The Edge Podcast

David Reising is the Founder of Lotus.
"Aave compresses risk. Morpho isolates it. Lotus clears it."
In this episode, David walks through why avoiding bad debt has become DeFi lending's biggest self-imposed constraint and how Lotus's connected tranches, cascading liquidity, and productive debt unlock a yield curve that neither Aave nor Morpho can offer.
According to David, the next battle in DeFi lending is what's inside your vault, and Lotus is the answer.
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💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults

🏙 MAINSTREET | Bringing proven TradFi yield strategies to DeFi markets

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

🏦 ALTURA | Bringing the yield institutions kept, to your wallet

🕛 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

⚙️ GEARBOX PROTOCOL | Onchain lending reimagined

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⏱️ TIMESTAMPS
0:00 - Intro
2:22 - The team behind Lotus
3:45 - The problem with shared pool design like Aave
7:23 - The “missing middle” in DeFi lending
9:31 - The problem with isolated markets like Morpho
11:17 - What does Lotus aim to solve in DeFi lending?
13:40 - The elevator pitch for Lotus
19:54 - How tranching plays a role in Lotus
24:00 - Demo of Lotus and BTC market curve explained
28:56 - Credora credit ratings and what value they add to Lotus
31:01 - How tranche-level risk ratings figure into Lotus Vaults
33:19 - Earning more consistent yield with Lotus productive debt
37:52 - How productive debt dampens rate volatility
39:50 - Will productive debt become table stakes in DeFi?
42:13 - How Lotus differs in how it handles bad debt
45:08 - Vault managers, curators, neobanks, and who else will use Lotus
48:04 - What use cases could Lotus unlock?
50:49 - Security: Audits, SEAL certification, and lessons from rsETH exploit
57:02 - Closing + Lotus launch in summer 2026
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🔗 GUEST LINKS
► Lotus website: https://www.lotuslabs.net/
► Lotus on X: https://x.com/LotusFi_
► David Reising on X: https://x.com/davidareising
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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 have been advising Lotus during their pre-launch phase.

Daniele Ugolini is the CoFounder at Rysk.
DeFi options have failed repeatedly. Ribbon, Opyn, and a long list of protocols shut down or pivoted. Rysk almost joined them, over two years ago they had no product and were close to quitting.
In this new episode of DeFi Frontier, Dan walks through how Rysk rebuilt from zero to $60M TVL in under a year by solving the one thing every previous options protocol got wrong: making it simple enough for anyone to actually use. He demos how users on Rysk use cash secured puts and covered calls, explains why 90% of users roll over their positions every Friday, and addresses the criticism around Rysk's premium vs Derive head on.
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💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults

🏙 MAINSTREET | Bringing proven TradFi yield strategies to DeFi markets

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

🏦 ALTURA | Bringing the yield institutions kept, to your wallet

🕛 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

⚙️ GEARBOX PROTOCOL | Onchain lending reimagined

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⏱️ TIMESTAMPS
0:00 - Intro
2:01 - Starting Rysk
4:13 - Why DeFi options failed before and what Rysk does differently
11:21 - Demo of Rysk cash secured puts
15:57 - What market conditions would be more ideal for covered calls?
19:24 - Rysk targets a different user than Derive
23:36 - Who’s using Rysk?
26:57 - Addressing criticisms of Rysk's premium
36:40 - What’s next for the Rysk roadmap?
42:01 - Closing
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🔗 GUEST LINKS
► Rysk website: https://rysk.finance/
► Rysk on X: https://x.com/ryskfinance
► Daniele Ugolini on X: https://x.com/DanDeFiEd
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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.

Scoopy Trooples is the Founder of Alchemix.
Many DeFi protocols from 2021 are gone. But Alchemix never quit.
In this episode, Scoopy walks through the full Alchemix V3 redesign: how the new Mix-Yield Token (MYT) creates vaulted yields users can borrow against at 90% LTV, with zero interest, looping up to 10x, and how fixed-term redemptions unlock an entirely new yield primitive. Alchemix was the first protocol to use yield-bearing collateral for loans. V3 looks to be the long overdue evolution of the self-repaying loan, and we think this version can scale to be even bigger than V1.
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💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults

🏙 MAINSTREET | Bringing proven TradFi yield strategies to DeFi markets

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

🏦 ALTURA | Bringing the yield institutions kept, to your wallet

🕛 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

⚙️ GEARBOX PROTOCOL | Onchain lending reimagined

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⏱️ TIMESTAMPS
0:00 - Intro
1:30 - Alchemix V1 and the idea for self-repaying loans
6:57 - Lessons from V1
11:37 - Ideas leading into V3
16:19 - How Alchemix V1 worked
20:47 - V2’s weaknesses
24:17 - Overview of three pillars of Alchemix V3
31:31 - Pillar 1: Mix-Yield Token (MYT), Alchemix's own vaulted yields
34:27 - Pillar 2: Synthetic borrowing up to 90% LTV, zero interest, 10x leverage
36:39 - Pillar 3: Fixed term redemptions unlocking fixed yield
41:16 - Zero interest on debt but what do we pay?
42:26 - Liquidation risk in Alchemix V3
44:11 - Tracking where V3 strategies deploy money
45:24 - V2 to V3 migration
46:17 - A new fixed yield primitive
49:24 - The tradeoffs of looping in Alchemix V3
55:19 - Example of how a loan, looping, yield works in V3
59:07 - What’s a doomsday scenario for V3?
1:02:01 - Audits
1:06:51 - Could curators be involved in Alchemix V3?
1:08:11 - New ALCX tokenomics coming
1:13:25 - Closing
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🔗 GUEST LINKS
► Alchemix website: https://alchemix.fi/
► Alchemix on X: https://x.com/alchemixfi
► Scoopy Trooples on X: https://x.com/scupytrooples
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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.

Vivek Raman is Etherealize CoFounder and CEO while Michael McGuiness is an Etherealize Researcher and author of their recent report "Ethereum and The Era of Productive Money."
Many have viewed ETH as a technology bet. Etherealize just published a report arguing it's something far more important, better money than BTC and gold, and the first monetary asset in history that actually compounds.
In this episode, they break down their $250,000 ETH thesis and why institutions that understand pristine collateral are quietly becoming the biggest ETH bulls.
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💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults

🏙 MAINSTREET | Bringing proven TradFi yield strategies to DeFi markets

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

🏦 ALTURA | Bringing the yield institutions kept, to your wallet

🕛 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

⚙️ GEARBOX PROTOCOL | Onchain lending reimagined

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⏱️ TIMESTAMPS
0:00 - Intro
3:06 - Vivek and Michael’s background on Wall Street
5:18 - Core thesis: ETH is better money than BTC or gold
10:03 - What is productive money?
12:15 - Is Wall Street buying the story of ETH as productive money?
16:02 - The institutional crypto bull market
18:08 - Three demand drivers for ETH: gas, collateral, and staking
20:53 - Why ETH wasn’t reaching its full potential until recently
25:20 - What needed to happen in order for ETH to reprice?
30:47 - Distribution channels: ETFs, Schwab, Tom Lee
32:41 - Bitcoin's security budget problem
33:33 - Ethereum’s censorship resistance, decentralization, and predictability
39:54 - The path to $250,000 ETH price
44:37 - Bitcoin's coordination problem vs Ethereum's shipping velocity
46:02 - The Ethereum roadmap and AI accelerating scaling expectations
51:43 - Principal risks to the $250k ETH thesis
55:37 - What institutions still don’t understand about Ethereum
58:19 - What’s Etherealize been working on?
58:55 - Closing
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🔗 GUEST LINKS
► Etherealize website: https://www.etherealize.com/
► Productive Money report: https://www.productivemoney.org/
► Etherealize on X: https://x.com/etherealize_io
► Vivek Raman on X: https://x.com/VivekVentures
► Michael McGuiness on X: https://x.com/mikemcg0
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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 are long term holders of ETH.

Sam MacPherson is the CoFounder and CEO of Phoenix Labs, the core team behind Spark.
Some DeFi protocols are burning through reserves, while others wait for the bull market to save them. Spark is doing neither.
In a new episode of our Revenue Meta series, Sam breaks down the business behind Spark and how it's generating $27.8M in projected annual revenue (up from $23M since recording) across four business channels. We discuss what's being done with the $9.6M protocol surplus to better return value to SPK holders through programmatic buybacks and growth initiatives. We also cover the Spark Liquidity Layer managing over $2.3 billion in DeFi, CeFi, and TradFi. Sam has the latest on their upcoming CeDeFi prime brokerage called Spark Prime and what else is in store to get Spark back to earning a projected $80M in annual revenue.
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💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults

🏙 MAINSTREET | Bringing proven TradFi yield strategies to DeFi markets

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

🏦 ALTURA | Bringing the yield institutions kept, to your wallet

🕛 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

⚙️ GEARBOX PROTOCOL | Onchain lending reimagined

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⏱️ TIMESTAMPS
0:00 - Intro
2:10 - Spark x Sky relationship
4:03 - Spark products: Spark Savings, Spark Liquidity Layer, SparkLend
9:22 - Team and operations behind Spark
10:57 - How does Spark make money?
13:42 - Spark’s revenue: $23M net returns, $13.6M opex, $9.6M surplus
20:06 - How Spark DAO uses protocol surplus to return value to SPK holders
22:14 - Spark DAO treasury and SPK buybacks
26:56 - Who are Spark’s customers?
32:57 - Which Spark product is driving more revenue?
35:23 - Does Sky growth create tailwinds for Spark?
38:44 - Is Aave’s reputation hit an opportunity for Spark and Sky?
41:37 - Growth drivers for Spark next
44:03 - Spark Prime, a CeDeFi prime brokerage
46:22 - Sam’s growth goals for 2026
47:53 - Closing
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🔗 GUEST LINKS
► Spark website: https://spark.fi/
► Spark Data Hub: https://data.spark.fi/
► Spark Financials: https://data.spark.fi/financials
► Spark on X: https://x.com/sparkdotfi
► Sam MacPherson on X: https://x.com/hexonaut
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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.