Bell Curve The Rise of Real World Asset Vaults | Roundup
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Feb 27, 2026 They unpack the surge of vibe coding and how it mirrors past token booms. The conversation tracks the evolution of DeFi vaults, real-world asset looping, and vault value chains. They tackle distribution, curation, oracle and liquidation risks, and institutional adoption hurdles. Practical fixes like whitelists, dealer warehousing, and product design rounds out the talk.
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Solve Distribution Before Tokenizing Assets
- Prioritize solving demand and distribution before tokenizing supply.
- Myles warns advisors and custodians must get easy UX (one‑click custody) and liquidity features for mainstream adoption of vaults.
Value Chain Determines Who Captures Vault Value
- The vault value chain includes execution layer, lending/vault protocols, curators, issuers, and distribution (exchanges/wealth channels).
- Mike Ippolito notes Ethereum's critical mass now, but winners will be those owning distribution and trust like Bitwise or exchanges.
Distribution Owners Likely Win RWA Economics
- Exchanges, asset issuers (Securitize‑type), and incumbents with distribution are likely winners as RWAs scale.
- Xavier highlights Morpho growth and how exchanges funnel TVL into curators, concentrating economics with distributors.