The Rise of Real World Asset Vaults | Roundup

**Myles** (0:00)
The reason we're doing this episode on looping is because you need a compelling product to put in front of those people. And looping might end up being that, because it is only possible to do with tokenized assets and native issuance on chain. It's just far more frictionless so you can create a better product.

**Mike** (0:22)
This episode is sponsored by Canton, the only public permissionless blockchain built for institutional finance.
We'll hear more from Canton later in the episode. Blockworks Digital Asset Summit is back in New York March 24th through 26th. We'll have top speakers from leading asset managers, financial institutions, DeFi protocols, crypto companies and policy makers all under one roof. Think BlackRock, Coinbase, Robinhood and more. Follow the link in today's show notes to buy tickets and make sure to use code Bell200 for $200 off at checkout. See you there. Hey everyone, quick disclaimer before we get into today's episode. Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and the views expressed by anyone on the show are solely our opinions, not financial advice. Our guests and I may hold positions in the company's funds or projects discussed.

**Xavier** (1:14)
All right, everyone.

**Mike** (1:15)
Welcome back to another episode of Bell Curve. You got me, Myles Zafe.

**SPEAKER_4** (1:20)
Guys, how are we doing?

**Myles** (1:23)
Great to be back.

**Xavier** (1:24)
Good day, everyone.

**Mike** (1:27)
Myles, how's the new house for you?

**Myles** (1:29)
It's amazing. I don't know if I was just extremely excited about my treadmill getting here, which by the way, like it's amazing. I paid gym membership fees for so long and I would basically just go and use the treadmill. Like it was pathetic.

**Mike** (1:46)
I was going to say, is this an aspirational treadmill? Is this an aspirational gift to yourself or is this something that's good?

**Myles** (1:53)
I mean, it's not like New Year's resolution. It's more like, hey, we should like exercise again and cut friction, right? So I think things are looking up in terms of the health, wellness index, less so on market prices for my health and wellness, but at least we got to tread my own path.

**Mike** (2:16)
You got to be locked in. You got to be on open claw. You got to be claw maxing.

**Myles** (2:20)
Come on. There's no time.

**Mike** (2:21)
You can run when you're dead. You cannot be healthy when you're dead.

**Myles** (2:25)
My agents are running over here. I'm running over here.

**Mike** (2:28)
There are apps to be vibe coded.

**Myles** (2:30)
It's actually like, it's great for, you know, and like I don't want the prompts to return to me too quickly. Like I want them to think for a good 20 minutes, you know? And then I can get to just bang out a little run, come back and everything's done. It's a good deal.

**Mike** (2:44)
This is you vertically integrating. You're like the hamster reel. You're producing your own energy.

**Myles** (2:49)
That part's aspirational. We haven't gotten to that level of set up here.

**Mike** (2:53)
Can I try a theory out on you guys before we get into it? We've got actually a really interesting show today on RWA looping and vaults. But so, okay, wait, can I show you this? Have you seen these charts that have gotten passed around here where there is this insane growth in new websites and... Can you guys see my screen? Yeah, new websites, skyrocketing 40%, new iOS apps way up, GitHub code commits in the US and the UK, also all way, way, way up and to the right. I have an analogy to give you. I know Xavier is going to push back on me on this, and I know I'm the AI boomer of the show, but I think that there's a... Again, if you're going off the idea that friction of creating new apps goes to zero eventually and has already gone down quite a bit, that's kind of similar to tokens. And what did you see in 2021? You kind of saw this explosion of tokens and new projects and forks that came from genuine innovations in DeFi, on-chain trading, yield farming, things like this. And one thing that I think people forget is that these things generated a ton of revenue. These weren't empty, no economic protocols. The total REV that was generated back in 2021 was like 12 billion. It's like three times higher than it is today. So you could point to real metrics as well. So I'm just wondering, I think there's some analogy to be made here, of a bunch of stuff that can get made, but then ultimately you need to curate, distribution ends up mattering, it's the stuff that you put around the software, and you could see, I don't know, this kind of big boom in AI-generated apps, same way you saw a ton of new tokens. Does that resonate?