0xResearch

In this episode, we discuss Bitcoin’s underperformance relative to equities and select crypto assets, the rise of Hyperliquid amid strong ETF and institutional flows, Morpho’s new fixed-rate lending initiative and valuation debate, evolving dynamics in DeFi lending markets, and Ethena’s shifting yield strategy, reserve allocation, and diversification efforts.Thanks for tuning in!

As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

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Timestamps:

(0:00) Introduction

(1:34) Bitcoin Lags Equities

(4:14) Don’t Hide in BTC?

(7:47) Hyperliquid’s Flow Story

(16:02) Morpho’s Fixed-Rate Bet

(24:33) Morpho’s Valuation Problem

(33:49) Ethena Becomes Asset Manager

(43:53) Can Ethena Diversify?

(48:10) Analyst of the Week

(48:51) Closing Comments

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Resources:

Sam Schubert - Solana Spreads: The Black Hole Begins

https://x.com/minnus/status/2059730629319680352?s=20

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Check out Blockworks Research today! Research, data, governance, tokenomics, and models – now, all in one place

Blockworks Research: https://www.blockworksresearch.com/

Free Daily Newsletter: https://blockworks.co/newsletter

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Disclaimer: Nothing said on 0xResearch is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Boccaccio, Danny, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode, we’re joined by Luke and Sam to discuss the evolution of crypto trading infrastructure, including Solana’s push to improve perpetual futures execution and compete with Hyperliquid. We also cover tokenized equities, onchain yield markets, Pendle’s role in DeFi incentives, and the growing adoption of tokenized Strategy-related assets.

Thanks for tuning in!

As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

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Follow Blockworks Research: https://x.com/blockworksres

Follow Luke: https://x.com/0xMether

Follow Sam: https://x.com/minnus

Follow Danny: https://x.com/defi_kay_

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Subscribe on YouTube: https://bit.ly/3foDS38

Subscribe on Apple: https://apple.co/3SNhUEt

Subscribe on Spotify: https://spoti.fi/3NlP1hA

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

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Timestamps:

(0:00) Introduction

(1:52) Solana vs Hyperliquid

(5:33) BAM’s Maker Priority

(8:08) Why Solana Perps Lagged

(11:44) Tokenized Stocks Shift Trading

(26:24) Tokenized Stretch Takes Off

(34:01) Stretch Looping Risks

(37:44) Pendle’s Yield Challenge

(43:45) Boros vs Pendle V2

(47:59) Crypto Finds Outside Markets

(53:50) Closing Comments

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Check out Blockworks Research today! Research, data, governance, tokenomics, and models – now, all in one place

Blockworks Research: https://www.blockworksresearch.com/

Free Daily Newsletter: https://blockworks.co/newsletter

--

Disclaimer: Nothing said on 0xResearch is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Boccaccio, Danny, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode, we’re joined by Martin de Rijke, Head of Growth at Maple Finance, to discuss Maple’s evolution from a lending protocol into an onchain asset manager focused on institutional yield products. We cover fintech adoption, stablecoin growth, DeFi infrastructure, institutional borrowing demand, modular yield strategies, securitization vehicles, and the convergence of crypto, fintech, and traditional finance.

Thanks for tuning in!

As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

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Follow Blockworks Research: https://x.com/blockworksres

Follow Maple Finance: https://x.com/maplefinance

Follow Martin: https://x.com/MartindRijke

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Subscribe on YouTube: https://bit.ly/3foDS38

Subscribe on Apple: https://apple.co/3SNhUEt

Subscribe on Spotify: https://spoti.fi/3NlP1hA

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

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Timestamps:

(0:00) Introduction

(1:07) Maple’s Asset Manager Shift

(3:03) Beyond Lending Protocols

(6:44) Stablecoins Find Real Users

(10:04) Fintech Trust Unlocks DeFi

(14:32) Four Distribution Layers

(17:58) Partners, Not Competitors

(21:34) Fintech Integration Hurdles

(25:44) Maple’s Yield Products

(31:38) Borrowing Demand Returns

(36:58) Four Growth Buckets

(41:15) Onchain Securitization Vehicles

(46:08) Closing Comments

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Check out Blockworks Research today! Research, data, governance, tokenomics, and models – now, all in one place

Blockworks Research: https://www.blockworksresearch.com/

Free Daily Newsletter: https://blockworks.co/newsletter

--

Disclaimer: Nothing said on 0xResearch is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Boccaccio, Danny, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode we’re joined by Shaundadevens & Carlos to discuss market volatility, reported scrutiny of Hyperliquid, Coinbase’s partnership and revenue-sharing structure with Hyperliquid, stablecoin distribution dynamics involving USDC, prediction market activity, HIP-4 outcome markets, Cerebras related trading discussions, and broader analysis of Sky, USDS, Spark, and crypto revenue models.

Thanks for tuning in!

As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

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Follow Blockworks Research: https://x.com/blockworksres

Follow Carlos: https://x.com/0xcarlosg

Follow Shaundadevens: https://x.com/shaundadevens?lang=en

Follow Danny: https://x.com/defi_kay_

Follow Boccaccio: https://x.com/salveboccaccio

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Subscribe on YouTube: https://bit.ly/3foDS38

Subscribe on Apple: https://apple.co/3SNhUEt

Subscribe on Spotify: https://spoti.fi/3NlP1hA

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

--

Timestamps:

(0:00) Introduction

(2:13) Hyperliquid And Coinbase Shakeup

(10:21) Native Markets Transition

(16:29) Stablecoin Deals Beyond Hyperliquid

(24:26) Cerebras Pre-IPO Frenzy

(32:05) HIP-4 Outcome Markets

(38:55) Spinning Up Prediction Markets

(45:52) Sky, USDS, And Spark

(56:03) Sky Revenue Distribution

(1:03:48) Closing Comments

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Check out Blockworks Research today! Research, data, governance, tokenomics, and models – now, all in one place

Blockworks Research: https://www.blockworksresearch.com/

Free Daily Newsletter: https://blockworks.co/newsletter

--

Disclaimer: Nothing said on 0xResearch is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Boccaccio, Danny, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode, we’re joined by Sam MacPherson, Co-Founder and CEO of Phoenix Labs, to discuss Sky’s evolution from MakerDAO, Spark’s role as a prime agent SubDAO, and its approach to DeFi lending, liquidity management, and risk frameworks. We also cover governance restructuring, isolated lending markets, token buybacks, institutional liquidity products, fintech partnerships, and Spark’s long-term vision for prime brokerage and USDT growth.

Thanks for tuning in!

As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

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Follow Blockworks Research: https://x.com/blockworksres

Follow Spark: https://x.com/sparkdotfi

Follow Sam MacPherson: https://x.com/hexonaut?lang=en

Follow Luke Leasure: https://x.com/0xMether

Follow Boccaccio: https://x.com/salveboccaccio

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Subscribe on YouTube: https://bit.ly/3foDS38

Subscribe on Apple: https://apple.co/3SNhUEt

Subscribe on Spotify: https://spoti.fi/3NlP1hA

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

--

Timestamps:

(0:00) Introduction

(1:55) Why MakerDAO Became Sky

(5:10) Spark’s Role Under Sky

(7:45) Spark Liquidity Layer

(12:25) Conservative Collateral Strategy

(17:35) DeFi Risk Ratings

(24:38) Liquidity Intents Explained

(27:37) Buybacks and Token Treasury

(29:46) Spark’s Real Competitors

(32:51) Backend for Fintechs

(35:56) SubDAO Competition Dynamics

(43:20) What’s Next for Spark

(47:10) Closing Comments

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Check out Blockworks Research today! Research, data, governance, tokenomics, and models – now, all in one place

Blockworks Research: https://www.blockworksresearch.com/

Free Daily Newsletter: https://blockworks.co/newsletter

--

Disclaimer: Nothing said on 0xResearch is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Boccaccio, Danny, and our guests may hold positions in the companies, funds, or projects discussed.