NEW POD We cover: ▫️ Why a DEX and lender merged ▫️ ONYC vs ACred: liquidity caps credit ▫️ Neo-clouds borrowing at 14–20% onchain ▫️ xORCA fees cut 40%→10% ▫️ Prop AMMs hit ~36% of Solana DEX @Luketruitt @marcarjoon @0xcarlosg Timestamps: 00:00 Luke Truitt, CEO of Formation 02:28 Why a DEX and a Lender Merged 05:30 ONYC vs ACred: Liquidity Caps Credit 10:55 Neo-Clouds Borrowing at 14–20% Onchain 13:57 DAS London 14:35 Neo-Clouds Borrowing at 14–20% Onchain (cont.) 17:47 Clarity Act and Regulated US Markets 21:17 Token Holders in Crypto M&A 28:24 DAS London 29:02 Token Holders in Crypto M&A (cont.) 34:28 Monetizing Credit Through Trading 38:03 xORCA Fees Cut 40%→10% 44:54 Competing for New Lending Markets 48:59 Are DeFi Yields Mispriced? 51:50 Prop AMMs Hit ~36% of Solana DEX 56:21 Formation's Next 12 Months