Wartime Ethereum: The Case For ETH Going Much Higher

Wartime Ethereum: The Case For ETH Going Much Higher

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 [https://kpk.io/] | Best risk-adjusted yield through automated vaults 🕛 NOON [https://noon.capital/] | The highest and safest stablecoin yield, built for the long term 🟠 APYX [https://apyx.fi/] | The first dividend-backed stablecoin (DBS) 🌏 MANTLE [https://mantle.xyz] | The world’s premier RWA distribution layer 🐡 PUFFER INSTITUTIONAL [https://institutional.puffer.fi/] | ETH staking solutions for scale ⚔️ KATANA [https://katana.network/] | Deep liquidity & real yield ------ ⏱️ TIMESTAMPS 0:00 - Intro 3:01 - Why John got invested in Ethereum and ETH 8:39 - Why Ethereum + ETH are the most important chain + asset 14:29 - 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 systems 24:48 - Is Wall Street understanding and buying ETH value accrual? 32:04 - The largest institutional bull run vs bearish retail sentiment 36:03 - When strong fundamentals translate to number-go-up for ETH 45:57 - CLARITY Act will be a tailwind for Ethereum’s growth 52:11 - There is no EF funding crisis, the ecosystem is reshaping 59:05 - Why decentralized AI makes the case for Ethereum 1:08:39 - DeFi attracts those who question the rules of society 1:10:33 - How to value ETH: Triple point asset framework explained 1:14:29 - John's outlook for ETH price 1:18:23 - 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.

How Royco Risk Tranching Is Working Through Its First Real World Stress Test | DeFi Frontier

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 [https://kpk.io/] | Best risk-adjusted yield through automated vaults 🕛 NOON [https://noon.capital/] | The highest and safest stablecoin yield, built for the long term 👻 MANTLE [https://app.aave.com/markets] | Aave V3 is live on Mantle 🐡 PUFFER INSTITUTIONAL [https://institutional.puffer.fi/] | ETH staking solutions for scale ⚔️ KATANA [https://katana.network/] | Deep liquidity & real yield ------ ⏱️ TIMESTAMPS 0:00 - Intro 2:37 - What is Royco? A DeFi risk tranching protocol 6:01 - Why RWAs are the future of onchain yield 11:32 - 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 markets 22:01 - Observation period: Royco's first stress test with apyUSD 25:05 - How seniors stay protected while juniors absorb losses 27:00 - 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 status 31:25 - Estimating losses if 21-day period runs out for apyUSD 33:40 - Design for juniors to not get wiped out 37:40 - What is protected? Tranching vs insurance 41:23 - Is security in DeFi cooked? How we move forward 43:49 - Royco’s decision to introduced delayed settlement 47:54 - Royco Dusk: Extend credit to RWAs with AMM-backed LP 50:43 - How seniors will get instant liquidity on Dusk 53:42 - 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.

The DeFi Circuit Breaker That Could Have Stopped The rsETH Exploit, And Why Linea Implemented It

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 [https://kpk.io/] | Best risk-adjusted yield through automated vaults 🕛 NOON [https://noon.capital/] | The highest and safest stablecoin yield, built for the long term 👻 MANTLE [https://app.aave.com/markets] | Aave V3 is live on Mantle 🐡 PUFFER INSTITUTIONAL [https://institutional.puffer.fi/] | ETH staking solutions for scale ⚔️ KATANA [https://katana.network/] | Deep liquidity & real yield ------ ⏱️ 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 ------ 🔗 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.

Ethereum Is A Vault, ETH Is The Lock: A Framework for ETH's Fair Value, Today and By 2030

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 [https://kpk.io/] | Best risk-adjusted yield through automated vaults 🕛 NOON [https://noon.capital/] | The highest and safest stablecoin yield, built for the long term 🟠 APYX [https://apyx.fi/] | The first dividend-backed stablecoin (DBS) 👻 MANTLE [https://app.aave.com/markets] | Aave V3 is live on Mantle 🐡 PUFFER INSTITUTIONAL [https://institutional.puffer.fi/] | ETH staking solutions for scale ⚔️ KATANA [https://katana.network/] | Deep liquidity & real yield ------ ⏱️ 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 ------ 🔗 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.

How Superstate Is Building The Bridge Between $700 Trillion In TradFi and DeFi

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. ------ 💎 THIS EPISODE'S SPONSORS 🔒 KPK [https://kpk.io/] | Best risk-adjusted yield through automated vaults 🕛 NOON [https://noon.capital/] | The highest and safest stablecoin yield, built for the long term 🟠 APYX [https://apyx.fi/] | The first dividend-backed stablecoin (DBS) 👻 MANTLE [https://app.aave.com/markets] | Aave V3 is live on Mantle 🐡 PUFFER INSTITUTIONAL [https://institutional.puffer.fi/] | ETH staking solutions for scale ⚔️ KATANA [https://katana.network/] | Deep liquidity & real yield ------ ⏱️ 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 ------ 🔗 GUEST LINKS ► Superstate website: https://superstate.com/ ► Superstate on X: https://x.com/superstateinc ► Robert on X: https://x.com/rleshner ------ 🎙️ 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.