
► Superstate on X: https://x.com/superstateinc
► Robert on X: https://x.com/rleshner
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🎙️ 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/
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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.

Kash Dhanda is the COO at Jupiter.
Most people know Jupiter for its flagship DEX aggregator and perps. But we've dug into the onchain business backing JUP token value accrual and why the fundamentals are worth understanding heading into the next bull run.
In this episode of Revenue Meta, Kash walks us through how Jupiter generates revenue across five distinct products: DEX aggregator, perps, Jupiter Lend, JupUSD, and Jupiter Spend, plus more revenue streams growing in development. This is a fascinating deep dive into Solana's largest, most dominant DeFi super app, including why perps for just three trading pairs wins over so much trade volume, how JLP remains one of Jupiter's most popular products, and how JUP token value accrual is aligned with Jupiter's app success. We also get the inside details on what's coming with Jupiter Lens DEX, prediction markets for the World Cup, Jupiter Spend, and their new Offerbook for borrowing and lending with long tail tokens.
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💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults

🟠 APYX | The first dividend-backed stablecoin (DBS)

🕛 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

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⏱️ TIMESTAMPS
0:00 - Intro
1:40 - Overview of Jupiter ecosystem products
2:50 - Jupiter’s biggest growth wins in 2025
4:55 - DEX aggregator revenue is still the foundation
9:17 - Perps is Jupiter's biggest revenue driver
11:32 - New revenue streams
13:57 - JLP is one of Jupiter’s most popular products
18:27 - The importance of Jupiter’s wallet development
19:53 - The potential for Jupiter Lend growth
21:14 - How Jupiter Lend generates revenue for JUP holders
24:06 - What went into launching Bitwise x Ethena market
27:04 - The JupUSD stablecoin and how Jupiter will grow its usage
31:06 - Jupiter is a platform for builders, not just an app
33:43 - Overview of JUP token value accrual
42:54 - Jupiter Lens DEX, prediction markets, Offerbook, and Jupiter Spend
45:41 - Jupiter Spend monthly volume is growing fast
48:09 - Closing
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🔗 GUEST LINKS
► Jupiter website: https://jup.ag/
► Jupiter on X: https://x.com/JupiterExchange
► Kash on X: https://x.com/kashdhanda
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🎙️ 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/
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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. Kash holds JUP.