Strategy's Preferred Stock Is Now a Stablecoin. And DeFi Has a Security Problem.
Unchained22 Huhti

Strategy's Preferred Stock Is Now a Stablecoin. And DeFi Has a Security Problem.

The $290 million Kelp DAO hack, attributed to North Korea's Lazarus Group, has DeFi TVL down $13 billion in 48 hours. Do DeFi's foundational assumptions need to change? --- Heads up! If you haven’t yet, be sure to subscribe to Bits + Bips, since the show will migrate there in a few weeks. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. ---- DeFi TVL fell from $99.5 to $86.3 billion in 48 hours after the $290 million Kelp DAO exploit — the latest nine-figure attack attributed to North Korea's Lazarus Group, this time via a compromised Layer Zero bridge. Meanwhile, a new class of yield-bearing instrument is staking a claim on capital fleeing private credit: Apyx's APY USD, backed by Strategy's STRC preferred stock, launched on Kraken this week with a 12% yield target and $180 million in supply after just seven weeks. Is STRC-backed yield a legitimate financial primitive, or a Bitcoin derivative with extra steps? And as DeFi absorbs yet another devastating security failure, is the industry's core assumption — that incoming transactions should be treated as legitimate — finally due for an overhaul? Austin Campbell, Ram Ahluwalia, and Chris Perkins dig in with Parker White of Apyx and Michael Bentley of Euler. Hosts: ⁠⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠⁠, Host of Bits + Bips, Zero Knowledge Consulting ⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠⁠⁠, Co-Host, CEO of Lumida ⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠⁠⁠, Co-Host, CEO of 250 Digital Asset Management Hosts: ⁠⁠⁠⁠⁠⁠Parker White — @TheOtherParker_ — Founding Contributor, Apyx. ⁠⁠⁠⁠⁠⁠Michael Bentley — @euler_mab — Former CEO, Euler Labs Learn more about your ad choices. Visit megaphone.fm/adchoices

Jaksot(1142)

Ben Fielding: Gensyn, Decentralized AI, and the Prediction Market That Settles Itself: Bits + Bips

Ben Fielding: Gensyn, Decentralized AI, and the Prediction Market That Settles Itself: Bits + Bips

A prediction market trades on outcomes. An information market trades on knowledge. Fielding makes the case for the latter. --- Heads up! If you haven’t yet, be sure to subscribe to Bits + Bips, sin...

3 Touko 50min

After April's $606 Million in DeFi Hacks, What's the Fair Value Yield Rate?

After April's $606 Million in DeFi Hacks, What's the Fair Value Yield Rate?

$606 million in DeFi exploits in one month. Two of the space's sharpest risk thinkers debate whether lenders are being paid anywhere close to enough. =================================================...

3 Touko 1h 6min

Pump.fun’s $370M Burn Was a Mistake, Says Luca Netz: Uneasy Money

Pump.fun’s $370M Burn Was a Mistake, Says Luca Netz: Uneasy Money

Pump.fun set fire to $370 million in tokens. Luca lays out the airdrop math that says they should have done the opposite. Thank you to our sponsors!⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ MultiChain Advisors is an emerging...

1 Touko 1h 14min

The Chopping Block: Defi United’s “Bailout,” MegaETH’s KPI Vesting, and Prediction Market Chaos

The Chopping Block: Defi United’s “Bailout,” MegaETH’s KPI Vesting, and Prediction Market Chaos

Is the era of protocol bailouts upon us? The Chopping Block crew and MegaETH's Shuyao Kong debate Defi United’s community-funded rescue, the KPI vesting experiment shaking up token launches, whether D...

30 Huhti 1h

How Microsoft Won the OpenAI Fight as Markets Rally on Iran

How Microsoft Won the OpenAI Fight as Markets Rally on Iran

One side wins the OpenAI-Microsoft divorce, Ram calls a 19% earnings growth year 'bananas,' and Chris wants the US to hack back against DeFi exploiters. Here is the full rundown. --- Heads up! If y...

29 Huhti 57min

How Microsoft Won in Its Revised Deal With OpenAI

How Microsoft Won in Its Revised Deal With OpenAI

Microsoft restructured its agreement with OpenAI, and Ram Ahluwalia has a clear verdict: Microsoft won.  In this segment from Bits + Bips, Ram explains the three things Microsoft secured from the new...

29 Huhti 3min

How Morpho Survived a $300M DeFi Hack With Only $1M Exposure

How Morpho Survived a $300M DeFi Hack With Only $1M Exposure

People think of Aave and Morpho as competitors. But Morpho only lost $1 million when North Korea drained $300M from a DeFi protocol. The architecture explains why. ===================================...

29 Huhti 37min

Bits + Bips: How the Kelp rsETH Hack Left Aave With $193M in Bad Debt

Bits + Bips: How the Kelp rsETH Hack Left Aave With $193M in Bad Debt

Luke Leasure and Shaunda Devens of Blockworks Research explain how three compounding failures, Kelp's one-of-one bridge signer, Layer Zero's permissive default settings, and Aave's failure to flag it ...

28 Huhti 9min

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