Bell Curve

This week, we break down the violent selloff across equities and crypto, how real revenue, institutional capital, and RWA-looping are reshaping which assets survive. We also discuss the rise of institutional lending markets, Uniswap’s long-awaited fee switch proposal, and why retail-driven tokenomics are dead while fundamentals and sustainable business models take over. Enjoy!

--

The Canton Network is the only public, permissionless blockchain built for institutional finance—combining privacy, compliance, and scalability. It enables real-time, secure synchronization and settlement across asset classes on a shared, interoperable infrastructure. It’s the link between the promise of blockchain and the power of global finance, making finance flow as it should. 

Learn more about the Canton Network here: ⁠https://www.canton.network/?utm_sourc… 

--

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

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

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/⁠ 

--

Timestamps:

(0:00) Introduction

(2:07) Are Markets Cooked?

(8:28) Bell Curve Announcement

(11:08) Canton Ad

(11:53) On-Chain Lending Markets

(18:52) Institutional vs Retail Audience

(23:34) The Future of RWAs

(27:43) Canton Ad

(28:26) Uniswap Fee Switch Proposal

(39:05) Are DATs Dead?

(41:55) Lessons for the Future

(50:40) Final Thoughts

--

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 Romeo Ravagnan and Sonya Kim from 3F Labs to discuss the $30 billion open-interest wipeout, Binance’s margin issues, and the collapse of Stream Finance’s xUSD. They unpack pooled versus isolated risk models in lending, liquidity dynamics, and emerging strategies for leveraging RWAs onchain.Thanks for tuning in!

--

The Canton Network is the only public, permissionless blockchain built for institutional finance— combining privacy, compliance, and scalability. It enables real-time, secure synchronization and settlement across asset classes on a shared, interoperable infrastructure. It’s the link between the promise of blockchain and the power of global finance, making finance flow as it should. 

Learn more about the Canton Network here: https://www.canton.network/?utm_source=podcast&utm_medium=shownotes&utm_campaign=cantonprivacy&utm_id=blockworks

--

Katana directs chain revenue back to DeFi users for consistently higher yields.

It starts with VaultBridge, which turns bridged assets into yield streams that back a perpetually funded real yield, boosting rewards for DeFi users. Katana is pioneering Productive TVL, assets actually being used in DeFi and reinforces this with Chain-owned Liquidity, permanent liquidity the chain controls.

Stop sleeping on your bags:

https://app.katana.network/?utm_source=BW-Pod

--

Follow 3F Labs: https://x.com/3FLabs

Follow Romeo: https://x.com/3f_romeo

Follow Sonya: https://x.com/sonyasunkim

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/

--

Timestamps:

(0:00) Introduction

(1:31) Crypto's Open Interest Wipeout

(15:54) Ads (Canton & Katana)

(17:02) Stream Finance and xUSD

(26:22) Isolated vs Pooled Risk Models

(50:34) Ads (Canton & Katana)

(51:48) RWA Strategies

(1:03:57) Bringing New Strategies Onchain

--

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 solo Roundup, Mippo discusses JPMorgan’s pivot, the disruptive potential of stablecoins, new spot ETFs, the sustained growth of prediction markets, Trump pardoning CZ, and Western Union’s upcoming stablecoin.

Thanks for tuning in!

--

Resources

Stablecoin Linked Cards - Way Better Secured Credit Cards: https://x.com/sytaylor/status/1982474892114096349

--

The Canton Network is the only public, permissionless blockchain built for institutional finance— combining privacy, compliance, and scalability. It enables real-time, secure synchronization and settlement across asset classes on a shared, interoperable infrastructure. It’s the link between the promise of blockchain and the power of global finance, making finance flow as it should. 

Learn more about the Canton Network here: https://www.canton.network/?utm_source=podcast&utm_medium=shownotes&utm_campaign=cantonprivacy&utm_id=blockworks

--

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/

--

Timestamps:

(0:00) Introduction

(2:23) Jamie Dimon Admits He Was Wrong

(4:34) The GENIUS Act's Impact

(10:52) Canton Ad

(11:37) New Spot ETFs Launch

(15:03) Prediction Markets Continue to Grow

(18:59) Will Binance Expand Into the US?

(23:36) Canton Ad

(24:19) Can General Purpose L1s Keep Up?

(27:42) Western Union's Stablecoin

--

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.

This week, Mippo dives into current crypto market sentiment, bullish macro trends, potential 2026 market shifts, rising barriers to entry in crypto sectors, and consolidation among exchanges. He also unpacks Ribbit Capital’s thesis linking AI and crypto, Coinbase’s acquisition of Echo, and renewed optimism for U.S. crypto regulation through the CLARITY Act.

Thanks for tuning in!

--

Resources

Bitcoin OI Drops: Forward Returns Analysis: https://x.com/valterebelo/status/1981356384894451752

Trump Pardons CZ: https://blockworks.co/news/trump-pardons-changpeng-zhao

Ribbit Capital: Token Letter: https://www.ribbitcap.com/knowledge

Coinbase Acquires Echo: https://blockworks.co/news/coinbase-acquires-echo

--

Katana directs chain revenue back to DeFi users for consistently higher yields.

It starts with VaultBridge, which turns bridged assets into yield streams that back a perpetually funded real yield, boosting rewards for DeFi users. Katana is pioneering Productive TVL, assets actually being used in DeFi and reinforces this with Chain-owned Liquidity, permanent liquidity the chain controls.

Stop sleeping on your bags:

https://app.katana.network/?utm_source=BW-Pod

--

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/

--

Timestamps:

(0:00) Introduction

(0:48) Market Outlook

(3:40) How Will Markets Look in 2026?

(11:40) Katana Ad

(12:09) The Next Wave of Infrastructure

(13:37) The Token Revolution

(23:29) Katana Ad

(24:06) Coinbase Acquires Echo

(30:32) The CLARITY Act

--

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.

On this week’s Roundup, we discuss gold’s new highs, and the implications this has for Bitcoin and crypto markets. We also unpack institutional crypto adoption, stablecoin-driven innovation, market liquidations, CeFi vs. DeFi resilience, and rising interest in prediction markets and tokenized financial systems.

Thanks for tuning in!

--

Katana directs chain revenue back to DeFi users for consistently higher yields.

It starts with VaultBridge, which turns bridged assets into yield streams that back a perpetually funded real yield, boosting rewards for DeFi users. Katana is pioneering Productive TVL, assets actually being used in DeFi and reinforces this with Chain-owned Liquidity, permanent liquidity the chain controls.

Stop sleeping on your bags:

https://app.katana.network/?utm_source=BW-Pod

--

The Canton Network is the only public, permissionless blockchain built for institutional finance— combining privacy, compliance, and scalability. It enables real-time, secure synchronization and settlement across asset classes on a shared, interoperable infrastructure. It’s the link between the promise of blockchain and the power of global finance, making finance flow as it should. 

Learn more about the Canton Network here: https://www.canton.network/?utm_source=podcast&utm_medium=shownotes&utm_campaign=cantonprivacy&utm_id=blockworks

--

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

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

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) Intro

(1:16) Gold Hits All Time High

(16:04) Katana Ad

(16:34) Stablecoin Adoptions Impact On Sentiment

(29:05) Katana Canton Ad

(30:20)  Historic Liquidations In Crypto Markets

(49:45) Thoughts on Predictions Markets

--

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.

This week, we discuss Bitcoin’s seasonal trends, venture capital flows in crypto and AI, Flying Tulip’s $200M seed round, Keel’s debut on Solana, Stripe’s Open Issuance, and Cloudflare’s NET dollar.

Thanks for tuning in!

--

Katana directs chain revenue back to DeFi users for consistently higher yields.

It starts with VaultBridge, which turns bridged assets into yield streams that back a perpetually funded real yield, boosting rewards for DeFi users. Katana is pioneering Productive TVL, assets actually being used in DeFi and reinforces this with Chain-owned Liquidity, permanent liquidity the chain controls.

Stop sleeping on your bags:

https://app.katana.network/?utm_source=BW-Pod  

--

Crypto’s premiere institutional conference returns to London in October 2025. Use code BELL100 for £100 off at checkout: https://blockworks.co/event/digital-asset-summit-2025-london

--

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

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

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

(3:01) Bitcoin Seasonality

(10:13) Capital Flows in Crypto vs AI

(27:27) Katana Ad

(27:56) Flying Tulip's Seed Round

(36:50) Keel's Debut

(46:02) Katana Ad

(46:40) Stripe's Open Issuance

(54:01) Cloudflare Introduces NET Dollar

--

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 discuss Vitalik’s “low-risk DeFi” blog post, unpack Hasu and Jon Charbonneau’s HYPE supply-reduction proposal, and take a look at post-GENIUS Act stablecoin momentum. We also compare AI’s surge with crypto market performance, and close the episode with discussion on Tether’s $500B raise. Thanks for tuning in!

--

Resources

Low-risk DeFi Can Be For Ethereum What Search Was For Google: https://vitalik.eth.limo/general/2025/09/21/low_risk_defi.html

Proposal to Reduce HYPE Total Supply By 45%: https://x.com/jon_charb/status/1970117627017105554

Ethereum Validator Queue: https://www.validatorqueue.com/

--

Katana directs chain revenue back to DeFi users for consistently higher yields.

It starts with VaultBridge, which turns bridged assets into yield streams that back a perpetually funded real yield, boosting rewards for DeFi users. Katana is pioneering Productive TVL, assets actually being used in DeFi and reinforces this with Chain-owned Liquidity, permanent liquidity the chain controls.

Stop sleeping on your bags:

https://app.katana.network/?utm_source=BW-Pod  

--

Crypto’s premiere institutional conference returns to London in October 2025. Use code BELL100 for £100 off at checkout: https://blockworks.co/event/digital-asset-summit-2025-london

--

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

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

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

(4:10) Vitalik's Blog On Low-Risk DeFi For Ethereum

(25:07) Katana Ad

(25:36) Should HYPE's Total Supply Be Reduced?

(36:38) Activity In The Stablecoin Market

(41:00) Katana Ad

(41:37) Crypto vs AI Performance

(54:57) Tether's Major Capital Raise

--

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 Pranav Raval, Head of Core Infra at Aptos Labs, to discuss Shelby, a decentralized hot storage network designed to monetize reads, enable scalable data use, and support applications like streaming, ads, and AI. Pranav explains its architecture, cross-chain integration, and creator economy potential, while highlighting Aptos’s role as the coordination layer.

Thanks for tuning in

--

Follow Shelby: https://x.com/shelbyserves

Follow Pranav: https://x.com/rpranav

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

(1:17) The L1 Landscape Today

(4:37) Combining Silicon Valley & Wall Street

(8:38) What Does Shelby Enable?

(11:24) Understanding Shelby

(24:04) Utilizing DoubleZero

(25:51) Other Services

(28:50) Shelby Architecture Layers

(34:26) Why Make Shelby Its Own Layer?

(37:23) Enabling the Creator Economy

(43:54) Closing Comments

--

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 week’s Roundup, the Bell Curve crew reunites after six weeks to break down the ongoing evolution of digital asset treasury (DAT) companies, the shifting stablecoin landscape with HyperLiquid’s USDH, the debut of Stripe-backed Tempo and the broader “corporate chain” debate, and much more.

Thanks for tuning in!

--

Katana directs chain revenue back to DeFi users for consistently higher yields.

It starts with VaultBridge, which turns bridged assets into yield streams that back a perpetually funded real yield, boosting rewards for DeFi users. Katana is pioneering Productive TVL, assets actually being used in DeFi and reinforces this with Chain-owned Liquidity, permanent liquidity the chain controls. Stop sleeping on your bags:

https://app.katana.network/?utm_source=BW-Pod  

--

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

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

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) We’re Back!

(1:48) Is the DAT Trade Over?

(9:44) Token Launch Experimentation

(11:33) Generating Real Yield

(15:10) Solana DATs

(17:42) Katana Ad

(18:11) Rebuilding Around Stablecoins

(21:08) Why Are We Tokenizing?

(22:24) Hyperliquid & USDH

(30:56) Regulation & Market Structure

(33:46) Katana Ad

(34:23) Where Are We in the Cycles?

(36:40) Compliance & Regulatory Clarity

(41:03) Crypto’s (d)Evolution

(44:45) Tempo & Corporate Chains

(59:39) Spiritual Bear Market?

(1:01:15) The World is Weird

(1:03:35) AI Bubble

(1:05:49) Base Teasing Token Launch

(1:08:13) Rate Cuts & DeFi Supercycle

--

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.

Bell Curve is taking a short summer break while the team recharges and enjoys some vacation time. We’ll be back with brand new episodes in September on our usual schedule.

In the meantime, we didn’t want to leave you hanging, so we’ve pulled together some of our favorite conversations from past episodes — the moments you loved, and the ones worth hearing again.

Enjoy the highlights, and we’ll see you in September with fresh content!

--

Resources

Hyperliquid’s Bold Vision For DeFi: https://youtu.be/xHGKv0Cx7ao

How Bitcoin Prepared Us For the Memecoin Era: https://youtu.be/ITQE2a8hZZg

Everything You Need to Know About Crypto Treasury Companies:https://youtu.be/DxyEE_G_3Wk

Entering Ethereum’s New Era: https://youtu.be/P1GjDXrE-OQ

--

Katana is a DeFi-first chain built for deep liquidity and real yield, by redirecting chain revenue back to active DeFi users. The 1 billion KAT campaign is live. Bridge and deposit directly into vaults in one simple click and start earning immediately on your ETH, BTC, USDC, and more. 

Go to app.katana.network to check it out. 

--

EigenLayer just launched EigenCloud - the infrastructure powering crypto's "cloud era." Like AWS transformed the internet, EigenCloud gives any developer cloud-grade programmability with crypto-grade verifiability. EIGEN stakers earn from the entire verifiable economy flywheel. Follow @eigenlayer on X to learn more.

This is not financial advice.  Investing in blockchain-based assets like the EIGEN token involves significant risk, including the potential loss of your entire investment. By participating, you are agreeing to EigenCloud’s terms and conditions apply.

--

Crypto’s premiere institutional conference returns to London in October 2025.

Use code BELL100 for £100 off at checkout: https://blockworks.co/event/digital-asset-summit-2025-london

--

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

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

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

(0:58) Hyperliquid’s Bold Vision For DeFi

(13:33) Ads (Katana & Eigen)

(14:27) How Bitcoin Prepared Us For the Memecoin Era

(24:49) Ads (Katana & Eigen)

(26:23) Everything You Need to Know About Crypto Treasury Companies

(34:23) Entering Ethereum’s New Era

--

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.