The $10 Trillion Question: Crypto's Biggest Cycle Yet with Ellio Trades

Stablecoins are no longer just a buzzword—they’re transforming the way the world moves money. In this episode of The Defiant Podcast, we sit down with Reeve Collins, co-founder of Tether, co-founder of WeFi, and chairman at STBL, to explore the groundbreaking evolution of stablecoins.From their early days as a simple payment solution to their role in reshaping global finance, Reeve shares insider insights on how stablecoins are building trust, driving financial inclusion, and securing the future of money.We’ll dive into:✅ The origins of stablecoins and their $246 billion impact✅ How stablecoins are revolutionizing cross-border payments and DeFi✅ The rise of Stablecoins 2.0 and what it means for users✅ Why major players like Visa and JPMorgan are entering the spaceChapters:00:00 - Introduction: Stablecoins and their impact00:51 - Meet Reeve Collins: A Web3 trailblazer01:34 - The origin of stablecoins: Tokenizing the US dollar02:58 - Stablecoins today: A $246 billion industry05:17 - The rise of Stablecoins 2.007:45 - Yield-bearing stablecoins: User benefits explained10:01 - Tokenized assets in 401(k)s and traditional finance12:28 - Major players entering the stablecoin space14:04 - How stablecoins are transforming banking17:10 - Blockchain’s promise: Removing the middleman19:06 - Financial inclusion through decentralized banking22:55 - Mobile-first, wallet-native financial solutions25:27 - Building trust in underserved communities28:16 - Stablecoins 2.0: Transparency and compliance38:13 - Mass adoption: Public companies and crypto treasuries40:27 - Closing thoughts: The future of blockchain🔔 Don’t forget to like, comment, and subscribe for more deep dives into the world of Web3, blockchain, and decentralized finance!

In this episode of The Defiant Podcast, we sit down with Joseph Onorati, CEO of DeFi Development Corp, the second-largest Solana treasury company. Joseph shares the journey of transforming DeFi Development Corp into a Solana-focused treasury powerhouse, their innovative yield strategies, and why Solana's volatility and native yield make it a compelling treasury asset. We also dive into the broader case for crypto treasury companies, the risks and rewards of staking strategies, and the future of Solana in the blockchain ecosystem. Plus, Joseph shares his bold prediction: Solana flipping Ethereum by market cap. Tune in for a deep dive into the intersection of DeFi, treasury management, and the Solana ecosystem.Chapters00:00:00 Why Solana as a Treasury Asset?00:00:41 Volatility, Convertible Debt, and Cost of Capital00:01:20 Introducing Joseph and DeFi Development Corp00:02:10 The Evolution of DeFi Development Corp00:03:56 Staking, Validators, and Yield Strategies00:05:40 Breaking Down Solana Yield Strategies00:10:10 Risks in Staking and Looping Strategies00:12:03 The Case for Crypto Treasury Companies00:15:03 Solana Per Share Growth and Fundraising Flywheels00:20:02 Challenges with NAV Premium Compression00:27:16 Solana’s Market Share in Treasury Companies00:30:00 ETFs and Their Impact on Crypto Treasuries00:36:01 The Future of Public Market Crypto Instruments00:46:14 Risks and Controversies in Crypto Treasuries00:54:16 Locked Solana and OTC Markets01:06:15 DeFi Development Corp’s Treasury Accelerator Program01:08:09 Bull Case for Solana and Price Predictions

In this episode of The Defiant Podcast, we sit down with Fakhul Miah, Managing Director of GoMining Institutional and former Morgan Stanley executive, to explore the rapidly evolving world of Bitcoin mining in 2025.From the rise of AI hyperscalers competing for energy resources to the financial engineering transforming miners into sophisticated operators, this conversation dives deep into the challenges and opportunities shaping the future of the industry.Key topics covered:Why AI is Bitcoin mining’s most aggressive new competitorHow miners are evolving with BTC-backed loans and convertible notesThe shifting geopolitics of mining: U.S. vs. Latin America and AfricaWhat $100B in Bitcoin ETFs and sovereign reserves mean for adoptionThe big picture: Bitcoin mining’s transformation into a global infrastructure industryWhether you’re a crypto enthusiast, investor, or just curious about the intersection of technology, energy, and finance, this episode is packed with insights you won’t want to miss.Chapters:00:00 Introduction: Bitcoin Mining Faces a New Kind of Competition00:45 GoMining’s Role in Tokenized Bitcoin Mining02:43 The Rise of AI Hyperscalers and Energy Market Disruption03:15 Bitcoin Mining’s Flexibility vs. AI’s Energy Demands06:15 Why AI Is a Formidable Competitor for Miners08:09 The Power Struggle: Bitcoin Mining’s Future Amid AI Growth09:02 Financial Engineering: How Miners Are Avoiding Liquidation12:11 The Evolution of Bitcoin Mining into a Balance Sheet Business16:57 Shifting Geopolitics: Latin America and Africa’s Mining Rise20:36 U.S. Mining Dominance: Can It Adapt to Stay on Top?24:50 Institutional Adoption: $100B in ETFs and Sovereign Reserves28:40 Bitcoin’s Next Phase: Stability, Risks, and Financialization31:10 Bitcoin as Digital Gold vs. Everyday Currency34:51 The Role of Institutions and Whales in Bitcoin’s Future37:00 The Big Picture: Bitcoin Mining’s Transformation by 203039:29 What Miners, Investors, and Policymakers Should Focus On42:35 Closing Thoughts: GoMining’s Vision and What’s Next📖 Learn more:Explore GoMining’s H1 2025 Bitcoin Mining Market Review: [https://institutional.gomining.com/]

Ondo Finance is at the forefront of the real-world asset (RWA) revolution, bringing traditional financial products like U.S. treasuries, stocks, and ETFs onto blockchain rails. In this episode of the Defiant Podcast, Ian De Bode, Chief Strategy Officer at Ondo Finance, dives into democratizing access to financial markets for a global audience. By tokenizing assets, Ondo enables 24/7 mobility, seamless DeFi integration, and enhanced investor protections, all while addressing the inefficiencies of traditional finance.Ian also shares insights into Ondo's upcoming tokenized equities launch, their innovative approach to liquidity and pricing, and the broader implications of regulatory clarity for the RWA space. With a mission to create open, global financial rails, Ondo is not just building products but laying the foundation for the future of finance.Chapters00:00 - Introduction to the DefiantPodcast01:30 - Welcoming Ian, Chief Strategy Officer at Ondo Finance01:55 - What is Ondo Finance?02:22 - Tokenizing Treasuries, Stocks, and ETFs03:12 - Solving Accessibility and Mobility in Finance04:50 - The Evolution of Ondo’s Tokenized Assets: OUSD and USDY07:04 - Comparing Ondo’s Products to Competitors Like BlackRock12:26 - Growth of Tokenized Treasuries and Regulatory Milestones20:26 - Ondo’s Plans for Tokenized Equities28:24 - Challenges and Opportunities in Tokenized Stocks33:02 - Ondo’s Layer 1 Blockchain and DeFi Integration38:52 - The Future of Real-World Assets on Chain44:13 - Ondo’s Long-Term Vision for Global Finance

What if blockchain technology could be as seamless as swiping a credit card or streaming your favorite show? In this episode of The Defiant Podcast, we sit down with Prabal Banerjee, co-founder of Avail and Former Research Lead at Polygon, to explore how he’s working to make that vision a reality. Prabal shares his insights on tackling some of the biggest challenges in the blockchain space, from data availability and scalability to fragmentation and user experience. His mission? To make blockchain invisible to the end user.We also dive into the multichain future and why interoperability is the key to mass adoption. Prabal explains how Avail is building the infrastructure to unify the fragmented blockchain ecosystem and shares exciting news about Avail’s acquisition of Arcana, a move that could redefine how developers and users experience Web3.Chapters:00:00 Imagine a seamless blockchain world: Introducing Prabal Banerjee and today’s themes02:18 What is Avail? Tackling scalability and fragmentation in a multichain world03:55 Why fragmentation matters: The case for interoperability over single-chain dominance08:11 Making blockchain invisible: Lessons from Web2 and the user experience problem10:04 Bridging pain points: Why blockchain meta-interoperability is the future16:16 The role of wallets and abstracting complexity for mass adoption25:08 Interoperability between rollups and sovereign chains: Unlocking new possibilities36:02 Beyond 8 billion users: The rise of agents and verifiable internet interactions40:48 Avail’s acquisition of Arcana: What it means for developers and users50:02 Lightning round: Blockchain problems, overhyped trends, and Prabal’s favorite chain

In this episode of The Defiant Podcast, we sit down with Ellio Trades, Co-Founder of BlackHole, the fastest-growing decentralized exchange on Avalanche. Ellio shares his insights on the current state of the crypto market, including whether we're entering a new altcoin season or witnessing a slower, more sustainable growth cycle. He dives deep into the maturation of the crypto space, the role of institutional investors, and why this cycle could be the most significant in crypto history.Ellio also unpacks the innovative mechanics behind BlackHole, from its V3.3 DEX model to its focus on creating deep liquidity and sustainable revenue. He explains how BlackHole is reshaping the DeFi landscape and why Avalanche was the perfect ecosystem for its launch. Watch now to gain valuable insights on the future of blockchain, decentralized finance, and the next wave of crypto adoption.Chapters00:00 The $10 Trillion Question: Is Altcoin Season Here?00:04 Traditional Cycles vs. A New Crypto Paradigm00:42 The Maturation of DeFi and Institutional Adoption01:30 Introducing Ellio Trades and BlackHole02:33 Bitcoin, Ethereum, and the Shift to Regulated Markets03:45 Why Ethereum's Value Proposition is Finally Clicking05:18 The Role of Wall Street in Crypto's Next Big Cycle07:32 Balancing Supercycle Narratives with Traditional Cycles10:33 DeFi's Undervalued Potential and Institutional Interest12:23 Stablecoins and the Future of Blockchain Applications16:04 Why BlackHole Chose Avalanche for Its Launch18:42 BlackHole's Explosive Growth and Unique Features23:03 How BlackHole's V3.3 Model Creates Deep Liquidity30:28 Lessons from Past Projects and BlackHole's Innovations35:02 The Long-Term Vision for BlackHole and DeFi

Step into the evolving world of virtual environments, where Decentraland is at the forefront of innovation. In this episode, we explore how interoperability is transforming the metaverse, enabling seamless integration across platforms and unlocking creative possibilities for users and developers alike. From NFTs and digital wearables to virtual real estate, we discuss how these advancements are reshaping the metaverse and fostering meaningful connections in a polarized digital age.Join us as Kim Currier, Head of Partnerships and Marketing at Decentraland, shares insights on the resurgence of NFTs, the role of brands in creating immersive experiences, and the tools empowering creators to thrive. Whether you're a collector, a brand strategist, or simply curious about the metaverse, this episode offers a deep dive into the future of digital interaction and the cultural capital being built in virtual worlds.Chapters:00:00 The Rise and Fall of NFTs: From hype to utility00:23 Driving Innovation in the Metaverse00:33 Meet Kim Currier, Decentraland’s Head of Partnerships and Marketing01:09 The Metaverse as a Social Hub: Immersive experiences for brands and users01:30 Opportunities for Collectors and Brands02:53 Cultural Shifts in NFTs: What’s fueling the 2025 resurgence?04:45 Decentraland’s Unique Offerings in music, art, and social connection08:03 Utility-Driven NFTs: Wearables, emotes, and smart wearables in Decentraland13:17 No-code tools and community-driven innovation for creators20:15 Virtual Spaces for Remote Teams: Offsites and community gatherings27:33 Innovative builds in Decentraland35:11 Brand Partnerships in the Metaverse43:02 Onboarding the Masses: Decentraland as a gateway to Web347:10 Long-Term Vision: Building cultural capital and meaningful connections

In this episode, we’re joined by Marta Belcher, President and Chair of the Filecoin Foundation, to dive deep into the transformative potential of decentralized storage and its role in shaping the future of technology. Marta shares her insights on how Filecoin is enabling decentralized AI, preserving humanity’s most important data, and creating alternatives to big tech.We explore the incentives and economics behind Filecoin, its critical use cases in journalism and human rights, and how it’s helping to build censorship-resistant systems. Marta also discusses the challenges and opportunities of governance in decentralized systems, the evolving regulatory landscape for crypto in the U.S., and the pivotal role of the market structure bill.Chapters00:00: The Decentralized AI Revolution00:28: Filecoin’s Role in Decentralized AI01:29: What is Filecoin?02:14: The Importance of Decentralized Storage03:29: Incentives and Economics of Filecoin06:10: Filecoin for Journalism and Human Rights08:25: Decentralized AI and Filecoin’s Infrastructure13:10: Governance in Decentralized Systems22:13: Regulation and Crypto’s Future in the US29:02: Filecoin’s Growth and Use Cases37:05: Filecoin’s Long-Term Vision

In this episode of The Defiant Podcast, we sit down with Adrian Brink, Co-Founder of Anoma and Namada, to explore the intersection of privacy, sovereignty, and resilience in Web3. Adrian shares his journey from the early days of building Cosmos to building intent-based systems that empower communities and protect dignity at scale.We dive into the challenges of designing for a fragmented world, the promise of cryptography, and the importance of local-first infrastructure. Adrian also discusses the Tornado Cash case, the role of intent-based systems in addressing regulatory concerns, and how cryptography can help communities defend against external threats.From the evolution of Web3 to the future of AI-driven coordination, this conversation is packed with insights on building networks that bend toward freedom without breaking under the weight of reality.Chapters00:00: Setting the stage: intention, privacy, and protecting dignity in a digital world03:39: Sovereign infrastructure: community defense and resilience against external threats05:23: Reimagining privacy: moving beyond Band-Aid solutions to foundational change07:24: The state of Web3: challenges, stagnation, and the need for meaningful innovation10:02: Intent-based systems: reshaping privacy and sovereignty for individuals and communities12:03: Flexibility and security: building adaptable systems for diverse global needs15:13: Tornado Cash and regulatory challenges: intent systems as a potential solution20:13: Navigating high-risk environments: sanctions, blackouts, and global regulations25:20: The next 100 million users: making crypto accessible and practical for everyday life30:05: Financial literacy and coordination: unlocking new possibilities for global commerce35:00: Cryptography and trust: scaling trust systems for local and global communities40:00: Societal transformation: blockchain’s role in reshaping politics, economics, and governance45:00: AI and intents: the future of coordination in the age of artificial intelligence48:12: Staying grounded: Adrian’s advice for navigating innovation and building for the right reasons49:19: Closing thoughts: where to find Adrian and what’s next for Namada

In this episode of The Defiant Podcast, Paul Frambot, Co-Founder of Morpho, details how DeFi is transforming the financial industry by intersecting with fintech, shifting value to network users, and reshaping how lending protocols work. He outlines the evolution from early peer-to-peer lending to today's permissionless, immutable infrastructure, highlighting Morpho's product design, its approach to risk management, and specific use cases in institutional finance and global wallet integration. Discussions cover the role of risk managers, transparency benefits, the emergence of DeFi as backbone infrastructure for fintechs, and how platforms like Coinbase now use Morpho behind the scenes.Paul reflects on how Morpho enables global liquidity, allows businesses and individuals to create custom lending markets, and how DeFi’s open competition leads to better rates and more efficient markets. The conversation wraps with thoughts on unsecured lending, the path to real-world financial product integration, and Morpho's long-term vision to become the foundational protocol for global financing.Chapters:00:00 Fintech disruption, DeFi’s impact on infrastructure 01:21 Founding Morpho: backstory and protocol design 03:04 Pushing for permissionless, immutable protocol infrastructure 04:16 Institutional adoption, wallet integrations, and B2B use cases 07:01 Managing risk and collateral in open protocols 10:32 Shift in institutional engagement and business adoption 15:20 Native on-chain fund issuance, regulations, and international frameworks 17:04 Equity and securities as next steps for on-chain finance 19:03 Real-world example: Coinbase leveraging Morpho for global lending liquidity 20:28 End-to-end DeFi integrations: wallet abstraction and feature parity 22:26 Four core benefits when fintechs use DeFi as backend 24:07 Transparency, self-custody, and proof of reserves in DeFi 25:06 Institutional desire for infrastructure ownership—not just distribution 26:29 Competitive rates: DeFi vs. traditional finance lending 27:51 Barriers for banks: regulation, compliance, privacy, and operational hurdles 30:00 Privacy on-chain: transaction anonymity vs. amount privacy 32:29 How DeFi lending markets evolved: competition and network effects 34:00 Differing visions: Morpho as infrastructure vs. Aave as integrated bank 37:12 Market size: overcollateralized and undercollateralized lending potential 38:04 How DeFi could unlock unsecured credit 41:24 Under-collateralized lending, trust, and on-chain identity primitives 44:28 Morpho’s long-term vision and the future of DeFi/fintech convergence