The Edge Podcast

Kash Dhanda is the COO at Jupiter.
Most people know Jupiter for its flagship DEX aggregator and perps. But we've dug into the onchain business backing JUP token value accrual and why the fundamentals are worth understanding heading into the next bull run.
In this episode of Revenue Meta, Kash walks us through how Jupiter generates revenue across five distinct products: DEX aggregator, perps, Jupiter Lend, JupUSD, and Jupiter Spend, plus more revenue streams growing in development. This is a fascinating deep dive into Solana's largest, most dominant DeFi super app, including why perps for just three trading pairs wins over so much trade volume, how JLP remains one of Jupiter's most popular products, and how JUP token value accrual is aligned with Jupiter's app success. We also get the inside details on what's coming with Jupiter Lens DEX, prediction markets for the World Cup, Jupiter Spend, and their new Offerbook for borrowing and lending with long tail tokens.
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💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults

🟠 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

🏙 MAINSTREET | Bringing proven TradFi yield strategies to DeFi markets

⚔️ KATANA | Deep liquidity & real yield

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⏱️ TIMESTAMPS
0:00 - Intro
1:40 - Overview of Jupiter ecosystem products
2:50 - Jupiter’s biggest growth wins in 2025
4:55 - DEX aggregator revenue is still the foundation
9:17 - Perps is Jupiter's biggest revenue driver
11:32 - New revenue streams
13:57 - JLP is one of Jupiter’s most popular products
18:27 - The importance of Jupiter’s wallet development
19:53 - The potential for Jupiter Lend growth
21:14 - How Jupiter Lend generates revenue for JUP holders
24:06 - What went into launching Bitwise x Ethena market
27:04 - The JupUSD stablecoin and how Jupiter will grow its usage
31:06 - Jupiter is a platform for builders, not just an app
33:43 - Overview of JUP token value accrual
42:54 - Jupiter Lens DEX, prediction markets, Offerbook, and Jupiter Spend
45:41 - Jupiter Spend monthly volume is growing fast
48:09 - Closing
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🔗 GUEST LINKS
► Jupiter website: https://jup.ag/
► Jupiter on X: https://x.com/JupiterExchange
► Kash on X: https://x.com/kashdhanda
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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. Kash holds JUP.

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.
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💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults

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

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

👻 MANTLE | Aave V3 is live on Mantle

🐡 PUFFER INSTITUTIONAL | ETH staking solutions for scale

🏙 MAINSTREET | Bringing proven TradFi yield strategies to DeFi markets

⚔️ KATANA | Deep liquidity & real yield

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⏱️ 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
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🔗 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
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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 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.

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.
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💎 THIS EPISODE'S SPONSORS
🔒 KPK | Best risk-adjusted yield through automated vaults

🟠 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

🏙 MAINSTREET | Bringing proven TradFi yield strategies to DeFi markets

⚔️ KATANA | Deep liquidity & real yield

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⏱️ 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
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🔗 GUEST LINKS
► Strata website: https://strata.markets/
► Strata on X: https://x.com/strata_markets
► Vish on X: https://x.com/UnQuidPro
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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.

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.
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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

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⏱️ 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
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🔗 GUEST LINKS
► Tori website: https://tori.finance/
► Tori on X: https://x.com/tori_finance
► Sam on X: https://x.com/0xNox_eth
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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.

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.