In this episode, we cover Trump's tariff strategy, correlations between TradFi and DeFi yields, and stablecoin growth. We also discuss Binance's $2B investment from Abu Dhabi’s MGX, and the implications of Trump's Digital Asset Summit. Additionally, we explore the changing psychology of crypto cycles, the challenges of building in bear markets, and the importance of regulatory advocacy for DeFi. Thanks for tuning in!--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!--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--Follow Mike: https://twitter.com/MikeIppolito_Follow Michael: https://twitter.com/im_mandersonFollow Vance: https://twitter.com/pythianismSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXHGet 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 (2:35) Trump's Tariff Strategy(6:05) Correlations Between TradFi and DeFi Yields(11:19) Ads (Aptos & Marinade)(11:48) Outlook For the Rest of 2025(17:34) Building During Bearish Conditions(25:36) Ads (Aptos & Marinade)(26:48) Speculation Drives Early Activity(29:50) Abu Dhabi's MGX Invests in Binance(35:58) Ads (Desk & Morpho)(36:52) Reactions to Trump's Crypto Summit(46:13) Advocating For DeFi--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.

Joshua Tobkin, co-founder and CEO of Supra, dives into the innovative design of their vertically integrated blockchain platform. He discusses the integration of smart contracts, oracles, and cross-chain communication, highlighting its potential to automate decentralized finance. Tobkin addresses miner extractable value (MEV) complexities, offering strategies for mitigation to enhance ecosystem stability. He also shares insights on incentivizing app developers and the role of containerization in boosting security and scalability in blockchain applications.

In this episode, we discuss our takeaways from ETHDenver, macro trends impacting crypto, and the role of regulation in shaping 2025. We also analyze Aave’s buyback program, Ethereum Foundation leadership changes, and the Trump administration’s evolving stance on crypto.Thanks for tuning in!ResourcesAavenomics Implementation: Part One: https://x.com/lemiscate/status/1896897365145235752—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 automationTrade today at https://desk.exchange/ 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--Join us at DAS NYC 2025!  Use code BELL10 for a 10% discount: https://blockworks.co/event/digital-asset-summit-2025-new-york–Follow Mike: https://twitter.com/MikeIppolito_Follow Michael: https://twitter.com/im_mandersonFollow Vance: https://twitter.com/pythianismSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXHGet 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—-(00:00) Introduction (01:16) ETHDenver Recap (05:46) Macro Outlook (08:50) Aptos Pre-Roll (09:04) Marinade Pre-Roll (09:18) Trump's Crypto Strategy (19:57) The Increased Sophistication of Crypto Markets (31:01) Aptos Mid-Roll (31:33) Marinade Mid-Roll (32:13) Aavenomics Proposal From ACI (39:30) HMX Mid-Roll (40:02) Morpho Mid-Roll (40:32) Trump's Crypto Summit (46:46) Changes For the Ethereum Foundation —--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.

Subscribe to Supply Shock on Apple: https://apple.co/3DjQFQfSubscribe to Supply Shock on Spotify: https://spoti.fi/3QJXoWLSubscribe to Supply Shock on YouTube: https://bit.ly/4bA10o4--In this episode, Dennis Porter of Satoshi Action Fund joins the show to discuss Trump's crypto reserve announcement, the states fighting to become the first to buy Bitcoin, and the legislative goals of the Trump Administration. We also delve into the bipartisan support of crypto legislation, the importance of Bitcoin rights, and much more. Enjoy!--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 automationTrade today at https://desk.exchange/ 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--Join us at DAS NYC 2025!  Use code BELL10 for a 10% discount: https://blockworks.co/event/digital-asset-summit-2025-new-york--Follow Dennis: https://x.com/Dennis_Porter_Follow Rizzo: https://x.com/pete_rizzo_Follow Supply Shock:  https://x.com/SupplyShockBWFollow Blockworks: https://x.com/Blockworks_The Bitcoin Historian Newsletter: https://bitcoinhistorynewsletter.com/--Timestamps:(0:00) Introduction(1:42) Trump’s Crypto Reserve Announcement(12:34) Ads (Namada & Ledger)(13:08) The Case Against ADA, XRP, & SOL(17:35) State-Level Bitcoin Legislation(27:58) Lawmakers' Evolving Understanding of Bitcoin(31:00) Ads (Namada & Ledger)(34:20) Bipartisanship and Democrat Party Restructuring(44:55) Ads (Desk & Morpho)(45:50) Stablecoin Legislation and Market Structure(50:20) Importance of Bitcoin Rights(55:10) 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.

The chat centers on the tumultuous crypto market and the influence of major players like Citadel and Bank of America. Experts dive into the resurgence of fundamental principles and the promising future of stablecoins as bank alternatives. They tackle pressing issues such as the Bybit hack, security concerns, and the evolving nature of DeFi protocols. Differences in regulatory approaches are examined, alongside innovative strategies that highlight the competitive landscape among stablecoins. Humor and anecdotes keep the conversation engaging while exploring serious topics.

Proph3t, a member of MetaDAO and a pioneer in Futarchy development, discusses the revolutionary concept of using market mechanisms for decision-making. They explore the delicate balance between prediction markets and Futarchy, addressing manipulation concerns and liquidity's crucial role. Historical criticisms highlight the challenges of implementing Futarchy in decentralized governance. Proph3t also provides insights into MetaDAO's mission, aiming to enhance decision-making and capital efficiency in the crypto landscape.

Discover the exciting dual token model of Berachain and its innovative liquidity mechanisms. Learn how stablecoins are catalyzing institutional adoption in DeFi and the implications of tokenomics in the crypto landscape. Smokey discusses the unique role of HONEY in unifying liquidity and the evolving nature of decentralized finance strategies. Hear about the challenges and responsibilities faced by founders in building a thriving blockchain ecosystem and the visionary plans for Berachain's future.

Uma, co-founder of Succinct Labs and ZK technology expert, dives into the launch of Unichain and the intriguing economics of prover networks. They explore the major trust issues in crypto and how zero-knowledge proofs (ZKPs) can revolutionize efficiency and security. The discussion also covers innovative solutions like SP1, which simplifies ZK technology while tackling the complexities of blockchain dynamics. Additionally, Uma emphasizes the urgent need for authenticity in digital media as generative AI rises.

Austin Adams, founder of Whetstone Research, and Jesse Walden, founder of Variant, share their insights on the booming decentralized exchange (DEX) landscape. They discuss the evolution of automated market makers like Uniswap, emphasizing vertical integration to improve liquidity. The duo dives into the design of Doppler and its role in the market, highlighting challenges in token issuance and pricing dynamics. Additionally, they touch on innovative pricing mechanisms and the importance of security in DeFi, particularly with Uniswap's $15.5 million bug bounty.

This conversation features Hasu, a thought leader on liquid staking, and Konstantin Lomashuk, co-founder of Lido and Cyberfund, shedding light on Lido v3's transformative role. They dive into the evolution of liquid staking, discussing institutional needs and the new marketplace model. Key topics include the enhanced fungibility of stETH and Lido's architectural advancements focusing on decentralization and risk management. Their insights provide a comprehensive view of how Lido is addressing both regulatory challenges and institutional demands in the staking landscape.