The Defiant

Hosted by The Defiant

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332

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Jun 2026

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About the show

The internet of money is being built with blockchain technology and without banks. We call it DeFi, short for Decentralized Finance, and this is where you can hear the builders and users of this cutting edge world tell their stories first hand. Hosted by Camila Russo.

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60 recent

June 8, 202645 min

DeFi's Near-Death Moment | Mike Silagadze on Ether.fi, Security, and What Comes Next

How close did DeFi come to a real systemic collapse?In this episode, Camila Russo sits down with Mike Silagadze, co-founder and CEO of Ether.fi, to break down the Kelp exploit, the DeFi United rescue effort, and why Mike believes the default path could have been far worse if nobody had stepped in. He explains why the bigger lesson is not just smart contract risk, but operational security, app-layer responsibility, and the need to move past "decentralization theater."They also get into why Ether.fi wants to be "the safest place to stake," why application-layer protocols should have emergency controls, and how Ether.fi is evolving from liquid staking into a vertically integrated DeFi bank with vaults, card rails, and real-world utility.If you want to understand where DeFi security is failing, what serious builders are changing, and what the next phase of crypto products could look like, this is the episode to watch.

June 1, 202656 min

DeFi Hacks Happening Every Day; Institutions Are Still Coming

April saw some of the worst DeFi losses in recent memory, and even OpenZeppelin co-founder Manuel Aráoz warned people to get out. But while CT feels gloomy, institutions are not stepping back - they're leaning in with more diligence, stronger infrastructure requirements, and growing demand for onchain yield.In this livestream, Camila Russo is joined by John Zettler of Kraken, Sunand Raghupathi of Veda, and Anthony DeMartino of Sentora to break down what the latest hacks actually revealed: why many recent attacks look more like supply-chain and key-management failures than pure smart-contract exploits, why DeFi's next big challenge is operational security, and why that does not automatically kill the institutional DeFi thesis.They also unpack Kraken's new Bitcoin Vault, the rise of risk-curated vaults, why enterprises still see onchain finance as inevitable, and why fundamentals may be diverging sharply from price action. If you want the clearest view yet on whether DeFi is actually ready for institutions, this is the debate to watch.

May 25, 202652 min

Top Talent Is Leaving the EF. What Happens to ETH Now?

Top Ethereum talent is leaving. The Ethereum Foundation is shrinking. And one question now hangs over the entire ecosystem: what happens to ETH if the EF steps back?In this livestream, Camila Russo is joined by Dankrad Feist, Laura Shin, Ajit Tripathi, and William Mougayar to break down the EF departures, leadership turmoil, the cypherpunk mandate, the debate over tokenomics, and whether Ethereum is still positioned to win as competition intensifies.The big tension in this conversation is clear: the EF may be choosing to do less, but the market is demanding more. So if Ethereum is entering a new phase, who organizes, who builds, and who fights for ETH from here?Explore The Defiant ✨

May 14, 202656 min

DeFi Yields Are Too Damn Low! Here's Why

DeFi is approaching a breaking point.After a wave of hacks and growing concerns around smart contract risk, liquidity risk, and hidden dependencies, the biggest question in crypto is no longer just how much yield you can earn, but whether that yield is actually worth the risk.In this debate, Camila Russo is joined by Santiago Roel Santos of Inversion, Daniele Ugolini of Rysk Finance, and Mauricio Di Bartolomeo of Ledn to break down why DeFi yields may be fundamentally mispriced, what TradFi still does better, where DeFi still wins, and what has to change before institutions can trust it at scale.They get into:🟢 why some of the best-known DeFi protocols may still not compensate users for risk🟢 whether trapped onchain liquidity is distorting the market🟢 why builders need stronger guardrails, better risk management, and more transparency🟢 and whether DeFi is on the verge of becoming mainstream infrastructure, or staying niche until it grows upIf you're allocating capital onchain, building in DeFi, or trying to understand where crypto goes from here, this is the debate to watch.

April 30, 202658 min

The $300M DeFi Bailout: Heroic or Unsustainable?

Explosive debate: after one of DeFi's biggest attacks left Aave facing bad debt, DeFi United raised more than $300M to stop the contagion. But did the ecosystem prove its strength - or expose hidden trust assumptions, opaque risk, and the need for a real DeFi backstop?The Defiant's Camila Russo is joined by Dean Eigenmann (Markets Inc.), binji (Ethereum Foundation), and David Phelps (Confetti) to debate whether crypto bailouts are good for crypto, what this means for decentralization, and what DeFi must fix before it can scale to the mainstream.Watch the full discussion and decide for yourself.Big thanks to our sponsor;NEXONexo is a premier digital assets wealth platform that helps clients build, manage, and preserve their wealth through advanced interest-generating products, crypto-backed credit, advanced trading tools, and 24/7 client care. Get started at https://nexo.com/defiant

April 23, 202656 min

Should Arbitrum Have Frozen North Korea's Funds? Griff Green vs. Gabe Shapiro

The Arbitrum Security Council just made one of the most controversial decisions in DeFi history — freezing $70M in ETH stolen by North Korean hackers from the KelpDAO bridge exploit. But was it the right move? And what does it say about the systems we're building?Griff Green (Giveth Co-Founder and Arbitrum Security Council member) and Gabe Shapiro / Lex_node (crypto lawyer, MetaLex founder, ZK Sync Guardian Council) go head-to-head on the decisions, the precedent it sets, and the hard questions the DeFi ecosystem can no longer avoid.They debate:Was freezing North Korea's funds the right call?Do Stage 1 rollups like Arbitrum have too much centralized power?How does the Arbitrum Security Council compare to PayPal, Bitcoin miners, and Ethereum validators?What would real accountability look like for security councils?What's the path to Stage 2 — and how long will it take?This is one of the most important conversations in DeFi right now. Don't miss it.🔔 Subscribe to The Defiant for more crypto deep dives, breaking news, and live debates.Big thanks to our sponsor;NEXONexo is a premier digital assets wealth platform that helps clients build, manage, and preserve their wealth through advanced interest-generating products, crypto-backed credit, advanced trading tools, and 24/7 client care. Get started at ⁠https://nexo.com/defiant⁠

April 10, 202635 min

Quantum Could Break Bitcoin Sooner Than We Thought | Alex Pruden

Two new research papers just intensified one of crypto’s most serious long-term risks: quantum computing.In this episode of The Defiant Podcast, Camila Russo sits down with Alex Pruden, co-founder and CEO of Project 11, to unpack what the latest quantum breakthroughs actually mean for Bitcoin, Ethereum, and the broader crypto ecosystem.Alex explains why the new papers matter, how quantum computers could use Shor’s algorithm to break the cryptography behind blockchain ownership, why exposed public keys are especially vulnerable, and what “Q-Day” could look like if the industry is unprepared. He also breaks down the difference between theoretical progress and live quantum systems, why some chains may be vulnerable in different ways, and what post-quantum migration could realistically involve.The takeaway: this is not just a technical curiosity. It is a foundational challenge for crypto, and one the industry may need to start addressing now.Topics covered:Why the new quantum papers are a big dealHow quantum computers could break Bitcoin and EthereumWhy exposed public keys matterWhat real-time attacks could look likeWhether faster blockchains are saferWhat post-quantum cryptography can and can’t solveWhy Ethereum may be the furthest along in preparingWhat Project 11 is building to help secure crypto before Q-Day

March 30, 202641 min

Omer Goldberg: The DeFi Exploit That Exposed a Bigger Problem

A new DeFi exploit triggered millions in losses, but the deeper story is about risk. In this episode, Omer Goldberg, founder of Chaos Labs, explains how the attack unfolded, why the damage spread across lending markets, what vault curators got wrong, and whether DeFi is truly ready for mainstream adoption. If you want to understand stablecoin risk, oracle design, curator incentives, and the future of safer onchain finance, this is the conversation to watch.Big thanks to our sponsors;NEXONexo is a premier digital assets wealth platform that helps clients build, manage, and preserve their wealth through advanced interest-generating products, crypto-backed credit, advanced trading tools, and 24/7 client care. Get started at nexo.com/defiant MERCURYOYour Web3 product deserves solid payment infrastructure. Global on/off-ramps, custom APIs, and DeFi connectivity trusted by the biggest names in crypto: mercuryo.ioROCKET POOLRocket Pool is Ethereum’s decentralised liquid staking protocol. Node operators can join with just 4 ETH, or liquid stakers can hold rETH and automatically earn staking rewards. rocketpool.net

March 20, 202642 min

How the DTCC is Tokenizing $100 Trillions in Assets | Tom Sullivan

What happens when the institution at the center of U.S. market plumbing starts putting securities onchain?In this episode of The Defiant, Chris Storaker sits down with Tom Sullivan, Managing Director at DTCC Digital Assets, to discuss how DTCC is approaching tokenization, why regulatory clarity changed the game, and what it means for U.S. Treasuries, stocks, ETFs, collateral, and 24/7 markets.Tom explains DTCC’s role as the trusted infrastructure behind much of the U.S. securities market, why blockchain has become a real infrastructure priority, and how tokenized assets could improve collateral mobility, settlement efficiency, and capital efficiency across global markets.They also cover:why SEC clarity was a major unlockwhat exactly DTCC is tokenizinghow tokenized assets will retain full legal and economic rightswhy collateral is one of the biggest near-term use caseshow DTCC sees interoperability, appchains, and a multi-ledger futurewhat success looks like for the Q3 rollout and beyondIf tokenization is moving from experiment to market infrastructure, this conversation shows what that looks like from the inside.

March 13, 202652 min

Will Aave’s New Plan Change DeFi Forever? | Stani Kulechov Explains

New Podcast with Aave founder Stani Kulechov just dropped: Aave is at a turning point - will the Aave Will Win proposal lead to innovation or chaos? Aave is navigating a pivotal moment with the recent "Aave will win" proposal. This initiative aims to redirect 100% of protocol revenue back to the Aave DAO, a move that many in the community have embraced. But with any major change comes scrutiny.Critics are questioning the governance structure, suggesting that Aave Labs may have too much influence. Stani Kulechov addresses these concerns, clarifying that no votes from Aave Labs swayed the outcome. Stani also discussed the 'Hub and Spoke' architecture of Aave V4, explaining how it will solve liquidity bootstrapping for developers and pave the way for Real World Assets (RWAs) like solar farms and GPUs. It’s clear that Aave is focused on growth and innovation. But will it be enough to keep Aave competitive in the evolving DeFi landscape?Big thanks to our sponsors;NEXONexo is a premier digital assets wealth platform that helps clients build, manage, and preserve their wealth through advanced interest-generating products, crypto-backed credit, advanced trading tools, and 24/7 client care. Get started at nexo.com/defiant MERCURYOYour Web3 product deserves solid payment infrastructure. Global on/off-ramps, custom APIs, and DeFi connectivity trusted by the biggest names in crypto: mercuryo.ioROCKET POOLRocket Pool is Ethereum’s decentralised liquid staking protocol. Node operators can join with just 4 ETH, or liquid stakers can hold rETH and automatically earn staking rewards. rocketpool.net