Matt Wiley on Katana: The Exit Fee Nobody Voted On, State of DeFi, & the 2026 Crypto Thesis | Ep 478

Rise Up Media · Mar 24, 2026 · 1h 52m

Good now revolutionaries—

Matt Wiley is back from ten days in Andalusia, Spain, and he came armed with receipts on Katana. The token launched at roughly 88% below its advertised price of 10¢, the team quietly raised the instant-exit fee from 25–40% to 80% days before launch with no community vote, and TVL figures were inflated via paid Binance and OKX campaigns. Alex added the structural analysis: DeFi protocols die when only one side of the market shows up. Katana's only borrowers are loopers, and when the incentives dry up, the loop breaks. Evan's line: "liquidity begets liquidity" — and…