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Bell Curve

English, Finance, 3 seasons, 166 episodes, 1 day, 9 hours, 6 minutes
About
Bell Curve breaks down the most important themes in crypto for people who, like us, are confined to the middle of the bell curve. Each season explores a different thesis that we'll test and refine through debate with crypto's best. If you're a crypto native, degen or investooor, this podcast is for you.
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Inside the Crypto Options and Derivatives Boom | Nick Trileski

In this episode, Mike is joined by Nick Trileski, a crypto options trader at Cumberland DRW, for an in-depth discussion on the current state of the crypto options and derivatives market. They explore the growth of options trading, the psychology around all-time highs, and the increasing institutional demand as evidenced by rising open interest. The conversation also touches on the dynamics of perps versus options, the risks and opportunities in basis trades like Athena, and the potential for continued growth in the crypto options space. -- Follow Nick: https://twitter.com/ntrlsk Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH- - -- Sei Labs believes the EVM is here to stay. By providing the fastest time to finality of any chain, thousands of transactions per second and full backwards compatibility with the EVM, Ethereum developers can try out a brand new design space for their applications. Try out sei v2 devnet - visit the new sei.io to find out more. - - Uniswap builds simple and secure products that help you swap smarter. Web. Mobile. Extension. Powered by the smartest protocol in DeFi. To learn more about the Uniswap’s products head on over to: https://blckwrks.co/Uniswap - - Get the freshest price feeds free for 12 months. Join Supra’s early integration program for zero-cost access to the fastest oracles and dVRF across 50+ blockchains: supra.com/blockworks Earn $1,500 by referring Web3 projects to use Supra services. The projects get the fastest services for free, and you earn $1,500 for every referral. Learn more at the link above. - - Timestamps: (0:00) Introduction (2:03) State of Crypto Options (7:04) Perps vs Options (16:53) Perps vs Spot Growth (21:42) Sei Ad (22:41) Uniswap Ad (23:45) Who Uses Options? (30:18) Volatility of Crypto (33:35) Psychology of ATHs (40:37) Institutional Demand of Open Interest (43:00) Is Retail Back? (51:25) Ethena's Strategy - - 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.
4/16/202454 minutes, 58 seconds
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The Battle of Restaking Platforms & Alt L1s | Roundup

In this week's round up the Mike, Michael, and Vance break down Uniswap's fight with the SEC over a Wells notice and the implications for DeFi, as well as Bearchain's massive $100M raise. The risks of hedging altcoin investments using perpetual futures contracts are explored, along with the significance of Circle and BlackRock uniting to bridge traditional finance and DeFi. They also dissect the implosion at lending protocol MarginFi and the fierce competition heating up between Eigen and Carrick in the emerging universal restaking platform space. - - Wormhole is a decentralized interoperability platform powering multi-chain applications and bridges. It provides developers with access to liquidity and users on over 30 leading blockchain networks, enabling use cases in DeFi, data queries, and governance. The platform is trusted by teams like Uniswap and Circle and, to date, the platform has facilitated the transfer of over 35 billion dollars through over 850 million cross-chain messages. Claim your unique Wormhole NFT at https://wormhole.com/bellcurve13-1983 - - Uniswap builds simple and secure products that help you swap smarter. Web. Mobile. Extension. Powered by the smartest protocol in DeFi. To learn more about the Uniswap’s products head on over to: https://blckwrks.co/Uniswap - - Flood is the optimal DEX aggregator, giving users and developers the mathematically proven best price. Flood is built from the ground up for speed and efficiency, MEV free and redistributes all trading surplus to users, meaning you can earn money while doing your regular swapping. Join Flood tide campaign! https://flood.bid/bell-curve - - Follow Mike: https://twitter.com/MikeIppolito_ Follow Michael: https://twitter.com/im_manderson Follow Vance: https://twitter.com/pythianism 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/ - - Timestamps: (0:00) Introduction at Warp Speed (6:24) Uniswap Wells Notice (18:26) $100m Berachain Raise (28:04) Wormhole Ad (29:17) Flood Ad (30:16) Uniswap Ad (31:10) Karak Universal Restaking Platform (40:54) Hedging by Perps (48:05) Circle USDC & BlackRock CBDC (53:37) MarginFi Implosion - - 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.tt and our guests may hold positions in the companies, funds, or projects discussed.
4/12/20241 hour, 3 minutes, 27 seconds
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Solana's MEV Inflection Point: Users vs Protocol | Deep Dive | Eugene & Lucas

In today's episode, Mike is joined by Eugene from Ellipsis Labs and Lucas from Jito to discuss the current state and future of MEV on Solana. The trio dives into the philosophical divergence between Solana and Ethereum's approaches to mitigating MEV, with Solana prioritizing user experience and low fees while Ethereum focuses on incentive compatibility and decentralization. They explore the challenges Solana faces with record volumes, network congestion, and the ongoing debate surrounding transaction fees and block space. The discussion also touches on the potential for Solana L2s, the fight against spam, and the network's meme coin mania, ultimately concluding with insights on the delicate balance Solana must strike between performance, decentralization, and user experience. -- Follow Lucas: https://twitter.com/buffalu__ Follow Eugene: https://twitter.com/0xShitTrader Follow Hart: https://twitter.com/hal2001 Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH- - -- Sei Labs believes the EVM is here to stay. By providing the fastest time to finality of any chain, thousands of transactions per second and full backwards compatibility with the EVM, Ethereum developers can try out a brand new design space for their applications. Try out sei v2 devnet - visit the new sei.io to find out more. - - Uniswap builds simple and secure products that help you swap smarter. Web. Mobile. Extension. Powered by the smartest protocol in DeFi. To learn more about the Uniswap’s products head on over to: https://blckwrks.co/Uniswap - - Timestamps: (0:00) MEV on Solana (16:25) Ethereum vs Solana Approaches (27:34) Sei Ad (28:34) Uniswap Ad (29:37) Solana Spam Solution (36:18) Necessary Trade-Offs (44:43) Solana UX Degredation (50:53) Solana Fee Overhaul (1:03:32) Solana L2s (1:11:03) Dynamic Block Limits - - 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.
4/9/20241 hour, 26 minutes, 48 seconds
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The Evolution of Crypto Venture Funds | Roundup

In this week's round up the Mike, Michael, and Vance examine the new market structure emerging as fresh capital starts to flow back into the space and debate whether this could break the traditional crypto market cycles. They also discuss the impact of early liquidity on founders and teams through token launches. Additionally, they analyze the impressive growth and revenue numbers from Coinbase's layer 2 Base. Finally, they explore the role of collateral and yield in the crypto ecosystem compared to traditional finance. - - Wormhole is a decentralized interoperability platform powering multi-chain applications and bridges. It provides developers with access to liquidity and users on over 30 leading blockchain networks, enabling use cases in DeFi, data queries, and governance. The platform is trusted by teams like Uniswap and Circle and, to date, the platform has facilitated the transfer of over 35 billion dollars through over 850 million cross-chain messages. Claim your unique Wormhole NFT at https://wormhole.com/bellcurve11-7554 - - Uniswap builds simple and secure products that help you swap smarter. Web. Mobile. Extension. Powered by the smartest protocol in DeFi. To learn more about the Uniswap’s products head on over to: https://blckwrks.co/Uniswap - - Flood is the optimal DEX aggregator, giving users and developers the mathematically proven best price. Flood is built from the ground up for speed and efficiency, MEV free and redistributes all trading surplus to users, meaning you can earn money while doing your regular swapping. Join Flood tide campaign! https://flood.bid/bell-curve - - Follow Mike: https://twitter.com/MikeIppolito_ Follow Michael: https://twitter.com/im_manderson Follow Vance: https://twitter.com/pythianism 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/ - - Timestamps (0:00) Introduction (2:58) Aave and Maker Drama (23:18) Wormhole Ad (24:32) Flood Ad (25:31) Uniswap Ad (26:25) US Governement Sells Bitcoin (41:17) Structure of VCs (46:11) Founders in Web3 (55:00) Liquid Restaking Layer TVL - - 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.tt and our guests may hold positions in the companies, funds, or projects discussed.
4/5/20241 hour, 6 minutes, 14 seconds
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Network Effects and Value Accrual in Crypto | S7 E7 | Kyle Samani

Season 7 | Episode 7 In today's episode Kyle Samani from Multicoin Capital joins Michael and Hart to discuss the complex dynamics of network effects in the blockchain ecosystem. The conversation dives deep into the different types of network effects at play, the phenomenon of anti-network effects caused by high gas fees, and the potential for blockchain technology to revolutionize global finance. Kyle shares his insights on the end state of L1 blockchains, the role of interoperability, and where value may ultimately accrue in the crypto stack. Along the way, they debate the relative importance of technological innovation versus monetary characteristics in driving value. Although our guest this week is a Managing Partner of a registered investment adviser, nothing in this podcast should be considered an offer of Multicoin’s investment advisory services or should otherwise be confused for investment, tax, legal or other financial advice. -- Follow Kyle: https://twitter.com/KyleSamani Follow Hart: https://twitter.com/hal2001 Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH- - -- Sei Labs believes the EVM is here to stay. By providing the fastest time to finality of any chain, thousands of transactions per second and full backwards compatibility with the EVM, Ethereum developers can try out a brand new design space for their applications. Try out sei v2 devnet - visit the new sei.io to find out more. - - Uniswap builds simple and secure products that help you swap smarter. Web. Mobile. Extension. Powered by the smartest protocol in DeFi. To learn more about the Uniswap’s products head on over to: https://blckwrks.co/Uniswap - - Get the freshest price feeds free for 12 months. Join Supra’s early integration program for zero-cost access to the fastest oracles and dVRF across 50+ blockchains: supra.com/blockworks Earn $1,500 by referring Web3 projects to use Supra services. The projects get the fastest services for free, and you earn $1,500 for every referral. Learn more at the link above. - - Timestamps: (0:00) Interview Start: Kyle Samani (3:53) Network Effects & Blockchains (17:57) Blockchain Based Games & Social Apps (27:45) Sei Ad (28:44) Uniswap Ad (29:38) Supra Ad (30:34) Integrated vs Modular (33:06) Protocol vs Token Network Effects (55:36) End State of L1s (1:08:58) Outro - - 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.
4/2/20241 hour, 20 minutes, 23 seconds
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Are Crypto Market Cycles Changing for Good? | Roundup

In this week's round up the Mike, Michael, and Vance examine the new market structure emerging as fresh capital starts to flow back into the space and debate whether this could break the traditional crypto market cycles. They also discuss the impact of early liquidity on founders and teams through token launches. Additionally, they analyze the impressive growth and revenue numbers from Coinbase's layer 2 Base. Finally, they explore the role of collateral and yield in the crypto ecosystem compared to traditional finance. - - Wormhole is a decentralized interoperability platform powering multi-chain applications and bridges. It provides developers with access to liquidity and users on over 30 leading blockchain networks, enabling use cases in DeFi, data queries, and governance. The platform is trusted by teams like Uniswap and Circle and, to date, the platform has facilitated the transfer of over 35 billion dollars through over 850 million cross-chain messages. Claim your unique Wormhole NFT at https://wormhole.com/bellcurve11-7554 - - Restaking is the biggest shift in Ethereum's staking landscape yet, and Swell is leading the charge with Liquid restaking token, rswETH. Restake your ETH with Swell to earn Pearls, EigenLayer points, and future restaking rewards — while still being able to participate in DeFi. Restake now: app.swellnetwork.io Follow Swell: https://twitter.com/swellnetworkio - - Flood is the optimal DEX aggregator, giving users and developers the mathematically proven best price. Flood is built from the ground up for speed and efficiency, MEV free and redistributes all trading surplus to users, meaning you can earn money while doing your regular swapping. Join Flood tide campaign! https://flood.bid/bell-curve - - Follow Mike: https://twitter.com/MikeIppolito_ Follow Michael: https://twitter.com/im_manderson Follow Vance: https://twitter.com/pythianism 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/ - - Timestamps: (0:00) DAS London Review (12:36) Capital Supply Chain Thawing (29:03) Wormhole Ad (30:16) Swell Ad (31:12) Flood Ad (32:11) Psychological Impact of Liquidity Events (38:42) Importance of Token Launches (48:17) Base Revenue Growth (57:14) Collateral in Crypto - - 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.tt and our guests may hold positions in the companies, funds, or projects discussed.
3/29/20241 hour, 9 minutes, 5 seconds
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Credible Commitments: How Pre-Confirmations Unlock L2 Interoperability | S7 E6 | Jonas & Murat

Season 7 | Episode 6 In today's episode Mike and Hart are joined by Jonas from Chainbound and Murat from Prime to dive deep into the emerging world of pre-confirmations on Ethereum L2s. They discuss the current challenges facing L2s including centralized sequencers and limited composability, and explain how pre-confirmations act as credible commitments to include transactions, enhancing both UX and usability. Different pre-confirmation models are explored, such as builders or L1 proposers issuing pre-confirmations, and the associated incentives and coordination challenges. The guests also touch on the broader implications of pre-confirmations and sequencing for L1 proposer requirements, L1<>L2 interoperability, MEV, and enabling new DeFi primitives. -- Follow Jonas: https://twitter.com/mempirate Follow Murat: https://twitter.com/MuratLite Follow Hart: https://twitter.com/hal2001 Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH- - -- Sei Labs believes the EVM is here to stay. By providing the fastest time to finality of any chain, thousands of transactions per second and full backwards compatibility with the EVM, Ethereum developers can try out a brand new design space for their applications. Try out sei v2 devnet - visit the new sei.io to find out more. - - Uniswap builds simple and secure products that help you swap smarter. Web. Mobile. Extension. Powered by the smartest protocol in DeFi. Click here to learn more about the Uniswap’s products - - Get the freshest price feeds free for 12 months. Join Supra’s early integration program for zero-cost access to the fastest oracles and dVRF across 50+ blockchains: supra.com/blockworks Earn $1,500 by referring Web3 projects to use Supra services. The projects get the fastest services for free, and you earn $1,500 for every referral. Learn more at the link above. - - Timestamps: (2:17) Main Interview Start: Jonas & Murat (3:11) Eth L2 State of Union (6:47) Pre-Confirmations (31:51) L2 Interoperability (45:44) Sei Ad (46:44) Uniswap Ad (47:38) Supra Ad (48:33) Do Users Care about Pre-Con Origin? (55:01) Proposer Market Structure (1:04:57) Post Interview Reflection - - 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.
3/26/20241 hour, 22 minutes, 18 seconds
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Restaking and Shared Security: Lessons from Cosmos, Polkadot, and Beyond | Roundup

In today's episode, Mike is joined by Myles and special guest Jim Parillo from Figment Capital to explore the latest developments in the restaking ecosystem. They dive into lessons learned from shared security models in Cosmos and Polkadot. The conversation also touches on the differences between liquid staking tokens (LSTs) and liquid restaking tokens (LRTs), as well as the emergence of Solana L2s and their potential implications for the future of the network. Stay tuned for all of this and much more! - - Wormhole is a decentralized interoperability platform powering multi-chain applications and bridges. It provides developers with access to liquidity and users on over 30 leading blockchain networks, enabling use cases in DeFi, data queries, and governance. The platform is trusted by teams like Uniswap and Circle and, to date, the platform has facilitated the transfer of over 35 billion dollars through over 850 million cross-chain messages. Claim your unique Wormhole NFT at https://wormhole.com/bellcurve10-1009 - - Restaking is the biggest shift in Ethereum's staking landscape yet, and Swell is leading the charge with Liquid restaking token, rswETH. Restake your ETH with Swell to earn Pearls, EigenLayer points, and future restaking rewards — while still being able to participate in DeFi. Restake now: app.swellnetwork.io Follow Swell: https://twitter.com/swellnetworkio - - Flood is the optimal DEX aggregator, giving users and developers the mathematically proven best price. Flood is built from the ground up for speed and efficiency, MEV free and redistributes all trading surplus to users, meaning you can earn money while doing your regular swapping. Join Flood tide campaign! https://flood.bid/bell-curve - - Follow Jim: https://twitter.com/VelvetMilkman Follow Mike: https://twitter.com/MikeIppolito_ Follow Myles: https://twitter.com/MylesOneil 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/ - - Timestamps: (0:00) Introduction (4:24) TradFi Framing Memecoins (12:08) Restaking Ecosystem Update (29:20) Wormhole Ad (30:33) Swell Ad (31:47) Flood Ad (32:45) Shared Security Economics (38:56) AVS Dynamics (52:34) LRTs vs LSTs (1:03:40) Solana L2s - - 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.tt and our guests may hold positions in the companies, funds, or projects discussed.
3/22/20241 hour, 21 minutes, 27 seconds
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Dencun: The Catalyst for Ethereum's L2 Vision | Roundup

In this week's round up the Mike, Michael, and Vance discuss the impact of the Dencun hard fork on Ethereum L2s, which has lowered fees and opened up new opportunities for L2 business models and applications. The conversation also covers Maker's DSR hike, the return of meme coin mania, Jito's decision to end its mempool product, the AI investing craze, and whether this crypto cycle will be fundamentally different from previous ones. - - Wormhole is a decentralized interoperability platform powering multi-chain applications and bridges. It provides developers with access to liquidity and users on over 30 leading blockchain networks, enabling use cases in DeFi, data queries, and governance. The platform is trusted by teams like Uniswap and Circle and, to date, the platform has facilitated the transfer of over 35 billion dollars through over 850 million cross-chain messages. Claim your unique Wormhole NFT at https://wormhole.com/bellcurve9-1998 - - Restaking is the biggest shift in Ethereum's staking landscape yet, and Swell is leading the charge with Liquid restaking token, rswETH. Restake your ETH with Swell to earn Pearls, EigenLayer points, and future restaking rewards — while still being able to participate in DeFi. Restake now: app.swellnetwork.io Follow Swell: https://twitter.com/swellnetworkio - - Flood is the optimal DEX aggregator, giving users and developers the mathematically proven best price. Flood is built from the ground up for speed and efficiency, MEV free and redistributes all trading surplus to users, meaning you can earn money while doing your regular swapping. Join Flood tide campaign! https://flood.bid/bell-curve - - Follow Mike: https://twitter.com/MikeIppolito_ Follow Michael: https://twitter.com/im_manderson Follow Vance: https://twitter.com/pythianism 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/ - - Timestamps: (0:00) Introduction (3:22) Dencun Kicking Off L2 Season (11:39) Alt L1 & L2 Strategies (18:35) Maker DSR Endgame (30:09) Wormhole Ad (31:23) Swell Ad (32:36) Flood Ad (33:35) Jito Ends Mempool (41:59) Memecoin Mania (48:38) AI Mania - - 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.tt and our guests may hold positions in the companies, funds, or projects discussed.
3/15/20241 hour, 11 minutes, 8 seconds
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Debating the MakerDAO Endgame | Vance Spencer, Mark Phillips, and Hasu

In today's interview Sam and Brick are joined by Vance, Mark, and Hasu. Together they dive into MakerDAO's endgame. They discuss the current state of MakerDAO, including the DAI stablecoin and RWA adoption. The conversation then shifts to the bull case for Maker, with a focus on the new subDAO structure and how it aims to drive demand for the Maker token through a flywheel effect involving token farming incentives. The guests also debate the challenges MakerDAO faces in igniting organic demand for DAI and finding product-market fit between more centralized stablecoins like USDC. Stick around for all of this and much more! - - Follow Vance: https://twitter.com/pythianism Follow Mark: https://twitter.com/AesPoker Follow Hasu: https://twitter.com/hasufl Follow Sam: https://twitter.com/swmartin19 Follow Brick: https://twitter.com/0x___Brick Follow Blockworks Research: https://twitter.com/blockworksres Subscribe on YouTube: https://bit.ly/3foDS38 Subscribe on Apple: https://apple.co/3SNhUEt Subscribe on Spotify: https://spoti.fi/3NlP1hA Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - - Resources https://www.steakhouse.financial/projects/makerdao-financial-report-2023 PDF: https://drive.google.com/file/d/196mQAbiajSnjFM3SJq-pGuF8GhUwKtL3/view?usp=sharing PDF (IPFS): https://aqua-hollow-alpaca-520.mypinata.cloud/ipfs/QmdPmF9EuogwY5F2VHbYXG6eke8hYBvBc5p5rXQtvg1WtM EPUB: https://drive.google.com/file/d/18MVlmvd-b-bnFXAu2hnp7P0cPgj5DYHN/view?usp=sharing EPUB (IPFS): https://aqua-hollow-alpaca-520.mypinata.cloud/ipfs/QmXnr3VdsgM5MDjN3yMWmerQjWQMU54ExVW2yncSM9PAiA - - Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use 0X10 to get 10% off your ticket! Sign up now because the price goes up every month. See you there! Learn more + get your ticket here: https://blockworks.co/event/digital-asset-summit-2024-london/home - - Timestamps: (0:00) Introduction (1:37) MakerDAO Overview (5:29) Maker's RWA Adoption (15:52) Future of DAI Adoption (21:27) Bull Case for Maker (28:36) DAS London Ad (29:43) MakerDAO Endgame (35:20) subDAO Structure Inefficiencies (46:04) Maker Token Demand - - Check out Blockworks Research today! Research, data, governance, tokenomics, and models – now, all in one place Blockworks Research: https://www.blockworksresearch.com/ Free Daily Newsletter: https://blockworks.co/newsletter - - Disclaimer: Nothing said on 0xResearch 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. Dan, Sam, and our guests may hold positions in the companies, funds, or projects discussed.
3/12/20241 hour, 5 minutes, 53 seconds
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Chainlink: From Price Feeds to Universal Cryptoeconomic Standards | Sergey Nazarov, Co-founder

In this week's roundup the Bell Curve crew is joined by Sergey Nazarov, co-founder of Chainlink, joins us to discuss the evolution of Chainlink from a focus on price feeds to a platform for data, compute, and cross-chain services. Sergey explains how Cross-Chain Interoperability Protocol (CCIP) enables the secure transfer of both data and value across chains, with built-in risk management and programmable token transfers. He describes his vision for an Internet of Contracts that seamlessly connects the traditional financial system with blockchains. Stay tuned for all of this and much more! - - Wormhole is a decentralized interoperability platform powering multi-chain applications and bridges. It provides developers with access to liquidity and users on over 30 leading blockchain networks, enabling use cases in DeFi, data queries, and governance. The platform is trusted by teams like Uniswap and Circle and, to date, the platform has facilitated the transfer of over 35 billion dollars through over 850 million cross-chain messages. Claim your unique Wormhole NFT at https://wormhole.com/bellcurve8-9789 - - Restaking is the biggest shift in Ethereum's staking landscape yet, and Swell is leading the charge with Liquid restaking token, rswETH. Restake your ETH with Swell to earn Pearls, EigenLayer points, and future restaking rewards — while still being able to participate in DeFi. Restake now: app.swellnetwork.io Follow Swell: https://twitter.com/swellnetworkio - - Flood is the optimal DEX aggregator, giving users and developers the mathematically proven best price. Flood is built from the ground up for speed and efficiency, MEV free and redistributes all trading surplus to users, meaning you can earn money while doing your regular swapping. Join Flood tide campaign! https://flood.bid/bell-curve - - Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use BELL10 to get 10% off your ticket! Sign up now because the price goes up every month. See you there! https://blockworks.co/event/digital-asset-summit-2024-london/home - - Follow Sergey: https://twitter.com/SergeyNazarov Follow Mike: https://twitter.com/MikeIppolito_ Follow Michael: https://twitter.com/im_manderson Follow Vance: https://twitter.com/pythianism 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/ - - Timestamps: (0:00) Introduction (3:42) Chainlink Overview (17:05) CCIP Security Requirements (28:31) Bridging Banking & Capital Markets (36:56) Wormhole Ad (37:31) Swell (38:44) Flood Ad (39:43) Private Bank Chains Role (46:05) Security Assumptions of Chainlink (53:11) Risk Management DAWN (55:44) Missing Institutional Components (1:01:01) Future of Chainlink - - 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.tt and our guests may hold positions in the companies, funds, or projects discussed.
3/8/20241 hour, 5 minutes, 39 seconds
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The ZK-Proof Endgame for Full Interoperability | S7 E5 | Uma Roy

Season 7 | Episode 5 In today's episode Mike and Hart are joined by Uma Roy to dive deep into the world of zero-knowledge proofs and their transformative potential for blockchain interoperability. The conversation explores the fundamentals of ZKPs, the current ZKP landscape, and the economics of generating and verifying proofs. Uma shares insights on how ZKPs can enhance capital efficiency, security, and scalability across various blockchain architectures, including rollups and crosschain communication. Stay tuned for all of this and much more! -- Follow Uma: https://twitter.com/pumatheuma Follow Hart: https://twitter.com/hal2001 Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH- - -- Sei Labs believes the EVM is here to stay. By providing the fastest time to finality of any chain, thousands of transactions per second and full backwards compatibility with the EVM, Ethereum developers can try out a brand new design space for their applications. Try out sei v2 devnet - visit the new sei.io to find out more. - - Uniswap builds simple and secure products that help you swap smarter. Web. Mobile. Extension. Powered by the smartest protocol in DeFi. Click here to learn more about the Uniswap’s products - - Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use BELL10 to get 10% off your ticket! Sign up now because the price goes up every month. See you there! https://blockworks.co/event/digital-asset-summit-2024-london/home - - Timestamps: (0:00) Interview Start: Uma, Succinct (3:52) What are ZK-Proofs? (9:40) The ZKP Design Space (16:33) Sei Ad (17:32) Economics of ZK Proofs (29:12) Sync Committee Functionality (38:58) Uniswap Ad (39:52) ZK Proofs and Interop (1:03:40) ZK Usecases Outside of Blockchain (1:06:54) Outro - - 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.
3/6/20241 hour, 19 minutes, 21 seconds
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Understanding the Rise of AI and Crypto as TradFi Plays Catch-up | Roundup

In this week's round up the Mike and Michael kick things off with their takes on ETHDenver and the excitement around restaking and AI applications in crypto. Shifting gears they analyze the recent crypto market performance and debate whether crypto's regulatory outlook is positive in an election year. Regarding institutional interest, Vance describes skepticism at a pension fund conference while Michael predicts FOMO from investors who missed previous crypto funds. Thanks for tuning in! - - Wormhole is a decentralized interoperability platform powering multi-chain applications and bridges. It provides developers with access to liquidity and users on over 30 leading blockchain networks, enabling use cases in DeFi, data queries, and governance. The platform is trusted by teams like Uniswap and Circle and, to date, the platform has facilitated the transfer of over 35 billion dollars through over 850 million cross-chain messages. Claim your unique Wormhole NFT at https://wormhole.com/bellcurve7-0129 - - Restaking is the biggest shift in Ethereum's staking landscape yet, and Swell is leading the charge with Liquid restaking token, rswETH. Restake your ETH with Swell to earn Pearls, EigenLayer points, and future restaking rewards — while still being able to participate in DeFi. Restake now: app.swellnetwork.io Follow Swell: https://twitter.com/swellnetworkio - - Flood is the optimal DEX aggregator, giving users and developers the mathematically proven best price. Flood is built from the ground up for speed and efficiency, MEV free and redistributes all trading surplus to users, meaning you can earn money while doing your regular swapping. Join Flood tide campaign! https://flood.bid/bell-curve - - Follow Mike: https://twitter.com/MikeIppolito_ Follow Michael: https://twitter.com/im_manderson Follow Vance: https://twitter.com/pythianism 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/ - - Timestamps: (0:00) Introduction (3:56) Sentiment of Eth Denver (8:59) Crypto AI Agents (19:36) Wormhole Ad (20:11) Swell Ad (21:24) Flood Ad (22:23) Is Retail Back? (33:04) Importance of Bitcoin ETF Flows (37:08) Anti-Crypto Army (44:09) Pension Fund Conference Climate - - 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.tt and our guests may hold positions in the companies, funds, or projects discussed.
3/1/202451 minutes, 10 seconds
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Debating the Multichain End State: Service Providers vs Immutable Protocols | S7 E4 | Bryan Pellegrino

Season 7 | Episode 4 In today's episode Mike and Hart are joined by Bryan Pellegrino, co-founder of LayerZero, to debate the the end state of the multi-chain future. They debate technical specifics like message passing protocols, bridging frameworks, censorship resistance, and security tradeoffs, as well as philosophies around infrastructure layers versus service providers, decentralization compromises, and application interoperability needs. The conversation explores modular versus monolithic architectures, native versus wrapped assets, batching transactions, the role of intermediaries, and more while aiming to find common ground on how blockchains and applications might interact at scale. Thanks for tuning in! -- Follow Bryan: https://twitter.com/PrimordialAA Follow Hart: https://twitter.com/hal2001 Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Sei Labs believes the EVM is here to stay. By providing the fastest time to finality of any chain, thousands of transactions per second and full backwards compatibility with the EVM, Ethereum developers can try out a brand new design space for their applications. Try out sei v2 devnet - visit the new sei.io to find out more. - - Simple and secure products for allllllll the ways you swap. Swap, sign transactions, and send or receive crypto anywhere – without losing your place. Uniswap Extension is currently in alpha - join the waitlist. https://blckwrks.co/Uniswap - - Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use BELL10 to get 10% off your ticket! Sign up now because the price goes up every month. See you there! https://blockworks.co/event/digital-asset-summit-2024-london/home - - Timestamps: (0:00) Introduction (3:32) Layer0 End Game (15:40) Connecting a Multichain World (34:39) Sei Ad (35:39) Balancing Onchain Components (43:37) Uniswap Ad (44:30) Preserving Censorship Resistance (55:35) Trust Zones (1:09:09) Messaging vs Transport Layer (1:20:49) The Ideal End State - - 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.
2/27/20241 hour, 35 minutes
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Unpacking FDV, Token Distributions, and Hidden Value in Bull Markets | Roundup

In this week's round up the crew kicks things off with discussing recent commentary and analysis around Bitcoin ETF dynamics and the case for a potential Ethereum ETF approval. A debate then ensues on conceptual frameworks for valuating crypto tokens using market capitalization versus fully diluted valuation metrics and draw interesting parrelels of start-up equity vs token distributions. To close out they dig into Dencun, a controversial proposal to cap max percentage of ETH staked, and Gauntlet's recent move to terminate its risk service contract with Aave. Thanks for tuning in! - - Wormhole is a decentralized interoperability platform powering multi-chain applications and bridges. It provides developers with access to liquidity and users on over 30 leading blockchain networks, enabling use cases in DeFi, data queries, and governance. The platform is trusted by teams like Uniswap and Circle and, to date, the platform has facilitated the transfer of over 35 billion dollars through over 850 million cross-chain messages. Claim your unique Wormhole NFT at https://wormhole.com/bellcurve6-2395 - - Restaking is the biggest shift in Ethereum's staking landscape yet, and Swell is leading the charge with Liquid restaking token, rswETH. Restake your ETH with Swell to earn Pearls, EigenLayer points, and future restaking rewards — while still being able to participate in DeFi. Restake now: app.swellnetwork.io Follow Swell: https://twitter.com/swellnetworkio - - Flood is the optimal DEX aggregator, giving users and developers the mathematically proven best price. Flood is built from the ground up for speed and efficiency, MEV free and redistributes all trading surplus to users, meaning you can earn money while doing your regular swapping. Join Flood tide campaign! https://flood.bid/bell-curve - - Follow Myles: https://twitter.com/MylesOneil Follow Mike: https://twitter.com/MikeIppolito_ Follow Michael: https://twitter.com/im_manderson Follow Vance: https://twitter.com/pythianism 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/ - - Timestamps: (0:00) Introduction (3:19) Bitcoin ETF Coping (6:32) The Case for an ETH ETF (17:33) Is FDV a Meme? (32:30) Wormhole Ad (33:05) Swell Ad (34:18) Flood Ad (35:17) Startup Funding vs Protocol Funding (47:56) Return of ICOs (53:09) Bitcoin Surpasses ATH in 14 Countries (55:07) Ethereum 4844 and Dancun Upgrade (1:02:14) Gauntlet Terminates AAVE Contract - - 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.tt and our guests may hold positions in the companies, funds, or projects discussed.
2/23/20241 hour, 10 minutes, 52 seconds
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Why One Chain Can't Rule Them All: Polygon's Aggregation Layer Deep Dive Brendan Farmer

In this week's interview Sam and Ren from 0xResearch are joined by Brendan Farmer, the Co-Founder of Polygon. Brendan unpacks why no single blockchain can scale like the internet due to heterogeneous requirements across chains. He then introduces Polygon's solution - an Aggregation Layer that enables low-latency, trustless interoperability between ZK rollups to scale access to shared liquidity and state. They dig into interoperability and liveness, updates on ZK proof innovation, how the Polygon CDK and Aggregation Layer preserve sovereignty for connected chains, and the outlook for developer adoption to grow the Polygon ecosystem. To close out they also discuss novel use cases enabled by the Aggregation Layer. Thanks for tuning in! - - Follow Brendan: https://twitter.com/_bfarmer Follow Sam: https://twitter.com/swmartin19 Follow Ren: https://twitter.com/purplepill3m Follow Blockworks Research: https://twitter.com/blockworksres Subscribe on YouTube: https://bit.ly/3foDS38 Subscribe on Apple: https://apple.co/3SNhUEt Subscribe on Spotify: https://spoti.fi/3NlP1hA Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - - Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use 0X20 to get 20% off your ticket! Sign up now because the price goes up every month. See you there! Learn more + get your ticket here: https://blockworks.co/event/digital-asset-summit-2024-london/home - - Resources https://mirror.xyz/0xfa892B19c72c2D2C6B10dFce8Ff8E7a955b58A61/TXMyZhhRFa-bjr7YHwmJpKBwt2-_ysirbh_VpNy3qZY - - Timestamps 00:42 Introduction 04:02 The Aggregation Layer of Crypto 06:54 Polygon CDK Vision 10:56 Novel Aggregation Layer Use Cases 19:25 Security & Risks of Agg Layer 25:01 ZK Proofs Updates 31:51 Agg Layer Value Accrual 41:21 End Vision of Aggregation Layer 46:38 POL Token Dynamics - - Check out Blockworks Research today! Research, data, governance, tokenomics, and models – now, all in one place Blockworks Research: https://www.blockworksresearch.com/ Free Daily Newsletter: https://blockworks.co/newsletter - - Disclaimer: Nothing said on 0xResearch 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. Dan, Sam, and our guests may hold positions in the companies, funds, or projects discussed.
2/20/202452 minutes, 48 seconds
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Leverage, Restaking, and Ethereum ETF Demand | Roundup

In this week's roundup the team checks in on booming Bitcoin ETF inflows versus declining gold ETF interest. Debating the likelihood and demand dynamics of an Ethereum spot ETF launch, they analyze whether restaking poses leverage risks and how to value Eigenlayer's opportunity. They then shift gears and discuss Starkware’s critiqued token distribution. Stick around for all of this and much more! - - Wormhole is a decentralized interoperability platform powering multi-chain applications and bridges. It provides developers with access to liquidity and users on over 30 leading blockchain networks, enabling use cases in DeFi, data queries, and governance. The platform is trusted by teams like Uniswap and Circle and, to date, the platform has facilitated the transfer of over 35 billion dollars through over 850 million cross-chain messages. Claim your unique Wormhole NFT at https://wormhole.com/bellcurve5-4923 - - Restaking is the biggest shift in Ethereum's staking landscape yet, and Swell is leading the charge with Liquid restaking token, rswETH. Restake your ETH with Swell to earn Pearls, EigenLayer points, and future restaking rewards — while still being able to participate in DeFi. Restake now: app.swellnetwork.io Follow Swell: https://twitter.com/swellnetworkio - - Flood is the optimal DEX aggregator, giving users and developers the mathematically proven best price. Flood is built from the ground up for speed and efficiency, MEV free and redistributes all trading surplus to users, meaning you can earn money while doing your regular swapping. Join Flood tide campaign! https://flood.bid/bell-curve - - Follow Myles: https://twitter.com/MylesOneil Follow Mike: https://twitter.com/MikeIppolito_ Follow Michael: https://twitter.com/im_manderson Follow Vance: https://twitter.com/pythianism 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/ - - Timestamps (0:00) Introduction (2:56) Thoughts on Farcaster (4:50) Bitcoin ETF Flows (18:09) Demand for a Spot ETH ETF (30:26) Is Restaking Leverage? (48:26) Wormhole Ad (49:01) Swell Ad (50:14) Flood Ad (51:13) Valuing Eigen Layer & Revenues (1:07:06) Starkware Airdrop - - 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.tt and our guests may hold positions in the companies, funds, or projects discussed.
2/16/20241 hour, 18 minutes, 2 seconds
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The Chain Abstraction Thesis | Season 7 Episode 3 | Sam & Illia

Season 7 | Episode 3 In today's episode Mike and Hart are joined by Sam Hart of Skip Protocol and Illia Polosukhin to dive into the world of chain abstraction. They discuss the consensus around the need for intent-based interoperability solutions, the incentives (or lack thereof) for ecosystems to be interoperable, and predictions around rollup consolidation and abstraction. Other topics covered include how user funds could be escrowed and verified in cross-chain architectures, the role of zero-knowledge proofs as a critical connecting infrastructure, and the tradeoffs between shared security and chain sovereignty. Stay tuned for all of this and much more! -- Follow Ilia: https://x.com/ilblackdragon Follow Sam: https://x.com/hxrts Follow Hart: https://twitter.com/hal2001 Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use BELL10 to get 10% off your ticket! Sign up now because the price goes up every month. See you there! https://blockworks.co/event/digital-asset-summit-2024-london/home - - Timestamps: (0:00) Interview Start: What is Chain Abstraction? (5:15) Cosmos Cross Chain Vision (18:07) NEAR Account Aggregation Vision (31:21) DAS London Ad (32:25) Unbridging Crypto Ecosystems (41:48) Exporting ETH as Money (59:39) Where will users lock in? (1:05:34) Endgame UX & Infrastructure (1:14:26) Outro - - 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.
2/13/20241 hour, 54 minutes, 17 seconds
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Designing Sustainable Game Economies and Scaling Blockchain Games | Roundup ft. Robbie Ferguson

In this episode of Bell Curve, Robbie Ferguson of Immutable joins to discuss the state of blockchain gaming. They cover the core thesis behind web3 games - giving gamers real ownership of in-game assets to capture the $150B yearly market. Robbie explains Immutable's focus on providing the best platform for developers through solutions like ZK rollups, aggregated liquidity via the Global Order Book, frictionless wallets, and more. The group discusses strategies to create sustainable game economies, go-to-market approaches, and why a breakout blockchain game is inevitable. Stay tuned for all of this and much more! - - Wormhole is a decentralized interoperability platform powering multi-chain applications and bridges. It provides developers with access to liquidity and users on over 30 leading blockchain networks, enabling use cases in DeFi, data queries, and governance. The platform is trusted by teams like Uniswap and Circle and, to date, the platform has facilitated the transfer of over 35 billion dollars through over 850 million cross-chain messages. Claim your unique Wormhole NFT at https://wormhole.com/bellcurve4-1120 - - Restaking is the biggest shift in Ethereum's staking landscape yet, and Swell is leading the charge with Liquid restaking token, rswETH. Restake your ETH with Swell to earn Pearls, EigenLayer points, and future restaking rewards — while still being able to participate in DeFi. Restake now: app.swellnetwork.io Follow Swell: https://twitter.com/swellnetworkio - - Flood is the optimal DEX aggregator, giving users and developers the mathematically proven best price. Flood is built from the ground up for speed and efficiency, MEV free and redistributes all trading surplus to users, meaning you can earn money while doing your regular swapping. Join Flood tide campaign! https://flood.bid/bell-curve - - Follow Robbie: https://twitter.com/0xferg Follow Mike: https://twitter.com/MikeIppolito_ Follow Michael: https://twitter.com/im_manderson Follow Vance: https://twitter.com/pythianism 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/ - - Timestamps: (0:00) Introduction (3:31) The Crypto & Gaming Thesis (11:10) Successful Web3 Native Games (26:51) Wormhole Ad (27:26) Swell Ad (28:39) Flood Ad (29:38) User Frictions: Wallets & Gas Fees (33:45) How does Immutable X Work? (40:46) Measuring Per Paying Users (44:45) Web3 Model Adoption Timeline (52:14) Ecosystem Go-to-Market vs Immutable (59:18) Next CT Main Character - - 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.tt and our guests may hold positions in the companies, funds, or projects discussed.
2/10/20241 hour, 6 minutes, 43 seconds
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How Intents Unbundle Assets from Protocols | Season 7 Episode 2 | Ft. Christopher Goes

Season 7 | Episode 2 In today's episode Mike and Hart are joined by Christopher Goes, Founder of Anoma. Chris unpacks flawed assumptions baked into current blockchain design and explains his vision for an intent-centric topology. Chris critiques the limitations of existing virtual machines modeled on outdated centralized mainframes, arguing they cannot keep pace with user needs. The discussion then explores the two key phases of intents - counterparty discovery and settlement. Chris then elaborates how solver networks can connect and route intents across blockchains to unlock seamless interoperability. To close out they dig into how zero-knowledge proofs economically emulate inter-blockchain verification, greatly reducing computational overhead. Stay tuned for all of this and much more! -- Follow Christopher: https://twitter.com/cwgoes Follow Hart: https://twitter.com/hal2001 Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use BELL10 to get 10% off your ticket! Sign up now because the price goes up every month. See you there! https://blockworks.co/event/digital-asset-summit-2024-london/home - - Timestamps: (0:00) Introduction: Blockchain Architecture Overview (13:06) Where did Blockchain go Wrong? (23:45) DAS London Ad (24:50) Intents Enabling Interop (34:01) Solver Networks (41:58) Intents in a Multichain Environment (48:35) Zero Knowledge Proofs & Emulations (1:02:51) Unbundling Ethereum the Asset & Protocol (1:19:00) Outro - - 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.
2/6/20241 hour, 46 minutes, 32 seconds
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Inside the Evolution of Liquid Staking & Modular Money | Jon Charbonneau & Aidan Salzmann

Today's episode explores the intersection of liquid staking and the modular money ecosystem. Mike is joined by Stride Labs co-founder Aiden Salzman and John Charbonneau general partner of DBA. The trio dives deep into the architecture of the Stride protocol, including stTIA and the liquid staking module (LSM). The discussion touches on incentive alignment between protocols, demand drivers for liquid staking adoption, using liquid staking tokens as modular money across rollups, managing validator sets, and more. We hope you enjoy! -- Follow Jon: https://twitter.com/jon_charb Follow Aidan: https://twitter.com/aidan0x Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use BELL10 to get 10% off your ticket! Sign up now because the price goes up every month. See you there! https://blockworks.co/event/digital-asset-summit-2024-london/home - - Resources https://dba.xyz/modular-money-liquid-staking-for-people-in-a-hurry/ - - Timestamps: (0:00) Introduction (2:59) Architecture of Stride Protocol (18:58) Liquid Staking Module Overview (31:08) Reason for 25% Cap (39:36) Learning from Ethereum Liquid Staking (47:37) Managing Chain Specific Requirements (1:01:40) DAS London Ad (1:02:45) Monopoly Like Market Structure (1:09:56) Demand Drivers for Liquid Staking (1:18:49) Modular Money & LSTs (1:32:41) Rollup Market Dynamics (1:46:23) Restaking Usecases (1:52:16) Why Celestia LSTs are Different - - 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.
2/5/20241 hour, 57 minutes, 43 seconds
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The Return of ETH as Digital Money and Betting on Prediction Markets | Roundup

In this week's roundup Mike and Vance dive into the latest developments across crypto including the state of Bitcoin ETFs, return of ETH as money, and the growth of prediction markets. They discuss the recent impressive growth of Polymarket, a prediction betting platform now generating substantial interest and volume without any incentive programs. Shifting gears, they cover the launches of liquid staking tokens enabling easy yield capture for holders and the emergence of "modular money" concepts. Vance breaks down trends in L2 liquidity growth, increased demand for spot exposure, and how ETH is poised to benefit from institutional flows, trading activity, and more. Stay tuned for all this and much more! - - Wormhole is a decentralized interoperability platform powering multi-chain applications and bridges. It provides developers with access to liquidity and users on over 30 leading blockchain networks, enabling use cases in DeFi, data queries, and governance. The platform is trusted by teams like Uniswap and Circle and, to date, the platform has facilitated the transfer of over 35 billion dollars through over 850 million cross-chain messages. Claim your unique Wormhole NFT at https://wormhole.com/bellcurve3-8687 - - Restaking is the biggest shift in Ethereum's staking landscape yet, and Swell is leading the charge with Liquid restaking token, rswETH. Restake your ETH with Swell to earn Pearls, EigenLayer points, and future restaking rewards — while still being able to participate in DeFi. Restake now: app.swellnetwork.io Follow Swell: https://twitter.com/swellnetworkio - - Flood is the optimal DEX aggregator, giving users and developers the mathematically proven best price. Flood is built from the ground up for speed and efficiency, MEV free and redistributes all trading surplus to users, meaning you can earn money while doing your regular swapping. Join Flood tide campaign! https://flood.bid/bell-curve - - Follow Mike: https://twitter.com/MikeIppolito_ Follow Vance: https://twitter.com/pythianism 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/ - - Timestamps (0:00) Introduction (3:53) State of Bitcoin ETFs (16:34) Ethereum ETF Sentiment (22:07) Swell Ad (23:20) Crypto Unlocking Distribution (29:13) Polymarket & Prediction Markets (38:15) NFT's as an Investments (43:53) Wormhole Ad (44:29) stTIA Liquid Staking Launch (53:39) L2 Liquidity Growth (57:47) Jupiter Airdrop (1:08:35) Flood Ad (1:09:34) Vitalik's thoughts on AI & Crypto - - 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.tt and our guests may hold positions in the companies, funds, or projects discussed.
2/2/20241 hour, 16 minutes, 37 seconds
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The Multichain Endgame: Modularity, Network Effects, and The Intent Paradigm | Season 7 Episode 1 Ft. Hart Lambur

In today's Season 7 premiere Mike is joined by our season co-host Hart Lambur, co-founder of Across Protocol and UMA Protocol. Join them as they explore the emerging multichain endgame. First, they discuss different models for interoperability between chains and how protocols may connect in the future. This ties into the rise of an intent-centric blockchain paradigm, rethinking how users specify outcomes. Next the touch on modularity as blockchain components become unbundled from entire protocols. They close out by quantifying which layers accrue network effects, exploring new shared security models, and discussing what outcomes would ultimately satisfy this multichain future. -- Follow Hart: https://twitter.com/hal2001 Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use BELL10 to get 10% off your ticket! Sign up now because the price goes up every month. See you there! https://blockworks.co/event/digital-asset-summit-2024-london/home - - Timestamps: (0:00) Introduction: Season 7 Kick-off (10:36) The Interoperability End Vision (25:53) General Message Passing (39:39) DAS London Ad (40:43) Intermediaries in Intent Centric Paradigm (49:23) Modularity Vision (58:16) Money vs Platform (1:08:43) Network Effects & Value Accrual (1:14:49) Shared Security Multichain Dynamics (1:25:45) Chain Abstraction (1:30:02) The Dream Multichain Outcome - - 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.
1/30/20241 hour, 40 minutes, 49 seconds
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Ethereum's Roadmap Dichotomy: Prioritizing the Protocol vs. the Asset | Roundup

In this week's roundup Mike and Myles dive deep into the dichotomy emerging between Ethereum the protocol and Ethereum the Asset. As Ethereum pushes activity to rollups and prioritizes exporting ETH's value, tough questions arise around stake rates, liquid staking derivatives, and monetary policy. Should Ethereum target a lower stake rate to favor liquid ETH? What are the risks of validator centralization? How should app tokens accrue value in a multi-chain future? Hear all of this and much more! - - Wormhole is a decentralized interoperability platform powering multi-chain applications and bridges. It provides developers with access to liquidity and users on over 30 leading blockchain networks, enabling use cases in DeFi, data queries, and governance. The platform is trusted by teams like Uniswap and Circle and, to date, the platform has facilitated the transfer of over 35 billion dollars through over 850 million cross-chain messages. Claim your unique Wormhole NFT at: https://wormhole.com/bellcurve2-9138 - - Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use BELL10 to get 10% off your ticket! Sign up now because the price goes up every month. See you there! https://blockworks.co/event/digital-asset-summit-2024-london/home - - Follow Mike: https://twitter.com/MikeIppolito_ Follow Myles: https://twitter.com/MylesOneil 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/ - - Timestamps (0:00) Introduction (5:01) Ethereum Protocol vs Asset (14:01) Eth the Currency (28:09) Wormhole Ad (28:44) Ethereum the Protocol Focus (31:20) Seeking Productive Assets (38:32) What should Eth Prioritize? (46:14) What Happens to other Tokens? (55:51) Time Horizon of Tokens as Equity - - 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.tt and our guests may hold positions in the companies, funds, or projects discussed.
1/26/20241 hour, 6 minutes, 55 seconds
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The Solution to Oracle Extractable Value

In today's episode of Bell Curve we are joined by both the UMA and Flashbots to dive into their latest collaboration, Oval. Oval unlocks a new MEV capture mechanism for protocols to monetize the value that they create. We unpack Oracle Extractable Value (OEV), a type of MEV that has historically been uncaptured by protocols. Stay tuned for all this and much more! - - Follow Hart: https://twitter.com/hal2001 Follow Quintus: https://twitter.com/0xquintus Follow Tarun: https://twitter.com/tarunchitra Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use BELL10 to get 10% off your ticket! Sign up now because the price goes up every month. See you there! https://blockworks.co/event/digital-asset-summit-2024-london/home - - 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.
1/23/202454 minutes, 32 seconds
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TradFi Embracing Crypto, Private Equity Froth, and Macro Headwinds | Roundup

In this week's roundup Mike is joined by Michael and Vance of Framework Ventures. The trio kick things off by discussing macro sentiment and if a "soft landing" is truly on the horizon. The conversation then explores signs of excess in private market deals. The team also analyze the BTC ETF flows data so far, evaluating the implications of over $11 billion in trading volume. They then shift onto how overturning the Chevron doctrine could reshape the SEC's interpretation powers and authority. They wrap with a discussion on liquid staking - analyzing the incentives for validators and the potential addressable market if solutions gain more traction in Ethereum and alternative layer ones. - - Wormhole is a decentralized interoperability platform powering multi-chain applications and bridges. It provides developers with access to liquidity and users on over 30 leading blockchain networks, enabling use cases in DeFi, data queries, and governance. The platform is trusted by teams like Uniswap and Circle and, to date, the platform has facilitated the transfer of over 35 billion dollars through over 850 million cross-chain messages. Claim your unique Wormhole NFT at https://wormhole.com/bellcurve1/ - - Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use BELL10 to get 10% off your ticket! Sign up now because the price goes up every month. See you there! https://blockworks.co/event/digital-asset-summit-2024-london/home - - Follow Mike: https://twitter.com/MikeIppolito_ Follow Michael: https://twitter.com/im_manderson Follow Vance: https://twitter.com/pythianism 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/ - - Timestamps (0:00) Introduction (2:32) Macro Sentiments (8:28) Private Market Froth (22:27) Bitcoin ETF Inflows (29:26) Wormhole Ad (30:02) TradFi Crypto Adoption Implications (35:50) Chevron Doctrine Impact on Crypto (49:26) Ethereum Foundation Reddit AMAs (59:50) Restaking Debate (1:09:57) Liquid Staking Adoption on Celestia - - 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.tt and our guests may hold positions in the companies, funds, or projects discussed.
1/19/20241 hour, 18 minutes, 3 seconds
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Solana's Local Fee Markets Aren't Real | Eugene Chen

Eugene Chen joins us to discuss why Solana's local fee markets aren't real. Well, they are real, but they don't yet work as advertised. Eugene is the co-founder of Ellipses Labs, Phoenix Protocol, and Umbra Research and he is one of the sharpest builders in Solana! In this episode, we discuss how Solana transactions work, how to improve Solana's fee markets, MEV on Solana, how apps can accrue their own MEV, Solana's DeFi risk, Phoenix's limit order book and more! - - Timestamps 00:00 Introduction 00:56 How Solana Transactions Work 05:56 Solana’s Local Fee Markets Aren't Real 29:53 Access Promo 30:55 DAS Promo 31:52 MEV on Solana 36:59 App-Specific MEV and Value Accrual 41:46 Solana Bots and Toxic MEV 45:27 The Latency vs “Fair” Distribution of MEV Tradeoff 48:41 Solana DeFi Risk and the mSOL depeg 51:18 Why App Developers Should Understand the Infrastructure 55:19 Ellipses Labs, Phoenix’s LOB and Points 01:01:48 Solana’s Identity and Advice for Solana Builders - - Access Protocol is the best way to discover premium content from crypto's top publishers and independent creators. Access Protocol has reinvented content monetization, meaning you can access this premium content without endless ads or hard-to-cancel subscriptions. Access Protocol is crypto-native, built on Solana, and already has 225K users reading content, receiving NFTs and interacting with creators! Use this link to check out Access Protocol today:https://bit.ly/AccessProtocol_Lightspeed - - Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use LIGHTSPEED10 to get 10% off your ticket! Sign up now because the price goes up every month. See you there! Learn more + get your ticket here: https://blockworks.co/event/digital-asset-summit-2024-london/home - - Follow Eugen: https://twitter.com/0xShitTrader Follow Mert: https://twitter.com/0xMert_ Follow Garrett: https://twitter.com/GarrettHarper_ Follow Lightspeed: https://twitter.com/Lightspeedpodhq Subscribe on YouTube: https://bit.ly/43o3Syk Subscribe on Apple: https://apple.co/3OhiXgV Subscribe on Spotify: https://spoti.fi/3OkF7PD Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - - Resources Ellipsis Labs https://twitter.com/ellipsis_labs https://ellipsislabs.xyz/ Phoenix https://twitter.com/PhoenixTrade https://www.phoenix.trade/ Umbra Research https://www.umbraresearch.xyz/writings https://twitter.com/UmbraResearch Solana Fees, Part 1 (Solana Local Fee Markets Aren't Real) https://www.umbraresearch.xyz/writings - - Disclaimers: Lightspeed was kickstarted by a grant from the Solana Foundation. Nothing said on Lightspeed 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. Mert, Garrett and our guests may hold positions in the companies, funds, or projects discussed.
1/16/20241 hour, 5 minutes, 48 seconds
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Quantifying Maker Protocol: Revenue Analysis, Risk Frameworks and Stability Levers | Roundup

In this week's roundup Mike is joined by Blockworks Research Analysts Westie and Brick to dive into Maker Protocol's evolution into a cash flow machine. They analyze Maker's financials, revenue streams, and balance sheet metrics to showcase its impressive fundamentals. The discuss Maker's ambitious decentralized governance plans, including the introduction of subDAOs and a token redenomination. They also discuss Maker's moves into real-world assets, associated risks and revenue opportunities. The close out by discussing Vitalik's proposal to raise gas limits to boost performance, contrasting the goals of low fees versus client diversity and decentralization. They extend this into a broader discussion around Ethereum's role as a settlement layer, questioning how much performance impacts rollups and value accrual. Hear all of this and much more! Follow Mike: https://twitter.com/MikeIppolito_ Follow Brick: https://twitter.com/0x___Brick Follow Westie: https://twitter.com/WestieCapital 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 us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use BELL10 to get 10% off your ticket! Sign up now because the price goes up every month. See you there! https://blockworks.co/event/digital-asset-summit-2024-london/home - - Resources Ethereum Demand Convo https://x.com/koeppelmann/status/1745400124816167366 - - Timestamps (0:00) Introduction (1:16) Bitcoin ETF Inflows (2:41) The Maker Endgame (18:15) Maker Data Dive (26:22) Revenue and Balance Sheet for an Onchain Bank (43:05) Increasing Target Gas Limits on Ethereum (49:08) Balancing Client Diversity & Performance (55:53) Ethereum Performance Impacting Rollups - - 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.tt and our guests may hold positions in the companies, funds, or projects discussed.
1/12/20241 hour, 10 minutes, 24 seconds
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Converging Cosmos & Ethereum: A Restaking & Shared Security Deep Dive | Sreeram & Zaki

Today Michael and Myles are joined by Zaki of Sommelier Finance and Sreeram of Eigenlayer for a deep discussion on the converging visions of Ethereum and Cosmos. They analyze how restaking could serve as a bridge between the two ecosystems, providing security to Cosmos chains while opening up new services for Ethereum. Zaki explains how the evolutionary "marketplaces of ideas" tend to succeed over centralized visions, while Eigenlayer offers flexible shared security and permissionless innovation. The group explores attributable versus pooled security, the endgame landscape with ETH as the dominant liquid asset, and optimizing staking models. Enjoy! -- Follow Sreeram: https://twitter.com/sreeramkannan Follow Zaki: https://twitter.com/zmanian Follow Mike: https://twitter.com/MikeIppolito_ Follow Myles: https://twitter.com/MylesOneil Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Maverick Protocol is a DeFi infrastructure provider focused on increasing industry efficiency, powered by Maverick AMM. Maverick helps token projects, DAO treasuries, liquidity providers or anyone in DeFi shape their liquidity with efficiency and flexibility. In other words, Maverick makes your liquidity smarter.  Shape liquidity for your token today on Maverick at https://app.mav.xyz/bellcurve   - - Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use BELL20 to get 20% off your ticket! Sign up now because the price goes up every month. See you there! https://blockworks.co/event/digital-asset-summit-2024-london/home - - Timestamps: (0:00) Introduction: Sreeram & Zaki (5:52) Role of Restaking (15:02) Economics of Paying for Security (33:11) Attributable VS Elastic Security (43:24) Benefits of Restaking for Ethereum (51:53) Sequencing Endgame (1:04:10) DAS London Ad (1:05:19) Ecosystem Endgame - - 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.
1/9/20241 hour, 12 minutes, 45 seconds
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Unpacking Ethereum's Demand Drivers, Commodity Attributes, and Evolving Roadmap | Roundup

In this week's roundup Mike and Myles dive deep into Ethereum, analyzing its roadmap, monetary qualities, demand drivers, and commodity-like attributes. They review Vitalik's updated roadmap, discussing rollups, scalability, centralization concerns, and criticism around complexity. The conversation explores whether Ethereum can be "money", comparing it to Bitcoin and analyzing the demand side - from gas fees to rollup settlement to restaking. They also explore rollup sovereignty, the economics of native tokens vs ETH, and Stride's latest liquid staking proposal. Stick around for all of this and much more! Follow Mike: https://twitter.com/MikeIppolito_ Follow Myles: https://twitter.com/MylesOneil 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 us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use BELL10 to get 10% off your ticket! Sign up now because the price goes up every month. See you there! https://blockworks.co/event/digital-asset-summit-2024-london/home - - Resources - - Timestamps (0:00) Introduction (3:54) Ethereum Roadmap Update (13:30) Is Ethereum Money? (20:07) L1s as Commodities (31:54) Demand Side of Ethereum (38:28) Currency & Bond Markets Comparison (44:37) DAS London Ad (45:47) Rollups & Sovereignty (1:03:17) Stride Liquid Staking Prop on Celestia - - 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.tt and our guests may hold positions in the companies, funds, or projects discussed.
1/6/20241 hour, 14 minutes, 50 seconds
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Alluvial: The Enterprise-Grade Liquid Staking Standard | Mara Schmiedt

In this week's interview Dan and Sam are joined by Alluvial co-founder and CEO, Mara Schmiedt. They explore Alluvial's role in Liquid Collective's innovative offerings in the staking market. They dive into the trends of staking in crypto markets and the overall growth of liquid staking. Mara provides insights on the introduction of service level agreements (SLAs) in liquid staking, contributing to superior staking performance. We touch upon the and much more in the world of decentralized finance. Additionally, we delve into the target customer segment, significance of KYC in the minting process, and the future of liquid staking. For all this and more stay tuned! - - Follow Mara: https://twitter.com/MaraSchmiedt Follow Sam: https://twitter.com/swmartin19 Follow Dan: https://twitter.com/smyyguy Follow Blockworks Research: https://twitter.com/blockworksres Subscribe on YouTube: https://bit.ly/3foDS38 Subscribe on Apple: https://apple.co/3SNhUEt Subscribe on Spotify: https://spoti.fi/3NlP1hA Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - - Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use 0X20 to get 20% off your ticket! Sign up now because the price goes up every month. See you there! Learn more + get your ticket here: https://blockworks.co/event/digital-asset-summit-2024-london/home - - Timestamps 01:03 Introduction 01:19 The Liquid Staking Collective 12:07 Service Level Agreements 20:01 Ensuring Performance of Selected Set 28:30 KYC Methodology & Integrators 33:01 Target User 43:31 Fee Structure 51:23 Expansion and Balancing Competitors - - Resources Alluvial https://twitter.com/alluvialfinance Liquid Staking collective https://twitter.com/liquid_col - - Check out Blockworks Research today! Research, data, governance, tokenomics, and models – now, all in one place Blockworks Research: https://www.blockworksresearch.com/ Free Daily Newsletter: https://blockworks.co/newsletter - - Disclaimer: Nothing said on 0xResearch 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. Dan, Sam, and our guests may hold positions in the companies, funds, or projects discussed.
1/2/202457 minutes
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Jupiter: The Aggregator Fueling Solana’s GDP | Meow

Today's episode is from our friends over at the Lightspeed team joined by Meow, the co-founder of Jupiter, joins us to discuss how Jupiter is building crypto's leading aggregator. Jupiter is a DEX aggregator on Solana that routes over 80% of all DEX trades! It's an absolute killer app that has served as the entry to Solana's vast ecosystem. In this episode, we discuss how Jupiter found PMF, why Meow chose Solana, how Jupiter will onboard millions of users, Jupiter's airdrop, Solana's massive opportunity, multichain strategies and more! - - Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use LIGHTSPEED20 to get 20% off your ticket! Sign up now because the price goes up every month. See you there! Learn more + get your ticket here: https://blockworks.co/event/digital-asset-summit-2024-london/home - - Timestamps (00:00) Introduction (01:11) The Secret to Jupiter’s Success (05:33) Why Solana Over Ethereum (14:25) DAS London Plug (15:22) Jupiter’s Massive Opportunity (37:13) Jupiter’s Token Airdrop and Token Philosophy (46:04) Advice for Crypto Founders (50:06) L2s and a Multichain Future (55:12) Routing Airdrops, Integrations and Growing the Pie - - Follow Meow: https://twitter.com/weremeow Follow Mert: https://twitter.com/0xMert_ Follow Garrett: https://twitter.com/GarrettHarper_ Follow Lightspeed: https://twitter.com/Lightspeedpodhq Subscribe on YouTube: https://bit.ly/43o3Syk Subscribe on Apple: https://apple.co/3OhiXgV Subscribe on Spotify: https://spoti.fi/3OkF7PD Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - - Resources Jupiter https://twitter.com/JupiterExchange https://jup.ag/ - - Disclaimers: Lightspeed was kickstarted by a grant from the Solana Foundation. Nothing said on Lightspeed 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. Mert, Garrett and our guests may hold positions in the companies, funds, or projects discussed.
12/29/20231 hour, 3 minutes, 49 seconds
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Fee Markets: How Blockchains Price Scarce Resources | Pranav Garimidi & Sam Hart

Today's episode of Bell Curve explores the intricacies of blockchain fee markets, from their origins in Bitcoin to modern innovations like Ethereum's EIP-1559 and multidimensional fee markets. Mike is Joined by Pranav and Sam to dive deep into the challenges of balancing spam prevention and positive user experience by analyzing fee structures in major chains like Solana. They unpack the "fee market fallacy," fee burning debates, and using credits to shape desired user behaviors. This episode delivers a masterclass in the past, present and future of how blockchains price scarce resources. - - Follow Sam: https://twitter.com/hxrts Follow Pranav: https://twitter.com/PGarimidi Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use BELL20 to get 20% off your ticket! Sign up now because the price goes up every month. See you there! https://blockworks.co/event/digital-asset-summit-2024-london/home - - Resources EIP-1559 https://eips.ethereum.org/EIPS/eip-1559 - - Timestamps: (0:00) Introduction (2:58) What are Fee Markets? (11:53) The Fee Debate (22:44) EIP-1559 UX Upgrades (34:57) DAS London Ad (36:07) Burning Revenue to Miners (44:17) State of Solana Fee Markets (55:23) Potential Solution for Solana Fee Markets (1:04:34) Multidimensional Fee Markets - - 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.
12/27/20231 hour, 26 minutes, 20 seconds
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Our 2024 Crypto Predictions | Roundup

In today's episode Vance, Michael, and Michael reflect on their 2023 predictions and dive into each major ecosystem's outlook for 2024. They share outlooks on Bitcoin, Ethereum, Solana, Cosmos, gaming, and NFTs. They touch on crypto's evolution, its key players, the reshuffling of top investors, and conclude with each sharing their biggest winners and flops of 2023. Tune in for all of this and much more! - - Follow Mike: https://twitter.com/MikeIppolito_ Follow Michael: https://twitter.com/im_manderson Follow Vance: https://twitter.com/pythianism 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 us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use BELL20 to get 20% off your ticket! Sign up now because the price goes up every month. See you there! https://blockworks.co/event/digital-asset-summit-2024-london/home - - Timestamps (0:00) Introduction (1:51) 2023 Predictions Review (11:23) Expectations for 2024 (19:03) Bitcoin 2024 Outlook (23:24) Ethereum 2024 Outlook (33:28) DAS London Ad (34:37) Solana 2024 Outlook (42:53) Cosmos 2024 Outlook (54:18) The DA Wars (57:51) EVM Evolution (1:05:06) Blockchain Memes & NFTs (1:10:07) Biggest Flops & Winners - - 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.tt and our guests may hold positions in the companies, funds, or projects discussed.
12/22/20231 hour, 16 minutes, 37 seconds
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DEXs: Minimizing MEV, Fee Market Developments, and Superior DEX Designs | Season 6 Episode 8

In this bittersweet season finale of Bell Curve Mike and Dan recap key themes from this season. They dive into specific topics like the impact of blocktimes on MEV and innovations in fee market structures. They also hit on rethinking simplistic metrics like TVL for assessing capital efficiency, how execution models like frequent batch auctions can optimize swappers’ experience, and the viability of bringing meaningful on-chain price discovery to compete with centralized exchanges. This leads the duo to the ongoing debate around optimized roles for passive retail liquidity providers in AMMs versus professional market makers, and managing financial inventory across decentralized networks and bridges. To close out Dan discusses Uniswap V4 and what experiences are paramount to get right. Thanks for watching and we'll see you next season! - - Follow Mike: https://twitter.com/MikeIppolito_ Follow Dan: https://twitter.com/danrobinson Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Maverick Protocol is a DeFi infrastructure provider focused on increasing industry efficiency, powered by Maverick AMM. Maverick helps token projects, DAO treasuries, liquidity providers or anyone in DeFi shape their liquidity with efficiency and flexibility. In other words, Maverick makes your liquidity smarter.  Shape liquidity for your token today on Maverick at https://app.mav.xyz/bellcurve   - - Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use BELL20 to get 20% off your ticket! Sign up now because the price goes up every month. See you there! https://blockworks.co/event/digital-asset-summit-2024-london/home - - Timestamps: (00:00) Introduction (04:34) Importance of Blocktimes (13:46) Fee Markets Developments (22:13) Fee Markets Developments (31:33) DAS London (32:43) General L1s (42:12) Maverick Protocol (43:29) Price Discovery Onchain (59:28) Uni V4 Updates & Unichain - - Resources EIP-1559 Check-in https://prestwich.substack.com/p/has-anyone-checked-on-eip-1559-recently Epicenter Podcast https://epicenter.tv/ - - 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.
12/19/20231 hour, 4 minutes, 56 seconds
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DEXs: Minimizing MEV, Fee Market Developments, and Superior DEX Designs | Season 6 Episode 8

In this bittersweet season finale of Bell Curve Mike and Dan recap key themes from this season. They dive into specific topics like the impact of blocktimes on MEV and innovations in fee market structures. They also hit on rethinking simplistic metrics like TVL for assessing capital efficiency, how execution models like frequent batch auctions can optimize swappers’ experience, and the viability of bringing meaningful on-chain price discovery to compete with centralized exchanges. This leads the duo to the ongoing debate around optimized roles for passive retail liquidity providers in AMMs versus professional market makers, and managing financial inventory across decentralized networks and bridges. To close out Dan discusses Uniswap V4 and what experiences are paramount to get right. Thanks for watching and we'll see you next season! - - Follow Mike: https://twitter.com/MikeIppolito_ Follow Dan: https://twitter.com/danrobinson Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Maverick Protocol is a DeFi infrastructure provider focused on increasing industry efficiency, powered by Maverick AMM. Maverick helps token projects, DAO treasuries, liquidity providers or anyone in DeFi shape their liquidity with efficiency and flexibility. In other words, Maverick makes your liquidity smarter.  Shape liquidity for your token today on Maverick at https://app.mav.xyz/bellcurve   - - Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use BELL20 to get 20% off your ticket! Sign up now because the price goes up every month. See you there! https://blockworks.co/event/digital-asset-summit-2024-london/home - - Timestamps: (00:00) Introduction (04:34) Importance of Blocktimes (13:46) Fee Markets Developments (22:13) Fee Markets Developments (31:33) DAS London (32:43) General L1s (42:12) Maverick Protocol (43:29) Price Discovery Onchain (59:28) Uni V4 Updates & Unichain - - Resources EIP-1559 Check-in https://prestwich.substack.com/p/has-anyone-checked-on-eip-1559-recently Epicenter Podcast https://epicenter.tv/ - - 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.
12/19/20231 hour, 4 minutes, 56 seconds
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Data Availability Bake-off and Solana Fee Market | Roundup

In this episode of Bell Curve, the Myles and Mike dive into the Data Availability (DA) wars and explore potential strategies for DA solutions towards the enhancement of Ethereum Roll-ups. They analyze the trade-offs in choosing between different DA solutions and the influence of significant shifts in the blockchain ecosystem. The also touch on Solana fee markets and how successful applications may be economically enticed to eventually launch an app-chain. To close out they touch on the implications of recent FOMC meeting and its implications on asset prices in the crypto markets for 2024. Thanks for tuning in! Follow Mike: https://twitter.com/MikeIppolito_ Follow Myles: https://twitter.com/MylesOneil 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 us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use BELL20 to get 20% off your ticket! Sign up now because the price goes up every month. See you there! https://blockworks.co/event/digital-asset-summit-2024-london/home - - Timestamps (0:00) Introduction (4:14) The Data Availability Wars (25:53) Economic Viability of DA Solutions (34:57) Multichain UX Challenges (46:45) The Solana Fees Debate (57:42) DAS London Ad (58:51) Brief 2024 Predictions - - 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.tt and our guests may hold positions in the companies, funds, or projects discussed.
12/15/20231 hour, 6 minutes, 26 seconds
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Cosmos & Ethereum: How Restaking Unites Converging Infrastructure | Sreeram & Zaki

Today Michael and Myles are joined by Zaki of Sommelier Finance and Sreeram of Eigenlayer for a deep discussion on the converging visions of Ethereum and Cosmos. They analyze how restaking could serve as a bridge between the two ecosystems, providing security to Cosmos chains while opening up new services for Ethereum. Zaki explains how the evolutionary "marketplaces of ideas" tend to succeed over centralized visions, while Eigenlayer offers flexible shared security and permissionless innovation. The group explores attributable versus pooled security, the endgame landscape with ETH as the dominant liquid asset, and optimizing staking models. Enjoy! -- Follow Sreeram: https://twitter.com/sreeramkannan Follow Zaki: https://twitter.com/zmanian Follow Mike: https://twitter.com/MikeIppolito_ Follow Myles: https://twitter.com/MylesOneil Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Maverick Protocol is a DeFi infrastructure provider focused on increasing industry efficiency, powered by Maverick AMM. Maverick helps token projects, DAO treasuries, liquidity providers or anyone in DeFi shape their liquidity with efficiency and flexibility. In other words, Maverick makes your liquidity smarter.  Shape liquidity for your token today on Maverick at https://app.mav.xyz/bellcurve   - - Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use BELL20 to get 20% off your ticket! Sign up now because the price goes up every month. See you there! https://blockworks.co/event/digital-asset-summit-2024-london/home - - Timestamps: (0:00) Intro (2:45) Convergence of Ethereum & Cosmos Design (7:08) Maverick Ad (8:23) How Restaking Unites Cosmos & Ethereum (15:15) Why EigenLayer for Appchain Bootstrapping (27:30) Evaluating Security Needs (39:42) DAS London Ad (40:51) Determining Economic Security (50:48) How ETH Benefits from Restaking (1:03:30) Endgame of Ethereum & Solana Ecosystems - - 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.
12/14/20231 hour, 22 minutes, 2 seconds
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Into the Next Cycle: Jito Airdrop, BTC NFTs, and The Return of VCs | Roundup

In this episode, the Bell Curve team returns to explore the recent launch of JTO token airdrop and discuss a Bitcoin NFT hot take. They dive into Jito's future, business model, and link to MEV and liquid staking. The conversation then shifts to Bitcoin NFTs and how they are rapidly gaining attention. Finally, they also talk about a wealth transfer effect in the upcoming years, the role of millennials, and how they are looking for more advantageous ways of creating wealth, including crypto. - - Follow Mike: https://twitter.com/MikeIppolito_ Follow Michael: https://twitter.com/im_manderson Follow Vance: https://twitter.com/pythianism 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 us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use BELL20 to get 20% off your ticket! Sign up now because the price goes up every month. See you there! https://blockworks.co/event/digital-asset-summit-2024-london/home - - Timestamps (0:00) Introduction (2:25) Jito Token Airdrop (17:28) The Bitcoin NFT Hot Take (20:51) DAS London Ad (22:00) Is Retail Back? (27:26) Indicators of Market Cycle Shift (32:47) Synthetix Burn Mechanism & Generating Revenue (39:13) Crypto: Generational Wealth Transfer? - - 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.tt and our guests may hold positions in the companies, funds, or projects discussed.
12/8/202347 minutes, 28 seconds
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How Appchains Align DEX Incentives | Season 6 Episode 7

In this episode of Bell Curve, Mike and Dan dive into the world of decentralized derivatives trading with Antonio Juliano, founder and CEO of dYdX. They explore how dYdX leverages the Cosmos SDK to build an app-specific blockchain that aligns incentives between validators, token holders, and traders. They unpack dYdX's journey from Ethereum to Layer 2 to finally their own custom blockchain, detailing how each transition aims to solve core issues around performance, fees, and decentralization. They also cover designs enabled by app chains, dYdX's "social slashing" approach to mitigating MEV, off-chain components, and perpetual swaps adoption. We hope you enjoy! - - Follow Antonio: https://twitter.com/AntonioMJuliano Follow Myles: https://twitter.com/MylesOneil Follow Mike: https://twitter.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/ - - Maverick Protocol is a DeFi infrastructure provider focused on increasing industry efficiency, powered by Maverick AMM. Maverick helps token projects, DAO treasuries, liquidity providers or anyone in DeFi shape their liquidity with efficiency and flexibility. In other words, Maverick makes your liquidity smarter.  Shape liquidity for your token today on Maverick at https://app.mav.xyz/bellcurve   - - Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use BELL20 to get 20% off your ticket! Sign up now because the price goes up every month. See you there! https://blockworks.co/event/digital-asset-summit-2024-london/home - - Timestamps (0:00) Introduction (2:18) Interview Start: Antonio (4:52) Balancing MEV Stakeholders (16:51) Batch Auction Solution (29:58) DAS London Ad (31:07) L2 vs App Chain (40:12) Going from dApp to L2 or App Chain (45:32) Decentralization and Offchain Components (52:01) Spot vs Perps vs Options in DEX Space (59:11) Outro - - Resources PEPC by Barnabe https://ethresear.ch/t/unbundling-pbs-towards-protocol-enforced-proposer-commitments-pepc/13879?u=barnabe - - 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.tt and our guests may hold positions in the companies, funds, or projects discussed.
12/5/20231 hour, 24 minutes, 44 seconds
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Why the Cosmos Hub is Forking and BLAST L2 Will Probably Work | Roundup

This week's roundup the Michael, Vance, and Michael trio are joined by Sam Hart, the head of product and strategy at Skip Protocol, to cover the biggest news including Binance CEO CZ stepping down, the controversial launch of BLAST L2, and the forking of the Cosmos hub. They also touch on the odds of an institutional rally, Blur market share dominance, and USDT redemptions for fiat, silver, and gold. To close out the team covers the Bitcoin block size wars, Cosmos Prop 848, and Elon Musk's fight against advertisers. Enjoy! Follow Sam: https://twitter.com/hxrts Follow Mike: https://twitter.com/MikeIppolito_ Follow Michael: https://twitter.com/im_manderson Follow Vance: https://twitter.com/pythianism 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 us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use BELL20 to get 20% off your ticket! Sign up now because the price goes up every month. See you there! https://blockworks.co/event/digital-asset-summit-2024-london/home - - Timestamps (00:53) Turkey Season Review (02:20) CZ Steps Down & Binance Pleads Guilty (13:26) The Institutional Rally (21:28) Redeeming USDT for Cash (28:38) DAS 2024 (29:48) Blast L2 Controversy (48:50) Blur Market Share Dominance (59:21) Contentious Atom Prop & Atom Fork - - 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.tt and our guests may hold positions in the companies, funds, or projects discussed.
12/1/20231 hour, 18 minutes, 21 seconds
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Crypto’s Next Cycle: Solana’s Comeback vs Ethereum’s Head Start | Qiao Wang

Qiao Wang from Alliance DAO (a web3 accelerator) joins us to discuss the applications and protocols that are primed to dominate crypto's next cycle. Qiao reviews thousands of crypto startups every year, has an uncanny ability to predict future narratives and is one of my favorite thinkers in the space! In this episode, we discuss why RWAs and payments are crypto's massive opportunity, how speculation is crypto's killer feature, Solana's comeback vs Ethereum's headstart, Coinbase's giant opportunity, where the developers are building and more! - - Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use LIGHTSPEED20 to get 20% off your ticket! Sign up now because the price goes up every month. See you there! Learn more + get your ticket here: https://blockworks.co/event/digital-asset-summit-2024-london/home - - Timestamps 00:00 Introduction 00:45 Two Massive Opportunities: RWAs + Payments 18:40 Why DePIN Works 21:01 Speculation is Utility 24:28 DAS LDN Plug 25:26 Where Are Developers Building? 28:57 Why Price Leads Everything 32:13 DeFi Apps and Horizontal Integration 34:53 The SuperApp Thesis 39:32 Coinbase and Onchain Identity 46:56 Cosmos’ Problem 49:46 L2 Competition and Fragmentation 57:29 What it Takes to Be a Great Crypto Founder - - Follow Qiao: https://twitter.com/QwQiao Follow Mert: https://twitter.com/0xMert_ Follow Garrett: https://twitter.com/GarrettHarper_ Follow Lightspeed: https://twitter.com/Lightspeedpodhq Subscribe on YouTube: https://bit.ly/43o3Syk Subscribe on Apple: https://apple.co/3OhiXgV Subscribe on Spotify: https://spoti.fi/3OkF7PD Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - - Resources Good Game podcast https://spoti.fi/3MKMLRQ Alliance DAO https://alliance.xyz/ https://twitter.com/alliancedao What does it take to be a good crypto founder? https://medium.com/alliancedao/what-does-it-take-to-be-a-good-crypto-founder-6c2600a99770 - - Disclaimers: Lightspeed was kickstarted by a grant from the Solana Foundation. Nothing said on Lightspeed 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. Mert, Garrett and our guests may hold positions in the companies, funds, or projects discussed.
11/30/20231 hour, 6 minutes, 16 seconds
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Liquid Restaking is Coming Sooner Than You Think

In today's episode, Mike and Myles dive deep into the emerging world of liquid restaking. They take a deep look into the inner workings of depositing staked ETH into protocols like Eigenlayer to earn additional yield. They discuss competitive dynamics between these protocols, whether this is positive or dangerous for Ethereum, and implications for ETH becoming "crypto native treasuries" that export security and create collateral for DeFi. We hope you enjoy! Follow Myles: https://twitter.com/MylesOneil Follow Mike: https://twitter.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/ - - Crypto’s premier institutional conference returns to London in March 2024 and we’ve got a killer deal for Black Friday...or as we call it BlackRock Friday. For a limited time we’re running a 20% promo on our 4 pack of DAS tickets. For just 399 GBP per ticket you can share the room with the world's top executives and hear from some of the largest institutions in crypto.  Grab 3 friends or 3 colleagues and use code BLACKROCK for 20% off on 4 pack tickets. Only valid until Nov 27th. Use code "BLACKROCKBELL" at: https://blockworks.co/event/digital-asset-summit-2024-london/home - - Timestamps (0:00) Introduction (5:11) Balance Sheets of Liquid Staking Protocols (10:14) Eigen Layer Operating Model (26:53) DAS London Ad (28:02) Competitive Landscape of Liquid Staking (36:53) End Game of Eth Security (43:44) Blackrock Promo (44:42) Institutional vs Retail Services (52:05) Go to Market for Liquid Restaking Protocols (57:40) Is Liquid Restaking ETH Dangerous? (1:09:13) Check the Code is a Meme (For Now) - - 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.tt and our guests may hold positions in the companies, funds, or projects discussed.
11/22/20231 hour, 19 minutes, 4 seconds
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Crosschain DEXs: The Next Frontier | Season 6 Episode 6

Today we are diving deep into the world of interoperability and intents. Hart Lambur, co-founder at Risk Labs and UMA, joins us to analyze the trade-offs between different bridge architectures like atomic swaps, canonical bridges, and optimistic bridges. They discuss how intent-based protocols like Uniswap X and Across Protocol are reimagining bridges by introducing third parties to enable faster, cheaper transfers. To close out the team explores UXchallenges in bridging assets across chains and whether retail traders can realistically serve as cross-chain market makers. For all this and more stay tuned! - - Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use BELL20 to get 20% off your ticket! Sign up now because the price goes up every month. See you there! https://blockworks.co/event/digital-asset-summit-2024-london/home - - Timestamps: (0:00) Introduction (3:03) State of Interoperability (7:25) Interop Messaging (26:08) Maverick Ad (27:23) UniswapX Multichain Design (32:58) Intent Based Design & Trade Offs (42:16) DAS London Ad (43:25) Searcher Market Structure (53:24) Timeframe of Abstracting Crosschain UX (57:11) Intent & Crosschain Payments (1:02:05) End Game Crosschain Vision (1:08:34) Outro - - Follow Dan: https://twitter.com/danrobinson Follow Mike: https://twitter.com/MikeIppolito_ Follow Hart Lambur: https://twitter.com/hal2001 Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Across Protocol https://twitter.com/AcrossProtocol https://across.to/ UniswapX White Paper https://uniswap.org/whitepaper-uniswapx.pdf - - 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.
11/21/20231 hour, 25 minutes, 55 seconds
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The Chainlink End Game: CCIP, Link Restaking, and Competition | Roundup

In today's episode of Bell Curve we are joined by Link Marine legend Chainlinkgod.eth. Mike, Michael, and Vance dive into the past, present, and future of Chainlink. They kick off with Chainlink's community origins in 4chan. They move on to introduce how Chainlink aims to be a decentralized oracle network that securely connects blockchains to external data sources and APIs. They discuss key elements like its variety of services like price feeds, CCIP for cross-chain messaging, real world asset tokenization, and the LINK token's role. We hope you enjoy! Follow ChainLinkGod: https://twitter.com/ChainLinkGod Follow Mike: https://twitter.com/MikeIppolito_ Follow Michael: https://twitter.com/im_manderson Follow Vance: https://twitter.com/pythianism 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 us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use BELL20 to get 20% off your ticket! Sign up now because the price goes up every month. See you there! https://blockworks.co/event/digital-asset-summit-2024-london/home - - Timestamps (0:00) Introduction (1:39) The Link Marines Origin (10:21) What is Chainlink and Oracle Networks? (17:34) Are Institutions Good for Crypto? (27:09) DAS London Ad (28:19) Endgame for Blockchain Maturity (32:02) Overlooked Blockchain Use cases (39:01) CCIP Mechanics (47:02) The Competitors of CCIP (50:56) Solving the Cold Start Problem (59:23) What's Next for Link - - 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.tt and our guests may hold positions in the companies, funds, or projects discussed.
11/17/20231 hour, 1 minute, 16 seconds
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A Deep Dive into Batch Auctions | Season 6 Episode 5

Season 6 | Episode 5 In this episode of Bell Curve we dive into the world of batch auctions with special guests Anna, co-founder of CowSwap, and Ludwig, Founder of Sorella Labs. The team digs into how Cowswap's innovative batch auctions function and how Sorella Labs' Angstrom project tackles LVR for sustainable liquidity. They unpack how app layer innovation and MEV-conscious design can mitigate value extraction.  To close out they discusses whether price discovery will ever move from centralized to decentralized exchanges and what prerequisites are necessary for that to happen. Enjoy! - - Maverick Protocol is a DeFi infrastructure provider focused on increasing industry efficiency, powered by Maverick AMM. Maverick helps token projects, DAO treasuries, liquidity providers or anyone in DeFi shape their liquidity with efficiency and flexibility. In other words, Maverick makes your liquidity smarter.  Shape liquidity for your token today on Maverick at https://app.mav.xyz/bellcurve   - - Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use BELL20 to get 20% off your ticket! Sign up now because the price goes up every month. See you there! https://blockworks.co/event/digital-asset-summit-2024-london/home - - Timestamps: (0:00) Interview Start: Anna & Ludwig (4:47) What are Frequent Batch Auctions? (10:50) MEV by Passive LPs (15:42) Mechanism Design Avoiding MEV (21:20) DAS London Ad (22:29) Who are Solvers & their role in CoWSwap (29:40) How Angstrom Solves DEX MEV (33:06) CoW Hooks (38:18) Maverick Ad (39:33) Will Passive Liquidity Stay? (46:38) Why is Angstrom a Uniswap Hook? (52:07) Will Price Discovery Come Onchain? (58:47) Outro - - Follow Dan: https://twitter.com/danrobinson Follow Mike: https://twitter.com/MikeIppolito_ Follow Anna: https://twitter.com/AnnaMSGeorge Follow Ludwig: https://twitter.com/0xvanbeethoven Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: https://twitter.com/Sorellalabs https://twitter.com/CoWSwap - - 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.
11/14/20231 hour, 16 minutes, 58 seconds
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Institutionalizing Crypto & The Return of the Bull Market | Roundup

In this week's roundup, the Michael power duo dives into the recent market rally and explore its implications in crypto including debt proceedings and VC appetite. They explore the Ethereum ETF approval potentially becoming a reality and the controversy surrounding Wintermute’s CEO Evgeny Gaevoy and the Near Foundation. To close out they discuss the future developments to look out for in the crypto, including the potential rise of alternative L1s and newer narratives.  - - Follow Mike: https://twitter.com/MikeIppolito_ Follow Michael A: https://twitter.com/im_manderson 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 us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use BELL20 to get 20% off your ticket! Sign up now because the price goes up every month. See you there! https://blockworks.co/event/digital-asset-summit-2024-london/home - - Timestamps: (0:00) Introduction (2:01) Are We Back? (8:28) Token Prices Impacting Bankruptcy Proceedings (10:31) An FTX Restart? (20:11) Cycle Change Indicators? (24:42) Institutionalizing Crypto (35:23) DAS London Ad (36:32) Bitcoin Hashrate Lag (42:30) Near Foundation & Aurora Accusations (48:44) End Game of Blockchain Stacks - - Resources Wintermute CEO Accuses Near  https://blockworks.co/news/wintermute-ceo-accused-near-foundation-of-failing-to-redeem-stablecoins BlackRock ETF Proposal  https://blockworks.co/news/blackrock-ishares-ether-etf - - 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.tt and our guests may hold positions in the companies, funds, or projects discussed.
11/10/202359 minutes, 11 seconds
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Token Season Review: The Hidden Costs of Airdrops | Roundup

In this week's Bell Curve roundup Mike and Myles discuss the return of "token season" - with recent launches like DYDX, Celestia, and Jupiter on Solana. They debate distribution strategies like airdrops, and whether excessive costs are justified. They also discuss Solana's price explosion and admire Solana for its focus on the app developer experience. To close out the duo debate weather the next crypto cycle will see real mainstream adoption of dApps. Thanks for tuning in! - - Timestamps (0:00) Introduction (1:58) Token Season Back? (6:15) Strategy for Token Season (7:56) Solana Comeback (14:36) DAS London Ad (15:46) Eth as Money vs Solana App Focus (25:10) Solana Breakpoint Excitement (31:29) ROI on Airdrops (47:15) Strategy for Celestia DA Adoption (57:04) Will Crypto Achieve Mass Adoption? - - Follow Mike: https://twitter.com/MikeIppolito_ Follow Myles: https://twitter.com/MylesOneil 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 us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use BELL20 to get 20% off your ticket! Sign up now because the price goes up every month. See you there! https://blockworks.co/event/digital-asset-summit-2024-london/home - - Resources: Solana Comeback https://blockworks.co/news/solana-ftx-market-opportunity Celestia Mainnet https://blockworks.co/news/data-availability-transaction-costs-blockchain - - 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.tt and our guests may hold positions in the companies, funds, or projects discussed.
11/3/20231 hour, 13 minutes, 2 seconds
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Solana vs Ethereum: Two Paths, One Endgame | Jon Charbonneau

This week on Bell Curve you're going to be hearing an episode of Lightspeed interviewing Jon Charbonneau on how integrated and modular chains are on an inevitable path toward the same endgame. Jon is an investor and the most prolific researcher in the space who understands the nuances and tradeoffs of the Solana and Ethereum ecosystems. In this episode, we cover what SVM adoption means for Solana, if rollups scale Ethereum, why Jon is spending more time in Solana and the SVM, the convergence of the integrated and modular roadmap, how rollups will leverage Solana and more! - - Timestamps (00:00) Introduction (01:13) The Rollup Debate (10:31) Modular vs Integrated: The Great Convergence (18:06) The Appchain Thesis (26:31) What SVM Adoption Means for Solana (29:54) DAS London Promo (32:53) Why Solana? (34:02) What Ethereum & Solana Can Learn From Each Other (37:49) The Value of End-User Verification (40:45) Lido’s Dominance, Nakamoto Coefficients & Social Pressure (46:14) Ethereum Aligned (50:07) What Keeps You Here & The State of Crypto (55:35) Solana as a Settlement and Sequencing Layer (58:47) Why You Should Write - - Follow Jon: https://twitter.com/jon_charb Follow Mert: https://twitter.com/0xMert_ Follow Garrett: https://twitter.com/GarrettHarper_ Follow Lightspeed: https://twitter.com/Lightspeedpodhq Subscribe on YouTube: https://bit.ly/43o3Syk Subscribe on Apple: https://apple.co/3OhiXgV Subscribe on Spotify: https://spoti.fi/3OkF7PD Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/  - - Resources DBA's Website https://dba.xyz/ Do Rollups Inherit Security by Jon https://dba.xyz/do-rollups-inherit-security/ Jon's Substack https://joncharbonneau.substack.com/ - -  Disclaimers: Lightspeed was kickstarted by a grant from the Solana Foundation. Nothing said on Lightspeed 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. Mert, Garrett and our guests may hold positions in the companies, funds, or projects discussed.
11/1/20231 hour, 2 minutes, 46 seconds
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Recapitalizing the Degens and Identifying Cycle Catalysts | Roundup

In today's roundup Michael and Vance join forces to determine if we are finally back. They dive into potential catalysts for the recent price action across the crypto sector, including the end of the rate hiking cycle, the need for recapitalization of degens, and the emerging institutional interest. The two analyze the LayerZero proposal controversy, dubious Hamas fundraising claims, and Arbitrum Orbit's use of Celestia for Data Availability. To close out they speak on the rise of professional guilds and service providers for blockchains, reflecting on the recent proposal for an Arbitrum Coalition. - - Timestamps: (0:00) Introduction (2:53) Are We Back? (8:25) Catalyst for Price Action (16:18) Identifiers for Cycle Change (28:29) DAS London Ad (29:39) LayerZero & Lido DAO Kerfuffle (34:50) WSJ Claims Crypto Funding Terrorism (41:09) Arbitrum Orbit Uses Celestia for DA (51:12) Arbitrum Coalition (56:11) Framework Ventures Updates - - Follow Mike: https://twitter.com/MikeIppolito_ Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Yano: https://twitter.com/JasonYanowitz 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 us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks. Use the link below to learn more, and use BELL20 to get 20% off your ticket! Sign up now because the price goes up every month. See you there! https://blockworks.co/event/digital-asset-summit-2024-london/home - - Resources: Layer0 Proposal https://research.lido.fi/t/wsteth-on-avalanche-and-bnb-and-ownership-acceptance-by-lido-dao/5749 Arbitrum Coalition Proposal https://forum.arbitrum.foundation/t/proposal-the-arbitrum-coalition/19145 Arbitrum Orbit Uses Celestia https://blog.celestia.org/celestia-is-first-modular-data-availability-network-to-integrate-with-arbitrum-orbit/ https://blog.celestia.org/introducing-blobstream/ Optimism vs Arbitrum (Theme Park Explanation) https://twitter.com/sgoldfed/status/1706536075273839037 - - 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.tt and our guests may hold positions in the companies, funds, or projects discussed.
10/27/20231 hour, 1 minute, 36 seconds
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The Rise of Crypto's Superapp | Fiskantes, Matti (Zee Prime Capital)

Fisk and Matti, from Zee Prime Capital, join us to discuss the rise of crypto's first superapp. In this episode, we cover the Fappening Thesis (superapp), why everyone invests in middleware, how protocols establish moats, the future of Web3 social, how crypto will impact equality and more! Fisk and Mattie have some of the most eccentric and prescient ideas in crypto - you won't want to miss this one. Subscribe to Lightspeed YouTube: https://bit.ly/43o3Syk Apple: https://apple.co/3OhiXgV Spotify: https://spoti.fi/3OkF7PD - - Timestamps (00:00) Introduction (00:54) The Dev2Dev Thesis (08:13) The Fappening: Rise of the Superapp (15:02) How Apps Establish Moats (18:45) Is Blockspace Commoditized? (30:44) Uniswap’s New Fee: Protocols vs Frontends (36:24) Web3 Social: Status vs Utility (47:31) Equal Opportunity vs Equal Outcomes (55:58) Advice: Think Different - - Follow Fisk: https://twitter.com/Fiskantes Follow Matti:https://twitter.com/mattigags Follow Mert: https://twitter.com/0xMert_ Follow Garrett: https://twitter.com/GarrettHarper_ Follow Lightspeed: https://twitter.com/Lightspeedpodhq Subscribe on YouTube: https://bit.ly/43o3Syk Subscribe on Apple: https://apple.co/3OhiXgV Subscribe on Spotify: https://spoti.fi/3OkF7PD Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/  - - Resources Zee Prime https://zeeprime.capital/ The Future of OwnyFans https://zeeprime.capital/the-future-of-owny-fans The Fappening https://zeeprime.capital/the-fappening The Middleware Thesis https://zeeprime.capital/infrastructure-lego-the-middleware-thesis - -  Disclaimers: Lightspeed was kickstarted by a grant from the Solana Foundation. Nothing said on Lightspeed 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. Mert, Garrett and our guests may hold positions in the companies, funds, or projects discussed.
10/24/20231 hour, 3 minutes, 25 seconds
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Blackrock CEO: Crypto a 'Flight to Quality' | Round Up

The team is back, this week the boys kick things off with Coin Telegraph’s reporting blunder on the Spot BTC ETF that resulted in a BTC price surge of over 8%. We then take stock of TradFi’s potential sentiment shift, New York AG Letitia James suing Gemini, Genesis, and DCG over alleged $1.1bn crypto fraud, and the potential ramifications if GBTC is unable to convert. We then go on to discuss potential unlocks of a Spot BTC ETF, where we’re at with the Alt market, the recent Uniswap Labs fee switch news, as well as BlackRock CEO Larry Fink’s recent commentary on Crypto. The boys close on regulation and take stock of Macro. Enjoy! - - Timestamps: (00:00) Introduction (00:34) Coin Telegraph: SEC iShares Spot BTC ETF Approval Misreport (02:39) This Week in Media (04:49) Coin Telegraph: SEC iShares Spot BTC ETF Approval Misreport (07:09) TradFi: Significant Shift in Crypto Sentiment? (18:33) AG Letitia James Sues Gemini, Genesis, and DCG for Defrauding Investors (25:12) GBTC: Potential Consequences of Inability to Convert (27:42) Will a Spot BTC ETF Act as a Catalyst? (36:50) 2019 Cycle Review (40:38) Alt Market Value Unlocks  (41:21) Uniswap Labs Fee Switch (44:31) Institutional Adoption: BlackRock CEO Larry Fink, BTC and Crypto Will Play a Role in Investors’ Flight to Quality (52:10) Stablecoin As Conduit for Regulation?  (54:47) Macro Corner - - Follow Mike: https://twitter.com/MikeIppolito_ Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Yano: https://twitter.com/JasonYanowitz Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH -- Research, news, data, governance and models – now, all in one place. As a listener of Bell Curve, you can use code "BELLCURVE10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ - - Resources: Uniswap Labs Fee Switch https://blockworks.co/newsletter/issue/33054773 BlackRock’s Fink notes ‘pent-up interest’ after fake bitcoin ETF news https://blockworks.co/news/blackrock-spot-bitcoin-etf-rumors - - 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.
10/20/20231 hour, 3 minutes, 53 seconds
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The Essential Guide to General and App-Specific Order Flow Auctions | Season 6 Episode 4

Season 6 | Episode 4 In today's episode we are joined by Xin Wan, researcher at Uniswap Labs, and Robert Miller, Product Lead at Flashbots, to explore the world of Order Flow Auctions (OFAs). They discuss different OFA designs like Uniswap X, Flashbots MEV-Geth, and traditional order books, analyzing capital efficiency, fairness, and susceptibility to manipulation. Xin and Robert also detail key auction parameters around permissioning, bid selection, information revelation, and credible neutrality. Looking forward, they explore how OFAs and intent-based infrastructure could simplify cross-chain interoperability and abstract complexity for end users. - - Maverick Protocol is a DeFi infrastructure provider focused on increasing industry efficiency, powered by Maverick AMM. Maverick helps token projects, DAO treasuries, liquidity providers or anyone in DeFi shape their liquidity with efficiency and flexibility. In other words, Maverick makes your liquidity smarter.  Shape liquidity for your token today on Maverick at https://app.mav.xyz/bellcurve   - - Timestamps: (00:00) Introduction (01:49) Interview Start: Xin and Robert (02:26) What are Order Flow Auctions? (08:33) Market Structure of Order Flow Auctions (15:03) “Maverick Ad” (16:17) Taking DEX Components Offchain (23:22) Why Uniswap Chose an Offchain RFQ System (28:01) The Role of Private RPCs (32:32) Design Space for Auctions (47:02) Price Impact of Information Availability (55:33) Use case of Intents (1:03:28) Outro  - - Follow Dan: https://twitter.com/danrobinson Follow Mike: https://twitter.com/MikeIppolito_ Follow Xin: https://twitter.com/xin__wan Follow Robert: https://twitter.com/bertcmiller Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: On the Design of MEV Marketplaces by Robert Miller https://medium.com/flashbots/on-the-design-of-mev-marketplaces-8829bf897858 - - 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.
10/19/20231 hour, 25 minutes, 51 seconds
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Permissionless Frontends: The Rise of Crypto's Aggregators | Kain Warwick (Infinex)

Kain Warwick, the founder of Synthetix and Infinex, joins us to discuss how permissionless frontends are crypto's next battleground. Crypto has the infrastructure to support the next wave of users, but the user experience is lightyears behind Web2. What can solve this? Permissionless frontends. In this episode, we cover why Kain is building Infinex, the missing piece to get users onchain, crypto's new aggregators, Kain's multichain strategy, where DAOs fail to innovate and more. This might be my favorite episode yet! - - Timestamps (00:00) Introduction (02:04) A Shift from Infrastructure to the User Experience (05:03) Why Synthetix Chose Optimism (09:11) The Missing Ingredient to Compete with Binance (11:53) L2 Liquidity Fragmentation (14:51) Should Projects Launch on Multiple Chains? (17:18) Why Synthetix Might Launch an Appchain (19:10) How to Build Brand Trust & Bring Users Onchain (32:57) Jito MidRoll Plug (34:02) Crypto’s New Aggregators: Permissionless Frontends (43:06) Taking Speculation Too Far (51:16) L2 Centralization Vectors & Progressive Decentralization (57:06) Will L2s Have a Power Law Outcome? (59:54) Why Kain is Still in Crypto (01:05:26) Where DAOs Succeed and Fail (01:12:44) Rapid Fire - - Follow Kain: https://twitter.com/kaiynne Follow Mert: https://twitter.com/0xMert_ Follow Garrett: https://twitter.com/GarrettHarper_ Follow Lightspeed: https://twitter.com/Lightspeedpodhq Subscribe on YouTube: https://bit.ly/43o3Syk Subscribe on Apple: https://apple.co/3OhiXgV Subscribe on Spotify: https://spoti.fi/3OkF7PD Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - - Resources Jito https://www.jito.network/staking/?utm_source=lightspeed&utm_medium=podcast&utm_campaign=lightspeed_Q323_1 Synthetix https://twitter.com/synthetix_io https://linktr.ee/synthetix Infinex https://twitter.com/infinex_app https://infinex.io/ Kain's Writings https://mirror.xyz/kain.eth - -  Disclaimers: Lightspeed was kickstarted by a grant from the Solana Foundation. Nothing said on Lightspeed 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. Mert, Garrett and our guests may hold positions in the companies, funds, or projects discussed.
10/17/20231 hour, 21 minutes, 15 seconds
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Ethereum Enshrinement 101 | Round Up

This week Michael and Myles dive deep on all things Ethereum Enshrinement. The two kick things off with Credible Neutrality, reviewing centralization risks vs overloads governance. The guys then go on to discuss user experience as the guiding uniting principle and look at the gradation of protocol proximity; what should and should not be enshrined and why. We then challenge and defend the varying beliefs around Ethereum as ‘money’, before going on to hit on protocol engagement vs abstraction, issuance as a network cost, the Stride/Cosmos Hub merger update, and more. Enjoy! - - Timestamps: (00:00) Introduction (01:00) Enshrinement: Opening Thoughts (02:5) Credible Neutrality: Private Market Analogy  (07:25) Enshrinement’s Uniting Principle: Good User Experience (08:17) Protocol Proximity (21:33) Ethereum: Money? (28:24) Engagement vs Abstraction (40:51) Issuance: Network Cost? (45:14) Money vs Commodity  (58:04) Stride/Cosmos Hub Merger Update (1:16:17) Community Alignment  - - Follow Mike: https://twitter.com/MikeIppolito_ Follow Myles: https://twitter.com/MylesOneil Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH -- Research, news, data, governance and models – now, all in one place. As a listener of Bell Curve, you can use code "BELLCURVE10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ - - Resources: Vitalik Buterin: Should Ethereum be okay with enshrining more things in the protocol? https://vitalik.eth.limo/general/2023/09/30/enshrinement.html Stride: The Enshrined LST Protocol for Cosmos Hub? https://blockworks.co/news/stride-merge-cosmos-hub-network - - 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.
10/13/20231 hour, 29 minutes, 35 seconds
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AMMs vs DEXs: DeFi's First Debate Revisited | Season 6 Episode 3

Season 6 | Episode 3 Today we dive into the world of central limit order books and automated market makers with DEX builders Eugene Chen, co-founder of Ellipsis Labs, and Doug Colkitt, co-founder of Crocodile Labs. The team explores how factors like gas costs, latency, and modular "hooks" are shaping the evolution of onchain trading and DEX designs. The conversation then explores taking DEX components offchain and if it's antithetical to the point of DeFi. To close things out the team discusses the end game of DEX design. - - Maverick Protocol is a DeFi infrastructure provider focused on increasing industry efficiency, powered by Maverick AMM. Maverick helps token projects, DAO treasuries, liquidity providers or anyone in DeFi shape their liquidity with efficiency and flexibility. In other words, Maverick makes your liquidity smarter.  Shape liquidity for your token today on Maverick at https://app.mav.xyz/bellcurve   - - Timestamps: (00:00) Introduction (01:57) Interview Start: Alex & Jason (02:02) CLOBs vs AMMs (10:17) “Maverick Ad” (11:32) CLOBs vs AMMs (12:35) Efficiency of Onchain CLOBs (18:51) The Constraints of Latency (23:02) AMMs & Passive Liquidity (32:41) Offchain Components (46:27) DEX Design End Game (52:10) Market Structure of AMMs vs CLOBs (56:55) Outro  - - Follow Dan: https://twitter.com/danrobinson Follow Mike: https://twitter.com/MikeIppolito_ Follow Doug: https://twitter.com/0xdoug Follow Eugene: https://twitter.com/0xShitTrader Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Ellipsis Labs https://ellipsislabs.xyz/  Ambient Finance https://us.ambient.finance/ Crocswap Blog https://crocswap.medium.com/ Jaredfromsubway MEV Bot Strategy https://x.com/bertcmiller/status/1656392876438462464 - - 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.
10/10/20231 hour, 16 minutes, 17 seconds
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The SBF/FTX Trial Begins, The Future of Ethereum, Another XRP Win & More | Round Up

With the opening of the Sam Bankman-Fried trial this week, the fellas kick things off with their thoughts on Michael Lewis’ controversial new book‘Going Infinite’, which explores the story of FTX’s collapse. The guys then take stock of Vitalik’s latest proposal around Enshrinement, and whether the logic should be natively implemented in the core code of L1s. We then discuss Stride’s potential plans to become the enshrined LST protocol for Cosmos Hub. We then review the state of ETH Futures, XRP’s latest win vs the SEC, before closing out with our outlook on macro, as long-term US Yields Hit a 16-year high. Enjoy! - - Maverick Protocol is a DeFi infrastructure provider focused on increasing industry efficiency, powered by Maverick AMM. Maverick helps token projects, DAO treasuries, liquidity providers or anyone in DeFi shape their liquidity with efficiency and flexibility. In other words, Maverick makes your liquidity smarter.  Shape liquidity for your token today on Maverick at https://app.mav.xyz/bellcurve   - - Timestamps: (00:00) Introduction (00:54) Michael Lewis’ ‘Going Infinite’ review: an SBF/FTX plant?  (09:24) “Maverick Ad” (10:38) Michael Lewis’ ‘Going Infinite’ review: an SBF/FTX plant?  (24:38) Enshrinement (40:24) Stride: The Enshrined LST Protocol for Cosmos Hub? (44:20) ETH Futures (49:38) XRP Win: SEC Appeal Denied (55:18) Macro Outlook: Bond Sell-off, Long-term US Yields Hit 16-year High - - Follow Mike: https://twitter.com/MikeIppolito_ Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH -- Research, news, data, governance and models – now, all in one place. As a listener of Bell Curve, you can use code "BELLCURVE10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ - - Resources: Vitalik Buterin: Should Ethereum be okay with enshrining more things in the protocol? https://vitalik.eth.limo/general/2023/09/30/enshrinement.html Stride: The Enshrined LST Protocol for Cosmos Hub? https://blockworks.co/news/stride-merge-cosmos-hub-network - - 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.
10/6/20231 hour, 5 minutes, 53 seconds
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The LP Profitability Problem: LVR, Dynamic Fees and Auctions | Season 6 Episode 2

Season 6 | Episode 2 In this season's first guest interview we dive into the world of LVR. We are joined by Alex and Jason to unpack key elements of LVR including what it is, mitigation methods including auctions and dynamic fees, and why solving LVR is important. They discuss what 3 sources of information are key to understanding LVR and explore the impacts of transferring wealth from token stakers to LPs. - - Maverick Protocol is a DeFi infrastructure provider focused on increasing industry efficiency, powered by Maverick AMM. Maverick helps token projects, DAO treasuries, liquidity providers or anyone in DeFi shape their liquidity with efficiency and flexibility. In other words, Maverick makes your liquidity smarter.  Shape liquidity for your token today on Maverick at https://app.mav.xyz/bellcurve   - - Timestamps: (00:00) Intro (01:18) Main Interview Start: Alex & Jason (01:31) What is LVR? (07:56) 3 Sources of Information (11:12) “Maverick Ad” (12:27) 3 Sources of Information (13:31) Mitigating LVR Methods (25:40) Dynamic Fees (38:50) Discriminating Types of Traders (48:11) Auctions for Mitigating LVR (52:49) Transferring Wealth to LPs (56:57) Why is LVR Important? (1:02:05) Outro - - Follow Dan: https://twitter.com/danrobinson Follow Mike: https://twitter.com/MikeIppolito_ Follow Alex: https://twitter.com/0x94305 Follow Jason: https://twitter.com/jason_of_cs Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Automated Market Making and Loss-Versus-Rebalancing (Jason Paper) https://arxiv.org/abs/2208.06046 How Discount Brokerages Make Money by Patrick McKenzie https://www.kalzumeus.com/2019/6/26/how-brokerages-make-money/ - - 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.
10/3/20231 hour, 14 minutes, 11 seconds
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Binance Meltdown Review, Coinbase Regulation Win, RaaS Developments & More | Round Up

This week the team take stock of Binance; what may be going on and the potential ramifications. We review the regulation win for Coinbase, as approval is granted for retail perpetual futures trading. We dive deep on Rollups-as-a-Service (RaaS). Mike explains why he’s been ‘Pudgy Pilled’. We review the current state of the SEC/Crypto relationship saga, where we are with ETH Futures ETFs, the upcoming Celestia (TIA) Airdrop, and more! Hit play now and find relevant links below, enjoy! - - Maverick Protocol is a DeFi infrastructure provider focused on increasing industry efficiency, powered by Maverick AMM. Maverick helps token projects, DAO treasuries, liquidity providers or anyone in DeFi shape their liquidity with efficiency and flexibility. In other words, Maverick makes your liquidity smarter.  Shape liquidity for your token today on Maverick at https://app.mav.xyz/bellcurve   - - Timestamps: (00:00) Introduction (01:12) Coinbase: regulatory approval for retail perpetual futures trading (07:42) Dumb Money (08:14) “Maverick Ad” (09:29) Binance Meltdown Review  (20:035 RaaS: The Key Ingredient to a Rollup-Centric Roadmap (39:26) Pudgy Penguins: Pudgy Pilled (45:06) SEC: Gary Gensler Crypto Overreach  (48:51) ETH Futures ETF Update (53:51) Celestia (TIA) Airdrop (1:00:38) Platform Risk Shift - - Follow Mike: https://twitter.com/MikeIppolito_ Follow Myles: https://twitter.com/MylesOneil Follow Michael: https://twitter.com/im_manderson Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH -- Research, news, data, governance and models – now, all in one place. As a listener of Bell Curve, you can use code "BELLCURVE10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ - - Resources: RaaS: The Key Ingredient to a Rollup-Centric Roadmap https://www.reverie.ooo/post/raas-the-key-ingredient-to-a-rollup-centric-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.
9/29/20231 hour, 4 minutes, 33 seconds
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DEXs: Uniswap Origin, Intents, Scaling, and LVR | Season 6 Premiere

Season 6 | Episode 1 Welcome to season 6 of Bell Curve! Season 6 will take a dive into the world of DEXs and Dan Robinson, General Partner and Head of Research at Paradigm, with be joining Mike as co-host. In today's episode the duo dive deep into DEX designs and discuss the origin story of Uniswap, the V4 design, and the overall growth journey the protocol has endured. They also dive into design decisions including intents, mitigating LVR, and prioritizing retail and market makers. We're excited to have you along for the ride this season! - - Timestamps: (00:00) Uniswap Origin Story (10:48) Market Making & Design Decisions 18:40) Uniswap V4 (25:04) Swappers & LPs While Scaling (32:54) Value Journey in DEXs (36:24) Impact of Gas Constraints (39:11) What is LVR? (48:51) Uniswapx and Offchain Designs (54:11) Retail and Market Makers (1:02:40) Intent Based Architecture (1:05:47) Vertical and Horizontal Scaling (1:13:32) Perps and Options Market Structure - - Follow Dan: https://twitter.com/danrobinson Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: - - 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.
9/26/20231 hour, 19 minutes, 59 seconds
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MakerDAO Rally Reaction | Round Up

In today’s episode, Mike, Jason, Michael, and Vance kicks things off with Celestia, reviewing the future of ‘roll-ups-as-a-Service’. The fellas then take stock of Celestia and the wider impacts on ETH price action as a result. The team then goes on to discuss potential forward-looking bull market activity, EigenLayer’s future Yield Role, and the transition of ETH Staking to Liquid Staking. MakerDAOs ongoing interest is broken down before closing out on public markets and the ongoing debate around IPO vs. Direct Listing. Enjoy! - - Timestamps: (00:00) Introduction (01:23) Eclipse: Roll-up-as-a-Service (09:31) Celestia: ETH Price Action Impacts (19:49) Forward-Looking Bull Market Activity  (27:38) EigenLayer’s Yield Role  (33:45) Validator Market in Low Price Environment  (36:31) ETH Staking To Liquid Staking (42:48) MakerDAO Update (55:54) IPO vs Direct Listing - - Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH -- Research, news, data, governance and models – now, all in one place. As a listener of Bell Curve, you can use code "BELLCURVE10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ - - Resources: MakerDAO Interest https://blockworks.co/news/chronicle-labs-oracle-scribe - - 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.
9/22/20231 hour, 2 minutes, 27 seconds
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The Value of Modular Blockchains | Nick White (Celestia), Neel Somani (Eclipse)

Nick White (COO of Celestia) and Neel Somani (founder of Eclipse) join us to debate the tradeoffs of modular vs integrated blockchains. We cover the modular thesis, how Eclipse is bringing the SVM to Ethereum, the hidden costs of modularity, centralized sequencers and L2s, where value will accrue in a modular paradigm and more! - - Timestamps 00:00 Introduction 01:49 What are Modular Blockchains? 05:34 Data Availability Explained 09:15 Light Clients and End User Verification 19:45 Eclipse: the SVM Rollup Provider 20:50 Why do Rollups Need Settlement? 26:26 Jito Mid Roll 27:30 Permissionless Plug 28:30 Should Celestia Enshrine a Settlement Layer? 31:34 L2 Training Wheels 35:53 Kyle Samani’s "The Hidden Costs of Modular Systems” 43:02 Appchains vs Rollups 46:43 How Eclipse is Bringing the SVM to Ethereum 47:58 Are Centralized Sequencers Okay? 53:28 Will Crypto Apps Have a Power Law Outcome? 58:03 Network Effects and Value Accrual 01:08:15 Where Will Enterprises Launch Applications? 01:12:08 Rapid Fire - - Follow Neel: https://twitter.com/neelsalami Follow Nick: https://twitter.com/nickwh8te Follow Mert: https://twitter.com/0xMert_ Follow Garrett: https://twitter.com/GarrettHarper_ Follow Lightspeed: https://twitter.com/Lightspeedpodhq Subscribe on YouTube: https://bit.ly/43o3Syk Subscribe on Apple: https://apple.co/3OhiXgV Subscribe on Spotify: https://spoti.fi/3OkF7PD Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/  - - Resources Jito https://www.jito.network/staking/?utm_source=lightspeed&utm_medium=podcast&utm_campaign=lightspeed_Q323_1 Celestia https://twitter.com/CelestiaOrg https://celestia.org/ Eclipse https://twitter.com/EclipseFND https://www.eclipse.builders/ - -  Disclaimers: Lightspeed was kickstarted by a grant from the Solana Foundation. Nothing said on Lightspeed 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. Mert, Garrett and our guests may hold positions in the companies, funds, or projects discussed.
9/19/202357 minutes, 51 seconds
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How Monad is Superscaling the EVM | Keone Hon, Kevin G

As we gear up for Season 6, this week's episode will be Lightspeed's recent interview with Keone Hon and Kevin G to discuss how Monad is scaling the EVM. Every project in crypto right now is launching an L2 or marketing how their execution environment is better than the EVM. Monad has taken the opposite approach and is building an L1 that leverages the EVM with new optimizations like parallel execution. In this conversation, we discuss Monad's EVM optimizations, the blockchain trilemma, why Monad chose the EVM, how to launch a new L1, modular vs integrated and more! - - Timestamps 00:00 Introduction 00:32 Monad: A Parallelized L1 Leveraging the EVM 06:01 The Blockchain Trilemma 17:31 Monad’s Optimizations and Remaining Bottlenecks 26:14 Jito Mid Roll 27:18 Permissionless Plug 28:18 Why Choose the EVM and Not Build an L2? 31:13 The Importance of Community 36:20 L1 Fees and Tokenomics 41:58 Could Ethereum Implement Monad’s Optimizations? 43:15 The Blockchain Design Landscape 46:49 Modular vs Integrated 49:10 Crypto’s Most Exciting Sectors 51:54 High Fidelity DeFi 55:21 Go-To-Market Strategy 59:57 Rapid Fire - - Follow Keone: https://twitter.com/keoneHD Follow Kevin: https://twitter.com/zen_llama Follow Mert: https://twitter.com/0xMert_ Follow Garrett: https://twitter.com/GarrettHarper_ Follow Lightspeed: https://twitter.com/Lightspeedpodhq Subscribe on YouTube: https://bit.ly/43o3Syk Subscribe on Apple: https://apple.co/3OhiXgV Subscribe on Spotify: https://spoti.fi/3OkF7PD Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/  - - Resources Jito https://www.jito.network/staking/?utm_source=lightspeed&utm_medium=podcast&utm_campaign=lightspeed_Q323_1 Monad https://twitter.com/monad_xyz https://linktr.ee/monad_xyz - -  Disclaimers: Lightspeed was kickstarted by a grant from the Solana Foundation. Nothing said on Lightspeed 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. Mert, Garrett and our guests may hold positions in the companies, funds, or projects discussed.
9/12/20231 hour, 10 minutes, 17 seconds
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DeFi Summer Incoming? | Round Up

In this week’s episode, Mike and Michael breakdown all things DeFi. They discuss the ecosystem writ large and whether we’re seeing a return to 2021’s ‘DeFi Summer’, and the value proposition of sustainable fees as the key differentiator. The guys go on to review Rune Christensen’s Solana Fork MakerDAO proposal, Visa’s crypto stablecoin settlement expanding to Solana, as well as recent regulation setbacks. We then close out on the spot Ether ETF Bid From Ark Invest, 21Shares - hot off of Grayscales spot BTC ETF win - and the wider cycle sentiment. Enjoy! - - Timestamps: (00:00) Introduction (02:09) DeFi 1.0 Resurgence? (08:32) "Permissionless Promotion" (09:25) DeFi 1.0 Resurgence? (27:12) Rune Christensen’s Solana Fork MakerDAO Proposal (37:48) Stablecoin Settlement Expanding to Solana (46:01) Coinbase, Framework Venture Funds Invest $5M in Socket Protocol (49:00) Regulation Setback: CFTC Settlement Against DeFi Protocols  (55:52 Spot Ether ETF Bid From Ark Invest, 21Shares (1:00:23) Cycle Sentiment  - - Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH -- Research, news, data, governance and models – now, all in one place. As a listener of Bell Curve, you can use code "BELLCURVE10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- Use code BELLCURVE30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 - - Resources: Van Eck ETH Price Prediction (correction) https://bitly.ws/UhKH Rune Christensen’s Solana Fork MakerDAO Proposal https://blockworks.co/news/makerdao-solana-fork-endgame Sam Hart: Solana Codebase Fork for NewChain https://forum.makerdao.com/t/explore-a-fork-of-the-solana-codebase-for-newchain/21822/33 Stablecoin Settlement Expanding to Solana https://blockworks.co/news/visa-usdc-solana-stablecoin-expansion Spot Ether ETF Bid From Ark Invest, 21Shares https://blockworks.co/news/21shares-ark-filing-for-spot-ether-etf - - 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.
9/9/20231 hour, 7 minutes, 27 seconds
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The Ultimate Guide to LSTs | Season 5 Finale

Season 5 | Episode 9 In today's season 5 finale we take a deep dive into the multifaceted world of Liquid Staking. Mike and Myles scrutinize critical aspects such as market structure, exploring its influence on liquidity providers and governance. They also discuss social scaling, evaluating its role in the adoption and scalability of Liquid Staking solutions along with the implications of self-limiting. This episode is a holistic recap of the season and with the biggest takeaways from Season 5. - - Timestamps: (00:00) Introduction (02:58) LST Market Structure (13:16) Social Scaling & Self-limiting Debate (28:19) “Permissionless Promotion” (29:15) Curation VS Permissionless (35:25) Liquid Staking Router Outlook (43:09) Re-staking & Liquid Staking Intersection (52:15) Lido Governance Role & Impact (56:16) Future of Liquid Re-staking (1:01:10) Co-Opetition: Eigen Layer & Lido (1:07:08) MEV & Liquid Staking Intersection - - Follow Myles: https://twitter.com/MylesOneil Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Use code BELLCURVE30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 - - Resources: Chorus One Validator Economics https://medium.com/chorus-one/exploring-validator-economics-on-solana-cb1498a3aef6 How POS Networks Nurture Decentralization by Felix L https://chorus.one/articles/how-can-proof-of-stake-networks-nurture-decentralization Sreeram Episode https://podcasts.apple.com/us/podcast/the-intersection-of-restaking-and-liquid/id1641356619?i=1000622262081 - - 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.
9/5/20231 hour, 15 minutes, 2 seconds
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Grayscale Victory: Another Spot of Bother for the SEC? | Round Up

In this week’s episode, the gang is back together. Michael’s 1 and 2, Jason, and Vance dive straight in to discuss the Grayscale Spot Bitcoin ETF Ruling. The guys then review where we are in the crypto cycle, and touch on Uniswap’s lawsuit dismissal and StarkWare’s wallet plunder. The fellas finish out on a ‘Hot Takes’ segment, where the guys get spicy on macro! - - Timestamps: (00:00) Introduction (00:35) Grayscale Spot Bitcoin ETF Ruling (06:04) “Permissionless Promotion” (06:57) Greyscale Spot Bitcoin ETF Ruling (29:44) Cryptos Cyclical Framework (33:14) Uniswap Lawsuit Dismissal (40:26) Dianne Feinstein Lawsuit (41:36) StarkWare Wallet Fiasco (46:26) Hot Takes Segment - - Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH -- Research, news, data, governance and models – now, all in one place. As a listener of Bell Curve, you can use code "BELLCURVE10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- Use code BELLCURVE30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 - - Resources: Grayscale Ruling: https://blockworks.co/news/grayscale-sec-spot-bitcoin-etf Uniswap Lawsuit Dismissal: https://blockworks.co/news/uniswap-class-action-dismissed - - 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.
9/1/20231 hour, 8 minutes, 44 seconds
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What Ethereum Can Learn From Easy Solana Staking | Lucas & Xavier

Season 5 | Episode 8 In this week's episode of Bell Curve, we are joined by Lucas Bruder, Founder of Jito Sol, and Xavier, Chief Investment Officer of Chorus One, two key builders in the Solana ecosystem. The conversation delves into the complexities of staking in Solana versus Ethereum, exploring different validator revenue models and the growth trajectory of liquid staking on Solana. They discuss JitoSOL's unique yield advantages, native token design impacts on staking, delegation strategies, and the potential of capturing MEV value. - - Timestamps: (00:00) Intro: Pre-Interview (02:02 “Permissionless Ad” (02:57) Interview Start: Lucas & Xavier (03:52) Solana VS Eth Liquid Staking (14:54) Validator Revenue Models (22:14) Solana Liquid Staking Growth (35:02) Impacts of Native Token Design (40:55) Solana LST Delegation Strategies (51:29) JitoSOL Yield Advantage (1:02:52) Capturing MEV Value (1:08:23) State of Solana DeFi (1:11:41) Recap: Post-Interview - - Follow Lucas: https://twitter.com/buffalu__ Follow Xavier: https://twitter.com/0xave?lang=en Follow Aidan: https://twitter.com/aidan0x Follow Myles: https://twitter.com/MylesOneil Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Use code BELLCURVE30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 - - Resources: Chorus One Validator Economics https://medium.com/chorus-one/exploring-validator-economics-on-solana-cb1498a3aef6 How POS Networks Nurture Decentralization by Felix L https://chorus.one/articles/how-can-proof-of-stake-networks-nurture-decentralization - - 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.
8/29/20231 hour, 28 minutes, 28 seconds
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Friend.Tech or Foe: Are Progressive Web Apps the Future? | Round Up

In this week’s episode, Mike, Jason, and Vance kick things off with a thorough breakdown of ‘Friend.Tech’. The guys then go on to talk Base and the future of L2’s, ETH’s ultimate value accrual, and touch on the discussion around Tendermint for StarkNet. We then review the DOJ/Tornado Cash charge and arrest. To close, we discuss the GOP debate, NVIDIA Q2 Earnings, EigenLayer’s new LST cap increase, and more! - - Timestamps: (00:00) Introduction (01:57) Friend.Tech (12:19) Aerodrome Base DEX (19:48) Base & Future L2 Business Models (25:01) Where is ETHs Value Accrual? (28:47) Tendermint for StarkNet (34:14) DOJ Tornado Cash Charge Update (41:24) Pop Culture Round Up (43:33) 2024 GOP Debate Review (48:48) NVIDIA Q2 Earnings (55:39) EigenLayer’s New LST Cap Increase (58:36) USDC: Circle Update - - Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Vance: https://twitter.com/pythianism Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH -- Research, news, data, governance and models – now, all in one place. As a listener of Bell Curve, you can use code "BELLCURVE10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- Use code BELLCURVE30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 - - Resources: DOJ/Tornado Cash https://blockworks.co/news/roman-semenov-tornado-cash-ofac-list Friend.Tech https://blockworks.co/news/friend-tech-financialization-goldentre EigenLayer LST Cap increase https://bitly.ws/T8dC - - 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.
8/25/20231 hour, 6 minutes, 31 seconds
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Ending the Modular vs Monolithic Debate | Kyle Samani

We're joined by Kyle Samani, the co-founder of Multicoin Capital and one of crypto's most independent thinkers. In this episode, we cover why "monolithic L1s" is a misnomer, the value of global state, how a protocol establishes moats, why DePIN is finding product-market fit, how Kyle synthesizes new ideas and more! - - Timestamps: (00:00) Introduction (00:34) The Modular vs Monolithic Debate (07:43) Bootstrapping Communities (09:17) A Case for Rollups and Appchains (15:33) The Value of Composability and Globally Shared State (23:22) Crypto’s Moats, Meat Space and the Saga Phone (28:38) Don’t Sleep on DePIN (45:11) Spatial Computing and New Form Factors (53:42) Kyle’s Thinking Process (57:49) Zero Knowledge Proof Use Cases (01:04:21) How Kyle Cultivated His Communication Style (01:06:03) Advice for Founders - - Although our guests this week are managing partners of a registered investment adviser, nothing in this podcast should be considered an offer of Multicoin’s investment advisory services or should otherwise be confused for investment, tax, legal or other financial advice. - - Follow Kyle: https://twitter.com/KyleSamani Follow Mert: https://twitter.com/0xMert_ Follow Garrett: https://twitter.com/GarrettHarper_ Follow Lightspeed: https://twitter.com/Lightspeedpodhq Subscribe on YouTube: https://bit.ly/43o3Syk Subscribe on Apple: https://apple.co/3OhiXgV Subscribe on Spotify: https://spoti.fi/3OkF7PD Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - - Use code BELLCURVE30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 - - Resources: Multicoin Capital https://multicoin.capital/ Unlocking Payments Over Crypto Rails https://multicoin.capital/2022/12/08/unlocking-payments-over-crypto-rails/ Stratechery (Ben Thompson) https://stratechery.com/ - - Disclaimers: Lightspeed was kickstarted by a grant from the Solana Foundation. Nothing said on Lightspeed 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. Mert, Garrett and our guests may hold positions in the companies, funds, or projects discussed.
8/18/20231 hour, 8 minutes, 59 seconds
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Frax’s Alternative Approach to Scaling LSTs | Sam Kazemian

Season 5 | Episode 7 In this episode of Bell Curve, Mike and Myles are joined by Sam Kazemian, Founder of Frax Finance. They explore FRAX's innovative journey from decentralized stablecoin to Liquid Staking Tokens (LSTs) and Liquid Staking Derivatives (LSDs). Sam shares insights into the algorithmic stability mechanism, decentralizing trust, DeFi domination plan, and FRAX V2 decentralization. -- Timestamps: (00:00) Intro: Pre-Interview (02:07) Interview Start: Sam Kazemian (02:36) The Evolution of Frax (11:21) Frax Products (17:29) Frax Thesis (23:34) The Frax Global Domination Play (30:22) Frax V2 & Liquid Staking Future (42:24) Frax Liquid Staking Economics (46:09) Frax Chain Vision (53:03) Recap: Post-Interview - - Follow Sam: https://twitter.com/samkazemian Follow Myles: https://twitter.com/MylesOneil Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Use code BELLCURVE30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 - - Resources: Frax Finance https://frax.finance/ frxETH V2 https://medium.com/coinmonks/introducing-frxeth-v2-the-evolution-of-decentralized-lending-markets-and-stablecoins-142b52b5f81e - - 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.
8/15/20231 hour, 5 minutes, 51 seconds
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The Future of Stablecoins | Roundup

In today’s episode, Mike and Michael discuss all things Stables and more! The guys kick things off with PayPal, discussing their PYUSD Stablecoin launch and what it means for the wider ecosystem and future Stablecoin market structure. We then take a closer look at Coinbase’s Q2 earnings, before touching on future Rollup value accrual. We then close with a Ripple update, Cantina (Web3’s security marketplace), the endgame for Stablecoins, and more! - - Timestamps: 00:00) Introduction (02:21) PYUSD: PayPal stablecoin (07:10) Future Stablecoin Market Structure (11:04) Coinbase Update (24:12) Portnoy's Barstool Sports $1 Buy Back  (25:43) Rollup Value Accrual (44:16) Ripple XRP Update (49:37) Web3 Security Marketplace: Cantina (54:43) News-to-price Incongruities (57:48) The Stablecoin Endgame - - Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH -- Research, news, data, governance and models – now, all in one place. As a listener of Bell Curve, you can use code "BELLCURVE10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- Use code BELLCURVE30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 - - Resources: PYUSD: PayPal stablecoin: https://www.paypal.com/us/digital-wallet/manage-money/crypto/pyusd Coinbase earnings: https://blockworks.co/news/crypto-stocks-stumble-earnings - - 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.
8/11/20231 hour, 2 minutes
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What Ethereum Can Learn from Cosmos' Liquid Staking Module | Aidan & Felix

Season 5 | Episode 6 In this episode of Bell Curve, Mike and Myles are joined by Aidan, co-founder of Stride labs, and Felix, the Godfather of Liquid Staking. Today they explore the nuances of Liquid Staking across the Cosmos & Ethereum ecosystems. They also dig into the relationship of liquid staking & professional validators, the liquid staking module user flow with NFTs, and solving the principle agent problem. -- Timestamps: (00:00) Intro: Pre-Interview (02:02) “Permissionless Ad” (02:57) Interview Start: Felix & Aidan (04:04) The Godfather of Liquid Staking (08:15) Liquid Staking: A Force for Decentralization (12:27) LSTs Thriving in Eth First (16:44) Liquid Staking & Professional Validators (25:01) Decentralizing Eth Validator Set (37:45) Ossifying Ethereum Protocol (42:03) Minting Liquid Staking Tokens (51:50) Staking Module Risk Parameters (57:53) Principle Agent Mitigation (1:04:37) Liquid Staking Module User Flow (1:15:39) Recap: Post-Interview - - Follow Felix: https://twitter.com/FelixLts Follow Aidan: https://twitter.com/aidan0x Follow Myles: https://twitter.com/MylesOneil Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Use code BELLCURVE30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 - - Resources: Felix Liquid Staking Blog Post https://medium.com/chorus-one/delegation-vouchers-cfb511a29aac Stride Labs https://www.stride.zone/ Jon Charbonneau "Endgame: Proof of Governance" https://dba.mirror.xyz/UTPfxWe65dYrUu_RJX-5VkAJypFRyw3AZh6m0dRXYZk - - 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.
8/8/20231 hour, 37 minutes, 37 seconds
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Curve’s $70M Hack, Base Launch Exceeds $230M+ 24hr Trading Volume, Meme Coin BALD Hits $100M Market Cap in 48hrs, And More | Roundup

In today’s episode, Mike and Myles dive deep on Curve’s $70M exploit, deconstructing DEX design frameworks, and reviewing the wider ecosystem consequences of vulnerable chain infrastructure. We then move on to assess Coinbase's L2 'Base' launch and touch on meme coin of the week, BALD, hitting $100M+ market capitalization in under 48 hours! The guys also think through network effect accrual before discussing Barnabé Monnot’s PEPC, an enshrined protocol gadget, and close out on Coinbase’s optimistic Q2 Earnings! - - Timestamps: (00:00) Introduction (00:26) “Permissionless Ad” (01:22) Introduction (02:44) $70M Curve Exploit  (07:43) DEX Architecture  (20:41) Wider Ecosystem Consequences & Chain Design Learnings (23:46) Base Launch Review  (25:49) Network Effect Accrual: Network Execution, Data Availability or Settlement Layer? (54:22) PEPC: Protocol-Enforced Proposer Commitments (1:13:42) Coinbase Q2 Earnings  - - Follow Michael: https://twitter.com/im_manderson Follow Myles: https://twitter.com/MylesOneil  Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH -- Research, news, data, governance and models – now, all in one place. As a listener of Bell Curve, you can use code "BELLCURVE10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- Use code BELLCURVE30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 - - Resources: PEPC FAQ: https://efdn.notion.site/PEPC-FAQ-0787ba2f77e14efba771ff2d903d67e4?pvs=4 Coinbase earnings: https://blockworks.co/news/crypto-stocks-stumble-earnings - - 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.
8/4/20231 hour, 16 minutes, 52 seconds
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The Business Model of LSTs: Banks, Bribes, and LSTaaS | Adrian & Vance

Season 5 | Episode 5 In this episode of Bell Curve, Mike and Myles are joined by adcv, chef at Steakhouse Financial, and Vance, Bell Curve RU Host & Framework Ventures co-founder. Zooming out, the team dives into the business approaches for MakerDAO and Lido. They explore value accrual for both protocols, the strategic directions, business models, and their endgame. - - Timestamps: (00:00) Intro: Pre-Interview (01:46) “Permissionless Ad” (02:42) Interview Start: Adrian & Vance (04:11) Liquid Staking for the Layman (13:30) End Game for Maker DAO & Lido (24:13) Governance Over Processes  (26:11) Liquid Staking as a Service (40:18) LST Indices (44:31) The Future of Staking Router  (49:53) Revenue Growth for Lido (54:51) Lido Bribe Fee Model (1:04:54) Recap: Post-Interview - - Follow adcv: https://twitter.com/adcv_ Follow Vance: https://twitter.com/pythianism Follow Myles: https://twitter.com/MylesOneil Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Use code BELLCURVE30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 - - Resources: Steakhouse Financial https://twitter.com/steakfi ADCV Liquid Staking as Banks https://www.adcv.xyz/steth-is-the-decentralized-reserve-currency/ - - 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.
8/1/20231 hour, 23 minutes, 55 seconds
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Worldcoin: The Power & Pitfalls of Proof-of-Personhood | Roundup

In today’s episode, the fellas take a wide view on the industry, starting with a review on Paris EthCC, Apps vs Infrastructure, and the future of interoperability standards. We also discuss the launch of Worldcoin, why it’s important and what problems it may present. The conversation then turns to AI, the future of Twitter, Crypto regulation, and 2024 Presidential nominees. Enjoy! - - Follow Jason: https://twitter.com/JasonYanowitz Follow Mike: https://twitter.com/MikeIppolito_ Follow Michael: https://twitter.com/im_manderson Follow Vance: https://twitter.com/pythianism Subscribe on YouTube: https://tinyurl.com/4fdhhb2j Subscribe on Apple: https://tinyurl.com/mv4frfv7 Subscribe on Spotify: https://tinyurl.com/wbaypprw Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - - Resources: Worldcoin https://worldcoin.org/home --  Use code BELLCURVE30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 --  (00:00) Introduction (02:52) Paris EthCC (08:41) Apps vs Infrastructure (13:32) Interoperability Standards (17:23) DeFi 1.0, Liquid Staking, Derivatives, Stablecoins, & Spot Exchange (19:52) Trading Bitcoin, Apple, & Snapchat & the Knowledge of Hindsight (23:19) Bridges as Inventory Solutions (30:03) Worldcoin Update (36:00) AI vs Worldcoin Proof-of-Personhood (39:11) AI’s Impact on COGS (44:17) Gen Z’s Demand for Private Channels (45:39) Future of Twitter/X (49:52 Crypto Regulation Update (59:16) 2024 Presidential Nominee Review — Disclaimer: Nothing said on Empire 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. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
7/28/20231 hour, 6 minutes, 6 seconds
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The Intersection of Restaking and Liquid Staking | Sreeram Kannan

Season 5 | Episode 4 In this episode of Bell Curve, Mike and Myles are joined by Eigen Layer Founder Sreeram Kannan. They dive into Eigen layer's supply & demand sides, its interactions with Ethereum restaking, and the team's vision for the end game of Ethereum LSTs and restaking. - - Timestamps: (00:00) Intro: Pre-Interview (01:33) Interview Start: Sreeram (02:19) High Level Eigen Layer Overview (13:59) Supply & Demand Sides of Eigen Layer (14:23) “Permissionless Ad” (15:18) Supply & Demand Sides of Eigen Layer (26:06) Eigen Layer & Ethereum Restaking (37:24) Eigen Layer Demand Side (45:00) Vote Extensions & Proposal Commitments (49:15) Ethereum Restaking Prediction (55:20) Role of Eigen Layer Governance in Restaking (1:12:53) Eigen Layer & Liquid Staking (1:22:03) Future of Validator Services (1:31:05) Recap: Post-Interview - - Follow Sreeram: https://twitter.com/sreeramkannan Follow Myles: https://twitter.com/MylesOneil Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Use code BELLCURVE30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 - - Resources: Eigen Layer https://www.eigenlayer.xyz/ https://twitter.com/eigenlayer https://forum.eigenlayer.xyz/ Witness Chain (Proof of Decentralization) https://witnesschain.com/ Vitalik Account Abstraction Talk EthCC https://www.youtube.com/watch?v=iLf8qpOmxQc - - 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.
7/25/20232 hours, 1 minute, 51 seconds
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Chainlink CCIP Bomb, UniswapX, & Synthetix upgrades explained | Roundup

In today's episode special edition cross-over episode Jason and Santi are joined by Michael, Co-founder at Framework Ventures and Co-host of the Bell Curve podcast. They cover EthCC Account Abstraction takeaways, Infinex, UniswapX, Chainlink CCIP & LayerZero, the VC landscape and MUCH much more.  - - Follow Santi: https://twitter.com/santiagoroel Follow Jason: https://twitter.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod Subscribe on YouTube: https://tinyurl.com/4fdhhb2j Subscribe on Apple: https://tinyurl.com/mv4frfv7 Subscribe on Spotify: https://tinyurl.com/wbaypprw Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - - Resources UniswapX https://twitter.com/Uniswap/status/1680955621343129600 Infinex https://twitter.com/DefiantNews/status/1679838219201028097 Chainlink CCIP https://twitter.com/chainlink/status/1680970793331613697 Celo Move to L1 https://blockworks.co/news/celo-return-home-ethereum --  Use code BELLCURVE30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 --  (00:00) EthCC (03:46) Account Abstraction & Crypto UX (06:48) Infinex: The CEX Killer? (10:25) UniswapX Release (17:19) Chainlink CCIP (27:43) LayerZero vs Chainlink (31:04) Policy Episode Takeaways (36:23) Thales (37:19) Kwenta (38:15) CoinDesk Acquired (41:25) Sequoia Shakes Up Crypto Arm (48:24) Crypto VC Competitive Landscape (52:16) Crypto VC Strategies & Investment Practices (01:03:13) Most Important Factor for L1s (01:12:43) Celo Transition to Ethereum L2 — Disclaimer: Nothing said on Empire 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. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
7/21/20231 hour, 20 minutes, 58 seconds
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Solana Defi 2.0: The Comeback | Jarry Xiao, Lucas Bruder, MacBrennan Peet

This is an episode from Blockworks' new podcast Lightspeed! Lightspeed focuses on crypto projects that are pushing the limits of hardware and software to build first-class products. I'm dropping this Solana DeFi Panel episode here as I bet you'll want to add Lightspeed to your podcast lineup! Subscribe to Lightspeed by using the links below: Subscribe on YouTube: https://bit.ly/43o3Syk Subscribe on Apple: https://apple.co/3OhiXgV Subscribe on Spotify: https://spoti.fi/3OkF7PD Solana DeFi is having a resurgence, and Solana DeFi Summer is a narrative that's starting to emerge. What's the catalyst behind this resurgence, and is it sustainable? We bring on Jarry Xiao, Lucas Bruder and MacBrennan Peet to find out. We discuss why Solana DeFi is seeing a resurgence, token incentives, CLOBS vs AMMs, metrics that define a healthy ecosystem, what's next for Solana DeFi, liquid staking and more. - - Timestamps: (00:00) Introduction (01:15) What’s Going on in Solana DeFi? (05:02) Token Incentives and Points (14:24) What Will Spark Solana's DeFi Summer? (15:56) Capital Efficiency: CLOBS vs AMMs (16:13) Is Solana a Consumer or Professional DeFi Chain? (25:46) The Best Metrics to Evaluate a DeFi Ecosystem (34:49) Jito Liquid Staking ad (35:55) Permissionless ad (36:55) Understanding Risk and Avoiding Crazy APYs (41:08) What’s Next for Solana DeFi? (44:10) Building on Solana vs L2s (50:41) Applications vs L1s: Who Owns the User Mindshare? (53:12) Who Will Use DeFi? (56:23) Your Most Controversial Crypto Take (01:09:09) Rapid Fire - - This episode is brought to you by Jito. Jito is the easiest way to earn MEV rewards on Solana with liquid staking. Stake your SOL with Jito to start earning high yield powered by MEV and access instant liquidity through Jito’s liquid staking token JitoSOL so that you can use your staked assets across Solana DeFi. Visit jito.network to get started today! - - Follow Lucas:https://twitter.com/buffalu__ Follow Jarry: https://twitter.com/jarxiao Follow Macbrennan: https://twitter.com/macbrennan Follow Mert: https://twitter.com/0xMert_ Follow Garrett: https://twitter.com/GarrettHarper_ Follow Lightspeed: https://twitter.com/Lightspeedpodhq Subscribe on YouTube: https://bit.ly/43o3Syk Subscribe on Apple: https://apple.co/3OhiXgV Subscribe on Spotify: https://spoti.fi/3OkF7PD Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - - Use code LIGHTSPEED30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 - - Resources Jito jito.network MarginFi https://www.marginfi.com/ https://twitter.com/marginfi Ellipsis Labs https://ellipsislabs.xyz/ https://twitter.com/ellipsis_labs Phoenix https://twitter.com/PhoenixTrade_ - -  Disclaimers: Lightspeed was kickstarted by a grant from the Solana Foundation. Nothing said on Lightspeed 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. Mert, Garrett and our guests may hold positions in the companies, funds, or projects discussed.
7/20/20231 hour, 23 minutes, 24 seconds
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The Staking Router + DVT: A Seismic Change for LSTs | Izzy (Lido) & Oisín (Obol)

Season 5 | Episode 3 In this episode of Bell Curve, we are joined by a duo of special guests: Izzy, Lido Head of Validators, and Oisín, Co-founder of Obol Labs. Today's show dives into the current state of solo staking, distributed validator technology, the impacts of a staking router, and the future of Lido protocol. - - Timestamps: (00:00) Intro: Pre-Interview (01:27) Interview Start: Izzy & Oisín (02:22) The State of Solo Staking (07:37) The Importance of Decentralization (11:33) What is DVT? (20:02) Reducing Hardware & Capital Requirements (34:34) “Permissionless Ad” (35:29) Impacts of a Staking Router (46:08) The Diversity of Modules (59:12) Lido Fee Markets & Governance Responsibility (1:07:41) How Permissionless Can Validators Get? (1:11:16) The Intersection of Liquid Staking & Restaking (1:26:04) Recap: Post-Interview - - Follow Izzy: https://twitter.com/IsdrsP Follow Oisín: https://twitter.com/OisinKyne Follow Myles: https://twitter.com/MylesOneil Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Use code BELLCURVE30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 - - Resources: Obol Network https://obol.tech/ https://twitter.com/ObolNetwork - - 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.
7/18/20231 hour, 59 minutes
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The Reboot | Uncommon Core 2.0 with Hasu and Jon Charbonneau

Uncommon Core - one of my favorite podcasts of all time - is back! This reboot is hosted by Hasu and Jon Charbonneau, two of the brightest minds in crypto. We are dropping their first episode here to share the news and because you’ll want to add this show to your podcast lineup! __ In this episode, we explore Jon’s journey into crypto and our mutual passion for research and the writing process. We then give an overview of the key areas of crypto infrastructure today. Finally, we zoom into rollup decentralization roadmaps, and Jon shares a controversial new thesis about sequencer decentralization. __ Timestamps: (00:00) Intro (02:42) Interview start (03:44) Jon's work week (08:04) ChatGPT & writing (10:57) Jon's start in crypto (14:45) How to pick things to work on (17:08) Outsider's perspective on crypto (19:05) Jon's research process (22:00) Jon's proudest moment in crypto (23:06) Crypto Infrastructure overview (29:58) Why crypto infrastructure is interesting (35:57) Rollup decentralization overview (42:44) Challenges decentralizing the sequencer (47:46) Ethereum vs Cosmos approach to governance & decentralization (53:35) User ability to opt out (56:37) Staking vs. governance deciding sequencers (01:08:31) L3s (01:13:34) Superchain (01:16:38) Summary of rollup decentralization (01:21:08) Outro __ Hasu - https://twitter.com/hasufl Jon Charbonneau - https://twitter.com/jon_charb UCC2 - https://twitter.com/UCC2_xyz Website - https://ucc2.xyz __ Disclaimer: The material and information presented in this podcast is for general informational purposes only and should not be considered investment advice. The views, thoughts, and opinions expressed in this podcast are solely those of the speakers and are not the views of any entity or other person with whom the speaker is affiliated, including, without limitation, DBA Crypto, LLC. The “DBA Crypto” name and all forms thereof are the sole property of its owner, and its use does not imply endorsement of or opposition to any specific organization, product, or service.
7/17/20231 hour, 22 minutes, 6 seconds
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Is This An Inflection Point for Crypto? | Roundup

In today’s episode, the guys reflect on the previous 12 months and take a temperature check on where we’re at in the current cycle. We also discuss the latest use case for RWA on-chain lending, with the Patek Philipe NFT loan, the recent new feature releases from Coinbase, and the potential for bipartisan crypto support on The Hill. We finish up reviewing the current seed stage climate, the death of the AI hype, and more!  - - Timestamps: (00:00) Introduction (01:01) SEC vs XRP Review (09:33) Are We Experiencing a Sentiment Shift? (12:50) RWA On-Chain Lending Use Case: Patak Philipe NFT Loan  (18:36) Current Investment Thesis  (20:31) Year In Review & Changing Narratives (25:18) Coinbase News: L2 Base Launch & New Wallet-to-wallet Messaging  (28:42) Bipartisan Crypto Support? (31:08) Future of Token/Equity Mix (32:01) Arkham Self-Sabotage? (33:05) Seed Stage Climate (34:48) Is the Pivot to AI Dead? - - Follow Jason: https://twitter.com/JasonYanowitz Follow Michael: https://twitter.com/im_manderson Follow Vance: https://twitter.com/pythianism Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH -- Research, news, data, governance and models – now, all in one place. As a listener of Bell Curve, you can use code "BELLCURVE10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- Use code BELLCURVE30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 - - Resources: Coinbase: Introducing Base https://www.coinbase.com/blog/introducing-base Coinbase: Wallet Messaging https://www.coinbase.com/blog/say-gm-with-messaging-on-coinbase-wallet - - 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.
7/14/202337 minutes, 44 seconds
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Is Liquid Staking Winner Take All? | Hasu

Season 5 | Episode 2 In this episode of Bell Curve, we are joined by previous Bell Curve Host, Hasu. Serving as Strategic Advisor for Lido DAO Hasu shares his unique perspective on the current state of Liquid Staking Derivatives (LSDs), Lido Protocol's history & decentralization efforts, LSD winner-take-all market structure, and co-opetition & restaking risks. - - Timestamps: (00:00) Intro: Pre-Interview (02:00) Interview Start (02:39) The State of Liquid Staking (09:09) The History of Lido (19:58) The Evolution of LSD Market Structure (42:17) Checks & Balances for Lidool (53:14) The Current State of Lido Protocol (1:02:37) Lido: The Winner Taking All (1:10:18) Restaking & Co-opetition  (1:27:09) Recap: Post-Interview -- Follow Hasu: https://twitter.com/hasufl Follow Myles: https://twitter.com/MylesOneil Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Use code BELLCURVE30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 - - Resources: Dune Dashboard on LSD Market Structure https://dune.com/maverick_cap/lsd-tracking Sasha - Cosmos Booklet for Governance Decisions https://twitter.com/culturalobjects/status/1541934637907329029?s=20 Vitalik - "The Bitcoin Maximalist" April 1st Publish https://vitalik.ca/general/2022/04/01/maximalist.html - - 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.
7/11/20231 hour, 42 minutes, 15 seconds
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What's the Future for Airdrops? | Roundup

In today’s episode Mike is joined by Blockworks Analysts team members, Dan and Westie. The guys breakdown airdrop functionality and future liquidity provisions. We also discuss what the future of Solana and the development of DEXs within its ecosystem. The conversation then turns to LSDs, with our Analyst Westie breaking down leverage staking, AMM liquidity, LSD baskets, LSD-backed stables, and interest rate derivatives. We then close out on the continued Azuki drama, the wider NFT impacts, what’s in store for DeFi, Lido's stETH Treasury approval and more! - - Timestamps: (00:00) Introduction (00:46) Airdrops Functionality & Liquidity Provisions  (18:40) Solana’s Future (30:10) The State of LSDs (39:55) Azuki Update & Wider NFT Impact (50:21) DeFi 1.0 & Future Development (1:00:59) Lido's stETH Treasury Approval - - Follow Mike: https://twitter.com/MikeIppolito_ Follow Dan: https://twitter.com/smyyguy Follow Westie: https://twitter.com/WestieCapital Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH -- Research, news, data, governance and models – now, all in one place. As a listener of Bell Curve, you can use code "BELLCURVE10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- Use code PODS20 to get 20% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 - - Resources: 1000x podcast https://spoti.fi/436lDlG https://blockworks.co/podcast/0xresearch - - 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.
7/7/20231 hour, 6 minutes, 19 seconds
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The End Game for Liquid Staking | S5 Premiere

Season 5 | Episode 1 Welcome to Season 5 of Bell Curve, where we will explore the end game for liquid staking. In this episode, Mike and Myles explore the major themes that we'll be covering this season. We discuss the history of proof-of-stake and liquid staking, how LSTs are a network effects game, why LST protocol governance is a highly debated topic, the risks of restaking, the LST competitive landscape and more! - - Timestamps: (00:00) Introduction (02:14) The History of PoS and LSTs (09:42) A Market Structure Dominated by Network Effects (17:46) LST Protocol Governance (25:42) The Principal-Agent Problem (28:56) Restaking: The Design and Risks (37:07) The LST Competitive Landscape - - Follow Myles: https://twitter.com/MylesOneil Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Bankless restaking episode https://spoti.fi/3CW3dJI Don't Overload Ethereum's Consensus (Vitalik) https://vitalik.ca/general/2023/05/21/dont_overload.html Felix's 2019 liquid staking blog post https://medium.com/chorus-one/delegation-vouchers-cfb511a29aac - - 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.
7/5/202343 minutes, 11 seconds
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Are You Bullish or Bearish Onchain RWAs? | Roundup

In today's episode, the fellas discuss how onchain RWAs (real-world assets) will transform DeFi. We also cover Prime Trust's implosion, regulated DeFi, Azuki's controversial NFT mint, why Corporate VCs fail, the recent token delistings and more! - - Timestamps: (00:00) Introduction (0:56) Prime Trust Implodes (15:36) Debating Onchain RWAs (34:04) Azuki’s New Collection and NFT Business Models (43:17) AI Sexting, GPUs and Corporate VCs (50:37) Alts and Token Delistings (58:02) RFK and BTC Politics - - Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Vance: https://twitter.com/pythianism Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH -- Research, news, data, governance and models – now, all in one place. As a listener of Bell Curve, you can use code "BELLCURVE10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- Use code PODS20 to get 20% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 - - Resources: 1000x podcast https://spoti.fi/436lDlG Acquired's LVMH episode https://spoti.fi/44lNvn1 - - 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.
6/30/20231 hour, 2 minutes, 34 seconds
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How BTC's Rally Could Kickstart Crypto's Flywheel | Roundup

In today's episode, the fellas discuss what a Blackrock BTC ETF would mean for crypto, why you should watch BTC's dominance, if NFTs will make a comeback, Binances L2 and more! - - Timestamps: (00:00) Introduction (02:24) BTC ETF Filings & The Clash of Narratives (24:33) “Valora Ad” (25:31) Who Will Trade on EDX Markets? (33:11) SAP’s Announcement: Cross-Border USDC Payments (40:49) The Ethscriptions Thesis (45:46) Will NFTs Make a Comeback? (52:02) Binance’s L2 Announcement - - Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Vance: https://twitter.com/pythianism Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - This episode is brought to you by Valora. Valora is a self-custody, mobile-first wallet... and the easiest way to send, swap, collect and purchase digital goods on the Celo blockchain. Download the app and start exploring today at valoraapp.com/empire. - - Resources: SAP USDC blog post https://blogs.sap.com/2023/06/15/cross-border-payments-made-easy-with-digital-money-experience-the-future-today/ - - Disclaimer: Nothing said on Bell Curve or Empire 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.
6/23/202355 minutes, 21 seconds
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Uniswap's Platform Play, Tether FUD & The PE Time Bomb | Roundup

In today's episode, the fellas discuss Uniswaps v4 announcement, whether demand will stay on mainnet vs L2s, our bullish market outlook, why everyone's watching Curve's 3Pool and the (potential) decimation of private equity markets.  - - Timestamps: (00:00) Uniswap v4: The Design and Speculation (09:39) Demand for Mainnet for L2 Blockspace (19:07) Market Sentiment: 2019 vs 2023 (31:01) The Prometheum Charade (47:56) Curve 3Pool USDT FUD (54:09) The Nasdaq Decoupling & Decimation of Private Equity - - Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Vance: https://twitter.com/pythianism Follow Myles: https://twitter.com/MylesOneil Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources Matt Walsh Prometheum Twitter thread https://twitter.com/MattWalshInBos/status/1669061636953366528 Danielle DiMartino on Forward Guidance https://spoti.fi/3qOxaZH - - 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.
6/16/20231 hour, 16 minutes, 17 seconds
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SEC vs Crypto, Uniswap v4 Predictions & Lido Vampire Attacks | Roundup

In today's episode, the fellas debate the SEC's attack on crypto, what's in store for Uniswap v4, if a protocol could vampire attack Lido, the US crypto exodus, Apple's Vision Pro and more! - - Timestamps: (00:00) Introduction (02:28) SEC Sues Binance and Coinbase (14:08) Uniswap v4, Compound vs Aave & LSTs (23:09) L2 Momentum & Vampire Attacking Lido (31:18) The Exodus to Asia (38:38) Battling Apathy and Industry Sentiment (42:54) Chainlink Swift Partnership (48:13) Does DeFi Need Oracles? (50:40) The Apple Vision Pro - - Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Vance: https://twitter.com/pythianism Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: DeFi Is Broken (Dan Elitzer) https://twitter.com/delitzer/status/1661755779240841222 - - 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.
6/10/20231 hour, 5 minutes, 33 seconds
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Uniswap Fee Switch, Lido FUD & Endgame Craziness | Roundup

In today's episode, we discuss - - Timestamps: (00:00) Introduction (01:15) Uniswap Fee Switch Debate (17:36) Lido FUD, stETH vs ETH & Network Effects (40:48) Rune’s Endgame Review (54:32) Does Crypto Have a Risk-Free Rate? (57:01) Jon Charb and CCTP (1:00:52) Work From Home vs In Office - - Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Vance: https://twitter.com/pythianism Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Jon Charb's article on rollups https://dba.mirror.xyz/LYUb_Y2huJhNUw_z8ltqui2d6KY8Fc3t_cnSE9rDL_o - - 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.
6/2/20231 hour, 12 minutes, 17 seconds
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BONUS EP: Stephane Gosselin on MEV, OFAs, and Frontier Research

Season 4 | Bonus Episode In today's Bell Curve, we are joined by Stephane Gosselin, the founder of Flashbots and Frontier Research. We discuss why we need to reframe MEV, MEV burn, app-specific order flow auctions, user intents and EIP-4337, why centralized sequencers are fine, enshrined PBS and more! Stephane is a legend - you don't want to miss his unique insights.  - - Timestamps: (00:00) Introduction (01:58) Reframing MEV: From Allocation to Wealth Creation  (09:36) MEV Burn (12:37) The Evolution of DEX Architecture and MEV (22:44) Order Flow Auctions (27:30) The Case for Centralized Sequencers (38:56) Share Sequencers and Cross-Domain MEV (43:37) User Intents and Limitations of EIP-4337 (49:21) Block Building's Race to the Bottom (54:45) Optimistic Relays and Enshrined PBS (1:07:05) Frontier Research - - Follow Stephane: https://twitter.com/thegostep Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Frontier Research https://frontier.tech/ MEV Utopia vs Dystopia by Stephane https://flashbots.mirror.xyz/bqCakwfQZkMsq63b50vib-nibo5eKai0QuK7m-Dsxpo Don’t Overload Ethereum’s Consensus by Vitalik https://vitalik.ca/general/2023/05/21/dont_overload.html - - 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.
5/31/20231 hour, 12 minutes, 15 seconds
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Ethereum’s “Too Big To Fail” Time Bomb | Roundup

In today's episode, we discuss Vitalik's new article and if L2s/restaking will lead to Ethereum's "too big to fail" moment. We also explore the similarities of AI and crypto, Paradigm's pivot, why large funding rounds kill optionality, if the fork rule is determined by apps vs the L1 and if a protocol should ever be ossified! - - Timestamps: (00:00) Introduction (01:08) AI Takeover: Nvidia, Regulation and Paradigm’s Pivot (18:12) Large Funding Rounds Remove Optionality (31:05) Don’t Overload Ethereum’s Consensus (41:57) EigenLayer’s Mechanics and Risks (56:22) Apps vs L1s: Who Chooses the Canonical Chain? (58:51) Protocol Ossification (1:08:20) Companies That Issue Tokens and Equity - - Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Myles: https://twitter.com/MylesOneil Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Vitalik's new article on restaking https://vitalik.ca/general/2023/05/21/dont_overload.html - - 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.
5/26/20231 hour, 16 minutes, 56 seconds
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Season 4 Finale: An MEV Masterclass

Season 4 | Episode 8 In this episode, Mike and Hasu give a masterclass on MEV. They discuss their biggest takeaways from this season, what questions remain unanswered and where MEV markets will go next. You don't want to miss this epic recap of our journey through the dark forest. - - Timestamps: (00:00) Introduction (01:32) The Latency Death Blow and Optimistic Relays (09:37) MEV Burn: Hasu’s Changed His Mind (15:30) Risks of Fast Commitments (18:50) Shared Sequencer Tradeoffs (26:47) Overlap Between Cosmos AppChains and Rollups (34:31) “Rook Ad” (36:22) Why Privacy is Necessary (42:10) Exclusive Order Flow: Wallets vs Apps (59:2 0) User Intents Explained (1:04:19) Asymmetric Information and Suave (1:14:24) The Future of MEV - - Follow Hasu: https://twitter.com/hasufl Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - This episode is brought to you by Rook. Close to a billion dollars has already been taken out of users’ pockets through MEV. Rook built a solution that automatically drives this value back to where it belongs: with the users and applications that create it. If you use on-chain products, tell your wallet, favorite app and go-to node provider to use Rook; if you're a developer, message us today to find out how to integrate Rook with your product. Follow Rook on Twitter and them a message at https://twitter.com/Rook. - - Resources: The DAO run lemonade stand https://twitter.com/josephdelong/status/1540311662888161280 Jill Gunter https://twitter.com/jillrgunter I Pledge Allegiance https://spoti.fi/45udZ7p Vitalik's new article https://vitalik.ca/general/2023/05/21/dont_overload.html - - 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.
5/23/20231 hour, 22 minutes, 33 seconds
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Should Protocols Share Revenue With Token Holders? | Roundup

In today's episode, we discuss if protocols should distribute revenue to token holders. This debate was sparked by a Lido proposal for a token revenue share mechanism that now has all of Crypto Twitter debating the merits of revenue distribution, buyback and burn vs dividends, protocol treasuries and more. Tokenomics is a theme you can no longer ignore. We also discuss roadblocks at Stacks (a Bitcoin scaling solution), the viability of Bitcoin's blockspace for arbitrary use cases and Tether's new BTC buying program. - - This episode is brought to you by Valora. Valora is the easiest way to send, swap, collect, and grow your crypto on the Celo blockchain. Download the app and start exploring dapps like JumpTask today at valoraapp.com/empire. Sign up and use the code ‘HelloValora’ to get a 20% bonus after completing your first task in JumpTask!  - - Resources Lido revenue share proposal https://research.lido.fi/t/proposal-introducing-ldo-staking/4636 Hasu's Lido response https://research.lido.fi/t/proposal-introducing-ldo-staking/4636/25?u=hasu Alex's SNX thread https://twitter.com/thiccythot_/status/1659278056035348485 0xResearch hosted by Dan and Sam https://spoti.fi/3NlP1hA https://apple.co/3SNhUEt - - Follow Dan: https://twitter.com/smyyguy Follow Sam: https://twitter.com/swmartin19 Follow Mike: https://twitter.com/MikeIppolito_ Follow Myles: https://twitter.com/MylesOneil Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - 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.
5/19/20231 hour, 1 minute, 23 seconds
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MEV 2.0 - Order Flow Auctions & Privacy | Quintus Kilbourn, Barnabé Monnot

Season 4 | Episode 8: In this episode of Bell Curve, we are joined by Quintus Kilbourn and Barnabé Monnot to discuss order flow auctions, proposer-builder separation (PBS) and the future of MEV. We start with a deep discussion on order flow auctions, application vs protocol layer designs and the implementation tradeoffs. Quintus and Barnabé then explain the risks of vertical integration and how we can build systems to mitigate these supply chain centralization points. We end with a discussion on enshrined PBS, off-chain infrastructure and the future of MEV. - - Timestamps: (00:00) Intro: Pre-Interview (04:11) MEV 2.0 (31:37) "Rook Ad" (33:29) MEV 2.0 (1:07:08) Recap: Post-Interview - - Follow Quintus: https://twitter.com/0xQuintus Follow Barnabé: https://twitter.com/barnabemonnot Follow Hasu: https://twitter.com/hasufl Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - This episode is brought to you by Rook. Close to a billion dollars has already been taken out of users’ pockets through MEV. Rook built a solution that automatically drives this value back to where it belongs: with the users and applications that create it. If you use on-chain products, tell your wallet, favorite app and go-to node provider to use Rook; if you're a developer, message us today to find out how to integrate Rook with your product. Follow Rook on Twitter and them a message at https://twitter.com/Rook. - - Resources: Barnabé's article on protocol credibility https://barnabe.substack.com/p/seeing-like-a-protocol Vitalik's article on the End Game https://vitalik.ca/general/2021/12/06/endgame.html PEPC https://ethresear.ch/t/unbundling-pbs-towards-protocol-enforced-proposer-commitments-pepc/13879 Eric Budish's article on batch auctions https://academic.oup.com/qje/article/130/4/1547/1916146 - - 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.
5/16/20231 hour, 37 minutes, 33 seconds
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How to Value Crypto Tokens: Fees, Flows or Fugazi | Roundup

In today's episode, we discuss frameworks for valuing crypto projects. The fellas debate token buybacks vs dividends, fundamentals vs flows, protocol revenue vs supply-side revenue and how these factors impact investor valuation frameworks. We also explore activist crypto investing, jaredfromsubway's MEV strategy and more! - - Timestamps: (00:00) Introduction (01:59) Activist Investing: Aragon DAO  (13:34) Will TradFi Have a Luna Moment? (20:05) How to Value Tokens (33:06) Uniswap's Fee Switch & the Changing Liquidity Landscape (44:42) How Jared fromsubway.eth Eats Everyone’s MEV Lunch - - Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Vance: https://twitter.com/pythianism Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Blockworks Podcast Producer application https://jobs.ashbyhq.com/Blockworks/236ee9e8-f4ea-47ac-9eb6-f95a44d6c93b Arbitrum proposal https://forum.arbitrum.foundation/t/distribution-of-dao-revenue-to-arb-token-holders/14412 Uniswap proposal https://gov.uniswap.org/t/making-protocol-fees-operational/21198 Robert Miller MEV thread https://twitter.com/bertcmiller/status/1656392876438462464 Relay Scan https://www.relayscan.io/ - - 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.
5/12/202353 minutes, 47 seconds
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Meme Mania: Why You Should Pay Attention | 1000x

SPECIAL EPISODE: This is an episode of Blockworks' new podcast called 1000x! 1000x is a crypto markets podcast hosted by professional traders Avi Felman and Jonah Van Bourg that is for traders by traders (or anyone interested in trading/markets). In this episode, Avi and Jonah discuss Bitcoin's outlook and recent meme coin mania. We start with a discussion on Bitcoin and if bank failures are priced in, what it will take for BTC to break past the 30K range and if institutions are buying. Avi and Jonah then debate if we'll ever see 2021s perfect storm again. Meme coins are pumping, blockspace demand is saturated, and market sentiment is shifting. Is this a market turning point or just a short-term phenomenon? Tune in to find out! We'll drop a new 1000x episode on Empire's RSS feed and the 1000x YouTube channel every two weeks. Hit the links below and give us a follow! - - Timestamps: (00:00) Introduction (00:32) Are Bank Failures Priced In? (07:31) The Impact of a Potential US Default (12:51) Repeating 2021’s Perfect Storm (18:03) Meme Mania: Why You Should Pay Attention (31:30) Deflationary ETH and Blockspace Fee Generation (36:34) BTC Miner Revenue and BRC-20s - - Follow Avi: https://twitter.com/AviFelman Follow Jonah: https://twitter.com/jvb_xyz Follow 1000x: https://twitter.com/1000xPod Subscribe on YouTube: https://bit.ly/3FuSarX Subscribe on Apple: https://tinyurl.com/mv4frfv7 Subscribe on Spotify: https://tinyurl.com/wbaypprw Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - - Resources: Golden Tree https://www.goldentree.com/ Cumberland https://cumberland.io/ BRC-20.io https://brc-20.io/ - - Disclaimer: Nothing said on 1000x 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. Avi, Jonah and our guests may hold positions in the companies, funds, or projects discussed.
5/11/202348 minutes, 13 seconds
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MEV In The Cosmos | Henry de Valence, Barry Plunkett

Season 4 | Episode 7 Welcome to Bell Curve! In this episode, we are joined by Henry de Valence and Barry Plunkett to discuss MEV in Cosmos. Henry and Barry explain the negative implications of Ethereum's maximal extraction philosophy, the benefits of AppChain sovereignty (as demonstrated by Osmosis' ProtoRev Module), the importance of privacy in MEV, ABCI 2.0 and much more. Join us for this exciting deep dive into one of the most innovative ecosystems in crypto! - - Timestamps: (00:00) Introduction (03:03) Ethereum’s Maximal Extraction Philosophy (06:59) Cosmos vs Ethereum Validators (13:07) Penumbra: Public and Private State (26:01) Osmosis’ ProtoRev Module (36:20) “Rook Ad” (38:12) Cross-Domain MEV (45:11) The Tension Between Sovereignty and Interoperability (1:00:03) What is ABCI 2.0? (1:08:24) Threshold Encryption Challenges (1:13:08) The Privacy Tradeoff - - Follow Henry: https://twitter.com/hdevalence Follow Barry: https://twitter.com/BPIV400 Follow Hasu: https://twitter.com/hasufl Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - This episode is brought to you by Rook. Close to a billion dollars has already been taken out of users’ pockets through MEV. Rook built a solution that automatically drives this value back to where it belongs: with the users and applications that create it. If you use on-chain products, tell your wallet, favorite app and go-to node provider to use Rook; if you're a developer, message us today to find out how to integrate Rook with your product. Follow Rook on Twitter and them a message at https://twitter.com/Rook. - - Resources: Skip https://skip.money/ https://twitter.com/SkipProtocol Penumbra https://penumbra.zone/ https://twitter.com/penumbrazone - - 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.
5/9/20231 hour, 19 minutes, 46 seconds
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The Fellas Debate the Financialization of JPEGs | Roundup

In today's episode, we discuss Coinbase's earnings beat and Blur's new NFT lending product! Coinbase crushed revenue, meme coins are pumping and NFTFi is here. Is this all noise or have markets finally turned after the wild year? Tune in as we debate our market outlook, Blur and the financialization of NFTs, Curve's new crvUSD stablecoin, LST Summer and more! - - Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Vance: https://twitter.com/pythianism Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: GovHub https://twitter.com/JasonYanowitz/status/1654179131171512320 - - 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.
5/6/20231 hour, 11 minutes, 41 seconds
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Solana’s MEV Problem | Eugene Chen, Lucas Bruder

Season 4 | Episode 6 In this episode of Bell Curve, we are joined by Eugene Chen and Lucas Bruder to discuss MEV on Solana. We compare Solana's MEV market to Ethereum's and then delve into the unique MEV challenges from Solana's high-throughput design. Our conversation then turns to Solana's missing mempool, spam reduction strategies, resource pricing, and a detailed explanation of Jito's MEV solution. Eugene and Lucas also shed light on Solana's fee markets, Firedancer, the role of latency, and the tradeoffs of CLOBS and AMMs (this one's spicy). - - Timestamps: (00:00) Intro: Pre-Interview (02:56) Solana MEV 101 (13:29) Spam: 58% of Solana's Compute is on Failed Txs (18:13) Jito's Design (25:06) Jito vs Flashbots Adoption (33:40) “Rook Ad” (35:32) Who Captures the MEV? (38:22) The Problems with MEV in Solana Today (41:58) Solana’s Fee Markets (49:58) PBS on Solana? (52:43) Co-Location Incentives (56:13) Jump and Firedancer (58:27) DeFi on Solana (1:03:56) CLOBS vs AMMs (1:14:10) The Role of Latency (1:20:14) Recap: Post-Interview - - Follow Lucas: https://twitter.com/buffalu__ Follow Eugene: https://twitter.com/0xShitTrader Follow Hasu: https://twitter.com/hasufl Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - This episode is brought to you by Rook. Close to a billion dollars has already been taken out of users’ pockets through MEV. Rook built a solution that automatically drives this value back to where it belongs: with the users and applications that create it. If you use on-chain products, tell your wallet, favorite app and go-to node provider to use Rook; if you're a developer, message us today to find out how to integrate Rook with your product. Follow Rook on Twitter and them a message at https://twitter.com/Rook. - - Resources: Jito https://www.jito.wtf/ https://twitter.com/jito_labs Ellipsis Labs https://ellipsislabs.xyz/ https://twitter.com/ellipsis_labs @0x94305 https://twitter.com/0x94305 - - 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.
5/2/20231 hour, 42 minutes
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The Wallet Wars: Apps vs Infrastructure | Roundup

In today's episode, we discuss why crypto's top apps will win the wallet wars. We start by exploring tech's move to profitability, why we're bullish on Coinbase and the challenges of decentralized sequencers. We then discuss how suave and account abstraction are changing the landscape of MEV and user interactions. The wallet wars are coming; who will win? We finish with a discussion on ETH's LSD market, L1 vs L2 volume, the death of NFTs and more! - - Timestamps: (00:00) Introduction (01:08) Is Big Tech Back? (14:11) “Lightspeed Ad” (15:03) Commercial Real Estate Repricing (18:13) Coinbase Sues the SEC (28:56) Decentralized Sequencers (35:54) Suave, Account Abstraction & the Wallet Wars (44:05) ETH’s Withdrawal Queue and LSDs (53:53) L1 vs L2 Volume (1:01:14) Are NFTs Dead? (1:07:23) Solana and The Great Convergence - - Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Vance: https://twitter.com/pythianism Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Lightspeed Podcast Opportunity: Click below to learn more about Blockworks' upcoming Lightspeed podcast and submit an application to be one of our hosts! https://bit.ly/3NlQUwH - - Resources: DeFi Llama https://defillama.com/ Blockworks Research Newsletter https://blockworks.co/newsletter/research - - 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.
4/28/20231 hour, 15 minutes, 7 seconds
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Interview with a Searcher 2.0 | Dean Eigenman, Anish Agnihotri

Season 4 | Episode 5 Join us on Bell Curve as we delve into the world of MEV Searchers with guests Dean Eigenman and Anish Agnihotri. We start with an introduction to the role of Searchers, today's Searcher landscape and the Searcher business model. Dean and Anish then explain how Searchers find MEV opportunities, the relationship between Searchers and Builders, atomic vs non-atomic trades, the role of latency and more. This is your chance for an inside look into the business model of an MEV Searcher! - - Timestamps: (00:00) Intro: Pre-Interview (02:36) Interview Start: Guest Backgrounds (07:31) The MEV Searcher Landscape (12:43) MEV Strategies Across Execution Environments (23:55) Searcher Competition (27:03) “Rook Ad” (28:56) Searcher Competition (35:29) The Relationship Between Searchers and Builders (41:10) Searcher Capital Requirements (43:11) Atomic vs Non-Atomic Trades (51:29) Traditional HFT and How to Win at MEV (55:40) The Role of Latency (59:30) Centralization Concerns (1:02:05) Minimizing MEV vs Maximal Extraction (1:05:27) Qualities of a Great Searcher (1:12:45) Recap: Post-Interview - - Follow Anish: https://twitter.com/_anishagnihotri Follow Dean: https://twitter.com/deaneigenmann Follow Hasu: https://twitter.com/hasufl Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - This episode is brought to you by Rook. Close to a billion dollars has already been taken out of users’ pockets through MEV. Rook built a solution that automatically drives this value back to where it belongs: with the users and applications that create it. If you use on-chain products, tell your wallet, favorite app and go-to node provider to use Rook; if you're a developer, message us today to find out how to integrate Rook with your product. Follow Rook on Twitter and them a message at https://twitter.com/Rook. - - Resources: Interview With a Searcher (Hasu, Uncommon Core) https://spoti.fi/43Bueyk End Game by Vitalik https://vitalik.ca/general/2021/12/06/endgame.html Dialectic https://dialectic.ch/ https://twitter.com/Dialectic_Group Project Blanc https://github.com/project-blanc - - 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.
4/25/20231 hour, 27 minutes, 1 second
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Why GameFi’s Best Apps Will Outperform DeFi | Roundup

In today's episode, we discuss this week's regulatory updates, the MEV debate and what to expect in the next bull cycle! We've had a hectic regulatory week with Gary Gensler's committee meeting, the EU's MICA legislation and a heated stablecoin hearing. We explore where US regulation is heading, the positive implications of MICA and if companies like Coinbase will move their operations to crypto-friendly jurisdictions. We then discuss the potential return of FTX, the MEV debate and what narratives will play out in the next bull cycle. Why would anyone buy FTX? Will MEV be democratized, or can it be reduced? Why will the best GameFi projects outperform DeFi? Tune in to find out! - - Timestamps: (00:00) Introduction (01:23) Asia Embraces Crypto (11:39) The Global Crypto Regulatory Landscape (16:48) EU’s MICA Regulation (25:21) Coinbase Secures Bermuda License (34:45) “Lightspeed Ad” (35:38) FTX: Back From the Dead? (48:09) Flashbots’ MEV Share & the MEV Debate (59:25) The Next Bull Market: GameFi vs DeFi - - Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Vance: https://twitter.com/pythianism Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Lightspeed Podcast Opportunity: Click here to learn more about Blockworks' upcoming Lightspeed podcast and submit an application to be one of our hosts! - - Resources: Miners, Front-Running-as-a-Service Is Theft https://www.coindesk.com/markets/2021/04/07/miners-front-running-as-a-service-is-theft/ - - 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.
4/21/20231 hour, 14 minutes, 36 seconds
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MEV in a Modular World | Jon Charbonneau, Robert Miller

Season 4 | Episode 4 In this episode of Bell Curve, we are joined by Jon Charbonneau and Robert Miller to discuss how Ethereum's modular roadmap impacts the future of MEV. We explore L2 MEV design, decentralized sequencer models, cross-domain MEV, latency games, and Suave. Jon and Robert are two giga brains that understand the bleeding edge of modular MEV design! - - Timestamps: (00:55) Intro: Pre-Interview (02:39) How Ethereum’s Modular Roadmap Impacts MEV (08:18) The Rollup Revolution: Consensus and Latency Games (18:35) How Sequencers Work Today (23:43) L2 MEV Models: Optimism and Arbitrum (29:42) Why L2s Need PBS (32:21) Decentralized Sequencer Designs (44:45) Cross-Domain MEV and Atomicity (53:46) Suave: The Mechanics, Order Flow Auctions & Roadmap (57:07) “Rook Ad” (59:09) Suave: The Mechanics, Order Flow Auctions & Roadmap (1:27:50) Recap: Post-Interview - - Follow Jon: https://twitter.com/jon_charb Follow Robert: https://twitter.com/bertcmiller Follow Hasu: https://twitter.com/hasufl Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - This episode is brought to you by Rook. Close to a billion dollars has already been taken out of users’ pockets through MEV. Rook built a solution that automatically drives this value back to where it belongs: with the users and applications that create it. If you use on-chain products, tell your wallet, favorite app and go-to node provider to use Rook; if you're a developer, message us today to find out how to integrate Rook with your product. Follow Rook on Twitter and them a message at https://twitter.com/Rook. - - Resources: Rollups Aren't Real by Jon https://joncharbonneau.substack.com/p/rollups-arent-real Hasu's Mevconomics talk https://www.youtube.com/watch?v=6xS0xMzh9Tc&ab_channel=ETHGlobal MEV Share https://collective.flashbots.net/t/mev-share-programmably-private-orderflow-to-share-mev-with-users/1264 - - 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.
4/18/20231 hour, 50 minutes, 19 seconds
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Uniswap’s Mobile Wallet: Breakthrough or Flop? | Roundup

In today's episode, we discuss the pros and cons of Uniswap's new mobile wallet. Can Uniswap leverage their proximity with users to acquire the next wave of retail, build horizontal products, establish moats and compete with centralized offerings? Tune in to find out! We also discuss account abstraction, the fappening, ETH's Shapella upgrade and how the US is falling behind in crypto. - - Timestamps: (00:00) Introduction (01:46) Uniswap's Mobile Wallet: The Pros and Cons (09:12) “Lightspeed Ad” (10:04) Uniswap's Mobile Wallet: The Pros and Cons (29:40) Account Abstraction, the Fappening and Wallet-as-a-Service (46:36) Solana’s Saga Phone (57:58) Shapella: ETH Unleashed (1:02:29) The U.S. Is Losing Its Edge in Crypto - - Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Vance: https://twitter.com/pythianism Follow Myles: https://twitter.com/MylesOneil Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Lightspeed Podcast Opportunity: Click here to learn more about Blockworks' upcoming Lightspeed podcast and submit an application to be one of our hosts! - - Resources: The Fappening https://zeeprime.capital/the-fappening State of Crypto 2023 by a16z https://api.a16zcrypto.com/wp-content/uploads/2023/04/State-of-Crypto.pdf - - 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.
4/14/20231 hour, 9 minutes, 26 seconds
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Inside the Economics of MEV | Matt Cutler

Season 4 | Episode 2 In this episode of Bell Curve, we are joined by Matt Cutler from Blocknative to discuss the economics of MEV. We dive deep into MEV value capture, incentive structures and the relayer monetization debate (p.s. there's a great debate between Matt and Hasu). We also cover order flow auctions, latency wars, account abstraction, user preferences and more! - - Timestamps: (00:00) Intro: Pre-Interview (02:20) Interview Start (02:58) The MEV Supply Chain (06:01) Relays: Their Role and Monetization Debate (34:51) “Rook Ad” (36:44) Learnings From a $25M MEV Exploit (46:36) Wallets, User Preferences and Order Flow Auctions (1:00:59) Account Abstraction and Exclusive Order Flow (1:20:06) Recap: Post-Interview - - Follow Matt: https://twitter.com/mcutler Follow Hasu: https://twitter.com/hasufl Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - This episode is brought to you by Rook. Close to a billion dollars has already been taken out of users’ pockets through MEV. Rook built a solution that automatically drives this value back to where it belongs: with the users and applications that create it. If you use on-chain products, tell your wallet, favorite app and go-to node provider to use Rook; if you're a developer, message us today to find out how to integrate Rook with your product. Follow Rook on Twitter and them a message at https://twitter.com/Rook. - - Resources: $25M MEV Exploit https://blockworks.co/news/validator-frontruns-mev-bots Blocknative https://www.blocknative.com/ https://twitter.com/blocknative - - 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.
4/11/20231 hour, 41 minutes, 26 seconds
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ETH L2s Have The Same Flaws As Alt L1s | Roundup

In today's episode, we debate Mike's tweet that Eth L2s have every feature Alt L1s are criticized for: centralized, downtime, opaque resource allocation and wild valuations. To get close to the metal, we compare Solana vs Arbitrum based on economics, network effects and future roadmap. If you listen to one conversation this week, this is it. We also discuss Arbitrum's governance debacle, the value of protocol BD deals, a $25M MEV exploit, Euler's $200M recovery and Shanghai predictions! - - Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Vance: https://twitter.com/pythianism Follow Miles: https://twitter.com/MylesOneil Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Lightspeed Podcast Opportunity Click here to learn more about Blockworks' upcoming Lightspeed podcast and submit an application to be one of our hosts! - - Resources Mike's Eth L2 vs Alt L1 debate tweet https://twitter.com/mikeippolito_/status/1642262306712109057 - - 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.
4/7/20231 hour, 12 minutes, 24 seconds
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The Cosmos SDK of Rollups | Preston Evans, Sovereign Labs

Today's episode is a bonus episode from our podcast 0xResearch, produced by the Blockworks Research team. This is one of my favorite episodes they've done, a deep dive into the future of rollups, scaling and zk-tech. The first 15 minutes is the "analyst bullpen" segment on Arbitrum's recent governance debacle, followed by an interview with Preston Evans from Sovereign Labs (use the Timestamps if you want to skip ahead). If you enjoy this episode, follow the link in the show notes below to subscribe! - - Join us on 0xResearch as we interview Preston Evans, the Chief Scientist of Sovereign Labs. Why should you care about Sovereign? Because they're building the Sovereign SDK. Like the Cosmos SDK that enables modular plug-and-play experimentation for L1s, the Sovereign SDK is a modular toolkit for building zk-rollups on any chain with seamless composability. In this episode, we discuss how Sovereign's design compares to the Cosmos SDK and IBC, smart contract vs Sovereign rollups, the role of data availability, decentralized sequencer design and more! This is my favorite 0xResearch episode yet. And as usual, we start the episode with our analyst bullpen to discuss the recent governance drama at Arbitrum! - - Timestamps: (00:00) Introduction (00:45) Arbitrum's Governance Blunder (15:04) Blockworks Research (16:03) Interview Start: What is Sovereign? (22:23) The Sovereign SDK vs Cosmos SDK (23:59) Settlement on Smart Contract vs Sovereign Rollups (28:14) The Role of Data Availability (32:24) Decentralized Sequencers (37:54) Optimistic Rollup Tradeoffs (41:24) Composability and IBC (52:22) What Is Sovereign’s X Factor? (54:17) Building Rollups on Bitcoin (59:11) Sovereign’s Business Model and Timeline - - Follow Preston: https://twitter.com/prestonevans__ Follow Westie: https://twitter.com/WestieCapital Follow Dan: https://twitter.com/smyyguy Follow Sam: https://twitter.com/swmartin19 Follow Purplepill: https://twitter.com/purplepill3m Follow Matt: https://twitter.com/MattFiebach Follow Blockworks Research: https://twitter.com/blockworksres Subscribe on YouTube: https://bit.ly/3foDS38 Subscribe on Apple: https://apple.co/3SNhUEt Subscribe on Spotify: https://spoti.fi/3NlP1hA Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - - Resources: Delegate ARB to Blockworks Research https://twitter.com/blockworksres/status/1639279479368368132 Sovereign Labs https://www.sovereign.xyz/ https://twitter.com/sovereign_labs - - Check out Blockworks Research today! Research, data, governance, tokenomics, and models – now, all in one place Blockworks Research: https://www.blockworksresearch.com/ Free Daily Newsletter: https://blockworks.co/newsletter - - Disclaimer: Nothing said on 0xResearch 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. Dan, Sam, and our guests may hold positions in the companies, funds, or projects discussed.
4/5/20231 hour, 2 minutes, 33 seconds
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Shining A Light On MEV | Tarun Chitra, Justin Drake

Season 4 | Episode 1 In this episode of Bell Curve, we are joined by Tarun Chitra and Justin Drake to discuss how builders are navigating the complex world of MEV. One of the hottest debates is MEV precedence. What parties in the MEV value chain should accrue MEV? Tarun and Justin give their takes and explain how applications and protocols are approaching this challenge. We then explore MEV auction vs latency games, how L2s complicate MEV, various approaches to MEV reduction and on-chain privacy and more! - - Timestamps: (00:00) Intro: Pre-Interview (02:12) Interview Start (32:00) “Rook Ad” (33:54) MEV Burn (41:45) Should the Application or Protocol Layer Reduce MEV? (48:23) MEV Auction Game Theory (51:55) The Role of Latency (1:04:03) How L2s Increase the Complexity of Latency (1:10:21) Privacy in the MEV Supply Chain (1:26:42) Recap: Post-Interview - - Follow Tarun: https://twitter.com/tarunchitra Follow Justin: https://twitter.com/drakefjustin Follow Hasu: https://twitter.com/hasufl Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - This episode is brought to you by Rook. Close to a billion dollars has already been taken out of users’ pockets through MEV. Rook built a solution that automatically drives this value back to where it belongs: with the users and applications that create it. If you use on-chain products, tell your wallet, favorite app and go-to node provider to use Rook; if you're a developer, message us today to find out how to integrate Rook with your product. Follow Rook on Twitter and them a message at https://twitter.com/Rook. - - Resources: Miners, Front-Running-as-a-Service Is Theft https://www.coindesk.com/markets/2021/04/07/miners-front-running-as-a-service-is-theft/ Ethereum Foundation https://ethereum.org/en/foundation/ - - 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.
4/4/20231 hour, 52 minutes, 54 seconds
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CBDCs: A Wolf In Sheep's Clothing | Roundup

In this episode of Bell Curve, we explore the implications of CBDCs and how governments will use CBDC efficiencies as a veneer for control. We start by discussing stablecoins, how Tether has surprisingly become the "trusted" stable of crypto (or has it...) and the heated CBDC debate. We also discuss startup treasury management, if apps will launch their own L2s or launch on an existing ecosystem, the commercial real estate disaster and more! - - Timestamps: (00:00) Introduction (02:14) Tether: The Trusted Stablecoin? (17:05) Startup Treasury Management (20:39) Are CBDCs Inevitable? (33:55) Copy-Paste L2s, AppChains and ETH L1 (47:51) ETH vs BTC's Monetary Premium (52:01) A Commercial Real Estate Disaster (1:04:08) AI Is Taking Over - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - 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.
3/31/20231 hour, 13 minutes, 31 seconds
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S4 Premiere: A Journey Into The Dark Forest | Hasu

Season 4 | Episode 0 Welcome to Season 4 of Bell Curve, where we will explore crypto's dark forest: MEV. Hasu is joining Mike as this season's cohost. If you don't know Hasu, he is the strategy lead at Flashbots, strategic advisor at Lido, research collaborator at Paradigm and a prolific strategist. In this episode, we introduce the topics and our thesis for the upcoming season. We discuss the MEV value chain, order flow auctions, how MEV affects security, atomic vs statistical arbitrage, the role of latency, fair ordering protocols and more! Hit subscribe as this will be the best season yet! - - Timestamps: (00:00) Introduction (02:19) The MEV Value Chain (14:24) Order Flow Auctions (21:10) MEV in a Modular Future (28:50) How MEV Impacts the Security of an L1 (31:52) “Rook Ad” (33:46) Atomic Arbitrage vs Statistical Arbitrage (42:43) The Role of Latency (51:10) Fair Ordering Protocols (54:11) MEV on Solana and Cosmos (59:36) Regulation - - Follow Hasu: https://twitter.com/hasufl Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - This episode is brought to you by Rook. Close to a billion dollars has already been taken out of users’ pockets through MEV. Rook built a solution that automatically drives this value back to where it belongs: with the users and applications that create it. If you use on-chain products, tell your wallet, favorite app and go-to node provider to use Rook; if you're a developer, message us today to find out how to integrate Rook with your product. Follow Rook on Twitter and them a message at https://twitter.com/Rook. - - 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.
3/28/20231 hour, 5 minutes, 49 seconds
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Balaji's BTC Bet, Macro Chaos and Coinbase vs SEC | Roundup

In this episode of Bell Curve, we discuss macro and the crazy decade ahead. The Fed is on the brink of stopping rate hikes, Balaji bet Bitcoin is going to $1M in 90 days, Credit Suisse collapsed, bonds are breaking and the market is a mess. What's coming next and where does the value lie in the chaos? It's all on this episode and it's spicy hot. We also discuss Coinbase's Wells Notice from the SEC, where value will accrue in crypto and how ChatGPT is gunning for your job. You won't want to miss this one! - - Timestamps: (00:00) Introduction (02:01) Interest Rate Hikes and a Macro Mess  (11:29) Credit Suisse’s Fire Sale (17:37) Balaji's Bet, the Long-Term Debt Cycle & Macro Cont. (45:39) Coinbase Receives SEC Wells Notice (54:02) Where Will Value Accrue in Crypto? (1:03:11) ChatGPT Chat - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - 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.
3/24/20231 hour, 9 minutes, 13 seconds
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Crypto's Moment: They Swung, They Missed | Roundup

In this episode of Bell Curve, we explore the economic fallout from the recent banking collapse, if Powell has pushed things too far and why the crypto bulls are back despite the market turmoil. We just entered a new paradigm shift, and crypto is primed to take advantage. We also cover the implications of USDC's depeg, how to evaluate protocol business models, Arbitrums $ARB airdrop and more! This is one episode you crypto bulls (and skeptics) won't want to miss. - - Timestamps: 00:00 Introduction 00:33 Has Powell Pushed Things Too Far? 19:07 USDC Depeg and Signature’s Shady Closure 29:54 Arbitrum’s Airdrop, Fundraising and Protocol Cashflows 44:58 Orbit: Abritrum’s New L3 Infrastructure 47:52 Why Do We Need a Commercial Banking System? 53:34 Catalysts for the Next Bull Market - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - 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.
3/17/20231 hour, 7 minutes, 57 seconds
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S3 Finale: Does The AppChain Thesis Hold up?

This S3 finale covers the top takeaways from the last seven episodes, where we put the AppChain thesis to the test. Our thesis: Apps will leverage their proximity to customers to capture outsized value, mindshare and pricing power. Did the last seven episodes validate our thesis? Tune in for our conclusion and learnings on Aggregation Theory, product vs distribution, Cosmos' biggest weakness, scaling infrastructure and more! - - Timestamps: (00:00) S3 Finale -- Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - 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.
3/14/202350 minutes, 5 seconds
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A Bank Run Saga: Silvergate and SVB | Roundup

Silvergate, crypto's primary bank, is closing shop. Silicon Valley Bank, tech's primary bank, is in a downward spiral. Two bank runs caused by low-interest rates, duration mismatches and FUD. How did this all start? What do these two banks have in common? And is this a systemic risk to the financial system? We answer all of these questions and more! If you make it to the deep end (the last ~20 min), we also explore Coinbase's new WaaS offering, Coinbase's business outlook, Voyager's big win and bullish news for GBTC. - - Timestamps: (00:00) Introduction (00:33) Bank Runs: Silvergate and Silicon Valley Bank (54:14) ETH Denver Narratives (57:00) Coinbase’s Wallet-as-a-Service & Strategy (1:07:01) Voyager’s Win, GBTC Update and Politics - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: How Banks Fail https://jaustincampbell.substack.com/p/how-banks-fail - - 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.
3/10/20231 hour, 13 minutes, 24 seconds
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How Bitcoin Will Secure The AppChain Future | Rollkit, Babylon, Stride

In this episode of Bell Curve, we explore how shared security will ignite the AppChain revolution. David Tse, Javed Khan and Aidan Salzmann discuss how AppChains require sovereignty, interoperability and security; Cosmos has solved sovereignty and interoperability, but security is still a moving target. Could Bitcoin be the security solution for Cosmos and the AppChain future? Tune in to find out! - - Follow Myles: https://twitter.com/MylesOneil Follow Mike: https://twitter.com/MikeIppolito_ Follow David: https://twitter.com/dntse Follow Javid: https://twitter.com/tuxcanfly Follow Aidan: https://twitter.com/aidan0x Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Rollkit https://rollkit.dev/ https://twitter.com/RollkitDev Babylon https://www.babylonchain.io/ Stride https://stride.zone/ https://twitter.com/stride_zone - - 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.
3/8/20231 hour, 24 minutes, 19 seconds
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Silvergate Crashes, Cosmos Hub Ghosted & Jump Exploits | Roundup

Crypto goes bankless. Silvergate - the beleaguered crypto bank - failed to file its 10K, was just ditched by Coinbase (and friends) for Signature bank, and its stock plunged 50% in the last 24 hours. We explain everything and debate what's next for crypto's off-chain payment rails! We also explore Noble (the Cosmos USDC issuance chain) ditching ICS, Jumps counter-exploit, Bitcoin's new narrative and why we're bullish Web3 gaming! - - Timestamps: (00:00) Introduction (02:11) Silvergate Crashes: We’re Going Bankless (18:45) Jump Exploits $300M Wormhole Exploiter (28:26) Noble Ditches ICS & the AppChain Debate (38:36) Bitcoin’s New Move (42:53) Unity Embraces Web3 Gaming & Predictions - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Jump Executes Counter Exploit Against Wormhole Exploiter https://www.blockworksresearch.com/research/we-do-a-little-counter-exploit - - 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.
3/3/202359 minutes, 10 seconds
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Optimism’s Superchain vs Cosmos

Season 3 | Episode 6 In this episode of Bell Curve, Myles and Mike dive deep into today’s most innovative blockspace scaling techniques. They begin by discussing Optimism's recent "Superchain" rebrand and the similarities between the OP Stack and Cosmos SDK. We also discuss Coinbase's new L2, exploring its potential impact on general-purpose L2s and user demand. This leads to our ongoing thesis that the roadmaps for Cosmos and Ethereum are merging, an intriguing development that we unpack in detail. - - Timestamps: (00:00) Introduction (00:48) The Superchain  (17:07) Cross-Chain Messaging and Shared Sequencers (20:37) The Role of General-Purpose Chains (24:24) The Cosmos SDK vs OP Stack (32:12) Communication Hubs and Value Accrual (39:05) SDK Network Effects (46:04) What’s Left to Build (51:19) How Ethereum has Influenced Cosmos - - Follow Myles: https://twitter.com/MylesOneil Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: The Inevitability of UNIchain https://medium.com/nascent-xyz/the-inevitability-of-unichain-bc600c92c5c4 Optimism's Superchain https://stack.optimism.io/docs/understand/explainer/ - - 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.
2/28/20231 hour, 47 seconds
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Coinbase's End Game: Keep it BASEd | Roundup

This episode covers Coinbase's Base L2 announcement. We discuss why Base could be a game changer, how Coinbase will monetize Base, how Base impacts competing L2s and more! On-chain creativity for Coinbase and the ecosystem is at an all-time high - feeling bullish. We also explore the liquid staking token narrative, how the SEC's qualified custodian proposal impacts institutional adoption, OpenSea's precarious future, why every project is launching a stablecoin and MakerDAO's end game - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources Empire's Base (Coinbase) episode https://spoti.fi/3ZkTshq - - 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.
2/24/20231 hour, 14 minutes, 38 seconds
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 The Rollapp Stacks | Sovereign Labs, Slush

Season 3 | Episode 5 In this episode of Bell Curve, Kalman Lajko and Preston Evans explain their thesis behind the optimal Rollapp stack. We start with the similarities and key differences between the Slush and Sovereign design thesis and how developers choose the optimal stack for their product. We then explore how Rollapp infrastructure projects can monetize, winner-take-all dynamics, the importance of BD and developer tooling and more! - - Timestamps: (00:00) Intro: Pre-Interview (02:02) The Internet of Rollups (04:26) Slush vs Sovereign (28:06) Business models and monetization (30:20) A winner-take-all market? (34:45) Attracting developers (36:51) Infrastructure and developer tooling (39:09) Recap: Post-Interview - - Follow Myles: https://twitter.com/MylesOneil Follow Mike: https://twitter.com/MikeIppolito_ Follow Preston: https://twitter.com/prestonevans__ Follow Kalman: https://twitter.com/kalmanlajko Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Sovereign https://www.sovereign.xyz/ https://twitter.com/sovereign_labs Slush https://slush.dev/ https://twitter.com/SlushSDK - - 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.
2/21/202349 minutes, 11 seconds
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OpenSea’s BLURred Vision, Tech’s New Paradigm & MEV Talk | Roundup

This episode of Bell Curve explores Blur's airdrop and attack on OpenSea's market share. We discuss Blur's business strategy, BLUR token incentives, OpenSea's precarious position and more! We also cover the recent market rally, the SEC's qualified custodian proposal, tech's transition from growth to value and Flashbots' new MEV-Share product. Check out the Timestamps below for a full breakdown! - - Timestamps: (00:00) Introduction (02:34) Why are markets ripping? (05:10) The SEC’s qualified custodian proposal (12:16) Tech’s transition from growth to value (23:08) Blur, OpenSea’s fall, royalties & ETH burn (33:27) Scaling tech and new applications (37:34) Flashbots MEV-Share, PFOF and best execution (52:09) Max Pain - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources Flasbots MEV-Share article http://bit.ly/3S7g9TO - - 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.
2/17/202355 minutes, 10 seconds
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Operation Choke Point: Is Kraken the first domino? | Roundup

This episode of Bell Curve explores the implications of the SEC shutting down Kraken's US staking operations. Is the SEC coming for Coinbase next? What will be the next domino to fall? How will this impact DeFi? We discuss it all here. We also cover Genesis' bankruptcy agreement, Uniswap's governance drama, the rise of super apps, Google's $100B mistake and more! - - Timestamps: (00:00) Introduction (01:17) Operation Choke Point: Kraken's Staking Service Shutters (26:01) Genesis Reaches Agreement With DCG and Key Creditors (31:55) Uniswap Governance Whale Games (46:02) Stargate ReIssues Their Token Supply (52:57) Super Apps and What’s Never Coming Back (1:08:34) Infinity Pools, Google’s $100B Mistake and AI Value Accrual - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Brian Armstrong's tweet on potential staking ban https://twitter.com/brian_armstrong/status/1623459203150131201 - - 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.
2/11/20231 hour, 15 minutes, 11 seconds
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Competing Security Models for Appchains | Nick White, Dev Ojha

Season 3 | Episode 3 In this episode of Bell Curve, Nick White and Dev Ojha join us to debate the pros and cons of applications owning the full tech stack vs leveraging a modular architecture. Applications that own their full tech stack can fully customize their chain (how they process MEV, encryption, etc) but is the overhead and cost worth it? In contrast, the modular ideology supports outsourcing all non-core functions to other providers (similar to how websites outsource payments to Stripe). We cover this debate, Celestia, the role of sequencers, security tradeoffs, the idea of the "minimum viable stack" and more! - - Timestamps: (00:00) Intro: Pre-Interview (02:25) Guest Backgrounds (04:13) Application Design Philosophies (10:01) Sequencers: Their Role and Security Tradeoffs (27:00) Tradeoffs: Focus vs Control (33:38) Mesh Security, ICS and Restaking (45:51) SDK Network Effects & the “Minimum Viable Stack” (55:13) Building Credibly Neutral Software (1:00:41) How Applications Should Approach MEV (1:04:02) The Path Ahead (1:06:19) Recap: Post-Interview - - Follow Myles: https://twitter.com/MylesOneil Follow Mike: https://twitter.com/MikeIppolito_ Follow Nick: https://twitter.com/nickwh8te Follow Dev: https://twitter.com/valardragon Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Celestia https://celestia.org/ Osmosis https://osmosis.zone/ - - 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.
2/7/20231 hour, 30 minutes, 7 seconds
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An Inside Look at Crypto Venture Firms | Roundup

This episode of Bell Curve explores the crypto venture capital landscape. We discuss how VC funds are managed, what separates the best funds from the pack, why fund size is so important and more! This is your chance to see how the crypto VC business really works. We then discuss Bitcoin's NFT drama, why Bitcoin mining sucks and a little bit of politics. You won't want to miss this one! - - Timestamps: (00:00) Introduction (00:38) Is the bull market back? (12:27) The private fundraising landscape (21:29) Behind the scenes look at VC funds (43:09) Bitcoin NFT drama (Ordinals) (50:43) Being a Bitcoin mining business ain’t easy (55:13) Charlie Munger, Nikki Haley and election predictions - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Illegitimate bitcoin transactions (Ordinals) https://read.pourteaux.xyz/p/illegitimate-bitcoin-transactions - - 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.
2/3/20231 hour, 1 minute, 30 seconds
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Fat Apps: Aggregation Theory in Crypto Networks | Zaki Manian, Sam Hart

Season 3 | Episode 2 In this episode of Bell Curve, Zaki Manian and Sam Hart join us to discuss how Aggregation Theory applies to crypto protocols. We explore if applications can covert user relationships into sticky profits, crypto moats, blockspace as a commodity, the benefits of controlling the full tech stack and more! PS: don't miss the "Smiling Curve" section of the episode - it's an under-discussed idea that will start appearing in crypto value-capture debates! - - Timestamps: (00:00) Intro: Pre-Interview (02:29) The AppChain Thesis  (09:31) Aggregation Theory (25:31) Do Moats Exist? (31:34) Is Blockspace a Commodity? (38:25) The Smiling Curve (47:04) Will dYdX Validate the AppChain Thesis? (52:28) Controlling the Entire Stack (1:01:22) Recap: Post-Interview - - Follow Myles: https://twitter.com/MylesOneil Follow Mike: https://twitter.com/MikeIppolito_ Follow Zaki: https://twitter.com/zmanian Follow Sam: https://twitter.com/hxrts Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Ben Thompson's Aggregation Theory https://stratechery.com/aggregation-theory/ - - 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.
1/31/20231 hour, 13 minutes, 51 seconds
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Unraveling Crypto’s Credit Crisis | Roundup

This episode of Bell Curve explores the complex money trail from crypto's warped credit market. We know the players - 3AC, DCG, Genesis, Alameda and FTX - but how were these parties tied together and what exposure did they all (carelessly) take? We then discuss how ecosystem funds work, why we're bullish dYdX and Circle, the Blockworks Research degens, why we're pulling a boomer on social media, Doodles controversy and more! - - Timestamps: (00:00) Introduction (00:51) Crypto's [Dead] Credit Market (17:18) How Ecosystem Funds Work (24:30) dYdX Token Unlocks (29:32) Circle’s CCTP = Bullish (34:21) Canto, Blockworks Research and How to “Make It” (48:44) Stargate Psyops? (52:01) Doodles Controversy - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - 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.
1/27/20231 hour, 3 seconds
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The Case for Sovereign Blockchains | Sunny Aggarwal, Dmitriy Berenzon

Season 3 | Episode 1 In this episode of Bell Curve, Sunny Aggarwal and Dmitriy Berenzon join us to discuss the pros and cons of building a sovereign AppChain. AppChains enable developers and protocols to customize consensus, cryptography, MEV rules, fees and more. But is this customization worth the fragmentation, start-up costs, lack of tooling and other challenges AppChains face? Tune in to find out. - - Timestamps: (00:00) Intro: Pre-Interview (02:33) The AppChain Thesis (10:52) Reasons to Build an AppChain (28:28) The Downsides and Challenges (42:04) What is Permissioned Blockspace? (48:49) Cosmos vs Ethereum (1:02:09) Solving Interoperability (1:07:54) User Lock-in: Wallets (1:13:42) Recap: Post-Interview - - Follow Myles: https://twitter.com/MylesOneil Follow Mike: https://twitter.com/MikeIppolito_ Follow Sunny: https://twitter.com/sunnya97 Follow Dmitriy: https://twitter.com/dberenzon Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Dmitriy's blog https://dberenzon.medium.com/ Osmosis https://osmosis.zone/ 1k(x) https://1kx.network/ - - 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.
1/24/20231 hour, 31 minutes, 18 seconds
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Winklevoss Twins "Zucked" by Genesis | Roundup

This episode of Bell Curve explores the standoff between the Winklevoss twins (Gemini) and Barry Silber (Genesis/DCG). Is there a resolution or will both companies watch their equity slide to zero? We also discuss Solana's future, the bank run at Silvergate, Cosmos-native USDC, the LSD narrative and more! - - Timestamps: (00:00) Introduction (01:18) Will Solana Survive? (08:58) Winklevoss Twins vs Barry Silbert (27:20) Binance Acquisition Blocked & Coinbase’s Good Luck (30:16) Silvergate Announces $8.1B Fall in Deposits (39:08) Public Equity Proxy Investing (45:22) How Bullish is Native USDC for Cosmos? (53:42) The Liquid Staking Derivative (LSD) Narrative (1:02:34) Tech Layoffs & the Changing Employment Environment - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - 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.
1/6/20231 hour, 13 minutes, 52 seconds
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S2 Finale: The Next Evolution for DAOs

Season 2 | Finale In this episode of Bell Curve, we recap the best of Bell Curve Season 2. In Season 2 we explored the evolution of DAOs, asking what's worked, what needs to change, and where DAOs go from here. We break down every episode and our key learnings here. And don't miss the end, where we introduce the theme for Season 3! - - Timestamps: (00:00) Introduction (01:17) S2 Recap, Our Biggest Takeaways (41:30) Season 3 Preview: The App-Chain Thesis (43:31) Thanks to Avalanche and Reserve! - - Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: ENS website - - Reserve Protocol aims to protect consumers from the effects of high inflation and hopes to one day eradicate it. It's a self-service, permissionless factory where anyone can build, deploy and govern their own asset-backed stablecoins (RTokens), which can be integrated within DeFi and real-world commerce. The Reserve App is a user-friendly way for ordinary people to buy RSV stablecoin with their local currencies and use them locally. More info at https://reserve.org/ - - 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.
12/27/202244 minutes, 40 seconds
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Visa Builds On Starkware, Yuga Labs Strategy, GBTC Disaster | Roundup

This episode of Bell Curve explores one of the most bullish signs during this bear: Visa is building on Starkware. Visa is the largest payment network in the world, and they just announced they are now building an automatic payments tool on Starkware's ZK-rollup technology. Tune in to find out why this is huge for the industry! We also cover Grayscale's GBTC disaster, how Yuga Labs is going all in on the metaverse and the concept of experiential loyalty. This is a fun one! - - Timestamps: (00:00) Introduction (02:03) Not $10B, $20B! Gary and Caroline Flip on SBF (07:41) Visa Proposes Automatic Payments Using Starknet (19:30) “Avalanche Ad” (20:44) Grayscale GBTC Tender Offer & Liquidity Reflexivity (30:43) Yuga Labs Hires Activision Blizzard President as CEO (40:18) Experiential Loyalty - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Vitalik on Account Abstraction https://notes.ethereum.org/@vbuterin/account_abstraction_roadmap - - Core, from Ava Labs, is more than just a wallet. It’s a free, non-custodial browser extension that gives Avalanche users a more seamless and secure Web3 experience. Download Core today at https://www.core.app/ - - 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.
12/23/202245 minutes, 51 seconds
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The Secret Behind ENS DAO's Success | Nick Johnson

In this episode of Bell Curve, Nick Johnson joins us to discuss his core insights from launching the ENS DAO. This is a behind-the-scenes look at when to launch a DAO, the challenges of decentralized management, token voting, DAO risks and building infrastructure as public goods. My favorite section? The challenges of token economic systems; Nick provides thoughtful insights I haven't heard anywhere else! - - Timestamps (00:00) Intro: Pre-Interview (02:25) History of the ENS DAO (06:27) Building Infrastructure as Public Goods (17:41) When is a Project Ready to be a DAO? (22:43) DAOs vs Centralized Governance (28:19) “Reserve Ad” (30:32) DAOs vs Centralized Governance (32:04) The Challenges of Token Economic Systems (37:53) Shifting the Overton Window (42:02) Has All Base Infrastructure Been Built? (44:38) Gaps in DAO Infrastructure & DAO Evolution (49:42) A DAO’s Biggest Risk (50:59) The Value of Community (54:36) Post-interview recap - - Follow Nick: https://twitter.com/nicksdjohnson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: ENS website https://app.ens-domains.io/ - - Reserve Protocol aims to protect consumers from the effects of high inflation and hopes to one day eradicate it. It's a self-service, permissionless factory where anyone can build, deploy and govern their own asset-backed stablecoins (RTokens), which can be integrated within DeFi and real-world commerce. The Reserve App is a user-friendly way for ordinary people to buy RSV stablecoin with their local currencies and use them locally. More info at https://reserve.org/ - - 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.
12/20/20221 hour, 1 minute, 55 seconds
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How to Value L1s, SBF Arrested & Tokenomics Debate | Roundup

This episode of Bell Curve explores the art of valuing L1 ecosystems. Should you look a protocols transaction fees vs inflation, # of developers, applications built on top or something else? We then discuss SBF's arrest, Sushi's fee proposal, the fixed token supply debate, 2023's outlook and more! My favorite segment? The fixed token supply debate - this is about to be a widely contested topic. - - Timestamps: (00:00) Introduction (03:33) Solana’s Outlook and Valuing L1s (13:39) SBF Arrested and Alameda’s Degen Gambling (30:15) Drama at The Block (31:56) “Avalanche Ad” (33:09) Drama at The Block (36:29) Sushi’s Fee Proposal & Fixed Token Supply Debate (46:43) Dividends and Buybacks (56:02) 2023 Outlook (1:03:55) A Gold and Bitcoin Thesis - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Vance's Tweet thread on the broken alt L1 thesis https://twitter.com/pythianism/status/1600895603512180737 Sushi's protocol fee proposal https://forum.sushi.com/t/reinstated-increase-kanpai-treasury-allocation-to-100/11475 Felix Zulauf https://www.felixzulauf.com/ Jurrien Timmer tweet on BTC and Gold https://twitter.com/timmerfidelity/status/1559997086912942080?lang=en - - Core, from Ava Labs, is more than just a wallet. It’s a free, non-custodial browser extension that gives Avalanche users a more seamless and secure Web3 experience. Download Core today at https://www.core.app/ - - 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.
12/16/20221 hour, 11 minutes, 56 seconds
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The Crypto Trader's Mindset | 1000x

Blockworks just released a new podcast called 1000x! We're dropping the first episode here as we think you might want to add this podcast to the lineup. 1000x is a crypto markets podcast hosted by professional traders Avi Felman and Jonah Van Bourg that dives deep into the macro and micro factors that represent the lifeblood of digital money and web3.  In this episode, Avi and Jonah discuss how to think like a crypto trader. They explore how today's market compares to the 2018 bear, where to look for opportunities, the investment landscape post-FTX and our top investing frameworks.  A new 1000x episode will drop on Empire's RSS feed and the 1000x YouTube channel every two weeks. - - Timestamps: (00:00) Introduction (00:28) Why We Started 1000x (06:18) Today’s Market Compared To 2018 (16:17) How To Think About Trading Markets (23:25) Market Structure Post-FTX (28:05) Managing Risks (36:30) Investing Frameworks (48:12) Crypto Is Here To Stay - - Follow Avi: https://twitter.com/AviFelman Follow Jonah: https://twitter.com/jvb_xyz Follow 1000x: https://twitter.com/1000xPod Subscribe on YouTube: https://bit.ly/3Fw083Z Subscribe on Apple: https://tinyurl.com/mv4frfv7 Subscribe on Spotify: https://tinyurl.com/wbaypprw Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - - Resources Golden Tree https://www.goldentree.com/ Cumberland https://cumberland.io/ Avi's psychology of a market tweet https://twitter.com/AviFelman/status/1595176484766883843 - - Disclaimer: Nothing said on 1000x 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. Avi, Jonah and our guests may hold positions in the companies, funds, or projects discussed.
12/15/202254 minutes, 25 seconds
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Token Value Capture: Moats, Growth and Protocol Fees | Chris Burniske, Fernando Martinelli

Season 2 | Episode 6 In this episode of Bell Curve, Chris Burniske and Fernando Martinelli join us to discuss how to build sustainable, value-accruing protocols. We start with this simple question and dive deep into the mechanics behind token value accrual. The group discusses DAO capital allocation, evolving fee markets, the efficacy of airdrops, rewarding labor vs capital, the problem with a fixed token supply and more! - - Timestamps: (00:00) Intro: Pre-Interview (02:28) Balancer: Self-Sustaining Infrastructure (11:55) Hyperscaling (18:24) How Will Fee Markets Evolve? (31:58) Capital Allocation Decisions (40:48) “Reserve Ad” (43:12) Airdrops, Identity Solutions and Rewarding Labor (59:46) Pushback Against VCs & Insider Allocations (1:06:27) Moving Away From A Fixed Token Supply (1:12:13) Returning Capital To Token/Shareholders (1:16:51) Building Moats In Crypto (1:24:41) Recap: Post-Interview - - Follow Chris: https://twitter.com/cburniske Follow Fernando: https://twitter.com/fcmartinelli?lang=en Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Placeholder https://www.placeholder.vc/ Balancer https://balancer.fi/ Dan's UNI-chain thread https://twitter.com/delitzer/status/1575497730343899136?lang=en Chris's tweet on VC preferential access https://twitter.com/cburniske/status/1602181852776878086 The Original Sin https://www.placeholder.vc/blog/2021/4/1/the-original-sin - - Reserve Protocol aims to protect consumers from the effects of high inflation and hopes to one day eradicate it. It's a self-service, permissionless factory where anyone can build, deploy and govern their own asset-backed stablecoins (RTokens), which can be integrated within DeFi and real-world commerce. The Reserve App is a user-friendly way for ordinary people to buy RSV stablecoin with their local currencies and use them locally. More info at https://reserve.org/ - - 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.
12/13/20221 hour, 36 minutes, 22 seconds
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Your Favorite L1 Was Overpriced | Roundup

This episode of Bell Curve explores Binance's proof-of-reserves controversy, Alameda's crazy venture portfolio, why Alt L1s were artificially overpriced, Maple Finance's $36M default and more! My favorite segment? Why the Alt L1 Thesis is fundamentally broken. Did SOL's mooning valuation (underpinned by FTX/SBF) lead to broken relative-value metrics for other L1s? Tune in to find out! - - Timestamps: (00:00) Introduction (02:19) Binance’s Proof of Reserves Controversy (14:18) Alameda’s Venture Portfolio (24:59) Why The Alt L1 Thesis Is Fundamentally Broken (33:25) “Avalanche Ad” (34:39) Expected Price Action In The Next Cycle (39:31) Apes vs Punks, Who Wins? (41:57) Maple Finance Borrower Defaults On $36M Loan (53:26) GPT Unlocks & Productivity Gains - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Jesse's tweet on proof-of-reserves https://twitter.com/jespow/status/1600787933065117696 Alameda's venture portfolio https://twitter.com/JasonYanowitz/status/1600156389933973505 Matt Walsh Twitter https://twitter.com/MattWalshInBos Vance's Tweet thread on the broken alt L1 thesis https://twitter.com/pythianism/status/1600895603512180737 - - Core, from Ava Labs, is more than just a wallet. It’s a free, non-custodial browser extension that gives Avalanche users a more seamless and secure Web3 experience. Download Core today at https://www.core.app/ - - 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.
12/9/20221 hour, 12 minutes, 17 seconds
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The Cutting Edge: Experiments in DAO Governance | Julz Rosenberg, Charles St. Louis

Season 2 | Episode 5 In this episode of Bell Curve, Julz Rosenberg and Charles St. Louis join us to discuss experiments in DAO governance and organizational structure. We start with the evolution of DAOs and the gradual transition from social to programmatic systems. We then explore the innovations in DAO governance, the tendency to over-index on decentralization, how to increase organization legibility and why community is overrated. This episode paints the picture of how DAOs will evolve next! - - Timestamps: (00:00) Intro: Pre-interview (02:46) The Purpose Of A DAO (12:36) A Shift From Socialware To Trustware (23:18) Bureaucracy Is The Killer Of Organizations (27:43) Element's Governance Experiments (35:52) “Reserve Ad” (38:05) DAOs In The Next Cycle (41:15) Is Governance A Liability? (46:59) Do We Over Index Decentralization? (52:12) Building Out Legibility (56:58) You Want A Cult, Not A Community (01:09:41) Recap: Post-interview - - Follow Julz: https://twitter.com/julzroze Follow Charles: https://twitter.com/charliestlouis Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Scaling Trust in DAOs: Trustware vs Socialware https://orca.mirror.xyz/T70CmuhX95ubkw_JHOxSEy8d_EFeYXgtJnF13mPtaZE Convex and Concave Dispositions (Vitalik) https://vitalik.ca/general/2020/11/08/concave.html Life After Lifestyle https://subpixel.space/entries/life-after-lifestyle/ Metropolis https://www.metropolis.space/ ElementFi https://www.element.fi/ - - Reserve Protocol aims to protect consumers from the effects of high inflation and hopes to one day eradicate it. It's a self-service, permissionless factory where anyone can build, deploy and govern their own asset-backed stablecoins (RTokens), which can be integrated within DeFi and real-world commerce. The Reserve App is a user-friendly way for ordinary people to buy RSV stablecoin with their local currencies and use them locally. More info at https://reserve.org/ - - 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.
12/6/20221 hour, 23 minutes, 36 seconds
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SBF's ruse, NFT market predictions & Coinbase takes on Apple | Roundup

This episode of Bell Curve explores SBF's New York Times interview and his grand attempt to manipulate the media. We discuss SBF's strategy, the likelihood of SBF jail time and what to expect next. We then discuss the state of crypto, where leverage will blow up next, OpenSea's shrinking market share, Coinbase vs Apple and more! - - Timestamps: (00:00) Introduction (01:36) SBF’s Grand Manipulation (28:15) “Avalanche Ad” (29:29) The Connection Between 3AC, DCG & Genesis (32:52) Banks Can’t Touch Crypto & Leverage In The Next Cycle (35:24) Uniswap’s NFT Marketplace & OpenSea’s [Negative] Outlook (42:32) Free-to-Own NFTs (47:27) Coinbase Takes On Apple (58:26) Are More Tech Layoffs Coming? - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: 3AC, DCG & Amazing Coincidences https://bit.ly/3UurZqO BlockFi/FTX/Alameda recursive loan tweet https://twitter.com/ayko2718/status/1597432454070956032 Coinbase tweet on Apple https://twitter.com/CoinbaseWallet/status/1598354819735031809 - - Core, from Ava Labs, is more than just a wallet. It’s a free, non-custodial browser extension that gives Avalanche users a more seamless and secure Web3 experience. Download Core today at https://www.core.app/ - - 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.
12/2/20221 hour, 4 minutes, 52 seconds
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DAO Treasury Management | Tarun Chitra

Season 2 | Episode 4 In this episode of Bell Curve, Tarun Chitra joins us to discuss the hottest on-chain topic in crypto: DAO treasury management. Even in the bear market, DAOs have over $8.8B in treasury assets. However, these assets are primarily unused, misallocated and lack diversification. Tarun tells us how DAOs should approach the treasury allocation problem and how to hedge risks, create diversification and automate treasury functions. Treasury management will be front-and-center in 2023 - listen to this pod to stay ahead of the narrative! - - Timestamps: (00:00) Intro: Pre-Interview (02:51) Treasury Management 101 (09:10) Intro to DAO Treasury Management (20:53) Transparency of Assets vs Liabilities (27:28) Hedging Risk (32:42) How DAO Treasury Management Works Today (36:38) “Reserve Ad” (38:51) How DAO Treasury Management Works Today (40:16) Solving The Allocation Problem (48:24) Unbundling The Investment Bank (52:54) Aera Finance (57:34) A Focus on Cash Flow vs Growth (01:01:35) Recap: Post-Interview - - Follow Tarun: https://twitter.com/tarunchitra Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Gauntlet https://gauntlet.network/ Aera Finance https://www.aera.finance/ Musings On Governance (Reverie) https://www.reverie.ooo/post/musings-on-governance - - Reserve Protocol aims to protect consumers from the effects of high inflation and hopes to one day eradicate it. It's a self-service, permissionless factory where anyone can build, deploy and govern their own asset-backed stablecoins (RTokens), which can be integrated within DeFi and real-world commerce. The Reserve App is a user-friendly way for ordinary people to buy RSV stablecoin with their local currencies and use them locally. More info at https://reserve.org/ - - 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.
11/29/20221 hour, 13 minutes, 4 seconds
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Genesis Balance Sheet Exposes DCG Empire | Roundup

This episode of Bell Curve explores Genesis' fallout and the knock on-effects for DCG. We discuss how we got here, the likelihood of bankruptcy, implications for Grayscale's GBTC trust and which dominos might fall next. We then discuss the bloodshed in the Bitcoin mining market, Bitcoin's changing narrative, token value accrual and why optimism always wins. -- Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: I Pledge Allegiance with Hasu http://bit.ly/3F36jxm Elon x AOC chemistry https://twitter.com/mazemoore/status/1595305491156111361 - - Core, from Ava Labs, is more than just a wallet. It’s a free, non-custodial browser extension that gives Avalanche users a more seamless and secure Web3 experience. Download Core today at https://www.core.app/ - - 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.
11/25/20221 hour, 26 minutes, 12 seconds
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How to Grow DAOs Organically | Mika Honkasalo, Shreyas Hariharan

Season 2 | Episode 3 In this episode of Bell Curve, Mika Honkasalo and Shreyas Hariharan join us to discuss how to grow a DAO. We explore Coase's Theory of the Firm, the tradeoffs between immutability and efficiency, scalable governance frameworks and value creation vs capture. My favorite segment is "Is Your Protocol Easily Forkable?" - you won't want to miss it! - - Timestamps: (00:00) Intro: Pre-Interview (00:33) Coase's Theory of the Firm (07:29) Unique Properties of a DAO (15:01) Optimizing for Immutability vs Efficiency (24:16) MakerDAO vs Uniswap Governance Structure (28:08) “Reserve Ad” (30:22) MakerDAO vs Uniswap Governance Structure (36:21) Do DAOs Increase Transaction Costs? (39:02) Value Creation vs Value Capture (50:26) Is Your Protocol Easily Forkable? (54:05) DAO Decision Making (59:16) The Future of DAO Work - - Follow Mika: https://twitter.com/mhonkasalo Follow Shreyas: https://twitter.com/HelloShreyas Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Coase in the 21st Century (Shreyas) http://bit.ly/3hRMujv Working In Public http://bit.ly/3GwysOA On Forking DeFi Protocols (Multicoin) https://multicoin.capital/2020/04/16/on-forking-defi-protocols/ Mika's Substack https://mhonkasalo.substack.com/ Shreyas' website https://shreyashariharan.com/ llama.com https://llama.xyz/ - - Reserve Protocol aims to protect consumers from the effects of high inflation and hopes to one day eradicate it. It's a self-service, permissionless factory where anyone can build, deploy and govern their own asset-backed stablecoins (RTokens), which can be integrated within DeFi and real-world commerce. The Reserve App is a user-friendly way for ordinary people to buy RSV stablecoin with their local currencies and use them locally. More info at https://reserve.org/ - - 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.
11/22/20221 hour, 6 minutes, 3 seconds
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The Truth Behind Alameda and FTX | Roundup

This episode of Bell Curve explores the myth of Alameda and how SBF's mismanagement led to FTX's collapse. We start with Alameda's transition from delta neutral to punting altcoins and the twisted relationship between Alameda and FTX. We then discuss the mainstream media's terrible coverage, Genesis' fallout and the regulatory outlook. We finish by asking the difficult question, "is this the bottom?". Tune in for what may be our best roundup yet! - - Timestamps: (00:00) Introduction (02:33) From Market Neutral To Punting Alt Coins (14:49) Alameda & FTX, A Twisted Relationship (26:30) “Avalanche Ad” (27:43) Mainstream Media Completely Botched It (43:13) The Downfall Of Genesis (57:20) Legislation In 2023 (01:00:13) Are We Near The Bottom? (01:04:39) The Villain Power Ranking (01:08:30) Web2 Sentiment Update - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: What happened at Alameda https://milkyeggs.com/?p=175 New York Times on SBF http://bit.ly/3ElLZWq Ian Allison https://twitter.com/IanAllison123 Chris Burniske https://twitter.com/cburniske - - 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.
11/18/20221 hour, 15 minutes, 28 seconds
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What DAOs Can Learn from Corporate Governance | Larry Sukernik, Derek Hsue

Season 2 | Episode 2 In this episode of Bell Curve, we are joined by Larry Sukernik and Derek Hsue to discuss what DAOs can learn from corporate governance. Should DAOs optimize for token holders or users? How can DAOs scale while minimizing the principal-agent problem? Should DAOs be governed liked an established corporation or a startup? What about treasury management? Tune in to find out! - - Timestamps (00:00) Intro: Pre-Interview (01:56) “Reserve Ad” (02:15) DAO Governance Mental Models (11:05) The Public Goods Paradox (15:36) Optimising For Different Stakeholders (25:30) Protocol Delegates & The Principal-Agent Problem (37:19) “Reserve Ad” (39:32) Protocol Delegates & The Principal-Agent Problem (44:46) Reverie’s Orca Council Structure (49:40) The Ideal Governance Platform (53:25) Convex vs Concave Decisions (01:00:17) When DAO, When Not DAO (01:13:47) A DAOs #1 Challenge & Treasury Management (01:20:24) Outro - - Follow Larry: https://twitter.com/lsukernik Follow Derek: https://twitter.com/derek_hsue Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Reverie https://www.reverie.ooo/ Musings on Governance https://www.reverie.ooo/post/musings-on-governance Simple Sabotage Field Manual https://bit.ly/3A599z9 Business-Governance Fit (Chris Ahn) https://station.mirror.xyz/xjAWfo9cqLDLTjU2eamDIvuK09QrawY1nk5MXaXmZT4 DAOs Are Not Corporations (Vitalik) https://vitalik.ca/general/2022/09/20/daos.html I Pledge Allegiance (podcast) https://spoti.fi/3zRgYIF - - Reserve Protocol aims to protect consumers from the effects of high inflation and hopes to one day eradicate it. It's a self-service, permissionless factory where anyone can build, deploy and govern their own asset-backed stablecoins (RTokens), which can be integrated within DeFi and real-world commerce. The Reserve App is a user-friendly way for ordinary people to buy RSV stablecoin with their local currencies and use them locally. More info at https://reserve.org/ - - 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.
11/15/20221 hour, 29 minutes, 15 seconds
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Business-Governance Fit Deep Dive | Hasu, Chris Ahn

Season 2 | Episode 1 In this episode of Bell Curve, we are joined by Hasu and Chris Ahn for a deep dive into DAOs and business-governance fit. We explore the differences between L1 and application governance, the challenges of achieving scalability and resiliency, why Hasu won't work for another DAO, learnings from traditional corporate governance, token distribution failures, over-indexing on community and more! - - Timestamps (00:00) Intro: Pre-Interview (02:21) Defining Business-Governance Fit (09:34) Layer One Governance (14:15) Path Dependency & The Power Of Defaults (21:22) Why Hasu Won't Work For A DAO Again (27:15) DAO Decision Making & Finding Business Governance Fit (40:19) Progressive Decentralization, Instant Liquidity & Uphill Battles (47:37) Hasu’s MakerDAO Proposal Explained (54:25) Can DAOs Achieve Resiliency & Scalability? (01:03:23) Balancing Credible Neutrality (01:09:07) Can A DAO Structure Benefit Early Stage Companies? (01:17:20) Community Is Overrated (01:25:38) Coase's Theory Of The Firm (01:27:59) Is This Only About Censorship Resistance? (01:32:03) Recap: Post-Interview - - Follow Hasu: https://twitter.com/hasufl Follow Chris: https://twitter.com/ahnchrisj Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Business-Governance Fit (Chris Ahn) https://station.mirror.xyz/xjAWfo9cqLDLTjU2eamDIvuK09QrawY1nk5MXaXmZT4 Hasu's MakerDAO proposal https://bit.ly/3DFfzWD DAOs Are Not Corporations (Vitalik) https://vitalik.ca/general/2022/09/20/daos.html Convex and Concave Dispositions (Vitalik) https://vitalik.ca/general/2020/11/08/concave.html I Pledge Allegiance (podcast) https://spoti.fi/3zRgYIF - - Reserve Protocol aims to protect consumers from the effects of high inflation and hopes to one day eradicate it. It's a self-service, permissionless factory where anyone can build, deploy and govern their own asset-backed stablecoins (RTokens), which can be integrated within DeFi and real-world commerce. The Reserve App is a user-friendly way for ordinary people to buy RSV stablecoin with their local currencies and use them locally. More info at https://reserve.org/ - - 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.
11/8/20221 hour, 44 minutes, 39 seconds
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Twitter & Coinbase Are Back, SOL At Your Own Risk | Roundup

This episode of Bell Curve starts with the most contentious topic of the week: Elon's $8 Twitter Blue subscription fee. What are the implications? Could this be a turning point for subscription-based media? We then explore the carnage happening in the private markets, Alameda's precarious balance sheet, Coinbase's earnings (bullish), J.P. Morgan's first DeFi trade, Instagram NFTs and more! - - Timestamps (00:00) Introduction (01:12) Lord Elon & Subscription-Based Media (20:02) Private Market Carnage, Down Rounds Are Coming (33:08) Alameda's Balance Sheet Is… Unexpected (48:25) J.P. Morgan Executes First Trade On Polygon (58:43) Coinbase's Q3 Earnings (01:10:04) Will Polygon Part Ways With Ethereum? (01:12:53) Instagram NFT Announcement - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Alameda's balance sheet breakdown https://twitter.com/tier10k/status/1587819512619044865 Ty Lobban's tweet thread on the J.P. Morgan trade https://twitter.com/TyLobban/status/1587679344792829954 - - 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.
11/4/20221 hour, 15 minutes, 41 seconds