Bell Curve

Gold hits all-time highs, triggering discussion on its implications for Bitcoin and the broader crypto market. The podcast dives into institutional adoption of crypto, revealing how bankers are shifting toward recommending crypto allocations. Stablecoins are explored as transformative tools for finance, while the hosts analyze significant market liquidations and lessons learned from DeFi versus CeFi dynamics. They also touch upon prediction markets and the evolving landscape of tokenized financial systems.

Dive into the intriguing world of Bitcoin as the hosts explore its seasonal trends and the potential for a strong Q4. They also compare venture capital flows in crypto versus AI, highlighting where the money is pouring in. The discussion takes a turn to Flying Tulip's innovative $200M seed structure and its capital mechanics. Plus, insights into Keel's debut on Solana and Stripe's new tools for bespoke stablecoins. Finally, they analyze Cloudflare's NET Dollar and its implications for internet payments.

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.

Pranav Raval, Head of Core Infrastructure at Aptos Labs, dives into Shelby, a groundbreaking decentralized hot storage network. He reveals how Shelby can monetize data reads and support applications in streaming, advertising, and AI. Pranav discusses its architecture, including cross-chain integration and unique creator economy opportunities like proof-of-revenue and creator tokens. With Shelby positioned as a key coordination layer for data-driven apps, he paints an exciting picture of the future of decentralized infrastructure.

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.

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.

The podcast dives into the launch of GPT-5 and its potential impact on consumer interest. It discusses Trump's plans to incorporate crypto into 401(k)s, stirring excitement in the investment landscape. Ethereum's bullish revival is highlighted, fueled by influential predictions and institutional interest. The interplay between AI advancements and the crypto market is explored, alongside fiscal policy shifts and employment data revisions. The dynamic world of DeFi and innovative financial products showcases the evolving landscape of cryptocurrencies.

Duncan from Flood Capital, a leading figure in the crypto space, teams up with Rittenhouse Research to discuss Galaxy's promising business model. They highlight Galaxy’s unique position at the intersection of AI, crypto, and data centers, and how it's navigating challenges in the sector. The conversation dives into financial strategies, including Galaxy's impressive cash reserves and institutional focus. They also explore the complexities of AI infrastructure and outline significant lease agreements that could drive future growth while positioning Galaxy as a potential leader in the market.

Sid Powell, CEO and Co-Founder of Maple Finance, shares insights into the evolving crypto credit landscape. He discusses the implications of the SEC’s Project Crypto on DeFi, emphasizing a positive shift for U.S. investors. The conversation delves into institutional interest in crypto, the transformation of lending practices, and Bitcoin's role as a stable asset. Powell highlights the rise of yield-bearing stablecoins and the necessity for regulatory clarity to foster innovation in decentralized finance.

Jens Nordvig, PhD Economist and founder of Exante Data, dives into the evolving macro landscape and the pressing issues facing the Federal Reserve. He discusses how waning Fed independence is impacting inflation expectations and the U.S. dollar's declining strength. Jens highlights the 'EMification' of the U.S. economy and the ramifications of tariffs and geopolitical tensions on market behavior. He also analyzes central banks' moves towards de-dollarization and the implications for global investment strategies. Insightful and thought-provoking!