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!

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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/

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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

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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

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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

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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.

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