The Flow: Why Interest Rate Markets Matter in Crypto (feat. Alex Ryvkin, Rho Protocol)

In the latest episode of The Flow podcast, Konstantin Shulga, CEO of Finery Markets, sits down with Alex Ryvkin, Founder of Rho Protocol, to discuss the critical but often overlooked role of interest rate markets in crypto.

Alex shares how Rho Protocol is building transparent, market-driven products to address the fragmented landscape of funding rates and staking yields. Drawing on his experience at Copper and in TradFi, Alex highlights how bringing institutional-grade rate products to crypto can help unlock the next wave of institutional adoption.

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Highlights

Building Benchmarks for Crypto Rates

Unlike traditional finance, where rates are standardized and benchmarked, crypto’s interest rate landscape is still fragmented and opaque. Alex explains how Rho Protocol uses liquidity-driven pricing mechanisms to build market-based benchmarks that can evolve organically.

Solving Hedging Challenges

Crypto traders face volatile funding rates that can shift dramatically overnight, making reliable hedging essential. Alex walks through a real-world example of how Rho Protocol’s products can help traders lock in predictable yields, freeing them from constant monitoring.

Adapting TradFi Lessons to Crypto
With experience at Copper and in derivatives structuring, Alex highlights the importance of adapting proven financial infrastructure — from product design to risk management — to crypto’s unique market dynamics.

The Future of Interest Rate Products
Alex envisions a future where crypto interest rate products become as foundational as derivatives and spot markets, supporting lending, staking, and even tokenized real-world assets.

About The Flow

The Flow is Finery Markets' branded podcast series, dedicated to exploring the exciting world of institutional crypto trading. Each episode explores the currents shaping the digital asset markets, offering listeners a unique blend of expert insights, industry trends, and forward-thinking strategies. Hosted by Finery Markets’ thought leaders and featuring a roster of distinguished guests from across the financial and technological landscapes, The Flow navigates through the complexities of electronic trading infrastructure, regulatory landscapes, and the evolving dynamics of liquidity and market making.