Inside Crypto’s Liquidity Crunch | Romeo Ravagnan & Sonya Kim
Episode publishedPodcast: Bell CurveBell Curve
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This seems like, you know, this is the beginnings of the bodies floating to the surface from the damage that we we've seen. And it's not really in the spirit of DeFi, which is promoting transparency and the lack of need to trust people. But in this case, the facade was wrapped in this yielding stablecoin that's very DeFi native, but the back end was actually something more like CeFi where users didn't know where their money was being managed.
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. But for now, let's get started. 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 companies, funds, or projects discussed. Welcome back to another epis
GM.
Good morning.
Romeo, how did I do on the Italian pronunciation of the last name there? He can feel free to grade me on a scale
of that.
You you you did a great job. Well done. You really went to your Italian roots there.
Exactly. You could see the Sicilian. I feel like my skin is one shade more olive here Yes. Already just from that pronunciation alone. Guys, this is gonna be a ton of fun. One, we have, two members of the most exclusive cabal in all of DeFi, excellent style, as eagle eyed listeners of Bell Curve will will know. But also because we've got two of the sharpest minds in DeFi, and I wanna unpack what happened over the course of this last week. So for folks who might not have been following along in an enormous amount of detail, this was a pretty interesting week for DeFi because there was the first
Yeah. It's funny because it kinda happened yesterday, but in crypto, things move so fast that we feel like it happened an eternity ago. Really was like just the other day that they had some altcoins going to zero. But for the viewers out there, what basically happened was that the market started taking a hit after Trump's comments, and then altcoins effectively went into this deleverage spiral, this liquidation spiral. And there was no bid in the books across all the major exchanges. And what that meant is that effectively users started getting ADLed on their short positions and a whole bunch
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