Bell Curve is taking a short summer break while the team recharges and enjoys some vacation time. We’ll be back with brand new episodes in September on our usual schedule. In the meantime, we didn’t want to leave you hanging, so we’ve pulled together some of our favorite conversations from past episodes — the moments you loved, and the ones worth hearing again. Enjoy the highlights, and we’ll see you in September with fresh content! -- Resources Hyperliquid’s Bold Vision For DeFi: https://youtu.be/xHGKv0Cx7ao How Bitcoin Prepared Us For the Memecoin Era: https://youtu.be/ITQE2a8hZZg Everything You Need to Know About Crypto Treasury Companies:https://youtu.be/DxyEE_G_3Wk Entering Ethereum’s New Era: https://youtu.be/P1GjDXrE-OQ -- Katana is a DeFi-first chain built for deep liquidity and real yield, by redirecting chain revenue back to active DeFi users. The 1 billion KAT campaign is live. Bridge and deposit directly into vaults in one simple click and start earning immediately on your ETH, BTC, USDC, and more.  Go to app.katana.network to check it out.  -- EigenLayer just launched EigenCloud - the infrastructure powering crypto's "cloud era." Like AWS transformed the internet, EigenCloud gives any developer cloud-grade programmability with crypto-grade verifiability. EIGEN stakers earn from the entire verifiable economy flywheel. Follow @eigenlayer on X to learn more. This is not financial advice.  Investing in blockchain-based assets like the EIGEN token involves significant risk, including the potential loss of your entire investment. By participating, you are agreeing to EigenCloud’s terms and conditions apply. -- Crypto’s premiere institutional conference returns to London in October 2025. Use code BELL100 for £100 off at checkout: https://blockworks.co/event/digital-asset-summit-2025-london -- Follow Michael: https://twitter.com/im_manderson Follow Vance: https://twitter.com/pythianism 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 -- Timestamps: (0:00) Introduction (0:58) Hyperliquid’s Bold Vision For DeFi (13:33) Ads (Katana & Eigen) (14:27) How Bitcoin Prepared Us For the Memecoin Era (24:49) Ads (Katana & Eigen) (26:23) Everything You Need to Know About Crypto Treasury Companies (34:23) Entering Ethereum’s New Era -- 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.

In this week’s Roundup, we discuss the release of GPT-5, Trump’s Fed Governor appointment and macro policy shifts, Trump’s executive order to ease the path for private assets and crypto to be included in 401(k)s, Ethereum's institutional momentum, and emerging DeFi yield structures. Thanks for tuning in! -- Katana is a DeFi-first chain built for deep liquidity and real yield, by redirecting chain revenue back to active DeFi users. The 1 billion KAT campaign is live. Bridge and deposit directly into vaults in one simple click and start earning immediately on your ETH, BTC, USDC, and more.  Go to app.katana.network to check it out.  -- EigenLayer just launched EigenCloud - the infrastructure powering crypto's "cloud era." Like AWS transformed the internet, EigenCloud gives any developer cloud-grade programmability with crypto-grade verifiability. EIGEN stakers earn from the entire verifiable economy flywheel. Follow @eigenlayer on X to learn more. This is not financial advice.  Investing in blockchain-based assets like the EIGEN token involves significant risk, including the potential loss of your entire investment. By participating, you are agreeing to EigenCloud’s terms and conditions apply. -- Follow Michael: https://twitter.com/im_manderson Follow Vance: https://twitter.com/pythianism 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 -- Timestamps: (0:00) Introduction (1:33) OpenAI Releases GBT-5 (12:47) Ads (Katana & Eigen) (13:41) Trump Appoints Stephen Miran as Fed Governor (19:48) Trump's 401k Exacutive Order (32:44) Ads (Katana & Eigen) (34:18) Tom Lee's Bullish Saga Continues (45:41) DeFi Catalysts -- 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.

Gm! This week, Duncan and Matt join Yano to dive into Galaxy’s unique business model and how it’s perfectly positioned for the AI, crypto and datacenter narratives as we move into the future.  -- Arkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information.  Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks  Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding. -- Start your day with crypto news, analysis and data from Katherine Ross. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts -- Follow Rittenhouse Research: https://x.com/RHouseResearch Follow Duncan: https://x.com/FloodCapital Follow Jason: https://x.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod -- Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh -- Timestamps: (0:00) Introduction (2:33) Unpacking Galaxy (6:37) Bitcoin Mining (14:05) Crypto Business (16:05) Arkham Ad (16:30) Galaxy’s Products (23:41) Goldman Sachs’ Valuation (30:57) Data Center Business (41:37) Arkham Ad (42:18) Galaxy’s Business Evolution (51:46) Economics Explored (59:13) Data Center Developments (1:11:12) Challenges (1:24:01) GLXY Stock Analysis -- Disclaimer: Nothing said on Empire 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. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode, we’re joined by Maple Finance CEO and Co-Founder, Sid Powell, to discuss the evolving crypto credit landscape. We dive into the SEC’s Project Crypto initiative, institutional demand, structural shifts in DeFi lending post-Genesis, the rise of yield-bearing stablecoins, market indicators of leverage buildup, and the path toward DeFi 2.0 with improved transparency, regulation, and scalability. Thanks for tuning in! -- Katana is a DeFi-first chain built for deep liquidity and real yield, by redirecting chain revenue back to active DeFi users. The 1 billion KAT campaign is live. Bridge and deposit directly into vaults in one simple click and start earning immediately on your ETH, BTC, USDC, and more.  Go to app.katana.network to check it out.  -- EigenLayer just launched EigenCloud - the infrastructure powering crypto's "cloud era." Like AWS transformed the internet, EigenCloud gives any developer cloud-grade programmability with crypto-grade verifiability. EIGEN stakers earn from the entire verifiable economy flywheel. Follow @eigenlayer on X to learn more. This is not financial advice.  Investing in blockchain-based assets like the EIGEN token involves significant risk, including the potential loss of your entire investment. By participating, you are agreeing to EigenCloud’s terms and conditions apply. -- Follow Sid: https://x.com/syrupsid Follow Michael: https://twitter.com/im_manderson Follow Vance: https://twitter.com/pythianism 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 -- Timestamps: (0:00) Introduction (2:23) SEC Launches Project Crypto (7:20) Institutional Demand (9:58) Ads (Katana & Eigen) (10:52) The Lending Landscape Today (17:58) Borrowing to Short (21:03) Centralized Lenders (23:15) What is DeFi 2.0? (27:17) Ads (Katana & Eigen) (28:50) Crypto's Origination Landscape (35:14) Lending Flow (40:27) Regulatory Hurdles (42:39) Growth Vectors (50:21) Potential Market Convergence (57:08) Where is Leverage Building Up? (1:04:08) Checking Market Health -- 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.

In this episode, PhD Economist Jens Nordvig breaks down the evolving macro environment marked by waning Fed independence, shifting capital flows, and a weakening U.S. dollar. He explains how tariff shocks, long-end bond dynamics, and geopolitical tensions are reshaping global investment behavior and challenging the traditional safe-haven role of U.S. assets. Jens also outlines the structural phases of de-dollarization, central bank reserve diversification, and how these factors may signal a long-term dollar downtrend. Enjoy! -- Katana is a DeFi-first chain built for deep liquidity and real yield, by redirecting chain revenue back to active DeFi users. The 1 billion KAT campaign is live. Bridge and deposit directly into vaults in one simple click and start earning immediately on your ETH, BTC, USDC, and more.  Go to app.katana.network to check it out.  -- EigenLayer just launched EigenCloud - the infrastructure powering crypto's "cloud era." Like AWS transformed the internet, EigenCloud gives any developer cloud-grade programmability with crypto-grade verifiability. EIGEN stakers earn from the entire verifiable economy flywheel. Follow @eigenlayer on X to learn more. This is not financial advice.  Investing in blockchain-based assets like the EIGEN token involves significant risk, including the potential loss of your entire investment. By participating, you are agreeing to EigenCloud’s terms and conditions apply. -- Follow Jens: https://x.com/jnordvig Follow Felix: https://x.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance -- Timestamps: (0:00) Introduction (3:21) Unpacking the Current Regime (7:43) US Macro Overview (8:18) Ads (Katana & Eigen) (9:15) US Macro Overview (13:44) FX & Dollar Hedging (18:55) Tariff Impact on Capital Flows (24:55) Diversifying Central Bank Reserves (28:56) What’s Holding Up the Dollar? (29:38) Ads (Katana & Eigen) (31:12) What’s Holding Up the Dollar? (36:02) Un-anchoring Inflation Expectations (41:04) Bond Yields, Fiscal & the Fed (48:10) US Growth & Investment (50:03) Fed Cut Expectations (51:58) Tariff Threat Overstated? -- Disclaimer: Nothing said on Forward Guidance 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 opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

In this episode, we’re joined by Bitwise’s Head of Alpha Strategies, Jeff Park! We explore the financial engineering behind Bitcoin treasury companies, focusing on Michael Saylor’s capital structure innovations. We discuss convertible debt, preferred equity, market demand dynamics, options chains, in-kind contributions, tax and regulatory implications, and the sustainability of these treasury vehicles. Thanks for tuning in! -- Arkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information.  Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks  Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding.  -- EigenLayer just launched EigenCloud - the infrastructure powering crypto's "cloud era." Like AWS transformed the internet, EigenCloud gives any developer cloud-grade programmability with crypto-grade verifiability. EIGEN stakers earn from the entire verifiable economy flywheel. Follow @eigenlayer on X to learn more. This is not financial advice.  Investing in blockchain-based assets like the EIGEN token involves significant risk, including the potential loss of your entire investment. By participating, you are agreeing to EigenCloud’s terms and conditions apply. -- Follow Jeff: https://x.com/dgt10011 Follow Michael: https://twitter.com/im_manderson Follow Vance: https://twitter.com/pythianism 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 -- Timestamps: (0:00) Introduction (1:49) The Convertible Debt Market (9:44) Preferred Shares vs Converts (12:19) Ads (Arkham & Eigen) (13:10) The Demand Side (21:35) How is Saylor's Strategy Possible? (30:47) Ads (Arkham & Eigen) (32:24) What Is The Investment Bank's Role? (37:45) Bitcoin Treasury Companies Abroad (45:38) What Are Treasury Companies Allowed To Do Onchain? (48:29) Treasury Company Financial Metrics (51:44) The Best Path For Ethereum Treasury Companies (56:56) Bitmine's Options Chain (1:00:05) The Impact of In-kind Contributions (1:03:56) The Doom Loop (1:08:35) Comparing Treasury Vehicles and GBTC (1:11:47) How Do Treasury Companies Impact Demand? -- 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.

Gm! This week, Rebecca Rettig and Alexander Grieve join Jason to unpack the successful crypto week and the 3 pieces of legislation that have passed and will now impact the way stablecoins and crypto move forward in the US landscape.  -- Katana is a DeFi-first chain built for deep liquidity and real yield, by redirecting chain revenue back to active DeFi users. The 1 billion KAT campaign is live. Bridge and deposit directly into vaults in one simple click and start earning immediately on your ETH, BTC, USDC, and more.  Go to app.katana.network to check it out.  -- EigenLayer just launched EigenCloud - the infrastructure powering crypto's "cloud era." Like AWS transformed the internet, EigenCloud gives any developer cloud-grade programmability with crypto-grade verifiability. EIGEN stakers earn from the entire verifiable economy flywheel. Follow @eigenlayer on X to learn more. This is not financial advice.  Investing in blockchain-based assets like the EIGEN token involves significant risk, including the potential loss of your entire investment. By participating, you are agreeing to EigenCloud’s terms and conditions apply. -- 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 -- Start your day with crypto news, analysis and data from Katherine Ross. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts -- Follow Alex: https://x.com/AlexanderGrieve Follow Rebecca: https://x.com/RebeccaRettig1 Follow Jason: https://x.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod -- Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh -- Timestamps: (0:00) Introduction (1:38) Crypto Week Breakdown (6:01) GENIUS Act (26:03) Ads (Katana & Eigen) (26:57) CLARITY Act (37:36) CLARITY Act + ICOs (41:46) Ads (Katana & Eigen) (43:20) CLARITY Act + DeFi (54:01) Citrea Ad (54:37) ANTI-CBDC Act (58:11) Impacts Of These Bills (1:01:19) Biggest Debates On Bills -- Disclaimer: Nothing said on Empire 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. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode, Mippo and Vance discuss Ethereum’s resurgence driven by institutional inflows, and stablecoin adoption. They also dive into the PUMP ICO, its market positioning, and consumer platform potential. Finally, they cover regulatory developments, including the CLARITY and GENIUS Acts, and Coinbase’s wallet rebrand. Enjoy! -- Arkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information.  Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks  Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding.  -- EigenLayer just launched EigenCloud - the infrastructure powering crypto's "cloud era." Like AWS transformed the internet, EigenCloud gives any developer cloud-grade programmability with crypto-grade verifiability. EIGEN stakers earn from the entire verifiable economy flywheel. Follow @eigenlayer on X to learn more. This is not financial advice.  Investing in blockchain-based assets like the EIGEN token involves significant risk, including the potential loss of your entire investment. By participating, you are agreeing to EigenCloud’s terms and conditions apply. -- Follow Michael: https://twitter.com/im_manderson Follow Vance: https://twitter.com/pythianism 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 -- Timestamps: (0:00) Introduction (2:00) Ethereum's Massive Shift (14:01) Ads (Arkham & Eigen) (14:52) The PUMP ICO (26:11) PumpFun's Buyback & Outlook (34:26) Ads (Arkham & Eigen) (36:03) The CLARITY Act Passes (41:59) Coinbase's Rebrand and Next Steps (54:56) The GENIUS Act Passes (56:21) Robert Leshner's Treasury Company -- 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.

Gm! Ben Forman and Josh Solesbury from ParaFi Capital join Yano for this episode to dive into all the details, developments, the good and the bad and the future for publicly traded crypto vehicles! -- Katana is a DeFi-first chain built for deep liquidity and high yield. No empty emissions, just real yield and sequencer fees routed back to DeFi users.  Pre-deposit now: Earn high APRs with Turtle Club https://app.turtle.club/campaigns/katana or spin the wheel with Katana Krates https://app.katana.network/krates -- 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 -- Start your day with crypto news, analysis and data from Katherine Ross. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts -- Follow Josh: https://x.com/joshsolesbury Follow Jason: https://x.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod -- Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh -- Timestamps: (0:00) Introduction (1:53) Parafi Investor Letter (2:41) Digital Asset Treasuries Overview Today (10:03) Katana Ad (10:24) Why Q2 + Q3 For Public Crypto (15:36) Largest Convertible Issuer (22:18) Scale of Public Crypto Treasury Vehicles (23:49) Katana Ad (24:22) Green Flags To Launch A Treasury Company (37:10) Reputational Risks (40:38) Why don't Treasury vehicles Impact native token price action (48:35) Citrea Ad (49:11) Crypto Treasury Vehicles For Top 50 (56:13) Low Capital Market Crypto Liquidity (58:33) Top Signals (1:05:20) The End Game -- Disclaimer: Nothing said on Empire 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. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode, Mippo dives into Pump’s token launch and competitive pressures in the launchpad space, Robinhood’s onchain stock derivatives and Arbitrum-based L2 plans, and the prediction market controversy surrounding Zelensky’s attire.Thanks for tuning in! -- Resources Pump’s TGE & Launchpad Wars: https://x.com/_ryanrconnor/status/1943348190381543769 -- Arkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information.  Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks  Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding.  -- EigenLayer just launched EigenCloud - the infrastructure powering crypto's "cloud era." Like AWS transformed the internet, EigenCloud gives any developer cloud-grade programmability with crypto-grade verifiability. EIGEN stakers earn from the entire verifiable economy flywheel. Follow @eigenlayer on X to learn more. This is not financial advice.  Investing in blockchain-based assets like the EIGEN token involves significant risk, including the potential loss of your entire investment. By participating, you are agreeing to EigenCloud’s terms and conditions apply. -- Follow Michael: https://twitter.com/im_manderson Follow Vance: https://twitter.com/pythianism 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 -- Timestamps: (0:00) Introduction (2:46) Pump's TGE & Launchpad Wars (13:51) Ads (Arkham & Eigen) (14:42) Robinhood's Onchain Stocks & Arbitrum L2 (25:17) Ads (Arkham & Eigen) (26:53) Thoughts on Suitgate -- 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.

In this episode, we went live from Permissionless with Eugene Chen, Co-founder and CEO of Ellipsis Labs, and Merlin Egalite, Co-founder of Morpho, to explore the resurgence of DeFi activity in the U.S. driven by emerging regulatory clarity around stablecoins and market structure. We also discuss U.S. dollar dominance in stablecoins, institutional adoption, the role of front-end regulation, real-world asset tokenization, and the potential for global financial systems to move onchain. Thanks for tuning in! -- Katana is a DeFi-first chain built for deep liquidity and high yield. No empty emissions, just real yield and sequencer fees routed back to DeFi users.  Pre-deposit now: Earn high APRs with Turtle Club https://app.turtle.club/campaigns/katana or spin the wheel with Katana Krates https://app.katana.network/krates -- 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. -- 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 -- Follow Eugene: https://x.com/0xShitTrader Follow Merlin: https://x.com/MerlinEgalite 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 -- Timestamps: (0:00) Introduction (2:39) American DeFi (5:56) Stablecoin Regulation and Its Impact on DeFi (11:14) Ads (Katana & Ledger) (11:53) Serving US Users and Regulatory Compliance (23:49) Ads (Katana & Ledger) (24:57) Will DeFi Front Ends Be Targeted By Regulation? (29:59) Bringing RWAs Onchain (39:25) Citrea Ad (40:01) The 5 Year Vision 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.

In this episode, Jon Charbonneau of DBA joined us at Permissionless to discuss regulatory arbitrage in crypto, challenges around decentralization, and the evolving role of L2s. We also explore opportunities in prediction markets, memecoins, and modular lending. Finally, we touch on investment trends, talent pools, and institutional adoption across ecosystems like Solana, Base, Monad, and Hyperliquid.Thanks for tuning in! As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice. -- Arkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information.  Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks  Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding.  -- Follow Jon: https://x.com/jon_charb Follow Carlos: https://x.com/0xcarlosg Follow Danny: https://x.com/defi_kay_ Follow Boccaccio: https://x.com/salveboccaccio Follow Blockworks Research: https://x.com/blockworksres Subscribe on YouTube: https://bit.ly/3foDS38 Subscribe on Apple: https://apple.co/3SNhUEt Subscribe on Spotify: https://spoti.fi/3NlP1hA Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ Join the 0xResearch Telegram group: https://t.me/+z0H6y2bS-dllODVh -- Timestamps: (0:00) Introduction (1:59) Regulatory Arbitrage In Crypto (7:20) Degrees of Decentralization (12:43) Arkham Ad (13:09) Switching Costs (16:02) Who Owns the User? (19:17) Monad vs MegaETH (22:49) Crypto's Next Breakout App (30:08) Arkham Ad (30:49) Crypto's Talent Pool (34:44) Navigating the Liquid Markets (40:27) Who Benefits From TradFi Entering Crypto? (46:48) Has Base Been Successful? (49:25) Where Are New Apps Deploying? -- Check out Blockworks Research today! Research, data, governance, tokenomics, and models – now, all in one place Blockworks Research: https://www.blockworksresearch.com/ Free Daily Newsletter: https://blockworks.co/newsletter -- Disclaimer: Nothing said on 0xResearch 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. Boccaccio, Danny, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode, we went live from Permissionless with David Hoffman and Hayden Adams to discuss Uniswap’s evolution from V1 to V4 and the development of Unichain. We dive into Uniswap’s full-stack approach, MEV minimization strategies, competition with centralized platforms, and the future of  the Uniswap wallet. Thanks for tuning in! -- Katana is a DeFi-first chain built for deep liquidity and high yield. No empty emissions, just real yield and sequencer fees routed back to DeFi users.  Pre-deposit now: Earn high APRs with Turtle Club https://app.turtle.club/campaigns/katana or spin the wheel with Katana Krates https://app.katana.network/krates -- 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 -- Follow Hayden: https://x.com/haydenzadams Follow David: https://x.com/TrustlessState 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) Introduction (1:08) Uniswap's Value Proposition (6:21) Katana Ad (6:42) What Can DeFi Do For TradFi? (12:30) Ads (Katana & Citrea) (13:32) Handling MEV (21:38) The Future of Uniswap Wallet -- 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.

To recap Permissionless, we got the hosts from 0xResearch, Forward Guidance, Lightspeed, and Supply Shock together to discuss their thoughts from the conference, and what they are excited about going forward. Enjoy! -- Follow Boccaccio: https://x.com/salveboccaccio Follow Danny: https://x.com/defi_kay_ Follow Rizzo: https://x.com/pete_rizzo_ Follow Felix: https://x.com/fejau_inc Follow Jack: https://x.com/whosknave 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) Introduction (1:16) Permissionless IV Takeaways (7:19) Big Industry Narrartives & Themes (12:21) Stablecoins’ Future (18:03) Macro Outlook (21:04) Big Tech Overloads (28:54) Predictions We Made That Were Wrong -- 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.

This crossover episode is coming to you LIVE from Permissionless! Michael, Santi, Mippo, and Jason discuss the growth of prediction markets, crypto’s own “Magnificent 7” forming, Bitcoin’s dominance, and stablecoins going mainstream. Thanks for tuning in! -- Arkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information.  Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks  Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding.  -- 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. -- Follow Santi: https://x.com/santiagoroel Follow Michael: https://twitter.com/im_manderson Follow Jason: https://x.com/JasonYanowitz 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 -- Timestamps: (0:00) Introduction (1:20) The Growth of Prediction Markets (4:05) Polymarket vs Kalshi's Business Models (9:25) Ads (Arkham & Ledger) (10:09) Is Crypto Forming Its Own Mag 7? (18:49) Global Capital Pools and the State of Venture (27:47) Bitcoin Dominance Is Up Only (33:44) Ads (Arkham & Ledger) (34:59) Verifiable Apps and the Effectiveness of the DAO (38:10) How to Play the Stablecoin Boom -- 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.

In this episode, we’re joined by Tarun from Gauntlet, and Adrian from Steakhouse, to dive into the emerging role of risk curators in DeFi. We cover the evolution of curator models, incentive structures, fixed-rate lending via Morpho v2, market design trade-offs, institutional adoption, and future opportunities for specialized lending infrastructure. Thanks for tuning in! -- Katana is a DeFi-first chain built for deep liquidity and high yield. No empty emissions, just real yield and sequencer fees routed back to DeFi users.  Pre-deposit now: Earn high APRs with Turtle Club https://app.turtle.club/campaigns/katana or spin the wheel with Katana Krates https://app.katana.network/krates -- 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. -- 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 -- Follow Adrian: https://x.com/adcv_ Follow Tarun: https://x.com/tarunchitra 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 -- Timestamps: (0:00) Introduction (1:46) The Role of a Risk Curator (9:28) Ads (Katana & Ledger) (10:07) Incentive Structures as a Risk Provider (19:52) Providing Liquidity Onchain (24:15) Ads (Katana & Ledger) (25:23) Morpho v2's Impact (44:28) Citrea Ad (45:04) The Institutional Side of Curation (55:07) Specialized Lending (1:08:29) The Evolution of Risk Curation (1:18:51) Outro -- 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.

In this episode, we discuss the current macro volatility, the GENIUS Act and CRCL’s price surge, and “alt season” narratives shifting to public markets. We also cover token unlock dynamics, JP Morgan’s stablecoin plans, and the emerging utility of prediction markets. Thanks for tuning in! -- Arkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information.  Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks  Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding.  -- 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 Michael: https://twitter.com/im_manderson Follow Vance: https://twitter.com/pythianism 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 -- Timestamps: (0:00) Introduction (3:39) Market Sentiment (11:39) Arkham Ad (12:05) The GENIUS Act Passes Senate Vote (15:30) Crypto IPOs & Alt Season (24:49) Arkham Ad (25:30) The State of Crypto Infrastructure (43:53) JP Morgan Launches Pilot For JPMD (51:05) Prediction Markets -- 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.

On this episode, Yano is joined by Dan Smith of Blockworks Research, Felipe Montealegre of Theia Research and Louis T of L1D to publicly launch a brand new, industry leading Token Transparency Framework that will move the entire industry forward! -- Learn more here - https://blockworks.co/token-transparency -- Start your day with crypto news, analysis and data from Katherine Ross. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts -- Follow Felipe - https://x.com/TheiaResearch Follow Louis - https://x.com/0xLouisT Follow Dan: https://x.com/smyyguy Follow Jason: https://x.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod -- Timestamps: (0:00) Token Transparency (2:47) The Token Market & Lemons (12:02) Equity vs Token Risk (14:40) Structural Token Issues (17:34) How Did We Get Here? (23:19) Token Horror Stories (32:12) Token Launches (57:12) Best Case Scenario (1:03:00) Impact On Token Prices -- Disclaimer: Nothing said on Empire 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. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode, we’re joined by Paul Frambot, Co-founder and CEO of Morpho Labs to discuss Morpho V2! We dive into Morpho V2’s architecture, MEV implications for the new design, and the curator market. We also cover stablecoin demand, and the potential for building an onchain yield curve.Thanks for tuning in! -- Resources Morpho - Ushering in DeFi’s Next Era: https://youtu.be/smvV7Ax3bdE Morpho V2: Liberating the Potential of Onchain Loans: https://morpho.org/blog/morpho-v2-liberating-the-potential-of-onchain-loans/ -- Katana is a DeFi-first chain built for deep liquidity and high yield. No empty emissions, just real yield and sequencer fees routed back to DeFi users.  Pre-deposit now: Earn high APRs with Turtle Club https://app.turtle.club/campaigns/katana or spin the wheel with Katana Krates https://app.katana.network/krates -- 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. -- 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 -- Grab your tickets to Permissionless IV. Use code BELL10 for 10% off: https://blockworks.co/event/permissionless-iv -- Follow Paul: https://x.com/PaulFrambot 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 -- Timestamps: (0:00) Introduction (1:20) Overview of Morpho (3:48) Why Hasn't Fixed Rate Lending Taken Off? (8:41) Borrower UX (12:03) Ads (Katana & Ledger) (12:42) Behind the Scenes of Fixed Rates (16:17) Improvements Made in Morpho v2 (20:15) Design Tradeoffs (29:36) Ads (Katana & Ledger) (30:44) MEV Implications (36:00) Term Preferences (44:25) Citrea Ad (45:00) The Curator Market (56:53) Vertical Integration Strategy (1:00:28) Stablecoin Demand (1:03:03) Building an Onchain Yield Curve -- 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.

In this episode, we discuss Plasma’s token sale, and whether USDT supply on Tron will migrate to Plasma. We also unpack Morpho’s efforts to align token vs equity incentives. Finally, we dive into what products we are currently interested in and trying out. Thanks for tuning in! As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice. Resources Building the Future of Global Payments: https://youtu.be/8Zd_MTSFojQ?feature=shared Axiom: Breaking Open the Trading Bot Market: https://x.com/defi_kay_/status/1920154686642139474 – Arkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information.  Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks  Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding.  – 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 Carlos: https://x.com/0xcarlosg Follow Boccaccio: https://x.com/salveboccaccio Follow Danny: https://x.com/defi_kay_ Follow Blockworks Research: https://x.com/blockworksres Subscribe on YouTube: https://bit.ly/3foDS38 Subscribe on Apple: https://apple.co/3SNhUEt Subscribe on Spotify: https://spoti.fi/3NlP1hA Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ Join the 0xResearch Telegram group: https://t.me/+z0H6y2bS-dllODVh – Timestamps: (0:00) Introduction (3:26) Plasma's XPL Token Sale (12:48) Arkham Ad (13:14) Will Tron's USDT Supply Migrate to Plasma? (29:50) Arkham Ad (30:30) Morpho's Token Announcement (40:49) What New Products Are We Checking Out? (56:34) Come to Permissionless – 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.