The Edge Podcast

Alan is a privacy researcher and long-time contributor to Railgun.
Every DeFi transaction you make is fully public. But Railgun is building the incognito mode for Ethereum. How does it actually work, and how does it compare to Zcash? Can we really access private DeFi with any shielded asset on Ethereum? What we learned will surprise you.
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💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults

🏦 AXIS | The Origin Vault launched on Ethereum

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

🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale

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⏱️ TIMESTAMPS
0:00 - Intro
1:55 - Why privacy matters
4:18 - What is Railgun?
5:50 - How to do a private swap on Ethereum with Railgun
9:42 - Railgun is like a privacy safe, but not a mixer
12:47 - Common uses of Railgun
16:50 - Privacy limitations: the privacy set problem explained
20:00 - Is Railgun similar to an L2?
23:48 - The balancing act of unstoppable access
25:49 - Railgun vs Zcash differences explained
30:47 - Which apps can I use for private DeFi with Railgun?
33:25 - Wallet-level privacy vs application-level privacy
41:41 - Railgun’s relationship working with the Ethereum Foundation
47:43 - Will privacy become a default setting or an option?
52:16 - The RAIL token: staking, governance, and yield
54:32 - Closing
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🔗 GUEST LINKS
► Railgun website: https://railgun.org/
► Railgun on X: https://x.com/RAILGUN_Project
► Anon Inc wallet: https://anon.inc/
► Railgun on X: https://x.com/tsu_kareta
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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.

Kyle is an investor and now Senior Research Analyst at DefiLlama.
Fundamentals are finally winning in crypto. But which sectors, which tokens, and why now?
In this episode of The Thesis, Kyle walks through his complete framework for investing this cycle, including his highest conviction bets such as Venice (VVV). He also shares his take on DATs, inference capital markets, and why liquid investors are more spoiled for choice right now than at any point in the last four years.
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💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults

🏦 AXIS | The Origin Vault launched on Ethereum

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

🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale

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⏱️ TIMESTAMPS
0:00 - Intro
2:22 - Background at DeFiance Capital
4:57 - Moving from memes to fundamentals
11:53 - Why memecoins eventually led people back to fundamentals
22:19 - The StablecoinX Ethena DAT trade, on NASDAQ
25:04 - Why altcoin DATs are more interesting than MicroStrategy
27:29 - DeFi yield for public markets
30:53 - When investing, the founder is all that matters
38:30 - Investing in inference capital markets
44:50 - Why Venice (VVV) is the cleanest long on inference demand
50:13 - Kyle’s degen bet on AI inference with Orbio
53:21 - Ranking Kyle’s investments by sector
1:02:44 - Up-and-coming tokens according to Kyle
1:05:13 - Kyle’s thoughts on October and is market bottom in?
1:10:45 - Closing
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🔗 GUEST LINKS
► Kyle on X: https://x.com/zeroxkyle
► DefiLlama Research website: https://defillama.com/research
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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.

Lito is the Head of Growth at Ethena Pay.
Is it time to buy ENA? What is Ethena Pay and how does it compete as a DeFi neobank? What is the equity basis trade and why does it matter for USDe yield? What just happened with early ENA investor buyouts and VC unlocks?
Reputable DeFi investor and builder Lito, now leading growth at Ethena Pay, answers all this and more about why Ethena is thriving in its second bull run and why it's so well positioned to challenge Circle and Tether's dominance in the stablecoin market.
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💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults

🏦 AXIS | The Origin Vault launched on Ethereum

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

🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale

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⏱️ TIMESTAMPS
0:00 - Intro
2:33 - Lito’s background in DeFi
10:45 - What is Ethena Pay?
14:14 - Ethena Pay’s edge as a neobank and stablecoin issuer
19:45 - The mobile app breakthrough for DeFi
25:05 - Competing in the DeFi neobank sector
29:41 - What is Ethena’s new equity basis trade?
34:18 - What other strategies underpin sUSDe yield?
36:56 - ENA token cleanup: buyouts, equity, buybacks, unlocks
40:23 - StablecoinX, the ENA DAT
42:47 - What’s next at Ethena?
45:23 - Ethena Pay's key features and expected launch in US
50:26 - Closing
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🔗 GUEST LINKS
► Ethena Pay website: https://pay.ethena.fi/
► Ethena Pay on X: https://x.com/ethenapay
► Lito on X: https://x.com/litocoen
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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 ENA.

Chris Kim is the CoFounder and CEO of Axis.
Most of the volume happening in crypto still isn't visible onchain. It's a growing volume from fintechs, neobanks, CEXs, and remittance platforms bridging services between stablecoins, fiat, and tokenized assets behind the scenes, working with OTC desks for liquidity they can't source on their own.
In this DeFi Frontier episode, Chris explains how Axis Prime is building the "balance sheet as a service" layer that powers these conversions, similar to Citadel Securities for the tokenized era. He explains how DeFi capital formation through USDx feeds Axis Prime's institutional arbitrage strategies, why the yield is real and where it comes from, and why this new wave of tokenization promises a much larger TAM for years to come.
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💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults

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

🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale

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⏱️ TIMESTAMPS
0:00 - Intro
1:33 - From trading commodities to cryptoasset arbitrage
5:37 - What is Axis Prime?
6:30 - Why do neobanks and fintechs need Axis Prime?
8:39 - Balance sheet as a service
10:18 - Betting on neobanks and fintech adopting stablecoins
13:40 - Opportunity to serve fiat x crypto conversions
16:14 - Axis’s first six-figure OTC trade for a leading CEX
17:25 - Why Axis Prime benefits from the Origin Vault and sUSDx
19:36 - USDx, sUSDx, and the Origin Vault
21:07 - Axis yields over last 30 days
22:55 - Where does sUSDx yield come from?
23:52 - Global onchain capital formation + service to licensed fintechs
24:47 - Challenge of trust + transparency with actively managed yield
26:34 - How do you earn the trust of DeFi lenders?
29:32 - Has the market bottomed and bull run begun?
31:08 - Could Axis earn from the Robinhood mania?
34:04 - Closing
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🔗 GUEST LINKS
► Axis website: https://axis.to/
► Axis Prime website: https://axis.to/prime
► Axis on X: https://x.com/AxisFDN
► Chris Kim on X: https://x.com/bidorder
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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. Axis is a sponsor of The Edge Podcast.

Kool Krypto is an anonymous DeFi investor and fund manager who's been in crypto since 2010.
In this episode, he shares his remarkable journey at just 13 mining Bitcoin, to discovering DeFi through ETHLend, and later landing a fund seeded by a prominent New York family office after a fateful poker game. We get a crash course on onchain options from someone trading millions on Derive, as he shares his very public trade setups for BTC and ETH, including the what went into his latest $3.5M Bitcoin call spread and his viral ETH call spread for March 2027 being copy-traded on Derive.
One of our best guests, and longest interviews ever. Meet an investor who's self-taught, and provides insights on his real trades, real positions, and real edge.
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💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults

🏦 AXIS | The Origin Vault launched on Ethereum

🌐 RE | Earn real yield backed by regulated reinsurance programs

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

🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale

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⏱️ TIMESTAMPS
0:00 - Intro
2:25 - From mining BTC at 13, to trading, to fund manager
5:25 - The light bulb moment with DeFi and Ethereum
7:38 - The poker game that led to his fund
10:26 - How much is TradFi “in the arena” with DeFi?
14:17 - How Kool got into onchain perps: GMX, Gains, Hyperliquid
20:13 - Running a liquid fund, yield generation, and a little VC
23:28 - Why Kool doesn’t trade memecoins
28:01 - The DRV bull thesis
41:14 - Breaking down Kool’s $3.5M BTC call spread in Sept
45:58 - The benefit of Derive’s RFQ-powered trading
50:14 - AI agents are a massive tailwind for onchain options adoption
52:50 - Options trading tools: Derivatives Monkey, DeFiLlama, Claude
56:29 - Pros and cons of options vs perps
1:02:37 - Managing risk and closing options trades
1:05:35 - Forecasting a bullish October, and uncertain end of year
1:11:12 - His viral ETH call spread for March 2027 on Derive
1:17:38 - Kool’s bull thesis for KNTQ and its Hyperliquid L2
1:25:07 - Derive V3’s ability to list new options markets (ie LIT)
1:28:31 - What if Hyperliquid or Lighter launch options trading?
1:34:19 - Why Kool remains bullish on LIT
1:38:24 - Closing
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🔗 GUEST LINKS
► Kool Krypto on X: https://x.com/koolkrypto223
► Derive website: https://derive.xyz/
► Derivatives Monkey: https://www.derivativesmonkey.com/
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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 and BTC. DeFi Dad holds DRV. DeFi Dad and Nomatic were angel investors in Kinetiq's seed round.