0xResearch

In this episode, Luke Leasure breaks down how DeFi’s onchain yield curve is constructed using Ethena and Pendle. He explores implied yields, term structure, and how curve signals connect to Bitcoin performance, shifting yield regimes, hedging demand, and broader crypto market risk. 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. -- Follow Blockworks Research: https://x.com/blockworksres Follow Luke Leasure: https://x.com/0xMether -- 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 (2:35) How Ethena and Pendle Work (5:19) Reading the Yield Curve (7:23) What Drives the Signal (9:02) Why Implied Yields Trade Rich (11:12) Closing Comments -- 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.

A tour of how onchain data can reshape investor relations with real-time transparency and standardized analytics. Discussion of why token prices lag despite inflows and rising onchain revenue. Breakdown of market-cap, token supply, and collapsed average token prices. Presentation of a three-part IR stack with portals, engagement tools, and a data-driven IR cockpit.

Ian Unsworth, research analyst at Kairos Research focusing on crypto markets and on-chain analysis. He links Middle East tensions to energy and crypto flows. They dig into Hyperliquid’s commodity-heavy trading and HYPE token dynamics. Conversation covers token unlock risks, Solana tooling gaps, and the debate over foundation-built products versus ecosystem builders.

They break down a $50M Aave swap gone wrong with extreme slippage and debate whether this was user error or a front-end failure. They explore Pump.fun’s signs of multichain expansion and the economics behind launchpads. They unpack ACX’s proposal to convert tokens into corporate equity and the implications for partnerships and buyouts.

They debate trading versus long-term investing and why crypto’s structure pushes short-term behavior. Geopolitics, oil-price risks, and how news drives retail activity come up. Rapid growth of HIP-3 perpetual markets on Hyperliquid and fee/revenue tradeoffs are explored. The conversation also digs into settlement-layer choices like Canton versus public chains and alternative monetization paths for blockchains.

Michael Mark Antonio, Head of DeFi at Galaxy, bridges DeFi and institutional flows. Matt Hogan, CIO at Bitwise, brings ETF and institutional distribution expertise. David Lawant, Head of Research at Anchorage Digital, focuses on institutional crypto infrastructure. They discuss TradFi and crypto convergence, ETF-driven price dynamics, DeFi’s strengths and practical hurdles, settlement and credit frictions, and evolving market structure.

They unpack Block’s mass layoffs and whether AI-driven efficiency truly justifies cutting staff. The conversation touches on OpenAI’s massive $730B raise and what private mega-valuations mean for public investors. A leaked insider-trading scandal at Axiom prompts debate about access controls, culture, and accountability in trading firms.

Lucas Bruder, co-founder of Jito Labs who leads work on Jito’s BAM block builder, focuses on privacy, verifiability, and app-controlled execution. He explains why BAM was built and how application-controlled execution can improve trading and pricing. Conversation covers MCP, slot-time reductions, staking thresholds for adoption, JitoSOL ETF efforts, and how builders can coexist while reducing fragmentation.

They analyze Apollo’s planned Morpho token acquisition and the murky disclosure around fee models and front-end dynamics. They cover Dragonfly’s $650M raise and what massive VC capital means for deployment and valuations. They discuss the CFTC signaling for prediction markets amid state regulatory tensions. They unpack Venice’s VVV AI token model, two-token mechanics, pricing and arbitrage narratives.

A heated breakdown of Aave’s governance fight, buybacks, treasury size and proposed revenue routing. A deep dive into Polymarket’s prediction-market thesis and whether retail inefficiencies can be monetized. A discussion of LayerZero’s new Zero chain, token questions, and why a messaging protocol might launch its own chain.