EPISODE · Mar 18, 2026 · 1H 8M
Why tokenized assets are DeFi’s biggest unlock
from Layer One · host The Block
In Episode 9 of Layer One, The Block’s Kelvin Sparks and Hypha founder Steven Gates were joined by Nicholas Kunkel (Chronicle) and Rhett Shipp (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.OUTLINE00:00 - Intro01:11 - Getting Into DeFi04:38 - Early MakerDAO Days08:43 - Where Value Accrues12:23 - Yield and Stablecoins17:56 - How DeFi Yield Works23:34 - SubDAOs and Governance30:33 - Do We Need New Primitives36:25 - Tokenized Assets Unlock53:55 - Founder AdviceGuest links:Rhett Shipp - https://x.com/RhettShippAvant - https://x.com/avantprotocolNiklas Kunkel - https://x.com/nomos_paradoxChronicle - https://x.com/ChronicleLabsHost links:Steven Gates - https://x.com/stvngtsKelvin Sparks - https://x.com/imyoungsparks ---------------------------------------------------------------------------------Subscribe to The Block's Newsletters!🚨 Breaking News👨🔬 Expert Analysis📈 Market InsightsSubscribe now 👉 https://www.theblock.co/newsletters--------------------------------------------------------------------------------Hiring in crypto?🧠 Find top talent fast with Campus, powered by The Block!✅ Challenge candidates with our Crypto Assessment Test⚡ Hire faster, build stronger teamsStart your free trial today 👉 https://theblock.co/campus
What this episode covers
In Episode 9 of Layer One, The Block’s Kelvin Sparks and Hypha founder Steven Gates were joined by Nicholas Kunkel (Chronicle) and Rhett Shipp (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.OUTLINE00:00 - Intro01:11 - Getting Into DeFi04:38 - Early MakerDAO Days08:43 - Where Value Accrues12:23 - Yield and Stablecoins17:56 - How DeFi Yield Works23:34 - SubDAOs and Governance30:33 - Do We Need New Primitives36:25 - Tokenized Assets Unlock53:55 - Founder AdviceGuest links:Rhett Shipp - https://x.com/RhettShippAvant - https://x.com/avantprotocolNiklas Kunkel - https://x.com/nomos_paradoxChronicle - https://x.com/ChronicleLabsHost links:Steven Gates - https://x.com/stvngtsKelvin Sparks - https://x.com/imyoungsparks ---------------------------------------------------------------------------------Subscribe to The Block's Newsletters!🚨 Breaking News👨🔬 Expert Analysis📈 Market InsightsSubscribe now 👉 https://www.theblock.co/newsletters--------------------------------------------------------------------------------Hiring in crypto?🧠 Find top talent fast with Campus, powered by The Block!✅ Challenge candidates with our Crypto Assessment Test⚡ Hire faster, build stronger teamsStart your free trial today 👉 https://theblock.co/campus
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Why tokenized assets are DeFi’s biggest unlock
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