Strategy's Preferred Stock Is Now a Stablecoin. And DeFi Has a Security Problem.

Unchained

Laura Shin

News, Business News, Tech News

4.6 • 1.3K Ratings

🗓️ 22 April 2026

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The $290 million Kelp DAO hack, attributed to North Korea's Lazarus Group, has DeFi TVL down $13 billion in 48 hours. Do DeFi's foundational assumptions need to change? --- Heads up! If you haven’t yet, be sure to subscribe to Bits + Bips, since the show will migrate there in a few weeks. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. ---- DeFi TVL fell from $99.5 to $86.3 billion in 48 hours after the $290 million Kelp DAO exploit — the latest nine-figure attack attributed to North Korea's Lazarus Group, this time via a compromised Layer Zero bridge. Meanwhile, a new class of yield-bearing instrument is staking a claim on capital fleeing private credit: Apyx's APY USD, backed by Strategy's STRC preferred stock, launched on Kraken this week with a 12% yield target and $180 million in supply after just seven weeks. Is STRC-backed yield a legitimate financial primitive, or a Bitcoin derivative with extra steps? And as DeFi absorbs yet another devastating security failure, is the industry's core assumption — that incoming transactions should be treated as legitimate — finally due for an overhaul? Austin Campbell, Ram Ahluwalia, and Chris Perkins dig in with Parker White of Apyx and Michael Bentley of Euler. Hosts: ⁠⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠⁠, Host of Bits + Bips, Zero Knowledge Consulting ⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠⁠⁠, Co-Host, CEO of Lumida ⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠⁠⁠, Co-Host, CEO of 250 Digital Asset Management Hosts: ⁠⁠⁠⁠⁠⁠Parker White — @TheOtherParker_ — Founding Contributor, Apyx. ⁠⁠⁠⁠⁠⁠Michael Bentley — @euler_mab — Former CEO, Euler Labs Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hey, everybody. Welcome to bits and bips, where we explore how crypto and macro collide one basis point at a time.
0:08.5	We're here to discuss the latest stories in the worlds of crypto and macro, and today, one or two interesting new developments and products.
0:16.5	But before we begin, first, a word from our sponsors.
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0:39.2	So subscribe today to be ready for launch.
0:41.3	You can get all the links at Unchained Crypto.com slash bits and tips.
0:49.3	All right.
0:50.2	Today is Monday, April 20th.
0:52.5	And I am your host, Austin Campbell, High Scholar of Zero Knowledge Group,
0:57.2	here with my co-hosts, Ram Alawalia, Maester of Weld, the leader of Lumida, Chris Perkins,
1:03.3	CEO of 250 digital asset management. And today, we're going to be joined by multiple guests,
1:09.7	but starting with Parker White,
1:12.0	a founding contributor to Apex.
1:13.8	So let's start with that one, which is Apex.
1:19.5	We've seen a significant set of products launch over the past few years, attempting to capitalize
1:27.3	on blockchain rails,
1:29.7	developments around crypto, and call it alternative means of creating, I guess in this case,
1:35.7	stable coins. So Apex, Parker, I'm going to let you give us the download on this first to
1:42.5	describe as our foundation here here what is it how
1:47.7	does this work sure so the general idea is to create a stable coin or a stable like asset backed by
1:57.1	digital credit and digital credit is what mich Michael Saylor is calling their preferred equity instrument issued
2:05.5	by strategy STRC.
	...

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