Why DeFi Needs Onchain Prime Brokerage

Welcome back to Talking Tokens.

Merry Christmas! There’s no better way to spread Christmas cheer than listening to an episode about onchain prime brokerages and the future of DeFi. So here’s a little gift from me (and my guest) to you.

But in all seriousness, I hope you’re having a wonderful holiday season! 🎄

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The latest Talking Tokens podcast 🎙️

For this week’s Thursday episode, I interviewed MacBrennan Peet, Founder of Project 0, about why DeFi has reached a point where unified margin, solvency guarantees and onchain prime brokerage are finally possible.

MacBrennan explains why risk systems and smart contract securities have matured, how Project 0 unifies margin across multiple venues, and why serious DeFi users inevitably create fragmented risk when they trade across swaps, perps, lending platforms and prediction markets.

We also discuss the evolution of Solana market microstructure, the shift toward institutional capital using onchain strategies, and how Project 0’s credit engine works under the hood. MacBrennan shares insights from founding multiple companies, his time at MarginFi, Temporal and MRGN Research, and why transparency, auditability and open liquidity make onchain prime brokerage structurally better than off-chain models.

Talking Tokens episodes are released on Spotify and Apple Podcasts at 6AM EST or YouTube at 8AM EST every Tuesday and Thursday. Listen in!

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Money and people moves

1. Former FTX US Head Raises $35 Million for New Exchange (The Information)

2. Crypto.com Hiring Sports Market Maker to Trade Against Customers (Bloomberg)

3. SEC charges $14 million crypto investment scam targeting social media users (The Block)

4. ICYMI: Mike Selig was sworn in as the new, 16th CFTC Chairman 

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Please note that this content is for informational and entertainment purposes only. Any views shared should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research. We may have a direct or indirect financial interest in content mentioned in this newsletter.