Introducing Llama Talks 🦙💭
We recently spoke with the pseudonymous trader and researcher CryptoCondom about their transition from mining to trading, their thesis on the energy and defence sectors, and why they believe the traditional altcoin cycle is broken.
Starting as a hobbyist miner in 2019, CC built a substantial operation of GPU rigs before selling the top in 2020 to focus on full-time trading. Known for their blunt market commentary and focus on fundamental analysis over hype, they have built a reputation for spotting consensus traps and identifying long-term structural shifts.
🎤 In this interview, CC breaks down why they believe ETH is dragging, why energy and defence are the trades of the decade, and a bold prediction for how crypto companies will exit to traditional markets in 2026.
We recently spoke with the pseudonymous trader and researcher CryptoCondom about their transition from mining to trading, their thesis on the energy and defence sectors, and why they believe the traditional altcoin cycle is broken.
Starting as a hobbyist miner in 2019, CC built a substantial operation of GPU rigs before selling the top in 2020 to focus on full-time trading. Known for their blunt market commentary and focus on fundamental analysis over hype, they have built a reputation for spotting consensus traps and identifying long-term structural shifts.
🎤 In this interview, CC breaks down why they believe ETH is dragging, why energy and defence are the trades of the decade, and a bold prediction for how crypto companies will exit to traditional markets in 2026.
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Transparency is a feature of DeFi, but for traders, it can be a flaw.
Genius Trading CEO and co-founder Armaan Kalsi discusses privacy-preserving execution and why the battle to build the dominant trading terminal may define crypto’s next market structure shift.
🎤 More in this interview from Consensus HK.
Genius Trading CEO and co-founder Armaan Kalsi discusses privacy-preserving execution and why the battle to build the dominant trading terminal may define crypto’s next market structure shift.
🎤 More in this interview from Consensus HK.
DL News
Genius Trading CEO on fixing DeFi’s transparency bug and winning the terminal wars
We caught up with Armaan Kalsi, co-founder and CEO of Genius Trading, at Consensus in Hong Kong last week to discuss the flaws in current trading terminals and his vision for an on-chain venue that rivals the performance of centralised exchanges.
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By now, the stablecoin thesis has moved far beyond a speculative attempt to replace IRL dollars.
They’re no longer just trading intermediaries; stablecoins may be crypto’s most important function.
BNB Chain processes ~40% of transactions with ~5% of supply. How? Let's explore.
Ethereum and TRON together account for 77% of global stablecoin supply, each expanding 40% in 2025. Meanwhile, Solana and BNB each carved out a 5% claim, having both doubled their supplies in 2025.
By peering through a lens focused on transaction count, rather than total value, the data finds that stablecoins on BNB Chain circulate more frequently than any other chain.
While these txns are heavily skewed to smaller transfers, BNB Chain has the highest number of active stablecoin addresses.
In sum: stablecoins on BNB Chain circulate actively and are consistently used more often than other networks.
One of the clearest drivers behind this dynamic is cost and execution efficiency.
Over the past two years, BNB Chain upgrades:
→ reduced block times,
→ improved finality,
→ and pushed average txn costs down to just a few cents.
These important upgrades aren't only applause-worthy within developer circles. Low and predictable fees change behaviour for the average user, encouraging repetition, smaller transfers, and experimentation.
But infrastructure only explains part of the story.
BNB Chain’s integration with Binance Wallet and Alpha created a direct bridge from exchange balances into onchain activity. For many users, stablecoins represent their first interaction with DeFi, and BNB Chain reduces the friction between holding dollars on a CEX and using them onchain.
At the application layer, that liquidity finds immediate destinations:
→ PancakeSwap anchors spot trading,
→ Aster captures derivatives demand,
→ Predict generates repeated settlement flows,
→ Issuance platforms like fourmeme continuously onboard new users and liquidity.
Each vertical reinforces the same outcome: stablecoins functioning as base and settlement assets across a growing set of use cases.
All parts easily accessible between one another, working together harmoniously.
The sum of all these parts is the result of years spent positioning BNB Chain as a consumer-facing execution layer.
🔗 Much more to unpack in this Spotlight.
They’re no longer just trading intermediaries; stablecoins may be crypto’s most important function.
BNB Chain processes ~40% of transactions with ~5% of supply. How? Let's explore.
Ethereum and TRON together account for 77% of global stablecoin supply, each expanding 40% in 2025. Meanwhile, Solana and BNB each carved out a 5% claim, having both doubled their supplies in 2025.
By peering through a lens focused on transaction count, rather than total value, the data finds that stablecoins on BNB Chain circulate more frequently than any other chain.
While these txns are heavily skewed to smaller transfers, BNB Chain has the highest number of active stablecoin addresses.
In sum: stablecoins on BNB Chain circulate actively and are consistently used more often than other networks.
One of the clearest drivers behind this dynamic is cost and execution efficiency.
Over the past two years, BNB Chain upgrades:
→ reduced block times,
→ improved finality,
→ and pushed average txn costs down to just a few cents.
These important upgrades aren't only applause-worthy within developer circles. Low and predictable fees change behaviour for the average user, encouraging repetition, smaller transfers, and experimentation.
But infrastructure only explains part of the story.
BNB Chain’s integration with Binance Wallet and Alpha created a direct bridge from exchange balances into onchain activity. For many users, stablecoins represent their first interaction with DeFi, and BNB Chain reduces the friction between holding dollars on a CEX and using them onchain.
At the application layer, that liquidity finds immediate destinations:
→ PancakeSwap anchors spot trading,
→ Aster captures derivatives demand,
→ Predict generates repeated settlement flows,
→ Issuance platforms like fourmeme continuously onboard new users and liquidity.
Each vertical reinforces the same outcome: stablecoins functioning as base and settlement assets across a growing set of use cases.
All parts easily accessible between one another, working together harmoniously.
The sum of all these parts is the result of years spent positioning BNB Chain as a consumer-facing execution layer.
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Where onchain perps have found their PMF, the onchain options market remains quiet.
Most offering treat risk like it's 2019 with isolated margin, fragmented collateral, and idle capital.
Kyan awakens this dormant market with TradFi-grade risk infra built for DeFi.
Where most DEXs evaluate risk position-by-position, Kyan (formerly Premia) looks at a user's entire portfolio, netting exposures across instruments.
This core unlock is Portfolio Margin.
The result is a more accurate risk assessment and improved capital efficiency.
What powers Kyan behind the scenes is a hybrid architecture:
→ a Central Limit Orderbook (CLOB) for deep liquidity provision and tighter spreads,
→ and atomic execution via Combo Trades processed as Fill-or-Kill orders.
That balance delivers CEX-grade execution while preserving DeFi's trust model. And underpinning this execution environment is smart account infrastructure that leverages account abstraction concepts for gas-free trading.
But that's not to say that risk isn't a focus. For this, Kyan is best understood as TradFi-grade risk infrastructure built on DeFi rails.
Rather than treating multiple derivative positions as separate risks, Kyan's risk engine evaluates the net exposure of a user's entire portfolio.
Margin requirements are a living system on Kyan that calculates Initial Margin Ratio and Maintenance Margin Ratio to ensure healthy positions. Recognising a capped downside, the required margin drops, unlocking greater leverage for affordable strategies such as spreads and straddles.
We've shared a high-level view, but Kyan's derivative magic lives in the details.
Dive into the full write-up to explore more concepts like 'The Iron Condor Problem,' what "legging out" means, and how Kyan has evolved since its Premia roots.
Most offering treat risk like it's 2019 with isolated margin, fragmented collateral, and idle capital.
Kyan awakens this dormant market with TradFi-grade risk infra built for DeFi.
Where most DEXs evaluate risk position-by-position, Kyan (formerly Premia) looks at a user's entire portfolio, netting exposures across instruments.
This core unlock is Portfolio Margin.
The result is a more accurate risk assessment and improved capital efficiency.
What powers Kyan behind the scenes is a hybrid architecture:
→ a Central Limit Orderbook (CLOB) for deep liquidity provision and tighter spreads,
→ and atomic execution via Combo Trades processed as Fill-or-Kill orders.
That balance delivers CEX-grade execution while preserving DeFi's trust model. And underpinning this execution environment is smart account infrastructure that leverages account abstraction concepts for gas-free trading.
But that's not to say that risk isn't a focus. For this, Kyan is best understood as TradFi-grade risk infrastructure built on DeFi rails.
Rather than treating multiple derivative positions as separate risks, Kyan's risk engine evaluates the net exposure of a user's entire portfolio.
Margin requirements are a living system on Kyan that calculates Initial Margin Ratio and Maintenance Margin Ratio to ensure healthy positions. Recognising a capped downside, the required margin drops, unlocking greater leverage for affordable strategies such as spreads and straddles.
We've shared a high-level view, but Kyan's derivative magic lives in the details.
Dive into the full write-up to explore more concepts like 'The Iron Condor Problem,' what "legging out" means, and how Kyan has evolved since its Premia roots.
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From this week’s The Decentralised: Stablecoins' other peg issues
Stablecoin growth may have cooled, but forecasts of a multi-trillion-dollar market have sharpened scrutiny of how resilient these dollar proxies really are. New MIT research argues the conversation has focused too narrowly on reserves, overlooking the plumbing that actually keeps stablecoins trading at $1. Even fully backed tokens could wobble if redemption rails jam, market makers step back, or operational bottlenecks slow large cash-outs during stress, risks the US GENIUS Act largely sidesteps.
That vulnerability becomes clearer when stablecoin issuers depend on intermediaries in the US Treasury market to liquidate collateral quickly. If liquidity dries up, redemption delays could trigger a feedback loop that pushes a token off its peg. Researchers also flag crypto-native hazards, including smart contract bugs and bridge failures, as overlooked pressure points. Together, the findings suggest stability is less about asset quality than the reliability of the systems that connect reserves, blockchains, and traditional markets.
More from this week's top stories:
→ A ‘coordinated attack,’ deleted posts, and falling tokens. What’s going on at World Liberty Financial?
→ Optimism token price plunges 25% as Coinbase cuts off DAO from millions in revenue
→ Aave price tumbles as ‘most productive’ contractor leaves DAO
From the land of DAOs:
→ VOTE: GMX DAO votes to fund GMX Labs for two years
→ PROPOSAL: Fluid DAO considers creation on nonprofit foundation
→ VOTE: Stablecoin issuer Angle Protocol votes on incentive program
[FEATURE] Trade options and perps on a new standard. Find out more in our Spotlight, "Kyan: The end of wasted capital."
📰 Get The Decentralised delivered to your inbox every week.
Stablecoin growth may have cooled, but forecasts of a multi-trillion-dollar market have sharpened scrutiny of how resilient these dollar proxies really are. New MIT research argues the conversation has focused too narrowly on reserves, overlooking the plumbing that actually keeps stablecoins trading at $1. Even fully backed tokens could wobble if redemption rails jam, market makers step back, or operational bottlenecks slow large cash-outs during stress, risks the US GENIUS Act largely sidesteps.
That vulnerability becomes clearer when stablecoin issuers depend on intermediaries in the US Treasury market to liquidate collateral quickly. If liquidity dries up, redemption delays could trigger a feedback loop that pushes a token off its peg. Researchers also flag crypto-native hazards, including smart contract bugs and bridge failures, as overlooked pressure points. Together, the findings suggest stability is less about asset quality than the reliability of the systems that connect reserves, blockchains, and traditional markets.
More from this week's top stories:
→ A ‘coordinated attack,’ deleted posts, and falling tokens. What’s going on at World Liberty Financial?
→ Optimism token price plunges 25% as Coinbase cuts off DAO from millions in revenue
→ Aave price tumbles as ‘most productive’ contractor leaves DAO
From the land of DAOs:
→ VOTE: GMX DAO votes to fund GMX Labs for two years
→ PROPOSAL: Fluid DAO considers creation on nonprofit foundation
→ VOTE: Stablecoin issuer Angle Protocol votes on incentive program
[FEATURE] Trade options and perps on a new standard. Find out more in our Spotlight, "Kyan: The end of wasted capital."
📰 Get The Decentralised delivered to your inbox every week.
DL News
Stablecoins have another weakness
Major stablecoins will rely on US Treasury market intermediaries to hold their peg. Smart contract bugs are another vulnerability. The Genius Act doesn't account for these risks.
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Forwarded from DL News | News Feed
DL News
Aave proposal to see ‘structural improvements’ after passing initial vote: founder
Aave Labs’ controversial, wide-ranging proposal passed an initial vote on Saturday. But Aave founder Stani Kulechov said it would be amended before moving forward. A prominent delegate said they would not continue debating the proposal in protest.
We’re back with another edition of Llama Talks 🦙💬 where the DLR team sits down with some of CT's most recognisable anonymous voices.
This time, we chatted with MegaETH's GTM Lead Bread about the limitations of current blockchain scaling and the future of the EVM, which involves high-performance "glue" languages.
Check out our previous Llama Talks:
→ CryptoCondom on market consensus, the death of alts, and the 2026 defence supercycle
→ Poopman on token buybacks, the rise of prediction markets, and risk-averse yield for institutions
This time, we chatted with MegaETH's GTM Lead Bread about the limitations of current blockchain scaling and the future of the EVM, which involves high-performance "glue" languages.
Check out our previous Llama Talks:
→ CryptoCondom on market consensus, the death of alts, and the 2026 defence supercycle
→ Poopman on token buybacks, the rise of prediction markets, and risk-averse yield for institutions
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Tokenised real estate today sits at half a billion dollars in onchain value, a modest foothold in what Deloitte sees as a $4tn market by 2035.
It's the first sector under the microscope in our upcoming joint report with DefiLlama, "The State of RWAfi."
Read on in this pre-launch Spotlight, "Onchain real estate: technically mature, institutionally constrained"
It's the first sector under the microscope in our upcoming joint report with DefiLlama, "The State of RWAfi."
Read on in this pre-launch Spotlight, "Onchain real estate: technically mature, institutionally constrained"
DL News
Onchain real estate: technically mature, institutionally constrained
Real estate is the largest asset class in the world, valued at more than $380 trillion. Yet the way it is transacted remains largely analogue. Deals depend on paperwork, manual checks, government laws and many intermediaries and approvals.
From this week’s The Decentralised: Uniswap = NASDAQ?
Uniswap’s legal winning streak continues. After beating a patent lawsuit from rival DEX Bancor last month, the protocol has now seen the final claims in a class action against its creators dismissed in federal court.
The case was brought by traders who lost money on scam tokens they purchased through Uniswap. Judge Katherine Polk Failla ruled they could not hold the protocol liable for misconduct by unidentified third-party issuers. The decision reinforces a key principle for DeFi: providing a permissionless marketplace does not make developers responsible for how others choose to use it.
More from this week's top stories:
→ World Liberty Financial staking proposal puts $1m price tag on USD1 market making
→ Aave proposal to see ‘structural improvements’ after passing initial vote
→ Vitalik proposes ‘quantum roadmap’ for Ethereum
From the land of DAOs:
→ VOTE: Aave DAO votes to deploy on Monad
→ VOTE: Lido DAO votes to establish auto-renewing delegate incentive program
→ VOTE: Arbitrum DAO votes to use new quorum model
[FEATURE]
Tokenised real estate is worth half a billion dollars onchain, and DL Research is taking a closer look for the upcoming "State of RWAfi Q1 2026" report.
Read "Onchain real estate: technically mature, institutionally constrained" to find out more.
📰 Get The Decentralised delivered to your inbox every week.
Uniswap’s legal winning streak continues. After beating a patent lawsuit from rival DEX Bancor last month, the protocol has now seen the final claims in a class action against its creators dismissed in federal court.
The case was brought by traders who lost money on scam tokens they purchased through Uniswap. Judge Katherine Polk Failla ruled they could not hold the protocol liable for misconduct by unidentified third-party issuers. The decision reinforces a key principle for DeFi: providing a permissionless marketplace does not make developers responsible for how others choose to use it.
More from this week's top stories:
→ World Liberty Financial staking proposal puts $1m price tag on USD1 market making
→ Aave proposal to see ‘structural improvements’ after passing initial vote
→ Vitalik proposes ‘quantum roadmap’ for Ethereum
From the land of DAOs:
→ VOTE: Aave DAO votes to deploy on Monad
→ VOTE: Lido DAO votes to establish auto-renewing delegate incentive program
→ VOTE: Arbitrum DAO votes to use new quorum model
[FEATURE]
Tokenised real estate is worth half a billion dollars onchain, and DL Research is taking a closer look for the upcoming "State of RWAfi Q1 2026" report.
Read "Onchain real estate: technically mature, institutionally constrained" to find out more.
📰 Get The Decentralised delivered to your inbox every week.
DL News
Uniswap wins again in ‘scam token’ lawsuit
A federal judge dismissed a class-action lawsuit against Uniswap Labs. The plaintiffs said Uniswap Labs abetted fraud when it let them purchase "scam tokens" on the Uniswap protocol. But the judge said Labs couldn't be held liable for what others do with…
Cannes is calling 📞 and DL Research and DL News will be there to answer as media partners for EthCC[9].
If you are a builder, protocol, or key opinion leader shaping Ethereum, we want to hear your story!
DM us @DLResearch_TG or reach out on X to book an interview slot.
If you are a builder, protocol, or key opinion leader shaping Ethereum, we want to hear your story!
DM us @DLResearch_TG or reach out on X to book an interview slot.
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A TVL explosion on Katana! 💥
What's going on over there?
→ +~$100m stablecoin inflows
→ Morpho TVL +200%/7d
→ Gauntlet TVL +500%/7d
(source: DefiLlama)
On Morpho:
March 4 inflows: $162m vbUSDT, $11m vbWBTC, $3.75 vbETH, & $3.5m vbUSDC totalling ~$180m.
Total vbToken value:
→ $165m vbUSDT
→ $137m vbUSDC
→ $81m vbWBTC
→ $17.5m vbETH
Unfamiliar with Katana, you say?
Katana is a ve-native, chain-level system that coordinates liquidity and emissions across a shared liquidity network governed by vKAT holders.
🔗 Get yourself caught up with a condensed version of "Katana: Bringing ve(3,3) to the Chain Level).
What's going on over there?
→ +~$100m stablecoin inflows
→ Morpho TVL +200%/7d
→ Gauntlet TVL +500%/7d
(source: DefiLlama)
On Morpho:
March 4 inflows: $162m vbUSDT, $11m vbWBTC, $3.75 vbETH, & $3.5m vbUSDC totalling ~$180m.
Total vbToken value:
→ $165m vbUSDT
→ $137m vbUSDC
→ $81m vbWBTC
→ $17.5m vbETH
Unfamiliar with Katana, you say?
Katana is a ve-native, chain-level system that coordinates liquidity and emissions across a shared liquidity network governed by vKAT holders.
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Welcome back for another edition of Llama Talks! 🦙💬
We caught up with MegaETH’s new Economics Lead PaperImperium to discuss the current state of DeFi governance, treasury mismanagement, and why token‑weighted voting remains vital.
This interview was conducted during his time at GFX Labs. PaperImperium is one of DeFi’s most active and vocal governance participants, previously representing GFX Labs across major DAOs such as MakerDAO, Uniswap, and Arbitrum. Known for a sharp critical eye, PaperImperium frequently highlights financial missteps, illusory non‑cash expenses, and structural flaws in decentralised organisations.
🔗 Read more about how to spot treasury red flags and why the stablecoin market requires a major structural shift in this interview.
We caught up with MegaETH’s new Economics Lead PaperImperium to discuss the current state of DeFi governance, treasury mismanagement, and why token‑weighted voting remains vital.
This interview was conducted during his time at GFX Labs. PaperImperium is one of DeFi’s most active and vocal governance participants, previously representing GFX Labs across major DAOs such as MakerDAO, Uniswap, and Arbitrum. Known for a sharp critical eye, PaperImperium frequently highlights financial missteps, illusory non‑cash expenses, and structural flaws in decentralised organisations.
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