Why tokenized assets are DeFi’s biggest unlock

In Episode 9 of Layer One, The Block’s Kelvin Sparks and Hypha founder Steven Gates were joined by Nicholas Kunkel, Founder of Chronicle and Rhett Shipp, CEO of Avant, to break down the current state of DeFi and what’s actually holding the industry back. They argue that core primitives are already built, and the real unlock lies in tokenized assets, improved liquidity, and seamless integration with traditional finance.

The conversation also explores stablecoin economics, DAO limitations, on-chain credit markets, and what founders need to succeed in crypto today.

OUTLINE
00:00 – Intro
01:11 – Getting Into DeFi
04:38 – Early MakerDAO Days
08:43 – Where Value Accrues
12:23 – Yield and Stablecoins
17:56 – How DeFi Yield Works
23:34 – SubDAOs and Governance
30:33 – Do We Need New Primitives
36:25 – Tokenized Assets Unlock
53:55 – Founder Advice

Rhett Shipp –
Avant –
Niklas Kunkel –
Chronicle –

Steven Gates – ⁠⁠⁠
Kelvin Sparks –
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