The Best of Bell Curve

11 snips

Aug 15, 2025

Jeff Park, an expert in financial engineering, dives into the mechanics of Bitcoin treasury companies, convertible debt, and preferred equity. He discusses how these innovative structures are shaping the crypto landscape. The conversation highlights the clash between Bitcoin maximalism and meme coins, exploring community dynamics and market behavior. Park also touches on the psychological impacts of increasing money supply in crypto, revealing how it's intertwined with investor sentiment during volatile periods.

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INSIGHT

Why A Custom Execution Beats Vanilla EVM

Hyperliquid built a custom execution environment because EVM execution lacks deterministic guarantees needed for some finance primitives.
Custom execution lets them enforce block-level guarantees for derivatives and risk, ensuring perps remain solvent every block.

INSIGHT

Tradeoffs Of Vertical Integration In DeFi

Vertical integration improves product experience but can conflict with DeFi's resilience that comes from multiple competing options.
Hyperliquid prioritizes protocol-level coordination and ecosystem growth over owning the entire stack.

ADVICE

Own Critical Pieces, But Preserve Composability

Reduce reliance on external parties when user experience depends on many moving parts to avoid weakest-link failures.
But also design protocols to allow multiple composable options to keep the system resilient.

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