Bell Curve Ethereum’s Next Step, HYPE’s Token Supply, and Tether’s Big Raise | Roundup
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Sep 26, 2025 Delve into Vitalik's vision for low-risk DeFi and how it can secure Ethereum's future. Discover the bold proposal to cut HYPE's token supply and the implications for community governance. Explore the surging interest in stablecoins post-GENIUS Act, and see how crypto seeks to compete against AI for investment dollars. Tether's impressive $500B valuation raise sparks discussions about its strategic partnerships and the future of stablecoins. Finally, hear insights on market cycles and the impact of institutional flows.
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Founding Framework From A Basement
- Michael recounts early Framework work done from his parents' basement and porches.
- They built fund documents and accounting practices from scratch as staking and custody evolved.
Low-Risk DeFi As Ethereum’s Revenue Core
- Vitalik reframes low-risk DeFi (lending/trading/RWAs) as the revenue engine that can sustain Ethereum.
- Michael argues lending and RWAs create durable value aligned with Ethereum's security-first positioning.
Trading Vs Lending: Durable Revenue Wins
- Trading and lending are the two DeFi formats that generate scalable revenue.
- Lending, backed by diverse collateral and RWAs, offers more durable fees than speculation-driven trading.