# Why CLOs Are Suddenly DeFi's Hottest Yield Play

Page: https://stenobird.com/podcast/unchained-728975/why-clos-are-suddenly-defi-s-hottest-yield-play
Text version: https://stenobird.com/podcast/unchained-728975/why-clos-are-suddenly-defi-s-hottest-yield-play.md
Podcast: [Unchained](https://stenobird.com/podcast/unchained-728975)
Published: 2026-07-10T19:00:00+00:00
Episode link: https://pdrl.fm/98e0b1/traffic.megaphone.fm/LSHML2418814637.mp3
Audio file: https://pdrl.fm/98e0b1/traffic.megaphone.fm/LSHML2418814637.mp3
Processing state: not_requested
JSON: https://stenobird.com/v1/public/podcasts/unchained-728975/episodes/why-clos-are-suddenly-defi-s-hottest-yield-play
Duration seconds: 469

## Resource

Niklas Kunkel maps where the RWA market is heading next, from Centrifuge and Apollo's CLOs to Galaxy's first tokenized credit product, then turns to a cautionary tale: some SpaceX pre-IPO token buyers never actually owned the shares they thought they had. Host: Steven Ehrlich - Host of Bits + Bips and Head of Research at Sharplink Guest: Niklas Kunkel - Founder and CEO of Chronicle Labs This clip is from a longer conversation on crypto oracles, tokenized real-world assets, and Chronicle Labs' work verifying them. Full episode here: https://youtu.be/HW9Cu_E8DnU  We go live every week - subscribe to catch it live. Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained (use code: UNCHAINED). Chapters 🌍 00:00 Where the RWA market goes next, from the man building its plumbing: Niklas Kunkel 💰 00:44 The yield trade heating up: why CLOs like Centrifuge's JAAA and Apollo's Acred are suddenly everywhere 🌌 01:14 Galaxy's first tokenized CLO, and why it's a far bigger deal than it looks 🔍 01:56 Trust no one: how Chronicle checks Galaxy's loan book against its own custodian 🔁 03:04 The looping trick that turns a 7% CLO yield into 14% or 21%, and the risk hiding inside it 🏢 03:27 What's coming next: tokenized REITs and equities 🚀 05:28 The SpaceX pre-IPO token question Niklas keeps getting asked 📉 06:06 The catch nobody mentioned: why SpaceX token buyers never actually owned their shares Learn more about your ad choices. Visit megaphone.fm/adchoices

## Actions

- request_transcript: `POST https://stenobird.com/v1/public/podcasts/unchained-728975/episodes/why-clos-are-suddenly-defi-s-hottest-yield-play/transcription-requests` — Idempotently request low-priority transcript generation for this episode.
- read_markdown: `GET https://stenobird.com/podcast/unchained-728975/why-clos-are-suddenly-defi-s-hottest-yield-play.md` — Read the agent-friendly Markdown representation of this episode resource.

A page view does not enqueue transcription. Agents should invoke `request_transcript` explicitly when they need this episode processed.

## Transcript

Full transcripts are not published on public pages unless there is a clear rights basis.