In this episode of the NFA podcast, Stan and Karim are joined by Kain Warwick, Founder of Synthetix, to discuss the Real Yields narrative and whether revenue will be what kickstarts the next bull market. They also discuss the most recent developments in the Synthetix ecosystem and the Layer 2 ecosystem. 02:00 - 06:45 a summary of Synthetix's recent developments 06:45 10:44 How do SNX stakers benefit from protocols building on top of Synthetix? 10:51 20:34 Will the intrinsic value of DeFi's fees fuel the next bull market? 20:34- 24:08 What is the best way to share revenue as a protocol? 24:08 - 29:24 How does one value a base layer if high fees mean poor UX? 29:24 - 35:22 Growth in TVL of Optimism 35:22 - 38:58 How high will the price of SNX go 38:58 - 39:14 Outro