3389: Plaza Finance and the Rise of Programmable Derivatives

Aug 18, 2025

Ryan Galvankar, founder of Plaza Finance and OptFun, takes us on a journey through the world of programmable derivatives and options trading in DeFi. He reveals how Plaza Finance’s innovative tokens, bondETH and levETH, allow investors to tailor their exposure in ways previously unseen in crypto. With over 600,000 testnet users and substantial early funding, Plaza aims to bridge the gap between traditional finance and DeFi. Ryan also discusses the launch of OptFun, which quickly gained traction with nearly $1 billion in trading volume, appealing to high-volatility speculators.

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INSIGHT

Splitting ETH Into Custom Risk Tokens

Plaza Finance splits a pooled staked-ETH exposure into distinct risk-return tokens to serve different investor needs.
This creates a middle ground between spot holding and extreme leverage for both retail and institutions.

ADVICE

Grow Organically On Trusted Chains

Focus on organic growth and product-market fit rather than market-maker bribes to build a sustainable user base.
Prioritize trust and UX by choosing strong chain venues like Base to attract institutional and retail users.

INSIGHT

How BondETH And LevETH Mechanically Work

BondETH and LevETH are ERC‑20 tokens minted from a pooled stake of liquid-staked ETH derivatives.
The pool's returns are split: bond holders receive stable yield while leverage holders take residual upside and downside.

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Is the future of finance programmable? In this episode of Tech Talks Daily, I’m joined by Ryan Galvankar, founder of Plaza Finance, to explore how programmable derivatives and on-chain bonds are reshaping the way we think about risk, leverage, and asset management in crypto.

Plaza Finance isn’t just another DeFi protocol. Since launching its core system on Base in April 2025, the team has introduced two standout tokens: bondETH and levETH. These programmable derivative tokens split Ethereum into customizable risk profiles, allowing both institutional and retail investors to choose their exposure with precision. Under Ryan’s leadership, Plaza has already attracted over 600,000 testnet users, $2 million in early deposits, and $2.5 million in pre-seed funding.

Ryan explains why this matters. Today’s DeFi tools tend to sit at either extreme—ultra-safe or wildly speculative. Plaza aims to bridge that gap with products that reflect the diversity of traditional finance, yet remain liquid and composable across Ethereum's ecosystem. He also shares why Ethereum staking plays a central role, and how integrations with lending platforms and cross-chain bridges will make these tokens even more powerful.

But Ryan doesn’t stop at structured investing. He also launched OptFun, an ultra-short-term options trading platform that hit nearly $1 billion in trading volume within a month. It appeals to crypto natives seeking high-volatility speculation in a fair, on-chain environment.

Together, these two platforms reflect what Ryan sees as a split in the future of DeFi: one track of thoughtful, long-term financial products that institutions will trust, and another track of high-speed, high-risk experimentation for users who live for volatility. He also gives his take on the rise of tokenized real-world assets, AI-generated portfolios, and what it will take to truly decentralize the next generation of finance.

Whether you’re deep into DeFi or still watching from the sidelines, this conversation sheds light on a pivotal moment where programmable finance is becoming real, and access to tailored financial tools is expanding faster than ever.