The Edge Podcast

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[The Edge Podcast @edge_pod]

🎙️ Ep 233 is live

🏦 Why Private Credit Is Moving Onchain — And What DeFi Gets Right and Wrong About It

✨ Featuring @FasanaraCapital Head of Tokenization David Vatchev, @noon_capital Founder @ag_noon, and @infiniFi CoFounder @RobAnon

https://t.co/4JlXWcqcww

[The Edge Podcast @edge_pod]

RT @Nomaticcap: Yields of the Week is live 🚀

✅ What's happening w $STRC
✅ @noon_capital powers @symphonyio savings yield
✅ @re's steady 1…

[DeFi Dad ⟠ defidad.eth @DeFi_Dad]

"What is the tokenization opportunity? It's huge... And with private credit, we're looking at a new source of yield. We're looking at income from real economy and cashflows, we're looking at durable yield as well, which is uncorrelated."

@FasanaraCapital Head of Tokenization joins The @Edge_Pod for a new roundtable discussion on how private credit might offer better yields onchain while also benefiting from the transparency, and real-time verification possible with DeFi rails.

No one's saying we should just slap a tokenized wrapper on private credit, sell it to DeFi investors, and call it a win.

But there's real synergy for the brave souls willing to do the hard work of designing better private credit products that can benefit from all DeFi has to offer.

For those designing private credit products that offer uncorrelated returns, programmability, accessibility, composability, and real-time auditability, there's real promise.

Note: @Nomaticcap and I have no investment in Fasanara or its products.

[Noon @noon_capital]

It was such a great pleasure to be on @edge_pod talking about how private credit is moving onchain.

We touched on fundamental topics alongside @FasanaraCapital Head of Tokenization David Vatchev and @infiniFi CoFounder @RobAnon.

What our teams are building, the opportunity for tokenization, real-time verification and transparency onchain, why Noon tokenized yield deployed directly into Fasanara, and what's next for DeFi.

This one is a banger you don't want to miss.

https://t.co/2hvNm4XZFt

[Nomatic @Nomaticcap]

Is private credit good or bad for DeFi?

On our latest pod, we make the case that not all private credit is created equal.

Some products are a good fit for DeFi, and some are a really bad fit.

We talk through the good, the bad, and the ugly.

We also walk through the First Brands Group (FBG) fraud/bankruptcy scenario which was essentially a worst case scenario incident for @FasanaraCapital and a true test of how these products hold up under stress (hint: they held up incredibly well).

Quick FBG Overview

First Brands Group was a U.S. auto parts company that filed for Chapter 11 in September 2025 after allegations around fraudulent invoices, double-pledged receivables, fabricated collateral, missing funds, and creditor disputes over who actually had claims on what.

Why this matters?

FBG wasn’t just a TradFi blowup. It was one of the larger exposures in parts of Fasanara’s private credit book, so when it collapsed, the stress test spilled into DeFi through protocols that had allocated to those funds.

In the clip below @ag_noon from @noon_capital explains a bit about how this loss impacted their Fasanara FTAC fund.

The key takeaway from Arpan:

"The other reason this was a large stress is because this was one of Fasanara's larger concentrations in their loan book. So you bring it all together and despite all of that, because of the debt diversification because of the protections that we've talked about with Fasanara I believe that the month that this actually hit our numbers, Fasanara still had, or at least the fund that we deployed into, still had a positive month."

Watch this clip below with Arpan and checkout the full pod that also features:

@FasanaraCapital and @RobAnon from @infiniFi 👇

[The Edge Podcast @edge_pod]

Find all the links to this new episode of The @Edge_Pod and future pods by subscribing to The Edge Newsletter.
https://t.co/PvMfXc2XEy

[The Edge Podcast @edge_pod]

🎙️ Ep 233 is live

🏦 Why Private Credit Is Moving Onchain — And What DeFi Gets Right and Wrong About It

✨ Featuring @FasanaraCapital Head of Tokenization David Vatchev, @noon_capital Founder @ag_noon, and @infiniFi CoFounder @RobAnon

https://t.co/4JlXWcqcww

[Nomatic @Nomaticcap]

Love to see the Delphi chads covering @ETHGasOfficial.

(Investor in $GWEI)

[Nomatic @Nomaticcap]

This one is for the crowd that may think "all private credit = bad".

IMO, the truth is, there's some very thoughtful products being brought onchain and some being built with an onchain-first approach.

[Nomatic @Nomaticcap]

Huge shoutout to @SAMALTCOIN_ETH for including us in the incredible company of the @MilkRoad guys.

We will continue to shine a light on Ethereum builders. Lots more ETH content coming 🔥

[SamAlτcoin.eth ☀️ @SAMALTCOIN_ETH]

Ethereum needs more than code. It needs storytellers.

If we want $ETH to keep growing mindshare, we should support the creators who spend hundreds of hours explaining the tech, markets, and long-term vision.

Two channels that deserve way more attention:

@edge_pod
@MilkRoad

[DeFi Dad ⟠ defidad.eth @DeFi_Dad]

🎙️ New @edge_pod

🏦 Why Private Credit Is Moving Onchain — And What DeFi Gets Right and Wrong About It

0:00 - Intro
2:53 - Fasanara on private credit in DeFi
10:55 - Opportunity for tokenization is huge!
16:31 - Valid concerns about private credit onchain
20:52 - Why Noon deployed into Fasanara FTAC
23:25 - How Noon manages liquidity demands
27:22 - Why infiniFi deployed into mGLOBAL
31:48 - FBG stress test on Fasanara and DeFi
43:17 - What DeFi must get right in next phase
48:04 - Real-time verification can improve TradFi
52:53 - How infiniFi is betting on private credit
58:12 - What shouldn't work well onchain
1:04:41 - Closing

🙏 Thanks to @FasanaraCapital Head of Tokenization David Vatchev, @noon_capital Founder @ag_noon, and @infiniFi CoFounder @robanon for joining us!

[DeFi Dad ⟠ defidad.eth @DeFi_Dad]

When we hear about private credit in DeFi yields, people seem to point to the same criticisms: illiquid, opaque, correlated.

But what if these problems are just that of bad private credit?

So we hosted a new @Edge_Pod on why private credit might actually work better, onchain.

[Nomatic @Nomaticcap]

The @noon_capital (sUSN) are awesome 👌

(Also sponsors of @edge_pod)

[Nomatic @Nomaticcap]

https://t.co/MG37m9Xxj3

[The Edge Podcast @edge_pod]

@bjnpck @ether_fi Let's go!

It's amazing

[Nomatic @Nomaticcap]

1/

What’s most interesting about tokenization right now is not just bringing assets onchain.

It’s that they’re being brought onchain and actually used in DeFi.

Tokenized RWAs are becoming increasingly useful as collateral inside real borrowing and lending markets.

[The Edge Podcast @edge_pod]

@Ceazor7 @DeFi_Dad @strata_markets @UnQuidPro No worries at all mate, we always appreciate your input and expertise :)

[Nomatic @Nomaticcap]

Yields of the Week is live 🚀

Inside:

✅$862M $STRC onchain
✅We highlight @PharosWatch
✅@liquity ETH Carry Trade w @ipor_io
✅A new tool called https://t.co/WnRQyHgqqI
✅@Tangent_fi early look
✅New 0 to 1 protocols from @Flowslikeosmo

Full writeup in next post 👇

[DeFi Dad ⟠ defidad.eth @DeFi_Dad]

The Resolv exploit raised an important question.

For new risk tranching protocols like @strata_markets, what does the junior capital actually protect against for the senior tranche?

Strata developer @UnQuidPro answered us in new @Edge_Pod, and further explained the difference between DeFi tranched products vs insurance.

illicit minting = not the strategy's risk. juniors don't cover
underlying protocol hack = part of the strat, juniors take the hit

[Nomatic @Nomaticcap]

On our recent podcast with @UnQuidPro from @strata_markets we asked him:

Why DeFi is ready for tranching now when it wasn't 4 to 5 years ago?