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/journeyHOST LINKS:* Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh* Vaults.fyi: https://twitter.com/vaultsfyi* Wallfacer: https://x.com/wallfacerlabsSUBSCRIBE SECTION: Subscribe to Wallfacer Podcast and share with friends:* Apple * Spotify * YouTube: https://www.youtube.com/@WallfacerLabs* Substack: https://wallfacerlabs.substack.com/s/podcastTIMESTAMPS: [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
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#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.xyzHost:* Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh* Vaults.fyi: https://vaults.fyiSubscribe to Wallfacer Podcast and share with friends:* Spotify:* YouTube: https://www.youtube.com/@WallfacerLabs* Substack: https://wallfacerlabs.substack.com/s/podcastShow 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
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#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_labsTimestamps: * 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
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/vaultsfyiTimestamps: * 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
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#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 MakerDAOSam: 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
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
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