Bell Curve Ethereum’s Next Step, HYPE’s Token Supply, and Tether’s Big Raise | Roundup
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Sep 26, 2025 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.
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Founding Framework From A Basement
- Michael recounts early Framework work done from his parents' basement and porches.
- They built fund documents and accounting practices from scratch as staking and custody evolved.
Asset-Based Consumer Apps Will Follow Liquidity
- Low-risk DeFi could attract consumer apps over time because assets and liquidity will concentrate there.
- Blockchains purpose-built for value transfer likely become the default host for asset-based consumerization.
Authorized Supply Skews Token Valuations
- Hyperliquid has large authorized-but-unminted supply that skews FDV comparisons.
- The proposal seeks to treat unissued tokens like unissued shares, forcing clearer governance and hurdle rates for minting.