Join Yan Liberman and Can Gurel as they speak with Samed Düzçay, founder of Tori, a yield protocol bringing institutional-grade delta-neutral strategies on-chain. Samed shares his journey from mining Bitcoin as a child to building and exiting a successful SaaS company, eventually identifying a massive gap in the stablecoin yield market.

They dive into the mechanics of the "carry trade," exploring how Tori captures spreads in emerging markets while hedging out local currency risk. Samed explains the protocol's multi-layered security approach, its real-time auditability through ZK-proofs, and how tokenization unlocks yield-enhancing "loops" that were previously impossible in traditional finance.

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▸ Yan's Twitter: @YanLiberman
▸ Can's Twitter: @cannngurel
▸ Sam's Twitter: @eth_nox

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Timestamps

00:00 — Samed’s background: From mining BTC to SaaS exits
03:00 — The yield gap: Why recycling crypto-native capital isn't enough
04:45 — Carry Trade 101: Borrowing low, lending high
06:30 — Covered Interest Parity (CIP) and why spreads still exist
09:30 — Security of the hedge: Counterparty risk and credit risk
12:30 — Tail risk scenarios: How hedged positions survive 30% currency drops
15:30 — Execution Mandates: Why Tori separates design from implementation
20:30 — The "Access Edge": Why you need an 8-9 figure balance sheet to play
23:45 — Tokenomics: The two-token model (T-R-U-S-T and receipt tokens)
26:30 — NAV Oracles vs. DEX Market Price: Preventing debt spirals
31:30 — Transparency: Real-time on-chain balance sheets via Accountable
35:30 — Unwinding scenarios: Fixed yields vs. new capital risk
41:30 — Lessons from Drift, Resolve, and AU hacks
46:30 — Stress Tests: Handling mass exits and secondary market de-pegs
50:30 — The Drawdown Protocol: Reserve funds and redemption controls
53:30 — Roadmap: Ethereum mainnet launch and audits

Disclaimer

This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.

Samed Düzçay: Accessing Institutional Yield Strategies at Tori Finance

The Delphi Podcast