Bell Curve 2025 Year in Review
Dec 26, 2025
Dive into a lively recap of 2025, spotlighting the year's biggest winners like prediction markets and exchanges, and the unfortunate losers in infrastructure and gaming. Discover the thrilling comeback stories of Euler and the ICO renaissance. The hosts dissect the most overhyped projects, critique the decline of crypto Twitter as a reliable source, and celebrate resilient projects dubbed 'cockroaches.' Don't miss insights on the best and worst calls of the year, as well as a teaser for the upcoming 2026 predictions!
AI Snips
Chapters
Transcript
Episode notes
User Scans Don't Guarantee Ecosystem Value
- Worldcoin's eyeball-orbiting onboarding raised huge market caps but may lack sticky ecosystem value beyond initial scans.
- Capital can overstate an ecosystem's product-market fit; user retention matters more than signups.
Stop Using Tokens As Free Marketing
- Avoid using tokens as a substitute for obvious cash expenses like marketing and salaries.
- Pay real cash for growth to force discipline and preserve token value and long-term reflexivity.
On-Chain Asset Management Emerged
- Athena (and USDE) pioneered on-chain non-custodial asset management and attracted massive TVL quickly.
- Token-driven vaults showed how composable strategies can scale into a new asset-management category.