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Tokens, DeFi, and Lending with Zack Pokorny

Alex Thorn talks with Galaxy Research’s Zack Pokorny about evolutions in token design, the primacy and resiliency of DeFi in crypto credit markets, and the future blockchain infrastructure adoption. Alex also talks to Beimnet Abebe (Galaxy Trading) about cracks in the macro landscape and their impact on bitcoin, gold, and the dollar.

This episode was recorded on Wednesday, December 9, 2025.

Participants, along with Galaxy, hold a financial interest in Bitcoin (BTC). Galaxy regularly engages in buying and selling Bitcoin (BTC), including hedging transactions, for its own proprietary accounts…

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