Bell Curve

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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 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? - - 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.

In today's episode, the fellas debate if Uniswap should turn on the fee switch (this gets spicy), why the Lido FUD is overblown, the complexities of Rune's Endgame, crypto's risk-free rate and more! - - 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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Season 4 | Episode 3 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.

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.

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.

Season 4 | Episode 2 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.

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.

Season 4 | Episode 1 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.

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.

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.

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.

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.

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.

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.

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.

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.