I'm gonna reveal the playbook.
We're building LlamaAI and DefiLlama Pro to slot directly into the workflow of crypto businesses. Teams are already using it for BD, market intelligence, fundraising, and competitor research.
Soon, it'll be the kind of tool that companies in the space want every member of their team to have.
Welcome to the Fully Vested Podcast by @DefiLlama. Telling the story behind onchain data.
Our first episode focuses on Private Credit in DeFi and how it's attracting users that have never used crypto before. We sat down with the founders of two protocols that have each attracted hundreds of millions in deposits.
Joined today by:
@_ConorMoore, Co-Founder of @usdai_official@Benjamin918_, Founder of @CapApp
Fully Vested co-hosts @patfscott and @defidave
0;00 Intro
3:12 Why does DeFi make sense for Private Credit?
7:05 Size of the opportunity. How do these platforms fix a problem with Private Credit?
12:30 How these platforms pitch themselves to users that aren't crypto native
16:40 What led these founders to build what they're building?
20:03 Traction of each platform and inflection points in growth
27:25 Where to learn more
What do TradFi earnings, prediction markets, people search, and onchain analytics have in common?
LlamaAI has access to all of them.
Use our 'Explore' section to see what our AI can do.
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Introducing author profiles on DefiLlama.
Garry Tan (CEO of Y-Combinator): "when someone asks how I 'prompt' my AI, the answer is: I don't. the skills are the prompts."
[if I had this weekend to master skills and how to use them to automate workflows:]
→ read the Skillify 11-item checklist (SKILL.md in gbrain)
→ watch Murag + Barry Zhang: "Don't Build Agents. Build Skills Instead."
→ Read "Designing, Refining, and Maintaining Agent Skills at Perplexity"
→ do one workflow. type /skillify. watch it become permanent. that's the whole day.
here is how to set it up:
1. clone GBrain (his open-source second brain, Postgres-backed memory + 30 skills)
2. add GStack (23 battle-tested slash-command skills, drops right in)
3. do anything once → type /skillify → it's a skill forever
prompting is dead. skillifying is next.
HTML is the new markdown.
I've stopped writing markdown files for almost everything and switched to using Claude Code to generate HTML for me. This is why.
Where Has All Of The Liquidity Gone?
Everyone keeps asking why crypto feels dead.
I don’t think crypto is dead.
I think crypto is being diluted by the same entities who once called it home.
For years, crypto was one of the only places on earth where you could find 24/7 markets, insane leverage, endless volatility, and a permissionless casino where anyone with enough courage or stupidity could sit down at a table.
That was the product.
Not decentralization, vibes, whitepapers, or "the future of finance"
The product was opportunity.
But now crypto no longer has a monopoly on that feeling.
Prediction markets are exploding because they offer traders something crypto used to offer better than anyone else: the ability to bet on almost anything, instantly.
Politics.
Sports.
Weather.
Economic data.
Elections.
Pop culture.
Geopolitics.
Whatever the internet is arguing about that day.
That liquidity used to rotate into coins.
Now some of it rotates into “Will this happen by Friday?”
And once someone gets addicted to trading probability itself, a random mid-cap crypto chart starts to look a lot less special. Why ape another recycled L1 narrative when you can trade the actual event everyone is talking about?
Then you have the TradFi invasion of crypto-style perps.
This is the part I think people are still underestimating.
Until recently, no person could wake up at 2AM and use 50x leverage to long or short the S&P 500.
Now that world is here.
The same mechanics that made crypto perps so addictive are being applied to the largest, most liquid, most culturally relevant markets on earth.
Stocks. Indices. Commodities.
Maybe eventually everything.
That changes the game.
Right this very second on Hyperliquid alone there's over 2.6 Billion in Open Interest on all things Tradfi.
That is liquidity that could have been chasing BTC, SOL, ETH, privacy coins, AI coins, or whatever other narrative CT wanted to pretend was inevitable this week.
Instead, it is sitting in a leveraged TradFi market using crypto rails.
And it probably is not going away.
That is the unfortunate reality.
Some of this is not cyclical.
Some of this is permanent.
Prediction markets are not a fad.
Tokenized equities are not a fad.
24/7 TradFi perps are not a fad.
The ability to trade everything, everywhere, all the time is not a fad.
It is the natural evolution of markets.
Crypto gave the world the architecture.
Now the world is plugging other assets into it.
That means crypto assets are competing for attention against a much larger universe than they were before.
The total crypto market cap is no longer just competing with itself.
It is competing with the stock market.
And the stock market is enormous.
Once you let people trade pieces of a $ 60T+ U.S. equity market through crypto-style infrastructure, you have massively expanded the surface area for speculation.
That sounds bullish for rails.
It is not bullish for most tokens.
There is a difference.
A perp DEX doing billions in S&P 500 volume may be great for the exchange.
It does not mean your favorite altcoin will attract the liquidity it used to.
This is the liquidity problem.
Crypto used to be the casino.
Now crypto is becoming the casino building, and no longer the game itself.
And the games on that casino floor are multiplying.
So no, crypto is not dead.
But the old model is dying.
The days where liquidity had nowhere else to go except BTC, ETH, SOL, and whatever narrative CT was farming are fading.
The pie is getting bigger, but the number of slices is growing even faster.
That means weaker tokens bleed harder.
It is liquidity dilution.
The casino expanded.
The question is whether your token is still one of the main tables or just another dusty slot machine sitting in the corner.
🫡 From the depths —
The White Whale 🐋
Many of the tools available to retail crypto traders are more user-friendly and intuitive than those in tradfi.
In time, we'll bring them to investors in all markets and make tradfi more fair for small traders too.
Today is a milestone for U.S. derivatives markets, and @HyperliquidPC applauds the @CFTC’s decisive action to bring perpetual derivatives onshore.
We look forward to engaging with the Commission on the next step to make onchain perpetuals markets, including @HyperliquidX, accessible to Americans.
Everyone feels like they are behind. I know I do. However, In the big scheme of things, a lot of these tools will come and go. Fundamentals will always be useful and relevant.
https://t.co/aOHYHLtQDP
🎉 STRC back above $100!
After the Mar 13 ex-dividend dip, it took 12 trading days to recover to par — slightly above the ~10 day average.
The green light is on: ATM sales can resume and Bitcoin accumulation is back in play ₿