Deep Dive: DeFi Yield Sources | Guy & Sam

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. Thanks for tuning in! -- 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. -- Uniswap Labs is running a $15.5 million bug bounty for critical bugs found in Uniswap v4, the largest bug bounty crypto has ever seen! This bug bounty follows nine independent audits of the protocol, and aims to make it one of the most rigorously reviewed codebases ever deployed to Ethereum. You’ll find all the information you need about the bug bounty, from eligibility and scope to, of course, details about rewards and prize payouts in the following link: https://v4.uniswap.org/?utm_medium=podcast&utm_source=bellcurve&utm_campaign=11-24-v4 -- Morpho is a permissionless lending platform that allows anyone to earn yield and borrow assets on your terms. Its flexible, trustless infrastructure also empowers developers and businesses to build and tailor their own financial products. Whether you're an individual, fund, fintech, or institution, Morpho is for you. Try Morpho today: https://app.morpho.org/?network=mainnet&spdl=99nsk9 -- Join us at DAS NYC 2025!  Use code BELL10 for a 10% discount: https://blockworks.co/event/digital-asset-summit-2025-new-york -- Follow Spark: https://x.com/sparkdotfi Follow Ethena: https://x.com/ethena_labs Follow Sam: https://x.com/hexonaut Follow Guy: https://x.com/leptokurtic_  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 (1:16) 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.