The Edge Podcast

Why Private Credit Is Moving Onchain — And What DeFi Gets Right and Wrong About It

David Vatchev is Head of Tokenization at Fasanara, Arpan Gautam is the Founder at Noon, and Rob Montgomery is the CoFounder at infiniFi. In this episode, David, Arpan, and Rob break down why not all private credit is the same, and why the short duration, asset-backed, diversified kind is fundamentally different from what's causing problems in TradFi. They walk through how Noon and infiniFi independently chose to allocate to Fasanara, how the First Brands Group bankruptcy stress-tested their thesis in real time, and what tokenized private credit needs to get right in its next phase for DeFi. ------ 💎 THIS EPISODE'S SPONSORS 🔒 KPK [https://kpk.io/] | Best risk-adjusted yield through automated vaults 🟠 APYX [https://apyx.fi/] | The first dividend-backed stablecoin (DBS) 🏦 ALTURA [https://app.altura.trade/] | Bringing the yield institutions kept, to your wallet 👻 MANTLE [https://app.aave.com/markets] | Aave V3 is live on Mantle 🐡 PUFFER INSTITUTIONAL [https://institutional.puffer.fi/] | ETH staking solutions for scale 🏙 MAINSTREET [https://mainstreet.finance/] | Bringing proven TradFi yield strategies to DeFi markets ⚔️ KATANA [https://katana.network/] | Deep liquidity & real yield ------ ⏱️ TIMESTAMPS 0:00 - Intro 2:53 - How Fasanara thinks about private credit in DeFi 4:58 - What is infiniFi building? 8:28 - What is Noon building? 10:55 - The opportunity for tokenization is huge! 16:31 - What are valid vs overstated concerns about private credit onchain? 20:52 - Why Noon tokenized yield deployed directly into Fasanara 23:25 - How Noon manages liquidity demands with Fasanara exposure 27:22 - Why infiniFi chose to deploy into mGLOBAL on Midas 31:48 - The First Brands stress test on Fasanara and DeFi’s exposure 43:17 - What DeFi must get right in the next phase of tokenized private credit 48:04 - Real-time verification and transparency onchain can improve TradFi 52:53 - How infiniFi is betting more on private credit yield onchain 58:12 - What shouldn't work well onchain 1:01:19 - What’s next on product roadmaps for infiniFi and Noon? 1:04:41 - Closing ------ 🔗 GUEST LINKS ► Fasanara website: https://www.fasanara.com/ ► Fasanara on X: https://x.com/FasanaraCapital ► Noon website: https://noon.capital/ ► Noon on X: https://x.com/noon_capital ► Arpan on X: https://x.com/ag_noon ► infiniFi website: https://infinifi.xyz/ ► infiniFi on X: https://x.com/infiniFi ► Rob on X: https://x.com/RobAnon ------ 🎙️ 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 invested in the seed round for infiniFi. Noon has been a sponsor of The Edge Podcast, but they have never paid for a guest slot. We do NOT offer paid guest slots. We chose Arpan for this roundtable based on his expertise in Fasanara's private credit offering.

Strata: Why DeFi Is Finally Ready for Risk Tranching | DeFi Frontier

Vish is the CoFounder & CEO of Frontera Labs, the developer behind Strata. DeFi has an abundance of exotic yields. What's been missing is a way to transfer risk between users who want different things. So while risk tranching has existed in TradFi for decades, Strata just made it permissionless. In this episode, Vish explains how Strata brings risk tranching fully onchain: senior tranches for conservative capital that wants protected yield, junior tranches for risk-tolerant capital earning ~2x the base rate. All enforced by smart contracts. He demos a live Strata market, walks through how the yield split mechanism works under the hood, and explains why mispriced lending yields are DeFi's biggest unsolved problem, and how tranching fixes it. ------ 💎 THIS EPISODE'S SPONSORS 🔒 KPK [https://kpk.io/] | Best risk-adjusted yield through automated vaults 🟠 APYX [https://apyx.fi/] | The first dividend-backed stablecoin (DBS) 🏦 ALTURA [https://app.altura.trade/] | Bringing the yield institutions kept, to your wallet 🕛 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 🏙 MAINSTREET [https://mainstreet.finance/] | Bringing proven TradFi yield strategies to DeFi markets ⚔️ KATANA [https://katana.network/] | Deep liquidity & real yield ------ ⏱️ TIMESTAMPS 0:00 - Intro 2:14 - Founding Strata 3:40 - What is tranching? 7:14 - Why tranching products make sense to now take off in DeFi? 13:43 - How Strata tranches risk for DeFi yields 17:05 - How Strata splits yields into junior vs senior tranches 21:49 - Screenshare demo of real Strata market 26:40 - Balancing senior vs junior TVL 29:26 - Tranching vs insurance: what’s the difference? 38:13 - How Strata works with RWAs 42:59 - Strata is addressing DeFi’s big issue: mispriced yields 46:00 - How builders can get started with Strata 49:12 - Closing ------ 🔗 GUEST LINKS ► Strata website: https://strata.markets/ ► Strata on X: https://x.com/strata_markets ► Vish on X: https://x.com/UnQuidPro ------ 🎙️ 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.

Tori: Tokenizing 15% Yield From Institutional FX Markets, Uncorrelated With Crypto | DeFi Frontier

Samed Düzçay is the Founder of Tori. DeFi yields often collapse in bear markets because they recycle crypto-native capital. But Tori generates yield from somewhere else entirely. In this episode, Sam explains how Tori brings institutional FX carry trades onchain, borrowing in low-rate currencies, lending in high-rate emerging market currencies, and hedging the FX exposure fully back to USD. The spread that remains after hedging is 8-15% yield, generated from real economic activity in global money markets, completely uncorrelated with crypto cycles. Tori is expected to launch in May so we're getting a jumpstart with this episode of DeFi Frontier to learn more. ------ 💎 THIS EPISODE'S SPONSORS 🔒 KPK [https://kpk.io/] | Best risk-adjusted yield through automated vaults 🏙 MAINSTREET [https://mainstreet.finance/] | Bringing proven TradFi yield strategies to DeFi markets 🟠 APYX [https://apyx.fi/] | The first dividend-backed stablecoin (DBS) 🏦 ALTURA [https://app.altura.trade/] | Bringing the yield institutions kept, to your wallet 🕛 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 1:50 - Sam’s background 4:05 - What is Tori? Institutional FX carry trades onchain 5:13 - Why DeFi yields are falling short of investor expectations 11:23 - How Tori strategies earn yield 14:35 - Capacity to scale the Tori trade and estimated yields 16:46 - Two-token model: trUSD vs strUSD 17:27 - Coming DeFi integrations for Tori 19:14 - Risks to using Tori 26:39 - Expected launch time for Tori 27:26 - Closing ------ 🔗 GUEST LINKS ► Tori website: https://tori.finance/ ► Tori on X: https://x.com/tori_finance ► Sam on X: https://x.com/0xNox_eth ------ 🎙️ 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.

The Next Battle In DeFi Lending Is What's Inside Your Vault | DeFi Frontier

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. ------ 💎 THIS EPISODE'S SPONSORS 🔒 KPK [https://kpk.io/] | Best risk-adjusted yield through automated vaults 🏙 MAINSTREET [https://mainstreet.finance/] | Bringing proven TradFi yield strategies to DeFi markets 🟠 APYX [https://apyx.fi/] | The first dividend-backed stablecoin (DBS) 🏦 ALTURA [https://app.altura.trade/] | Bringing the yield institutions kept, to your wallet 🕛 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 ⚙️ GEARBOX PROTOCOL [https://gearbox.fi/] | Onchain lending reimagined ------ ⏱️ 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 ------ 🔗 GUEST LINKS ► Lotus website: https://www.lotuslabs.net/ ► Lotus on X: https://x.com/LotusFi_ ► David Reising on X: https://x.com/davidareising ------ 🎙️ 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 have been advising Lotus during their pre-launch phase.

Rysk: How to Earn Stablecoin Yield with DeFi Options in 1-Click | DeFi Frontier

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. ------ 💎 THIS EPISODE'S SPONSORS 🔒 KPK [https://kpk.io/] | Best risk-adjusted yield through automated vaults 🏙 MAINSTREET [https://mainstreet.finance/] | Bringing proven TradFi yield strategies to DeFi markets 🟠 APYX [https://apyx.fi/] | The first dividend-backed stablecoin (DBS) 🏦 ALTURA [https://app.altura.trade/] | Bringing the yield institutions kept, to your wallet 🕛 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 ⚙️ GEARBOX PROTOCOL [https://gearbox.fi/] | Onchain lending reimagined ------ ⏱️ 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 ------ 🔗 GUEST LINKS ► Rysk website: https://rysk.finance/ ► Rysk on X: https://x.com/ryskfinance ► Daniele Ugolini on X: https://x.com/DanDeFiEd ------ 🎙️ 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.