
Bell Curve
Bell Curve breaks down the most important themes in crypto for people who, like us, are confined to the middle of the bell curve. Each season explores a different thesis that we'll test and refine through debate with crypto's best. If you're a crypto native, degen or investooor, this podcast is for you.Subscribe 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
Latest episodes

36 snips
May 6, 2025 • 1h 38min
DeFi’s Value Proposition | Robert Leshner & Hasu | S9 E2
In this discussion, Hasu, a crypto researcher and strategist, joins Robert Leshner, CEO of Superstate, to delve into the evolution of decentralized finance (DeFi). They explore the trend of vertical integration within protocols like Aave and MakerDAO. The duo dives into the complexities of stablecoins and their economic implications, especially in shifting banking paradigms. Their insights on the future of DeFi, including real-world asset integration and innovative stablecoin designs, shed light on the transformative potential of the blockchain landscape.

15 snips
May 2, 2025 • 54min
The US Treasury’s Stablecoin Report, TradFi’s Crypto Adoption, and Ethereum’s New Era | Roundup
The discussion kicks off with insights on the U.S. Treasury’s stablecoin report and the supportive growth trends for stablecoins, aiming for a $2 trillion market. The revival of San Francisco’s tech scene post-COVID is highlighted, alongside the evolving relationship between traditional finance and crypto. Ripple's acquisition strategy is explored, emphasizing transparency challenges. With Ethereum's strategic repositioning and Vitalik's ground-breaking proposal, the conversation probes the future of blockchain dynamics against a backdrop of shifting market sentiments.

38 snips
Apr 29, 2025 • 1h 23min
DeFi’s Next Frontier: Institutional Capital Meets DeFi | monetsupply | S9 E1
In this episode, Bell Curve kicks off its new season with Mippo and monetsupply outlining the major DeFi themes they’ll be exploring. They dive into institutional adoption of DeFi, the increasing vertical integration by leading DeFi players, stablecoins and real-world assets, and the growing financialization of crypto, setting the stage for our best season yet! Thanks for tuning in!
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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/
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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.
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Citrea is the first zero-knowledge rollup to enhance the capabilities of Bitcoin blockspace and enable Bitcoin applications (₿apps). Citrea is optimistically verified by Bitcoin, offering the most Bitcoin-secured and native way to extend BTC’s utility to DeFi.
Learn more about Citrea: https://citrea.xyz/?utm_source=bellcurve&utm_medium=podcast&utm_campaign=website_promo
Follow Citrea on X/Twitter for the latest on its journey to mainnet: https://x.com/citrea_xyz
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Join us from June 24th-June 26th at Permissionless IV! Use Code BELL10 at checkout for 10% off!
Tickets: https://blockworks.co/event/permissionless-iv
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Follow MonetSupply: https://x.com/MonetSupply
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
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Timstamps:
(0:00) Introduction
(2:50) What's Exciting About DeFi Today?
(6:46) Fragmentation & Reaggregation in DeFi
(14:03) Ads (Namada & Ledger)
(14:37) Morpho vs Aave's Architecture
(18:44) Counterparty Risks With Modular Designs
(25:09) Vertical Integration in DeFi
(34:35) DeFi Outside of Ethereum's Ecosystem
(45:41) Ads (Namada & Ledger)
(46:51) RWAs and Stablecoins
(1:01:32) Citrea Ad
(1:02:01) The Financialization of DeFi
(1:12:50) How Does Stablecoin Growth Impact the L1?
(1:18:25) The Cold Start Problem
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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.

Apr 25, 2025 • 1h 5min
Zora and the Future of Crypto Media | Weekly Roundup
In this episode, Santi joins us to break down current crypto market sentiment, crypto valuation frameworks, and the evolving challenges of utilizing onchain data. We also debate Zora’s token launch, the future of creator economies, and whether crypto can disrupt traditional media and content platforms.Thanks for tuning in!
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Resources
Chopping Block - Is Bitcoin a Safe Haven?: https://open.spotify.com/episode/6n8HWZQ36S5rOoBMi9r6RO?si=viOVZTlGT2uYtBUU8fS-ew
Storm’s Data: https://x.com/notnotstorm/status/1915439259630317995
Vance’s Critique on Crypto Data: https://x.com/pythianism/status/1915435394663162231
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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
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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
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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!
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Missed DAS? Join us from June 24th-June 26th at Permissionless IV! Use Code BELL10 at checkout for 10% off!
Tickets: https://blockworks.co/event/permissionless-iv
--
Follow Santi: https://x.com/santiagoroel
Follow Mike: https://twitter.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
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Timestamps:
(0:00) Introduction
(4:35) How Do You Value Crypto Assets?
(15:39) Ads (Aptos & Marinade)
(16:07) Issues With Crypto's Data Analytics
(25:10) Ads (Aptos & Marinade)
(26:21) Stages of Growth For Companies
(34:45) Zora's Token Launch & Business Model
(49:01) Desk Ad
(49:26) Can Crypto Disrupt Traditional Media Platforms?
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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.

19 snips
Apr 22, 2025 • 49min
0xResearch Cross-Post: How Ethena is Redefining Digital Finance | Guy Young
Guy Young, Founder at Ethena Labs, shares valuable insights on the explosive growth of USDe and innovations like USDtb. He discusses bridging traditional finance with decentralized platforms and the unique strategies behind launching Converge and Ethereal. The conversation dives into the challenges of the saturated stablecoin market, emphasizing Ethena's commitment to higher returns. Young also explores digital derivatives and the resilience required in a volatile market, painting a picture of an evolving digital finance landscape.

Apr 18, 2025 • 1h 5min
Beyond the Hype: Crypto’s Next Phase | Roundup
In this discussion, crypto expert Vance from Empire shares insights into the current dynamics of the cryptocurrency market. He highlights the growing adoption of stablecoins and Bitcoin by long-term investors. The conversation delves into pressing issues like data transparency in crypto trading and the need for accurate financial reporting. Vance also speculates on the fascinating intersection of crypto and space exploration, pondering the implications of discovering potentially habitable exoplanets. It's a captivating blend of finance, technology, and futuristic themes!

Apr 15, 2025 • 1h 5min
0xResearch Cross-Post: Building the Future of Global Payments | Paul & Zaheer
Join Paul Faecks, Founder of Plasma, a groundbreaking blockchain project, and Zaheer from Split Capital as they delve into the exciting world of stablecoin infrastructure. They discuss Plasma's innovative solutions for improving transaction efficiency and combating spam. The conversation highlights the transformative potential of stablecoins in global finance and their ability to challenge traditional banking. They also explore the future of regulatory compliance and the evolving landscape of payment systems, emphasizing the need for reliable digital currencies.

6 snips
Apr 11, 2025 • 1h 7min
Crypto is the Last Truly Global Market | Roundup
The conversation delves into the global demand for stablecoins like Tether, juxtaposed with the limited interest in the U.S. market. It navigates the complexities of U.S.-China trade relations and the impact of tariffs, along with the implications of trade deficits on the weakening dollar. The potential of cryptocurrencies as a global solution to economic challenges is explored, alongside the evolving landscape of IPOs amid uncertainties in the crypto market. Lastly, advancements in AI and open-source technology's influence on cryptocurrency are examined.

Apr 9, 2025 • 1h 5min
Expansion Cross-Post: Arbitrum’s Future as a Digital Sovereign Nation | AJ Warner
In this discussion, AJ Warner, Chief Strategy Officer at Offchain Labs, shares his visionary concept of Arbitrum as a 'digital sovereign nation.' He dives into key distinctions between Layer 1 and Layer 2 blockchains, revealing how Arbitrum's unique governance can outperform traditional models. Warner explores innovative capital allocation strategies, likening L1s to Real Estate Investment Trusts and L2s to oil-rich nations. He paints a future rich with opportunities for decentralized governance and enhanced collaboration within the ecosystem.

15 snips
Apr 4, 2025 • 1h 5min
Stablecoins at Scale: Circle’s IPO, Stablecoin Legislation, and Competing With Banks | Roundup
The discussion kicks off with an analysis of how tariffs shape U.S. trade and market reactions, diving into past and present economic implications. The conversation shifts to Circle’s IPO and the potential of stablecoins, particularly USDC, to challenge traditional banking. Insights into the competitive landscape of regulated stablecoins reveal growth opportunities amidst evolving regulations. The episode wraps up with a look at crypto's super app revolution, touching on the challenges startups face in launching and integrating new tokens.
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