In this episode, Guy Young and Sam MacPherson joined us to discuss the sources of yield in DeFi! We covered the current yield sources today, how these change across cycles, and the growth of RWAs. Additionally, we unpacked the stablecoin market today, the market share of yield-bearing stablecoins, and the relationship between Ethena and Spark. Finally, we discussed American DeFi, and Ethena’s roadmap.

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Timestamps:

(0:00) Introduction

(1:16) Yield Sources in DeFi

(8:18) How Will Yield Sources Change Across Cycles?

(11:20) Ledger Ad

(11:38) Yield Indicators

(13:56) RWA Growth

(20:24) The Ethena x Spark Relationship

(30:33) Ledger Ad

(31:08) The Stablecoin Market

(41:01) Yield-Bearing Stablecoin Market Share

(48:19) Ads (Uniswap and Morpho)

(49:42) American DeFi

(53:26) The Trump Memecoin

(54:59) Ethena's Roadmap

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.