In this episode, we’re joined by Robert Leshner, CEO of Superstate, and Hasu to explore the next phase of DeFi! They discuss the trend of vertical integration in DeFi, the influx of institutional users, and stablecoin designs. Finally, they close out the episode with their thoughts on the true value proposition of DeFi.

Thanks for tuning in!

--

Ledger, the global leader in digital asset security, proudly sponsors Bell Curve! As Ledger celebrates 10 years of securing 20% of global crypto, it remains the top choice for securing your assets. Buy a LEDGER™ device now, and build confidently, knowing your BTC, ETH, SOL, and more are safe.

Buy now on https://shop.ledger.com/?r=1da180a5de00.

--

Citrea is the first zero-knowledge rollup to enhance the capabilities of Bitcoin blockspace and enable Bitcoin applications (₿apps). Citrea is optimistically verified by Bitcoin, offering the most Bitcoin-secured and native way to extend BTC’s utility to DeFi. 

Learn more about Citrea: https://citrea.xyz/?utm_source=bellcurve&utm_medium=podcast&utm_campaign=website_promo 

Follow Citrea on X/Twitter for the latest on its journey to mainnet: https://x.com/citrea_xyz

--

Missed DAS? Join us from June 24th-June 26th at Permissionless IV! Use Code BELL10 at checkout for 10% off!

Tickets: https://blockworks.co/event/permissionless-iv

--

Follow Robert: https://x.com/rleshner

Follow Hasu: https://x.com/hasufl

Follow MonetSupply: https://x.com/MonetSupply

Follow Mike: https://x.com/MikeIppolito_

Subscribe on YouTube: https://bit.ly/3R1D1D9

Subscribe on Apple: https://apple.co/3pQTfmD

Subscribe on Spotify: https://spoti.fi/3cpKZXH

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Join the Bell Curve Telegram group: https://t.me/+nzyxAvQ0Xxc3YTEx

--

Timestamps:

(0:00) Introduction

(4:04) New Design Philosophies in DeFi

(15:25) Ledger Ad

(15:43) The Vertical Integration Trend

(22:55) Expanding Protocol Services

(30:40) Ledger Ad

(31:15) Neutrality Challenges With Vertical Integration

(36:10) RWA & Stablecoin Growth Going Forward

(52:00) Citrea Ad

(52:29) New Stablecoin Designs

(56:32) What Assets Will Be Tokenized?

(1:03:19) The Value Proposition of DeFi

(1:13:55) Outro

--

Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

In this episode, we discuss the U.S. Treasury’s stablecoin report, San Francisco’s tech resurgence, Ethereum’s strategic repositioning, and the rapid growth of stablecoins. We also cover Ripple’s acquisition strategy, transparency challenges in crypto, Unto Labs, and Vitalik’s proposal to replace the EVM with RISC-V.

Thanks for tuning in!

--

Resources

US Treasury Presentation Regarding Stablecoins: https://x.com/qthomp/status/1917619129676357692

--

Arkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information. 

Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks 

Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding. 

--

Ledger, the global leader in digital asset security, proudly sponsors Bell Curve! As Ledger celebrates 10 years of securing 20% of global crypto, it remains the top choice for securing your assets. Buy a LEDGER™ device now, and build confidently, knowing your BTC, ETH, SOL, and more are safe.

Buy now on https://shop.ledger.com/?r=1da180a5de00.

--

Citrea is the first zero-knowledge rollup to enhance the capabilities of Bitcoin blockspace and enable Bitcoin applications (₿apps). Citrea is optimistically verified by Bitcoin, offering the most Bitcoin-secured and native way to extend BTC’s utility to DeFi. 

Learn more about Citrea: https://citrea.xyz/?utm_source=bellcurve&utm_medium=podcast&utm_campaign=website_promo 

Follow Citrea on X/Twitter for the latest on its journey to mainnet: https://x.com/citrea_xyz

--

Missed DAS? Join us from June 24th-June 26th at Permissionless IV! Use Code BELL10 at checkout for 10% off!

Tickets: https://blockworks.co/event/permissionless-iv

--

Follow Mike: https://twitter.com/MikeIppolito_

Follow Michael: https://twitter.com/im_manderson

Follow Vance: https://twitter.com/pythianism

Subscribe on YouTube: https://bit.ly/3R1D1D9

Subscribe on Apple: https://apple.co/3pQTfmD

Subscribe on Spotify: https://spoti.fi/3cpKZXH

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Join the Bell Curve Telegram group: https://t.me/+nzyxAvQ0Xxc3YTEx

--

Timestamps:

(0:00) Introduction

(2:18) Is San Francisco Back?

(5:40) US Treasury's Stablecoin Presentation

(15:46) Ads (Arkham & Ledger)

(16:24) Institutional Adoption of Crypto

(26:33) Ads (Arkham & Ledger)

(27:42) Are Stablecoins & RWAs Bullish For the L1 Tokens?

(39:06) Citrea Ad

(39:36) Crypto's Transparency Issues

(44:33) Ripple Considered an Acquisition of Circle

(46:57) Calls For OpenAI to Buy Snapchat

(49:01) Thoughts on Unto Labs & Vitalik's RISC-V Proposal

--

Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode, Bell Curve kicks off its new season with Mippo and monetsupply outlining the major DeFi themes they’ll be exploring. They dive into institutional adoption of DeFi, the increasing vertical integration by leading DeFi players, stablecoins and real-world assets, and the growing financialization of crypto, setting the stage for our best season yet! Thanks for tuning in!

--

Namada is the shielded asset hub rewarding you to protect the multichain. Enabling data protection for any existing asset, app, or chain, Namada introduces shielded cross-chain actions and rewards for shielding your assets, which strengthens data protection guarantees for everyone.

Namada is currently entering phase 3 of its mainnet launch — follow along on https://namada.net/

--

Ledger, the global leader in digital asset security, proudly sponsors Bell Curve! As Ledger celebrates 10 years of securing 20% of global crypto, it remains the top choice for securing your assets. Buy a LEDGER™ device now, and build confidently, knowing your BTC, ETH, SOL, and more are safe.

Buy now on https://shop.ledger.com/?r=1da180a5de00.

--

Citrea is the first zero-knowledge rollup to enhance the capabilities of Bitcoin blockspace and enable Bitcoin applications (₿apps). Citrea is optimistically verified by Bitcoin, offering the most Bitcoin-secured and native way to extend BTC’s utility to DeFi. 

Learn more about Citrea: https://citrea.xyz/?utm_source=bellcurve&utm_medium=podcast&utm_campaign=website_promo 

Follow Citrea on X/Twitter for the latest on its journey to mainnet: https://x.com/citrea_xyz

--

Join us from June 24th-June 26th at Permissionless IV! Use Code BELL10 at checkout for 10% off!

Tickets: https://blockworks.co/event/permissionless-iv

--

Follow MonetSupply: https://x.com/MonetSupply

Follow Mike: https://x.com/MikeIppolito_

Subscribe on YouTube: https://bit.ly/3R1D1D9

Subscribe on Apple: https://apple.co/3pQTfmD

Subscribe on Spotify: https://spoti.fi/3cpKZXH

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Join the Bell Curve Telegram group: https://t.me/+nzyxAvQ0Xxc3YTEx

--

Timstamps:

(0:00) Introduction

(2:50) What's Exciting About DeFi Today?

(6:46) Fragmentation & Reaggregation in DeFi

(14:03) Ads (Namada & Ledger)

(14:37) Morpho vs Aave's Architecture

(18:44) Counterparty Risks With Modular Designs

(25:09) Vertical Integration in DeFi

(34:35) DeFi Outside of Ethereum's Ecosystem

(45:41) Ads (Namada & Ledger)

(46:51) RWAs and Stablecoins

(1:01:32) Citrea Ad

(1:02:01) The Financialization of DeFi

(1:12:50) How Does Stablecoin Growth Impact the L1?

(1:18:25) The Cold Start Problem

--

Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

In this episode, Santi joins us to break down current crypto market sentiment, crypto valuation frameworks, and the evolving challenges of utilizing onchain data. We also debate Zora’s token launch, the future of creator economies, and whether crypto can disrupt traditional media and content platforms.Thanks for tuning in!

--

Resources

Chopping Block - Is Bitcoin a Safe Haven?: https://open.spotify.com/episode/6n8HWZQ36S5rOoBMi9r6RO?si=viOVZTlGT2uYtBUU8fS-ew

Storm’s Data: https://x.com/notnotstorm/status/1915439259630317995

Vance’s Critique on Crypto Data: https://x.com/pythianism/status/1915435394663162231

--

Aries Markets is the largest lending protocol on Aptos by TVL, and among the top 10 lending protocols across all blockchains! Since launch, Aries has expanded its product suite to become a fully integrated DeFi hub combining lending, borrowing, and more to its community of 738,000+ unique users. 

To learn more about why Aries Markets deployed on Aptos, visit ariesmarkets.xyz

--

Marinade is the premier staking delegation platform on Solana, bringing billions in liquidity and security to the Solana network, and connecting SOL holders to the best staking rates.

Since launching in 2021, Marinade has expanded their suite of products to provide solutions for both DeFi users and TradFi, including liquid and native staking, as well as direct enterprise integrations. 

To learn more about Marinade, follow the link below: https://marinade.finance/?utm_source=blockworks&utm_medium=partnerships&utm_campaign=podcast

--

Traders, AI enthusiasts, and degens—listen up! The game is changing, and DESK is leading the charge. Welcome to the next generation of perpetual trading—where cutting-edge technology meets AI-driven automation.

Trade today at https://desk.exchange/?register-channel=BWpodcast and follow @TradeOnDESK on X!

--

Missed DAS? Join us from June 24th-June 26th at Permissionless IV! Use Code BELL10 at checkout for 10% off!

Tickets: https://blockworks.co/event/permissionless-iv

--

Follow Santi: https://x.com/santiagoroel

Follow Mike: https://twitter.com/MikeIppolito_

Subscribe on YouTube: https://bit.ly/3R1D1D9

Subscribe on Apple: https://apple.co/3pQTfmD

Subscribe on Spotify: https://spoti.fi/3cpKZXH

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Join the Bell Curve Telegram group: https://t.me/+nzyxAvQ0Xxc3YTEx

--

Timestamps:

(0:00) Introduction

(4:35) How Do You Value Crypto Assets?

(15:39) Ads (Aptos & Marinade)

(16:07) Issues With Crypto's Data Analytics

(25:10) Ads (Aptos & Marinade)

(26:21) Stages of Growth For Companies

(34:45) Zora's Token Launch & Business Model

(49:01) Desk Ad

(49:26) Can Crypto Disrupt Traditional Media Platforms?

--

Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode, we’re joined by Guy Young , Founder at Ethena Labs, to discuss the rapid growth of USDe, the design of their new products like USDtb, and the launch of Converge and Ethereal. He shares insights on stablecoin infrastructure, institutional adoption, risk management, and Ethena’s broader vision to bridge DeFi with TradFi.

Thanks for tuning in!

As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

--

Resources

Converge Technical Specification & Roadmap: https://x.com/convergeonchain/status/1912853619038461967

--

Arkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information. 

Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks 

Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding. 

--

Ledger, the global leader in digital asset security, proudly sponsors Bell Curve! As Ledger celebrates 10 years of securing 20% of global crypto, it remains the top choice for securing your assets. Buy a LEDGER™ device now, and build confidently, knowing your BTC, ETH, SOL, and more are safe.

Buy now on https://shop.ledger.com/?r=1da180a5de00.

--

Traders, AI enthusiasts, and degens—listen up! The game is changing, and DESK is leading the charge. Welcome to the next generation of perpetual trading—where cutting-edge technology meets AI-driven automation.

Trade today at https://desk.exchange/?register-channel=BWpodcast and follow @TradeOnDESK on X!

--

Missed DAS? Join us from June 24th-June 26th at Permissionless IV! Use Code BELL10 at checkout for 10% off!

Tickets: https://blockworks.co/event/permissionless-iv

--

Follow Converge: https://x.com/convergeonchain

Follow Ethereal: https://x.com/etherealdex

Follow Guy: https://x.com/gdog97_

Follow Boccaccio: https://x.com/salveboccaccio

Follow Blockworks Research: https://x.com/blockworksres

Subscribe on YouTube: https://bit.ly/3foDS38

Subscribe on Apple: https://apple.co/3SNhUEt

Subscribe on Spotify: https://spoti.fi/3NlP1hA

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Join the 0xResearch Telegram group: https://t.me/+z0H6y2bS-dllODVh

--

Timestamps:

(0:00) Introduction

(1:41) Recent Product Launches

(5:29) Asset Issuance on Converge

(11:15) Ads (Arkham & Ledger)

(11:53) Scaling Ethena

(13:45) Considering New Assets For Staking Yield

(15:58) Dealing With Risk

(18:07) USDtb's Place in the Ethena Ecosystem

(22:21) Ads (Arkham & Ledger)

(23:30) Overview of Ethereal

(26:26) Converge DApps

(30:25) Credit Expansion and Associated Risks

(33:12) Ads (Desk & Morpho)

(34:07) Will Ethereal Harm Relationships With Exchanges?

(36:12) Protocols Hardcoding USDe to 1$

(39:20) USDe's Competition

(41:04) The Biggest Risks to Ethena

(43:08) The Fee Switch

(47:12) Ethena's Focus Going Forward

--

Check out Blockworks Research today! Research, data, governance, tokenomics, and models – now, all in one place

Blockworks Research: https://www.blockworksresearch.com/

Free Daily Newsletter: https://blockworks.co/newsletter

--

Disclaimer: Nothing said on 0xResearch is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Boccaccio, Danny, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode, we’re joined by Santi from Empire! We discuss today’s crypto market conditions, stablecoin proliferation, and how long-term allocators are accumulating Bitcoin. We also touch on crypto’s data and transparency issues, and the valuation of L1s before wrapping with speculation on alien life.

Thanks for tuning in!

--

Resources

Solana Dashboard: https://app.blockworksresearch.com/analytics/solana?dashboard=sol-overview

App Revenue by Chain: https://x.com/_ryanrconnor/status/1912944523459846580

Life on K2-18b? https://www.bbc.com/news/articles/c39jj9vkr34o

--

Namada is the shielded asset hub rewarding you to protect the multichain. Enabling data protection for any existing asset, app, or chain, Namada introduces shielded cross-chain actions and rewards for shielding your assets, which strengthens data protection guarantees for everyone.

Namada is currently entering phase 3 of its mainnet launch — follow along on https://namada.net/

--

Marinade is the premier staking delegation platform on Solana, bringing billions in liquidity and security to the Solana network, and connecting SOL holders to the best staking rates.

Since launching in 2021, Marinade has expanded their suite of products to provide solutions for both DeFi users and TradFi, including liquid and native staking, as well as direct enterprise integrations. 

To learn more about Marinade, follow the link below: https://marinade.finance/?utm_source=blockworks&utm_medium=partnerships&utm_campaign=podcast

--

Traders, AI enthusiasts, and degens—listen up! The game is changing, and DESK is leading the charge. Welcome to the next generation of perpetual trading—where cutting-edge technology meets AI-driven automation.

Trade today at https://desk.exchange/?register-channel=BWpodcast and follow @TradeOnDESK on X!

--

Missed DAS? Join us from June 24th-June 26th at Permissionless IV! Use Code BELL10 at checkout for 10% off!

Tickets: https://blockworks.co/event/permissionless-iv

--

Follow Santi: https://x.com/santiagoroel

Follow Mike: https://twitter.com/MikeIppolito_

Follow Michael: https://twitter.com/im_manderson

Follow Vance: https://twitter.com/pythianism

Subscribe on YouTube: https://bit.ly/3R1D1D9

Subscribe on Apple: https://apple.co/3pQTfmD

Subscribe on Spotify: https://spoti.fi/3cpKZXH

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Join the Bell Curve Telegram group: https://t.me/+nzyxAvQ0Xxc3YTEx

--

Timestamps:

(0:00) Introduction

(2:26) Market Outlook

(6:15) How Can Crypto Founders Weather the Storm?

(16:09) Ads (Namada & Marinade)

(16:39) Will A Potential Private Market Bubble Impact Tokenization?

(20:46) Long Term Bitcoin Holders Are Accumulating

(24:13) Getting Exposure to Stablecoin Growth

(34:11) Ads (Namada & Marinade)

(35:25) How Sticky is Stablecoin Issuance For L1s?

(41:07) Why Are L1s Valued the Way They Are?

(46:35) Desk Ad

(47:00) Crypto's Data and Transparency Problem

(1:00:52) Life on K2-18b?

--

Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode, we’re joined by Paul Faecks, the Founder of Plasma, and Zaheer of Split Capital, to discuss Plasma, a blockchain focused solely on providing stablecoin infrastructure. We dive into why general-purpose chains aren’t optimized for stablecoin settlement, Plasma’s architecture and how they will mitigate spam, and the broader implications for global payments, regulation, and the stablecoin economy’s future as trillions move onchain.

Thanks for tuning in!

As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

--

Aries Markets is the largest lending protocol on Aptos by TVL, and among the top 10 lending protocols across all blockchains! Since launch, Aries has expanded its product suite to become a fully integrated DeFi hub combining lending, borrowing, and more to its community of 738,000+ unique users. 

To learn more about why Aries Markets deployed on Aptos, visit ariesmarkets.xyz

--

Ledger, the global leader in digital asset security, proudly sponsors Bell Curve! As Ledger celebrates 10 years of securing 20% of global crypto, it remains the top choice for securing your assets. Buy a LEDGER™ device now, and build confidently, knowing your BTC, ETH, SOL, and more are safe.

Buy now on https://shop.ledger.com/?r=1da180a5de00.

--

Traders, AI enthusiasts, and degens—listen up! The game is changing, and DESK is leading the charge. Welcome to the next generation of perpetual trading—where cutting-edge technology meets AI-driven automation.

Trade today at https://desk.exchange/?register-channel=BWpodcast and follow @TradeOnDESK on X!

--

Missed DAS? Join us from June 24th-June 26th at Permissionless IV! Use Code BELL10 at checkout for 10% off!

Tickets: https://blockworks.co/event/permissionless-iv

--

Follow Plasma: https://x.com/PlasmaFdn

Follow Paul: https://x.com/pauliepunt

Follow Zaheer: https://x.com/SplitCapital

Follow Boccaccio: https://x.com/salveboccaccio

Follow Blockworks Research: https://x.com/blockworksres

Subscribe on YouTube: https://bit.ly/3foDS38

Subscribe on Apple: https://apple.co/3SNhUEt

Subscribe on Spotify: https://spoti.fi/3NlP1hA

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Join the 0xResearch Telegram group: https://t.me/+z0H6y2bS-dllODVh

--

Timestamps:

(0:00) Introduction

(3:16) Why Build Plasma?

(11:07) The PMF For Stablecoins

(15:32) Aptos Ad

(15:46) Plasma's Architecture

(22:43) HotStuff-Inspired Consensus

(26:10) Aptos Ad

(26:42) Zero Fees and Handling Spam

(34:57) Competing With Tron

(41:05) Ads (Desk & Morpho)

(41:59) Variations of Stablecoins

(46:52) Why Build on Bitcoin?

(48:07) The Stablecoin Space Going Forward

(1:00:45) Closing Comments

--

Check out Blockworks Research today! Research, data, governance, tokenomics, and models – now, all in one place

Blockworks Research: https://www.blockworksresearch.com/

Free Daily Newsletter: https://blockworks.co/newsletter

--

Disclaimer: Nothing said on 0xResearch is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Boccaccio, Danny, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode, we discuss the market’s reaction to Trump’s tariff pivots, global trade tensions, and where stablecoins fit into all of it. We also explore the potential of crypto as the last truly global market, and why we believe the IPO & TGE window has closed.

Thanks for tuning in!

--

Arkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information. 

Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks 

Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding. 

--

Marinade is the premier staking delegation platform on Solana, bringing billions in liquidity and security to the Solana network, and connecting SOL holders to the best staking rates.

Since launching in 2021, Marinade has expanded their suite of products to provide solutions for both DeFi users and TradFi, including liquid and native staking, as well as direct enterprise integrations. 

To learn more about Marinade, follow the link below: https://marinade.finance/?utm_source=blockworks&utm_medium=partnerships&utm_campaign=podcast

--

Traders, AI enthusiasts, and degens—listen up! The game is changing, and DESK is leading the charge. Welcome to the next generation of perpetual trading—where cutting-edge technology meets AI-driven automation.

Trade today at https://desk.exchange/?register-channel=BWpodcast and follow @TradeOnDESK on X!

--

Missed DAS? Join us from June 24th-June 26th at Permissionless IV! Use Code BELL10 at checkout for 10% off!

Tickets: https://blockworks.co/event/permissionless-iv

--

Follow Mike: https://twitter.com/MikeIppolito_

Follow Michael: https://twitter.com/im_manderson

Follow Vance: https://twitter.com/pythianism

Subscribe on YouTube: https://bit.ly/3R1D1D9

Subscribe on Apple: https://apple.co/3pQTfmD

Subscribe on Spotify: https://spoti.fi/3cpKZXH

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Join the Bell Curve Telegram group: https://t.me/+nzyxAvQ0Xxc3YTEx

--

Timestamps:

(0:00) Introduction

(4:30) The Markets Going Forward

(7:49) Separating Main Street From Wall Street

(14:38) Ads (Arkham & Marinade)

(15:12) The Trade Deficit & Stablecoin Demand

(24:23) Global Trust in US Markets & AI 2027

(34:08) Ads (Arkham & Marinade)

(35:21) Open Source Strategy

(41:02) Stablecoin Legislation

(44:11) Ads (Desk & Morpho)

(45:06) The IPO & TGE Window is Closed

(48:26) SPAC City

(53:23) IBC Eureka Goes Live & Ripple Acquires Hidden Road

(1:03:31) Crypto's Fundamental Transition

--

Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed, and our guests may hold positions in the companies, funds, or projects discussed.

In this week's episode, we’re joined by A.J. Warner, CSO at Offchain Labs, to discuss his bold vision for Arbitrum as a “digital sovereign nation.” We explore key differences between L1s and L2s, Arbitrum’s business model, capital allocation strategies, and how the new OpCo structure will drive governance and operational efficiency. Enjoy!

--

Resources

Hope for the Future of Arbitrum: https://x.com/ajwarner90/status/1908143389658194094

Arbitrum Forum - OpCo: https://forum.arbitrum.foundation/c/dao-grant-programs/operation-company-opco/63

--

Namada is the shielded asset hub rewarding you to protect the multichain. Enabling data protection for any existing asset, app, or chain, Namada introduces shielded cross-chain actions and rewards for shielding your assets, which strengthens data protection guarantees for everyone.

Namada is currently entering phase 3 of its mainnet launch — follow along on https://namada.net/

--

Ledger, the global leader in digital asset security, proudly sponsors Bell Curve! As Ledger celebrates 10 years of securing 20% of global crypto, it remains the top choice for securing your assets. Buy a LEDGER™ device now, and build confidently, knowing your BTC, ETH, SOL, and more are safe.

Buy now on https://shop.ledger.com/?r=1da180a5de00.

--

Traders, AI enthusiasts, and degens—listen up! The game is changing, and DESK is leading the charge. Welcome to the next generation of perpetual trading—where cutting-edge technology meets AI-driven automation.

Trade today at https://desk.exchange/?register-channel=BWpodcast and follow @TradeOnDESK on X!

--

Morpho is a permissionless lending platform that allows anyone to earn yield and borrow assets on your terms.

Its flexible, trustless infrastructure also empowers developers and businesses to build and tailor their own financial products.

Whether you're an individual, fund, fintech, or institution, Morpho is for you.

Try Morpho today: https://app.morpho.org/?network=mainnet&spdl=99nsk9

--

Missed DAS? Join us from June 24th-June 26th at Permissionless IV! Use Code BELL10 at checkout for 10% off!

Tickets: https://blockworks.co/event/permissionless-iv

--

Follow AJ: https://x.com/ajwarner90

Follow Mike: https://x.com/MikeIppolito_

Subscribe on YouTube: https://bit.ly/3R1D1D9

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Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Join the Bell Curve Telegram group: https://t.me/+nzyxAvQ0Xxc3YTEx

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Timestamps:

(0:00) Introduction

(2:20) Thinking About L1s vs L2s

(10:15) Ads (Namada & Ledger)

(10:49) L2s Ability to Allocate Capital

(20:35) Arbitrum's Business Model

(26:38) Ads (Namada & Ledger)

(27:48) Key Growth Metrics

(33:29) Capital Allocation Concerns & Arbitrum Governance

(48:40) Ads (Desk & Morpho)

(49:34) Arbitrum Stakeholders & DAO Structure

(57:21) Operational Challenges & the Future of Arbitrum

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Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

In this episode, we break down Trump’s proposed tariffs, their impact on global trade, and how markets are responding. We also explore Circle’s IPO filing, stablecoin economics, distribution partner incentives, and whether stablecoins could disrupt traditional banking. The conversation wraps with insights into token launch strategy and timing.

Thanks for tuning in!

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Resources

Warp Speed w/ Hamilton Lane’s Erik Hirsch: https://open.spotify.com/episode/0SXehDDyqPahTiECa81A3a?si=Zz3A7l5fTAi-CvGYPJkqnw&context=spotify%3Ashow%3A5mWMlenq9TcEZlgXey2qKY

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Namada is the shielded asset hub rewarding you to protect the multichain. Enabling data protection for any existing asset, app, or chain, Namada introduces shielded cross-chain actions and rewards for shielding your assets, which strengthens data protection guarantees for everyone.

Namada is currently entering phase 3 of its mainnet launch — follow along on https://namada.net/

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Marinade is the premier staking delegation platform on Solana, bringing billions in liquidity and security to the Solana network, and connecting SOL holders to the best staking rates.

Since launching in 2021, Marinade has expanded their suite of products to provide solutions for both DeFi users and TradFi, including liquid and native staking, as well as direct enterprise integrations. 

To learn more about Marinade, follow the link below: https://marinade.finance/?utm_source=blockworks&utm_medium=partnerships&utm_campaign=podcast

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Traders, AI enthusiasts, and degens—listen up! The game is changing, and DESK is leading the charge. Welcome to the next generation of perpetual trading—where cutting-edge technology meets AI-driven automation.

Trade today at https://desk.exchange/?register-channel=BWpodcast and follow @TradeOnDESK on X!

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Morpho is a permissionless lending platform that allows anyone to earn yield and borrow assets on your terms.

Its flexible, trustless infrastructure also empowers developers and businesses to build and tailor their own financial products.

Whether you're an individual, fund, fintech, or institution, Morpho is for you.

Try Morpho today: https://app.morpho.org/?network=mainnet&spdl=99nsk9

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Missed DAS? Join us from June 24th-June 26th at Permissionless IV! Use Code BELL10 at checkout for 10% off!

Tickets: https://blockworks.co/event/permissionless-iv

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Follow Mike: https://twitter.com/MikeIppolito_

Follow Michael: https://twitter.com/im_manderson

Follow Vance: https://twitter.com/pythianism

Subscribe on YouTube: https://bit.ly/3R1D1D9

Subscribe on Apple: https://apple.co/3pQTfmD

Subscribe on Spotify: https://spoti.fi/3cpKZXH

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Join the Bell Curve Telegram group: https://t.me/+nzyxAvQ0Xxc3YTEx

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Timestamps:

(0:00) Introduction

(1:32) Thoughts on Trump's Liberation Day

(7:02) The Tariff Board

(11:03) Ads (Namada & Marinade)

(11:33) Markets React to Trump's Tariffs

(24:17) Circle Files For an IPO

(33:25) Ads (Namada & Marinade)

(34:39) Thoughts on Circle's Business

(42:40) Are Stablecoins Disruptive to Banks?

(51:22) Ads (Desk & Morpho)

(52:16) Could Circle Have Launched a Token?

(57:04) When to Launch a Token

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Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed, and our guests may hold positions in the companies, funds, or projects discussed.