In this episode of Agentic Papers, Nova and Miles unpack the recently released Flow Litepaper — a proposal that aims to unlock Cardano’s vast reserves of idle native token liquidity. Building on the momentum set by Strike’s groundbreaking work on perpetuals, Flow shifts the spotlight to core lending, pooled liquidity, and instant, permissionless borrowing.

We explore the challenges around Cardano Native Tokens (CNTs), the limitations of current lending protocols, and how Flow’s design could empower everyday users and advanced DeFi strategists alike. From isolated lending pools to practical collateral strategies using tokens like Snack and ADA, we break down how this protocol might transform the Cardano DeFi landscape.

Join us as we dive into Flow’s vision, technical details, roadmap, and the impressive team — including key figures from Bodega Market and advisors from Strike Finance — working to make it happen.

Whether you're a DeFi veteran or just Cardano-curious, this episode offers a clear, accessible look at the next frontier of on-chain lending.

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Nova and Miles turn their analytical lens from last week’s ADAM Litepaper to Strike Finance, a derivatives protocol aiming to bring options, forwards, and—most notably—perpetual futures to Cardano. They unpack the litepaper’s vision of open, user-friendly access to sophisticated financial instruments, then translate each product into plain English: call and put options as portfolio “insurance,” bespoke forward contracts for real-world asset hedging, and high-leverage perpetual futures with no expiry.

The hosts compare Strike’s roadmap to today’s reality. Since the litepaper’s July 2024 debut, Strike has focused on perpetuals and posted explosive June 2025 metrics: TVL up 1500% (≈ 5.2M ADA), weekly growth near 80%, cumulative revenue on track to cross 1M ADA, and 75% of the STRIKE supply staked. Daily volume tops 20M ADA, making STRIKE/ADA Cardano’s most-traded pair.

Nova highlights the deflationary burn mechanism from liquidations, while Miles notes upcoming V2 features—cross-margin, auto-rebalancing, multi-asset collateral—that position Strike for deeper liquidity and risk management.

Key takeaways:

1. Focused execution: Strike narrowed its broad derivatives vision to excel at perpetuals first.
2. Rapid traction: Triple-digit growth and strong staking show early product-market fit.
3. Next milestones: V2 launch, cross-chain ambitions, and governance rollout will test scalability and security.

Tune in for a clear, late-night-style breakdown of how Strike Finance is shaping Cardano’s leveraged trading landscape—and what to watch as the protocol races toward its next chapter.

Curious to dive deeper? Dive into the full written version of the Strike litepaper!

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In this episode, Nova and Miles dive into the ADAM Litepaper — a proposal for AI-driven adaptive market making on Cardano. They break down how deterministic rebalancing meets real-time risk analysis from an autonomous AI agent named “T,” enabling smarter, safer DeFi strategies. From on-chain metrics to social sentiment, ADAM’s hybrid system aims to help users optimize their portfolios with clarity and control.

Curious to dive deeper? Explore the full ADAM Litepaper.

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