

The Signal
The DeFi Report
Welcome to The Signal, powered by The DeFi Report!
Our weekly show is hosted by Michael Nadeau (The DeFi Report) and Oskari Tempakka (Token Terminal). We provide market insights and fundamental analysis of public blockchains and protocols using onchain data.
Our weekly show is hosted by Michael Nadeau (The DeFi Report) and Oskari Tempakka (Token Terminal). We provide market insights and fundamental analysis of public blockchains and protocols using onchain data.
Episodes
Mentioned books

Sep 30, 2024 • 39min
Stablecoins + Web3 Payroll with Hugo Finkelstein from Rise
In this episode of The Signal, Hugo Finkelstein, Co-Founder of Rise, joins us to share insights into the evolving world of crypto payroll. Learn how Rise is helping businesses globally manage payroll for remote teams, bridging the gap between traditional payment systems and the modern need for flexible, onchain solutions. Hugo dives into the compliance challenges, the adoption of stablecoins in emerging markets, and the future of payroll innovations. Don't miss this deep dive into the intersection of Web2 and Web3 payroll solutions and the exciting developments ahead!
We hope you enjoy the episode!
Rise: https://www.riseworks.io/
Hugo: https://x.com/hugfink
Timestamps
00:00 Introduction to Web2 and Crypto Payroll Challenges
00:37 Welcome to The Signal: Global Crypto Ecosystem Insights
01:55 Guest Introduction: Hugo Finkelstein's Journey into Crypto
08:10 The Rise of Crypto Payroll Solutions
11:22 Challenges and Solutions in Global Payroll
14:23 Future of Payroll: Stablecoins and Streaming Payments
20:18 Emerging Markets and the Impact of Crypto Payroll
27:38 User Experience and Onboarding with Rise
32:35 Future Plans and Market Expansion
36:19 Conclusion and Final Thoughts
---
Subscribe to The DeFi Report Newsletter:
https://thedefireport.io/subscribe
Download a copy of The Ethereum Investment Framework:
https://thedefireport.io/ethereum-inv...
Subscribe on YouTube:
https://bit.ly/3SeyyA8
Subscribe on Spotify:
https://podcasters.spotify.com/pod/sh...
Subscribe on Apple Podcasts:
https://podcasts.apple.com/us/podcast...
Follow Michael: https://www.linkedin.com/in/michael-austin-nadeau/
Follow Oskari: https://www.linkedin.com/in/oskaritempakka/
----
The views expressed by the co-hosts or any guests are their personal views and should not be relied upon as financial, technical, tax, legal, or any other type of advice.
The creators of this content, or members, affiliates, or stakeholders of The DeFi Report, may be participating in or have invested in the protocols or tokens mentioned herein. The foregoing statement acts as a disclosure of potential conflicts of interest and is not a recommendation to purchase or invest in any token or participate in any protocol.
Listeners are strongly urged to exercise caution and have regard to their own personal needs and circumstances before making any decision to buy or sell any token or participate in any protocol.

Sep 14, 2024 • 1h 27min
The Path to $10 Trillion of Stablecoins with Martin Carrica
Martin Carrica, the Founder of Mountain Protocol, dives into the transformative impact of stablecoins in the financial sphere, particularly in inflation-stricken Argentina. He shares personal insights on how locals use stablecoins as a hedge against economic turmoil. The chat highlights Mountain Protocol's unique yield-bearing stablecoin, USDM, designed to benefit users directly, unlike traditional options. They also touch on Bermuda's regulatory advantages and explore the future of stablecoins within conventional banking and the evolving crypto landscape.

Aug 30, 2024 • 57min
Episode 14: LST Innovation with Sanctum’s FP Lee
In this episode, FP Lee from Sanctum joins us to discuss the potential of liquid staking in the Solana ecosystem. He explains the concept of liquid staking, the technical differences between Solana and Ethereum, and why liquid staking offers unique advantages.
The conversation covers the challenges and opportunities of building in the liquid staking space, including new use cases for liquid staking tokens (LSTs) beyond DeFi, such as crowdfunding and supporting creators. The episode also explores the different strategies and innovations of various Solana projects like Marinate and Jito, and how Sanctum aims to democratize LST creation.
Additionally, FP Lee shares his learnings from their token generation event (TGE), stressing transparency and fair pricing for retail investors. He concludes with a vision for the future where everyone holds their net worth onchain, supported by real-world use cases and a strong LST ecosystem.
Timestamps:
00:00 Introduction to Liquid Staking
01:14 Welcome and Guest Introduction
02:23 Understanding Liquid Staking on Solana
05:10 Comparing Liquid Staking on Ethereum and Solana
08:53 Challenges and Incentives for Liquid Staking
16:10 Innovative Use Cases for Liquid Staking
18:27 Sanctum's Unique Approach
27:01 Future of Liquid Staking and Governance Tokens
29:14 Deep Dive into Sanctum's Product
29:45 Introduction to Liquid Staking and Jupyter UX
30:16 The Concept of a Unified Liquidity Pool
31:09 The Reserve Pool and Its Advantages
31:42 Jupyter Router and Efficient Swaps
33:00 Infinity Pool: Solving Liquidity Issues
34:42 Risks and Unknowns in Liquidity Pools
37:22 Sanctum's Business Model and Growth Potential
41:59 The Token Generation Event (TGE) Strategy
49:14 Future Vision and Real-World Use Cases
55:32 Closing Thoughts and Community Engagement
We hope you enjoy the episode!
---
Subscribe to The DeFi Report Newsletter:
https://thedefireport.io/subscribe
Download a copy of The Ethereum Investment Framework:
https://thedefireport.io/ethereum-inv...
Subscribe on YouTube:
https://bit.ly/3SeyyA8
Subscribe on Spotify:
https://podcasters.spotify.com/pod/sh...
Subscribe on Apple Podcasts:
https://podcasts.apple.com/us/podcast...
Follow Michael: https://www.linkedin.com/in/michael-austin-nadeau/
Follow Oskari: https://www.linkedin.com/in/oskaritempakka/
----
The views expressed by the co-hosts or any guests are their personal views and should not be relied upon as financial, technical, tax, legal, or any other type of advice.
The creators of this content, or members, affiliates, or stakeholders of The DeFi Report, may be participating in or have invested in the protocols or tokens mentioned herein. The foregoing statement acts as a disclosure of potential conflicts of interest and is not a recommendation to purchase or invest in any token or participate in any protocol.
Listeners are strongly urged to exercise caution and have regard to their own personal needs and circumstances before making any decision to buy or sell any token or participate in any protocol.

Aug 16, 2024 • 48min
Episode 13: Has the bull market even started??
In this episode, we discuss a few of Michael's recent viral tweets. We briefly cover Robinhood's crypto strategy before moving on to key updates in the crypto market, explaining why we feel the current setup is bullish. We also debate whether Layer 2s should be included in Ethereum's ecosystem analysis. Additionally, we touch on the outcomes of crypto VC investments and the industry's narrative around governance tokens.
We hope you enjoy the episode!
Markets Update: https://x.com/JustDeauIt/status/1821191664154644804
Should L2s be included in Ethereum KPI data? (comps to networks like Solana): https://x.com/_ryanrconnor/status/1818385404078571768
Token Performance for Paradigm's Portfolio Projects: https://x.com/tokenterminal/status/1819752943933174213
Comparing L1 tokens to Equities: https://x.com/JustDeauIt/status/1810665134408269976
Timestamps:
00:00 Introduction
00:45 LinkedIn vs. Twitter Engagement
02:33 Robinhood's Crypto Strategy
06:12 Market Sentiment and Analysis
12:57 Macro Factors and Market Predictions
19:34 Stablecoins and Future Market Trends
22:49 Sentiment Indicators and Market Update
23:28 Blockchain Economics and Custom Chart Analysis
24:02 Debate on Including L2s in Blockchain Analysis
34:03 VC Investments and Token Performance
38:09 Governance Tokens and Value Accrual
43:49 Regulatory Overhangs and Market Dynamics
45:48 Conclusion and Upcoming Episodes
Crypto Bull Market, Wall Street Crypto, Robinhood, Crypto VCs
---
Subscribe to The DeFi Report Newsletter:
https://thedefireport.io/subscribe
Download a copy of The Ethereum Investment Framework:
https://thedefireport.io/ethereum-inv...
Subscribe on YouTube:
https://bit.ly/3SeyyA8
Subscribe on Spotify:
https://podcasters.spotify.com/pod/sh...
Subscribe on Apple Podcasts:
https://podcasts.apple.com/us/podcast...
Follow Michael: https://www.linkedin.com/in/michael-austin-nadeau/
Follow Oskari: https://www.linkedin.com/in/oskaritempakka/
----
The views expressed by the co-hosts or any guests are their personal views and should not be relied upon as financial, technical, tax, legal, or any other type of advice.
The creators of this content, or members, affiliates, or stakeholders of The DeFi Report, may be participating in or have invested in the protocols or tokens mentioned herein. The foregoing statement acts as a disclosure of potential conflicts of interest and is not a recommendation to purchase or invest in any token or participate in any protocol.
Listeners are strongly urged to exercise caution and have regard to their own personal needs and circumstances before making any decision to buy or sell any token or participate in any protocol.

Jul 26, 2024 • 48min
Episode 12: Ethereum Q2 Earnings + ETF
In this episode, we dive into the impacts of recent political chaos in the U.S. and its effects on the financial markets. The discussion covers an update on the Bitcoin ETF, including insights into the current buying activity, mining dynamics, and more. We also discuss the recent launch of Ethereum ETFs, and how we predict things will play out. The conversation also explores Ethereum's Q2 financials, the competitive landscape of L2s, and the future predictions for stablecoins and real-world assets.
We hope you enjoy the episode!
Timestamps
00:00 Political Chaos in the U.S.
03:42 Bitcoin ETFs and Market Dynamics
11:34 The "Trump Trade"
18:56 Ethereum ETFs Launch and Market Reactions
28:26 Ethereum Q2 Earnings and L2 Developments
39:54 Future of L2s and Token Economics
46:52 Concluding Thoughts and Future Content
---
Subscribe to The DeFi Report Newsletter:
https://thedefireport.io/subscribe
Download a copy of The Ethereum Investment Framework:
https://thedefireport.io/ethereum-inv...
Subscribe on YouTube:
https://bit.ly/3SeyyA8
Subscribe on Spotify:
https://podcasters.spotify.com/pod/sh...
Subscribe on Apple Podcasts:
https://podcasts.apple.com/us/podcast...
Follow Michael: https://www.linkedin.com/in/michael-austin-nadeau/
Follow Oskari: https://www.linkedin.com/in/oskaritempakka/
----
The views expressed by the co-hosts or any guests are their personal views and should not be relied upon as financial, technical, tax, legal, or any other type of advice.
The creators of this content, or members, affiliates, or stakeholders of The DeFi Report, may be participating in or have invested in the protocols or tokens mentioned herein. The foregoing statement acts as a disclosure of potential conflicts of interest and is not a recommendation to purchase or invest in any token or participate in any protocol.
Listeners are strongly urged to exercise caution and have regard to their own personal needs and circumstances before making any decision to buy or sell any token or participate in any protocol.

Jul 13, 2024 • 54min
Episode 11: Robinhood's venture into crypto
The podcast delves into Robinhood's venture into the crypto space, including its strategic partnerships and recent acquisition of Bitstamp. It compares Robinhood to Coinbase, discusses tokenized equities, and speculates on future directions. The episode explores the evolution of Robinhood, challenges in the onchain economy, and the potential for launching their own Layer 2 blockchain. Tune in for insights on fintech giants navigating the digital asset landscape.

Jun 28, 2024 • 31min
Episode 10: Maple Finance & Syrup with Joe Flanagan
In this episode of The Signal, we're joined by Joe Flanagan, Co-Founder of Maple Finance. The discussion covers Maple Finance's innovative approach using smart contracts to streamline institutional debt issuance and enhance transparency in financial markets. Joe explains the process of originating and tokenizing debt onchain, providing insights into the borrowers and the underwriting process.
The conversation also introduces Syrup, Maple's new platform aimed at making institutional yields accessible to a broader DeFi audience. Joe details the reasons behind the token transition to SYRUP, the expected yields, and the future opportunities for Maple Finance.
00:00 Introduction and Welcome
00:38 Guest Introduction: Joe Flanagan from Maple Finance
01:15 Overview of Maple Finance
03:36 Why Crypto?
05:40 How Maple Finance Works
06:01 Borrowers and Underwriting Process
09:03 Lending Products and Rates
11:21 Supply Side and Lenders
13:39 Business Model and Fees
15:00 Introducing Syrup: New Product Launch
24:51 Syrup Token and Community Engagement
29:18 Future Markets and Conclusion
If you’re interested in checking out Maple’s new Syrup product you can do so at the link here: https://syrup.fi/lend?access-code=JD3PU with code JD3PU
Please note that The DeFi Report has no formal affiliation with Maple Finance and was not compensated to share the episode or links.
Lending in DeFi is not risk-free. We encourage you to conduct your own research before putting any capital at risk.
We hope you enjoy the episode!
---
Subscribe to The DeFi Report Newsletter:
https://thedefireport.io/subscribe
Download a copy of The Ethereum Investment Framework:
https://thedefireport.io/ethereum-inv...
Subscribe on YouTube:
https://bit.ly/3SeyyA8
Subscribe on Spotify:
https://podcasters.spotify.com/pod/sh...
Subscribe on Apple Podcasts:
https://podcasts.apple.com/us/podcast...
Follow Michael: https://www.linkedin.com/in/michael-austin-nadeau/
Follow Oskari: https://www.linkedin.com/in/oskaritempakka/
----
The views expressed by the co-hosts or any guests are their personal views and should not be relied upon as financial, technical, tax, legal, or any other type of advice.
The creators of this content, or members, affiliates, or stakeholders of The DeFi Report, may be participating in or have invested in the protocols or tokens mentioned herein. The foregoing statement acts as a disclosure of potential conflicts of interest and is not a recommendation to purchase or invest in any token or participate in any protocol.
Listeners are strongly urged to exercise caution and have regard to their own personal needs and circumstances before making any decision to buy or sell any token or participate in any protocol.
#TheSignal #MapleFinance #Syrup

Jun 21, 2024 • 1h 8min
Episode 9: Hivemapper
In Episode 9 of The Signal, we into into a market update, discuss our approach to due diligence and research in the crypto space, and provide a comprehensive analysis of Hivemapper, a decentralized physical infrastructure network on Solana. Join us as we explore the market's current state, the Federal Reserve's recent moves, and the implications for crypto. We also share detailed insights into Hivemapper's business model, token economics, and potential for growth. Tune in to gain a deeper understanding of how to evaluate crypto projects and the future of DePin networks.
00:00 Introduction to Hivemapper and Market Potential
00:49 Welcome Back to The Signal Podcast
01:15 Market Update and Fed Meeting Insights
09:43 Analyzing On-Chain Data and Market Sentiment
22:40 Understanding Hivemapper's Disruptive Potential
35:45 Exploring Uber's Potential Involvement
35:59 Web 2 vs Web 3: Future of Mergers and Acquisitions
36:51 Introduction to Hivemapper's Product
37:06 Earning with Hivemapper Dash Cams
39:05 Hivemapper's Data Product and Tokenomics
40:31 Global Mapping Progress and Contributors
42:11 Token Economics and Market Dynamics
52:46 Financials and Team Behind Hivemapper
01:00:51 Risks and Future Prospects
01:07:03 Conclusion and Upcoming Episodes
We hope you enjoy the episode!
---
Subscribe to The DeFi Report Newsletter:
https://thedefireport.io/subscribe
Download a copy of The Ethereum Investment Framework:
https://thedefireport.io/ethereum-inv...
Subscribe on YouTube:
https://bit.ly/3SeyyA8
Subscribe on Spotify:
https://podcasters.spotify.com/pod/sh...
Subscribe on Apple Podcasts:
https://podcasts.apple.com/us/podcast...
Follow Michael: https://www.linkedin.com/in/michael-austin-nadeau/
Follow Oskari: https://www.linkedin.com/in/oskaritempakka/
----
The views expressed by the co-hosts or any guests are their personal views and should not be relied upon as financial, technical, tax, legal, or any other type of advice.
The creators of this content, or members, affiliates, or stakeholders of The DeFi Report, may be participating in or have invested in the protocols or tokens mentioned herein. The foregoing statement acts as a disclosure of potential conflicts of interest and is not a recommendation to purchase or invest in any token or participate in any protocol.
Listeners are strongly urged to exercise caution and have regard to their own personal needs and circumstances before making any decision to buy or sell any token or participate in any protocol.
#TheSignal #Hivemapper #DePin

Jun 7, 2024 • 49min
Episode 8: Bitcoin vs. Ethereum
In this podcast, experts compare Bitcoin and Ethereum as different economies, discuss their technical differences, token economics, and market valuations. They analyze onchain metrics, inflation rates, and security considerations. The episode provides insights on investment portfolios and why direct comparisons can be misleading.

May 31, 2024 • 54min
Episode 7: ETH ETF + Crypto Policy Update with George Leonardo
In episode 7 of The Signal, we discuss the evolving landscape of crypto regulation, marked by last week's approval of the first Ethereum ETF and significant policy movements in Congress. We're joined by George Leonardo from Cap Hill Crypto to gain insights into recent legislative activities and the implications of revamped regulatory frameworks on the industry. Key topics include the SEC's SAB121, the Financial Innovation and Technology for the 21st Century Act (FIT 21) the CBDC Anti-Surveillance State Act, and the potential political influences driving these changes. The episode also dives into Ethereum's network effects and economic dynamics compared to Bitcoin, as well as broader market implications of an ETF, and how investors should be thinking about portfolio construction.
00:00 Introduction
01:13 Historic Week in Crypto Policy
01:48 Meet George Leonardo from Cap Hill Crypto
03:25 Understanding SAB121 and Its Implications
06:02 Congressional Review Act and Crypto Regulation
07:17 Democratic Engagement in Crypto Policy
12:18 The Financial Innovation and Technology Act (FIT 21)
18:38 Decentralization and Digital Commodities
22:36 Impact of Congressional Movements on Crypto Lawsuits
24:54 Banning Central Bank Digital Currencies (CBDCs)
27:50 Ethereum ETF Approval: A Game Changer
31:03 Political Influences on SEC Decisions
36:28 Implications of Ethereum's Unique Economics
38:59 Ethereum vs. Bitcoin: Key Differences
42:40 Future Outlook for Ethereum and Crypto Market
50:20 Technological Revolutions and Crypto's Turning Point
53:15 Conclusion and Future Content
---
Show Resources:
Sign up for Cap Hill Crypto policy updates:
https://www.caphillcrypto.com/
Follow George Leonardo:
https://www.linkedin.com/in/george-leonardo-aa841423/
We hope you enjoy the episode!
---
Subscribe to The DeFi Report Newsletter:
https://thedefireport.io/subscribe
Download a copy of The Ethereum Investment Framework:
https://thedefireport.io/ethereum-inv...
Subscribe on YouTube:
https://bit.ly/3SeyyA8
Subscribe on Spotify:
https://podcasters.spotify.com/pod/sh...
Subscribe on Apple Podcasts:
https://podcasts.apple.com/us/podcast...
Follow Michael: https://www.linkedin.com/in/michael-austin-nadeau/
Follow Oskari: https://www.linkedin.com/in/oskaritempakka/
----
The views expressed by the co-hosts or any guests are their personal views and should not be relied upon as financial, technical, tax, legal, or any other type of advice.
The creators of this content, or members, affiliates, or stakeholders of The DeFi Report, may be participating in or have invested in the protocols or tokens mentioned herein. The foregoing statement acts as a disclosure of potential conflicts of interest and is not a recommendation to purchase or invest in any token or participate in any protocol.
Listeners are strongly urged to exercise caution and have regard to their own personal needs and circumstances before making any decision to buy or sell any token or participate in any protocol.