Wallfacer Podcast

Today’s guests are corn, who works on growth at Yearn, and Connor Flanagan, COO and co-founder of Birch Hill. We get into why the word “vault” stopped meaning anything, how Yearn spotted $10 million missing from Stream Finance’s wallets weeks before it collapsed, and why Birch Hill responded to the SEC’s vault statement by asking for a meeting. They also walk through their launch with Groma, where a renter’s monthly payment buys equity in the building instead of disappearing.Guest Links* corn: https://x.com/omgcorn* Yearn: https://x.com/yearnfi* Connor Flanagan: https://x.com/cflan_* Birch Hill: https://x.com/BirchHill_io* Groma: https://x.com/GromaCorpHost Links* Ryan Rodenbaugh: https://twitter.com/ryanrodenbaugh* Vaults.fyi: https://vaults.fyi* API Docs: https://docs.vaults.fyi/Subscribe to Wallfacer Podcast* https://wallfacer.io/podcastTimestamps* [00:31] What does the word “vault” even mean anymore? * [02:21] Birch Hill’s thesis: bringing credit origination onchain * [07:01] Yearn is onchain to the core. Why work on offchain collateral? * [08:32] corn on the three tiers of vaults, and which one produced Stream Finance * [12:09] The spectrum of discretion, and whether KYC kills composability * [16:35] “I don’t think every vault is a security” * [18:02] What genuinely can’t be built onchain yet * [19:05] Which RWAs actually work onchain, and why fungibility decides it * [22:58] Modular lending markets as the new bootstrapping mechanism * [25:16] The Stream test: how to spot the next blowup * [27:03] Do curators inevitably push out the risk curve until they blow up? * [30:35] The Groma launch, and rent vesting as a renter’s mortgage * [38:22] Going live: permissioning, accredited checks, and discounted NAV oracles * [44:21] Why Yearn curates on Morpho * [44:35] What “institutional curator” actually means * [48:06] What’s next: new asset classes, yearn V4, and why CLARITY timing matters 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

How are stablecoins reshaping the financial stack?Ryan chats with Luca Prosperi about reimagining the financial stack from first principles, why separation between money creation and distribution matters, and how M^0's enables both DeFi protocols and fintech apps to build better products.Follow our guests: https://x.com/LucaProsperihttps://x.com/m0foundationAnd try out Wallfacer’s latest release: https://app.vaults.fyiFollow our host: https://twitter.com/RyanRodenbaughhttps://warpcast.com/ryanrodenbaugh.ethTimestamps00:00 - Luca's crypto red pill03:03 - The philosophy of money07:21 - Understanding modern banking12:14 - Reflections on working with MakerDAO17:24 - The current state of RWAs21:52 - The belief behind M^030:28 - $M's role as wholesale money38:04 - How M^0 manages collateral41:40 - Composability and $M44:47 - M^0's pitch for GTM success47:37 - The economics of stablecoin issuers53:58 - M^0's two token governance model58:32 - The economics of M^01:00:52 - Levelling up crypto monetary infrastructure1:04:27 - Closing predictions on DeFi 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

@RyanRodenbaugh sat down with @MattFiebach of @EntropyAdvisors in our latest podcast! They discussed how the Entropy team is accelerating the @arbitrum DAO, the current OpCo proposal, & the world of decentralized governance. Timestamps00:00 - What is Entropy Advisors?01:59 - Why Arbitrum?05:54 - Who contributes to Arbitrum today?08:02 - Which Arbitrum competitors stand out?12:11 - Offchain Labs’ influence on Arbitrum13:56 - What does OpCo address?16:10 - How OpCo has been received18:35 - Analogous structures & OpCo’s role21:40 - In-house vs service providers23:07 - How L2s are valued25:33 - Arbitrum DAO’s business model28:25 - Matt’s thoughts on the Superchain narrative37:02 - What should L2s focus on?41:16 - Arbitrum’s homegrown success stories46:37 - Focusing on Ethereum vs other L1s51:13 - Arbitrum and L2 interoperability53:18 - Friction points for users54:58 - Getting people onchain & closing thoughtsFollow our guests: https://x.com/MattFiebachhttps://x.com/EntropyAdvisorsStay connected with Wallfacer: https://twitter.com/wallfacerlabshttps://linktr.ee/wallfacerlabshttps://twitter.com/ryanrodenbaughhttps://warpcast.com/ryanrodenbaugh 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

RyanRodenbaugh caught up with @saltyfacu of @yearn/@built_by_mom in our latest podcast! They discussed @yearn's OG culture, its evolution, future direction, and explored Facu's builder collective @built_by_mom.00:00 - Facu’s background03:30 - Yearn’s OG culture05:00 - Outcomes of pseudo anonymity 07:06 - Yearn’s structure today09:51 - How Yearn’s culture has evolved12:00 - DeFi Summer memories13:19 - Maintaining Yearn’s reputation14:40 - Avenues for growth16:23 - L2 expansion19:57 - Alternative L1s21:14 - What is Mom?23:20 - What is Ajna?26:20 - Choosing who to work with27:57 - Mom’s marketing style34:12 - Misconceptions about working in DeFi36:00 - Mom’s products41:36 - What’s nextLinks: https://x.com/saltyfacuhttps://x.com/built_by_momhttps://twitter.com/ryanrodenbaughhttps://twitter.com/wallfacerlabshttps://twitter.com/vaultsfyi 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 Evgeny Yurtaev, the Co-Founder and CEO of Zerion. Zerion is a crypto wallet for everything onchain. Zerion has also recently announced that they are building ZERO, a Layer 2 network that is designed to offer zero fees00:00: Introduction 00:40: Defining a modern crypto wallet 06:00: Views on crypto + social 09:15: Defining Zerion's target users 11:40: Wallets, wallets, wallets 19:30: The evolving business of Zerion 24:25: ZERO and improving the onchain user experience 30:25: Building an ecosystem around ZERO and attracting content creators 41:10: Building on the @zksync Zk Stack 48:00: The business of ZERO 52:00: Onchain identity / Zerion DNA Learn more: Zerion, Evgeny, and Zerohttps://x.com/zerionhttps://x.com/evgeth_https://x.com/zerodotnetworkWallfacer Labs and Ryanhttps://x.com/wallfacerlabshttps://x.com/RyanRodenbaugh/ 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