Yield is the Meta I Chris Yin

Thu, Oct 2, 2025, 12:00 AM

Chris Yin, CEO of Plume Network, discusses "Yield as the New Meta" in the current crypto cycle, contrasting it with previous cycles focused on NFTs and alt L1s. He explains that today's narrative centers on yield, particularly real yield, and identifies three key dimensions: liquidity (driven by stablecoins and high T-bill rates), utility (protocols like Pendle enabling yield trading and tokenized real-world assets), and value capture (passing protocol fees to users). Chris highlights Plume's approach to tokenizing diverse real-world assets (RWAs) beyond T-bills, such as mineral rights and tuk tuk fleets, enabling broader participation and utility. He emphasizes the importance of making RWAs feel native to crypto, focusing on retail adoption and composability, rather than replicating traditional finance on-chain. Plume's ecosystem demonstrates significant user engagement, TVL growth, and innovative use cases, positioning yield as the central theme of this market cycle. 00:00 Introduction 00:27 Background and Last Cycle Recap 01:49 The Rise of Yield as the New Meta 03:27 Real Yield and the L2/Bridging Evolution 03:55 Three Dimensions of Yield: Liquidity, Utility, Value Capture 04:16 Liquidity: Stablecoins and Yield-Bearing Assets 06:01 Utility: Protocols, Tokenized Assets, and Pendle 07:05 Value Capture: Protocol Fees and Base/Application Layers 08:01 Plume Overview and Ecosystem 09:23 Tokenized Assets on Plume: Beyond T-Bills 09:45 Plume’s Stablecoin and Yield Mechanisms 10:48 User Adoption and Asset Utility on Plume 11:08 Real-World Asset Examples: Mineral Vault and Oil Rigs 12:24 Real-World Asset Examples: Tuk Tuk Fleets 13:00 Looping, Leverage, and On-Chain Utility 14:09 Value Capture and Fee Distribution 14:29 Making RWAs Crypto-Native and Retail-Focused 15:35 Bottom-Up Adoption vs. Traditional Finance 16:31 Conclusion: Yield as the Cycle’s Core Narrative _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 🇺🇸 *Pragma New York* Pragma New York 2025 was held on August 14th at Vesper Events in Brooklyn, New York and was an in-person summit for builders and leaders in the web3 ecosystem. Watch the full Pragma New York YouTube Playlist here: https://www.youtube.com/playlist?list=PLXzKMXK2aHh5TRLdUXjnhUVfdbBtu6z2j ETHGlobal's Pragma series takes place in cities around the world, and is designed to be a different kind of event. Pragma is a one-stage conference with founders-only on stage, bringing together a small group of curated attendees and speakers to discuss the future of web3 and reflect on the past. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ✅ Follow Chris Yin X: https://x.com/chriseyin ✅ Follow Plume Network X: https://x.com/plumenetwork ✅ Follow ETHGlobal X: https://x.com/ETHGlobal​ Warpcast: https://warpcast.com/ethglobal Website: https://ethglobal.com YouTube: https://www.youtube.com/@UCfF9ZO8Ug4xk_AJd4aeT5HA _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Are you interested in Ethereum development and entrepreneurship? 👉 Sign up for the next ETHGlobal event: https://ethglobal.com/events 🎁 Get exclusive access and perks with ETHGlobal Plus! https://ethglobal.com/plus 📣 Want us to throw an event in your city? Tell us where! https://ethglobal.com/city _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _