Bell Curve

Season 3 | Episode 5 In this episode of Bell Curve, Kalman Lajko and Preston Evans explain their thesis behind the optimal Rollapp stack. We start with the similarities and key differences between the Slush and Sovereign design thesis and how developers choose the optimal stack for their product. We then explore how Rollapp infrastructure projects can monetize, winner-take-all dynamics, the importance of BD and developer tooling and more! - - Timestamps: (00:00) Intro: Pre-Interview (02:02) The Internet of Rollups (04:26) Slush vs Sovereign (28:06) Business models and monetization (30:20) A winner-take-all market? (34:45) Attracting developers (36:51) Infrastructure and developer tooling (39:09) Recap: Post-Interview - - Follow Myles: https://twitter.com/MylesOneil Follow Mike: https://twitter.com/MikeIppolito_ Follow Preston: https://twitter.com/prestonevans__ Follow Kalman: https://twitter.com/kalmanlajko Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Sovereign https://www.sovereign.xyz/ https://twitter.com/sovereign_labs Slush https://slush.dev/ https://twitter.com/SlushSDK - - Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

This episode of Bell Curve explores Blur's airdrop and attack on OpenSea's market share. We discuss Blur's business strategy, BLUR token incentives, OpenSea's precarious position and more! We also cover the recent market rally, the SEC's qualified custodian proposal, tech's transition from growth to value and Flashbots' new MEV-Share product. Check out the Timestamps below for a full breakdown! - - Timestamps: (00:00) Introduction (02:34) Why are markets ripping? (05:10) The SEC’s qualified custodian proposal (12:16) Tech’s transition from growth to value (23:08) Blur, OpenSea’s fall, royalties & ETH burn (33:27) Scaling tech and new applications (37:34) Flashbots MEV-Share, PFOF and best execution (52:09) Max Pain - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources Flasbots MEV-Share article http://bit.ly/3S7g9TO - - Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

In this episode of Bell Curve, we are joined by Nitesh Nath, Xave Meegan and Maghnus Mareneck to discuss the economic driver of blockchains: MEV. Miner Extractable Value (MEV) is often called the most exciting and complex industry within crypto. Listen to this episode, and you'll catch the fever! In this episode, we discuss how AppChains can optimize MEV, payment for order flow (PFOF), MEV value accrual, cross-chain MEV, the role of wallets and more! You won't want to miss this one. - - Timestamps (00:00) Intro: Pre-Interview (01:15) The MEV Value Chain (08:35) How AppChains Can Optimize MEV (16:24) MEV in Solana and General Purpose Chains (25:18) Osmosis’ ProtoRev Module (29:00) AppChains vs General Purpose Chains (30:41) What Should Protocols Prioritize? (37:15) Rollup MEV and Shared Sequencers (46:30) The Value Prop for Users and Wallets (48:06) Complexities of Cross-Chain MEV (52:30) Wallets: The Role of Middleware (56:44) Debating What is Good vs Bad MEV (1:04:30) Recap: Post-Interview - - Follow Myles: https://twitter.com/MylesOneil Follow Mike: https://twitter.com/MikeIppolito_ Follow Nitesh: https://twitter.com/niteshnath Follow Maghnus: https://twitter.com/0xMagmar Follow Xave: https://twitter.com/0xave Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Chorus One https://chorus.one/ https://twitter.com/ChorusOne DFlow https://dflow.net/ https://twitter.com/DFlowProtocol Skip Protocol https://skip.money/ https://twitter.com/skipprotocol - - 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 of Bell Curve explores the implications of the SEC shutting down Kraken's US staking operations. Is the SEC coming for Coinbase next? What will be the next domino to fall? How will this impact DeFi? We discuss it all here. We also cover Genesis' bankruptcy agreement, Uniswap's governance drama, the rise of super apps, Google's $100B mistake and more! - - Timestamps: (00:00) Introduction (01:17) Operation Choke Point: Kraken's Staking Service Shutters (26:01) Genesis Reaches Agreement With DCG and Key Creditors (31:55) Uniswap Governance Whale Games (46:02) Stargate ReIssues Their Token Supply (52:57) Super Apps and What’s Never Coming Back (1:08:34) Infinity Pools, Google’s $100B Mistake and AI Value Accrual - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Brian Armstrong's tweet on potential staking ban https://twitter.com/brian_armstrong/status/1623459203150131201 - - Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

Season 3 | Episode 3 In this episode of Bell Curve, Nick White and Dev Ojha join us to debate the pros and cons of applications owning the full tech stack vs leveraging a modular architecture. Applications that own their full tech stack can fully customize their chain (how they process MEV, encryption, etc) but is the overhead and cost worth it? In contrast, the modular ideology supports outsourcing all non-core functions to other providers (similar to how websites outsource payments to Stripe). We cover this debate, Celestia, the role of sequencers, security tradeoffs, the idea of the "minimum viable stack" and more! - - Timestamps: (00:00) Intro: Pre-Interview (02:25) Guest Backgrounds (04:13) Application Design Philosophies (10:01) Sequencers: Their Role and Security Tradeoffs (27:00) Tradeoffs: Focus vs Control (33:38) Mesh Security, ICS and Restaking (45:51) SDK Network Effects & the “Minimum Viable Stack” (55:13) Building Credibly Neutral Software (1:00:41) How Applications Should Approach MEV (1:04:02) The Path Ahead (1:06:19) Recap: Post-Interview - - Follow Myles: https://twitter.com/MylesOneil Follow Mike: https://twitter.com/MikeIppolito_ Follow Nick: https://twitter.com/nickwh8te Follow Dev: https://twitter.com/valardragon Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Celestia https://celestia.org/ Osmosis https://osmosis.zone/ - - Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

This episode of Bell Curve explores the crypto venture capital landscape. We discuss how VC funds are managed, what separates the best funds from the pack, why fund size is so important and more! This is your chance to see how the crypto VC business really works. We then discuss Bitcoin's NFT drama, why Bitcoin mining sucks and a little bit of politics. You won't want to miss this one! - - Timestamps: (00:00) Introduction (00:38) Is the bull market back? (12:27) The private fundraising landscape (21:29) Behind the scenes look at VC funds (43:09) Bitcoin NFT drama (Ordinals) (50:43) Being a Bitcoin mining business ain’t easy (55:13) Charlie Munger, Nikki Haley and election predictions - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Illegitimate bitcoin transactions (Ordinals) https://read.pourteaux.xyz/p/illegitimate-bitcoin-transactions - - Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

Season 3 | Episode 2 In this episode of Bell Curve, Zaki Manian and Sam Hart join us to discuss how Aggregation Theory applies to crypto protocols. We explore if applications can covert user relationships into sticky profits, crypto moats, blockspace as a commodity, the benefits of controlling the full tech stack and more! PS: don't miss the "Smiling Curve" section of the episode - it's an under-discussed idea that will start appearing in crypto value-capture debates! - - Timestamps: (00:00) Intro: Pre-Interview (02:29) The AppChain Thesis (09:31) Aggregation Theory (25:31) Do Moats Exist? (31:34) Is Blockspace a Commodity? (38:25) The Smiling Curve (47:04) Will dYdX Validate the AppChain Thesis? (52:28) Controlling the Entire Stack (1:01:22) Recap: Post-Interview - - Follow Myles: https://twitter.com/MylesOneil Follow Mike: https://twitter.com/MikeIppolito_ Follow Zaki: https://twitter.com/zmanian Follow Sam: https://twitter.com/hxrts Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Ben Thompson's Aggregation Theory https://stratechery.com/aggregation-theory/ - - Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

This episode of Bell Curve explores the complex money trail from crypto's warped credit market. We know the players - 3AC, DCG, Genesis, Alameda and FTX - but how were these parties tied together and what exposure did they all (carelessly) take? We then discuss how ecosystem funds work, why we're bullish dYdX and Circle, the Blockworks Research degens, why we're pulling a boomer on social media, Doodles controversy and more! - - Timestamps: (00:00) Introduction (00:51) Crypto's [Dead] Credit Market (17:18) How Ecosystem Funds Work (24:30) dYdX Token Unlocks (29:32) Circle’s CCTP = Bullish (34:21) Canto, Blockworks Research and How to “Make It” (48:44) Stargate Psyops? (52:01) Doodles Controversy - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

Season 3 | Episode 1 In this episode of Bell Curve, Sunny Aggarwal and Dmitriy Berenzon join us to discuss the pros and cons of building a sovereign AppChain. AppChains enable developers and protocols to customize consensus, cryptography, MEV rules, fees and more. But is this customization worth the fragmentation, start-up costs, lack of tooling and other challenges AppChains face? Tune in to find out. - - Timestamps: (00:00) Intro: Pre-Interview (02:33) The AppChain Thesis (10:52) Reasons to Build an AppChain (28:28) The Downsides and Challenges (42:04) What is Permissioned Blockspace? (48:49) Cosmos vs Ethereum (1:02:09) Solving Interoperability (1:07:54) User Lock-in: Wallets (1:13:42) Recap: Post-Interview - - Follow Myles: https://twitter.com/MylesOneil Follow Mike: https://twitter.com/MikeIppolito_ Follow Sunny: https://twitter.com/sunnya97 Follow Dmitriy: https://twitter.com/dberenzon Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Dmitriy's blog https://dberenzon.medium.com/ Osmosis https://osmosis.zone/ 1k(x) https://1kx.network/ - - Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

This episode of Bell Curve explores the bear market rally and ETH’s monetary design. We start with our views on the recent market rally - have prices bottomed, or are we witnessing a dead cat bounce? What should we expect for 2023? We then discuss ETH's unique monetary policy, MakerDAO’s counterparty risk, Optimism vs Arbitrum, private fundraising, Su Zhu's false redemption arc and more! - - Timestamps (00:00) Introduction (01:00) A Bear Market Rally (12:10) Optimism vs Arbitrum (17:20) Genesis Bankruptcy Rumors (22:28) MakerDAO’s Counterparty Risk (28:28) Raising Funds in a Bear Market (34:30) ETH’s Monetary Policy (48:01) ETH Staking Withdrawal Queue (50:05) Bitzlato and Bitcoin Narratives (1:00:50) Su Zhu and Kyle are Back - - 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 Ryan Watkins tweet on Ethereum innovation cycles https://bit.ly/3ZPirug ETH 7.5% APR tweet https://bit.ly/3Wmua0w ETH withdrawal queue thread (by Westie) https://twitter.com/WestieCapital/status/1613645213792366595 - - 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 | Pilot Layer One protocols have dominated the value capture narrative since Ethereum's inception, but a new narrative is forming: the AppChain Thesis. This thesis predicts crypto's top applications will not rent land and conform to the limitations of other platforms (e.g. Ethereum) but will launch their own independent chain. An AppChain. How should applications approach this decision? Where will value accrue? What are the pros and cons? Will applications prove stickier than protocols? These are just a few questions we'll explore in Bell Curve Season 3. Get ready! - - Timestamps (00:00) Introduction (00:35) Meet Myles, Our New Co-Host (03:35) Why the AppChain Thesis? (07:12) Season 3 Overview (14:45) The Fat App Thesis (18:38) AppChain Tradeoffs (23:36) Where Cosmos and Ethereum Collide (26:30) The Market Opportunity - - 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: Fat Protocols by Joel Monegro https://www.usv.com/writing/2016/08/fat-protocols/ - - 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 of Bell Curve explores the standoff between the Winklevoss twins (Gemini) and Barry Silber (Genesis/DCG). Is there a resolution or will both companies watch their equity slide to zero? We also discuss Solana's future, the bank run at Silvergate, Cosmos-native USDC, the LSD narrative and more! - - Timestamps: (00:00) Introduction (01:18) Will Solana Survive? (08:58) Winklevoss Twins vs Barry Silbert (27:20) Binance Acquisition Blocked & Coinbase’s Good Luck (30:16) Silvergate Announces $8.1B Fall in Deposits (39:08) Public Equity Proxy Investing (45:22) How Bullish is Native USDC for Cosmos? (53:42) The Liquid Staking Derivative (LSD) Narrative (1:02:34) Tech Layoffs & the Changing Employment Environment - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

It's here, our 2023 predictions episode! We debate if the market's bottomed, CeFi vs DeFi market share dynamics, L2s vs a multichain future, Bitcoin's new narrative, the Wallet Wars, MEV as the primary business model and more. Sit back, relax and get ready for the team to drop some knowledge. - - Timestamps Introduction (00:00) Have Markets Bottomed? (02:20) What Projects Gain/Lose Market Share? (17:18) zkEVMs Disappoint (23:51) The Multichain Future Debate (26:38) Bitcoin’s Future (37:25) Visa & Mastercard Will Double Down on Crypto (39:54) Ava labs (43:55) The Wallet Wars (45:10) MEV & Payment for Order Flow (53:30) The Rise of Guilds (59:00) Tech Disruption (01:01:59) NFTs Become a Core Business Strategy (01:14:04) - - 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 - - Core, from Ava Labs, is more than just a wallet. It’s a free, non-custodial browser extension that gives Avalanche users a more seamless and secure Web3 experience. Download Core today at https://www.core.app/ - - Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

Season 2 | Finale In this episode of Bell Curve, we recap the best of Bell Curve Season 2. In Season 2 we explored the evolution of DAOs, asking what's worked, what needs to change, and where DAOs go from here. We break down every episode and our key learnings here. And don't miss the end, where we introduce the theme for Season 3! - - Timestamps: (00:00) Introduction (01:17) S2 Recap, Our Biggest Takeaways (41:30) Season 3 Preview: The App-Chain Thesis (43:31) Thanks to Avalanche and Reserve! - - Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: ENS website - - Reserve Protocol aims to protect consumers from the effects of high inflation and hopes to one day eradicate it. It's a self-service, permissionless factory where anyone can build, deploy and govern their own asset-backed stablecoins (RTokens), which can be integrated within DeFi and real-world commerce. The Reserve App is a user-friendly way for ordinary people to buy RSV stablecoin with their local currencies and use them locally. More info at https://reserve.org/ - - Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

This episode of Bell Curve explores one of the most bullish signs during this bear: Visa is building on Starkware. Visa is the largest payment network in the world, and they just announced they are now building an automatic payments tool on Starkware's ZK-rollup technology. Tune in to find out why this is huge for the industry! We also cover Grayscale's GBTC disaster, how Yuga Labs is going all in on the metaverse and the concept of experiential loyalty. This is a fun one! - - Timestamps: (00:00) Introduction (02:03) Not $10B, $20B! Gary and Caroline Flip on SBF (07:41) Visa Proposes Automatic Payments Using Starknet (19:30) “Avalanche Ad” (20:44) Grayscale GBTC Tender Offer & Liquidity Reflexivity (30:43) Yuga Labs Hires Activision Blizzard President as CEO (40:18) Experiential Loyalty - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Vitalik on Account Abstraction https://notes.ethereum.org/@vbuterin/account_abstraction_roadmap - - Core, from Ava Labs, is more than just a wallet. It’s a free, non-custodial browser extension that gives Avalanche users a more seamless and secure Web3 experience. Download Core today at https://www.core.app/ - - Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

In this episode of Bell Curve, Nick Johnson joins us to discuss his core insights from launching the ENS DAO. This is a behind-the-scenes look at when to launch a DAO, the challenges of decentralized management, token voting, DAO risks and building infrastructure as public goods. My favorite section? The challenges of token economic systems; Nick provides thoughtful insights I haven't heard anywhere else! - - Timestamps (00:00) Intro: Pre-Interview (02:25) History of the ENS DAO (06:27) Building Infrastructure as Public Goods (17:41) When is a Project Ready to be a DAO? (22:43) DAOs vs Centralized Governance (28:19) “Reserve Ad” (30:32) DAOs vs Centralized Governance (32:04) The Challenges of Token Economic Systems (37:53) Shifting the Overton Window (42:02) Has All Base Infrastructure Been Built? (44:38) Gaps in DAO Infrastructure & DAO Evolution (49:42) A DAO’s Biggest Risk (50:59) The Value of Community (54:36) Post-interview recap - - Follow Nick: https://twitter.com/nicksdjohnson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: ENS website https://app.ens-domains.io/ - - Reserve Protocol aims to protect consumers from the effects of high inflation and hopes to one day eradicate it. It's a self-service, permissionless factory where anyone can build, deploy and govern their own asset-backed stablecoins (RTokens), which can be integrated within DeFi and real-world commerce. The Reserve App is a user-friendly way for ordinary people to buy RSV stablecoin with their local currencies and use them locally. More info at https://reserve.org/ - - Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

This episode of Bell Curve explores the art of valuing L1 ecosystems. Should you look a protocols transaction fees vs inflation, # of developers, applications built on top or something else? We then discuss SBF's arrest, Sushi's fee proposal, the fixed token supply debate, 2023's outlook and more! My favorite segment? The fixed token supply debate - this is about to be a widely contested topic. - - Timestamps: (00:00) Introduction (03:33) Solana’s Outlook and Valuing L1s (13:39) SBF Arrested and Alameda’s Degen Gambling (30:15) Drama at The Block (31:56) “Avalanche Ad” (33:09) Drama at The Block (36:29) Sushi’s Fee Proposal & Fixed Token Supply Debate (46:43) Dividends and Buybacks (56:02) 2023 Outlook (1:03:55) A Gold and Bitcoin Thesis - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Vance's Tweet thread on the broken alt L1 thesis https://twitter.com/pythianism/status/1600895603512180737 Sushi's protocol fee proposal https://forum.sushi.com/t/reinstated-increase-kanpai-treasury-allocation-to-100/11475 Felix Zulauf https://www.felixzulauf.com/ Jurrien Timmer tweet on BTC and Gold https://twitter.com/timmerfidelity/status/1559997086912942080?lang=en - - Core, from Ava Labs, is more than just a wallet. It’s a free, non-custodial browser extension that gives Avalanche users a more seamless and secure Web3 experience. Download Core today at https://www.core.app/ - - Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

Blockworks just released a new podcast called 1000x! We're dropping the first episode here as we think you might want to add this podcast to the lineup. 1000x is a crypto markets podcast hosted by professional traders Avi Felman and Jonah Van Bourg that dives deep into the macro and micro factors that represent the lifeblood of digital money and web3. In this episode, Avi and Jonah discuss how to think like a crypto trader. They explore how today's market compares to the 2018 bear, where to look for opportunities, the investment landscape post-FTX and our top investing frameworks. A new 1000x episode will drop on Empire's RSS feed and the 1000x YouTube channel every two weeks. - - Timestamps: (00:00) Introduction (00:28) Why We Started 1000x (06:18) Today’s Market Compared To 2018 (16:17) How To Think About Trading Markets (23:25) Market Structure Post-FTX (28:05) Managing Risks (36:30) Investing Frameworks (48:12) Crypto Is Here To Stay - - Follow Avi: https://twitter.com/AviFelman Follow Jonah: https://twitter.com/jvb_xyz Follow 1000x: https://twitter.com/1000xPod Subscribe on YouTube: https://bit.ly/3Fw083Z Subscribe on Apple: https://tinyurl.com/mv4frfv7 Subscribe on Spotify: https://tinyurl.com/wbaypprw Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - - Resources Golden Tree https://www.goldentree.com/ Cumberland https://cumberland.io/ Avi's psychology of a market tweet https://twitter.com/AviFelman/status/1595176484766883843 - - Disclaimer: Nothing said on 1000x is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Avi, Jonah and our guests may hold positions in the companies, funds, or projects discussed.

Season 2 | Episode 6 In this episode of Bell Curve, Chris Burniske and Fernando Martinelli join us to discuss how to build sustainable, value-accruing protocols. We start with this simple question and dive deep into the mechanics behind token value accrual. The group discusses DAO capital allocation, evolving fee markets, the efficacy of airdrops, rewarding labor vs capital, the problem with a fixed token supply and more! - - Timestamps: (00:00) Intro: Pre-Interview (02:28) Balancer: Self-Sustaining Infrastructure (11:55) Hyperscaling (18:24) How Will Fee Markets Evolve? (31:58) Capital Allocation Decisions (40:48) “Reserve Ad” (43:12) Airdrops, Identity Solutions and Rewarding Labor (59:46) Pushback Against VCs & Insider Allocations (1:06:27) Moving Away From A Fixed Token Supply (1:12:13) Returning Capital To Token/Shareholders (1:16:51) Building Moats In Crypto (1:24:41) Recap: Post-Interview - - Follow Chris: https://twitter.com/cburniske Follow Fernando: https://twitter.com/fcmartinelli?lang=en Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Placeholder https://www.placeholder.vc/ Balancer https://balancer.fi/ Dan's UNI-chain thread https://twitter.com/delitzer/status/1575497730343899136?lang=en Chris's tweet on VC preferential access https://twitter.com/cburniske/status/1602181852776878086 The Original Sin https://www.placeholder.vc/blog/2021/4/1/the-original-sin - - Reserve Protocol aims to protect consumers from the effects of high inflation and hopes to one day eradicate it. It's a self-service, permissionless factory where anyone can build, deploy and govern their own asset-backed stablecoins (RTokens), which can be integrated within DeFi and real-world commerce. The Reserve App is a user-friendly way for ordinary people to buy RSV stablecoin with their local currencies and use them locally. More info at https://reserve.org/ - - Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

This episode of Bell Curve explores Binance's proof-of-reserves controversy, Alameda's crazy venture portfolio, why Alt L1s were artificially overpriced, Maple Finance's $36M default and more! My favorite segment? Why the Alt L1 Thesis is fundamentally broken. Did SOL's mooning valuation (underpinned by FTX/SBF) lead to broken relative-value metrics for other L1s? Tune in to find out! - - Timestamps: (00:00) Introduction (02:19) Binance’s Proof of Reserves Controversy (14:18) Alameda’s Venture Portfolio (24:59) Why The Alt L1 Thesis Is Fundamentally Broken (33:25) “Avalanche Ad” (34:39) Expected Price Action In The Next Cycle (39:31) Apes vs Punks, Who Wins? (41:57) Maple Finance Borrower Defaults On $36M Loan (53:26) GPT Unlocks & Productivity Gains - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Jesse's tweet on proof-of-reserves https://twitter.com/jespow/status/1600787933065117696 Alameda's venture portfolio https://twitter.com/JasonYanowitz/status/1600156389933973505 Matt Walsh Twitter https://twitter.com/MattWalshInBos Vance's Tweet thread on the broken alt L1 thesis https://twitter.com/pythianism/status/1600895603512180737 - - Core, from Ava Labs, is more than just a wallet. It’s a free, non-custodial browser extension that gives Avalanche users a more seamless and secure Web3 experience. Download Core today at https://www.core.app/ - - Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

Season 2 | Episode 5 In this episode of Bell Curve, Julz Rosenberg and Charles St. Louis join us to discuss experiments in DAO governance and organizational structure. We start with the evolution of DAOs and the gradual transition from social to programmatic systems. We then explore the innovations in DAO governance, the tendency to over-index on decentralization, how to increase organization legibility and why community is overrated. This episode paints the picture of how DAOs will evolve next! - - Timestamps: (00:00) Intro: Pre-interview (02:46) The Purpose Of A DAO (12:36) A Shift From Socialware To Trustware (23:18) Bureaucracy Is The Killer Of Organizations (27:43) Element's Governance Experiments (35:52) “Reserve Ad” (38:05) DAOs In The Next Cycle (41:15) Is Governance A Liability? (46:59) Do We Over Index Decentralization? (52:12) Building Out Legibility (56:58) You Want A Cult, Not A Community (01:09:41) Recap: Post-interview - - Follow Julz: https://twitter.com/julzroze Follow Charles: https://twitter.com/charliestlouis Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Scaling Trust in DAOs: Trustware vs Socialware https://orca.mirror.xyz/T70CmuhX95ubkw_JHOxSEy8d_EFeYXgtJnF13mPtaZE Convex and Concave Dispositions (Vitalik) https://vitalik.ca/general/2020/11/08/concave.html Life After Lifestyle https://subpixel.space/entries/life-after-lifestyle/ Metropolis https://www.metropolis.space/ ElementFi https://www.element.fi/ - - Reserve Protocol aims to protect consumers from the effects of high inflation and hopes to one day eradicate it. It's a self-service, permissionless factory where anyone can build, deploy and govern their own asset-backed stablecoins (RTokens), which can be integrated within DeFi and real-world commerce. The Reserve App is a user-friendly way for ordinary people to buy RSV stablecoin with their local currencies and use them locally. More info at https://reserve.org/ - - Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

This episode of Bell Curve explores SBF's New York Times interview and his grand attempt to manipulate the media. We discuss SBF's strategy, the likelihood of SBF jail time and what to expect next. We then discuss the state of crypto, where leverage will blow up next, OpenSea's shrinking market share, Coinbase vs Apple and more! - - Timestamps: (00:00) Introduction (01:36) SBF’s Grand Manipulation (28:15) “Avalanche Ad” (29:29) The Connection Between 3AC, DCG & Genesis (32:52) Banks Can’t Touch Crypto & Leverage In The Next Cycle (35:24) Uniswap’s NFT Marketplace & OpenSea’s [Negative] Outlook (42:32) Free-to-Own NFTs (47:27) Coinbase Takes On Apple (58:26) Are More Tech Layoffs Coming? - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: 3AC, DCG & Amazing Coincidences https://bit.ly/3UurZqO BlockFi/FTX/Alameda recursive loan tweet https://twitter.com/ayko2718/status/1597432454070956032 Coinbase tweet on Apple https://twitter.com/CoinbaseWallet/status/1598354819735031809 - - Core, from Ava Labs, is more than just a wallet. It’s a free, non-custodial browser extension that gives Avalanche users a more seamless and secure Web3 experience. Download Core today at https://www.core.app/ - - Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

Season 2 | Episode 4 In this episode of Bell Curve, Tarun Chitra joins us to discuss the hottest on-chain topic in crypto: DAO treasury management. Even in the bear market, DAOs have over $8.8B in treasury assets. However, these assets are primarily unused, misallocated and lack diversification. Tarun tells us how DAOs should approach the treasury allocation problem and how to hedge risks, create diversification and automate treasury functions. Treasury management will be front-and-center in 2023 - listen to this pod to stay ahead of the narrative! - - Timestamps: (00:00) Intro: Pre-Interview (02:51) Treasury Management 101 (09:10) Intro to DAO Treasury Management (20:53) Transparency of Assets vs Liabilities (27:28) Hedging Risk (32:42) How DAO Treasury Management Works Today (36:38) “Reserve Ad” (38:51) How DAO Treasury Management Works Today (40:16) Solving The Allocation Problem (48:24) Unbundling The Investment Bank (52:54) Aera Finance (57:34) A Focus on Cash Flow vs Growth (01:01:35) Recap: Post-Interview - - Follow Tarun: https://twitter.com/tarunchitra Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Gauntlet https://gauntlet.network/ Aera Finance https://www.aera.finance/ Musings On Governance (Reverie) https://www.reverie.ooo/post/musings-on-governance - - Reserve Protocol aims to protect consumers from the effects of high inflation and hopes to one day eradicate it. It's a self-service, permissionless factory where anyone can build, deploy and govern their own asset-backed stablecoins (RTokens), which can be integrated within DeFi and real-world commerce. The Reserve App is a user-friendly way for ordinary people to buy RSV stablecoin with their local currencies and use them locally. More info at https://reserve.org/ - - Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

This episode of Bell Curve explores Genesis' fallout and the knock on-effects for DCG. We discuss how we got here, the likelihood of bankruptcy, implications for Grayscale's GBTC trust and which dominos might fall next. We then discuss the bloodshed in the Bitcoin mining market, Bitcoin's changing narrative, token value accrual and why optimism always wins. -- Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: I Pledge Allegiance with Hasu http://bit.ly/3F36jxm Elon x AOC chemistry https://twitter.com/mazemoore/status/1595305491156111361 - - Core, from Ava Labs, is more than just a wallet. It’s a free, non-custodial browser extension that gives Avalanche users a more seamless and secure Web3 experience. Download Core today at https://www.core.app/ - - Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

Season 2 | Episode 3 In this episode of Bell Curve, Mika Honkasalo and Shreyas Hariharan join us to discuss how to grow a DAO. We explore Coase's Theory of the Firm, the tradeoffs between immutability and efficiency, scalable governance frameworks and value creation vs capture. My favorite segment is "Is Your Protocol Easily Forkable?" - you won't want to miss it! - - Timestamps: (00:00) Intro: Pre-Interview (00:33) Coase's Theory of the Firm (07:29) Unique Properties of a DAO (15:01) Optimizing for Immutability vs Efficiency (24:16) MakerDAO vs Uniswap Governance Structure (28:08) “Reserve Ad” (30:22) MakerDAO vs Uniswap Governance Structure (36:21) Do DAOs Increase Transaction Costs? (39:02) Value Creation vs Value Capture (50:26) Is Your Protocol Easily Forkable? (54:05) DAO Decision Making (59:16) The Future of DAO Work - - Follow Mika: https://twitter.com/mhonkasalo Follow Shreyas: https://twitter.com/HelloShreyas Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Coase in the 21st Century (Shreyas) http://bit.ly/3hRMujv Working In Public http://bit.ly/3GwysOA On Forking DeFi Protocols (Multicoin) https://multicoin.capital/2020/04/16/on-forking-defi-protocols/ Mika's Substack https://mhonkasalo.substack.com/ Shreyas' website https://shreyashariharan.com/ llama.com https://llama.xyz/ - - Reserve Protocol aims to protect consumers from the effects of high inflation and hopes to one day eradicate it. It's a self-service, permissionless factory where anyone can build, deploy and govern their own asset-backed stablecoins (RTokens), which can be integrated within DeFi and real-world commerce. The Reserve App is a user-friendly way for ordinary people to buy RSV stablecoin with their local currencies and use them locally. More info at https://reserve.org/ - - Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

This episode of Bell Curve explores the myth of Alameda and how SBF's mismanagement led to FTX's collapse. We start with Alameda's transition from delta neutral to punting altcoins and the twisted relationship between Alameda and FTX. We then discuss the mainstream media's terrible coverage, Genesis' fallout and the regulatory outlook. We finish by asking the difficult question, "is this the bottom?". Tune in for what may be our best roundup yet! - - Timestamps: (00:00) Introduction (02:33) From Market Neutral To Punting Alt Coins (14:49) Alameda & FTX, A Twisted Relationship (26:30) “Avalanche Ad” (27:43) Mainstream Media Completely Botched It (43:13) The Downfall Of Genesis (57:20) Legislation In 2023 (01:00:13) Are We Near The Bottom? (01:04:39) The Villain Power Ranking (01:08:30) Web2 Sentiment Update - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: What happened at Alameda https://milkyeggs.com/?p=175 New York Times on SBF http://bit.ly/3ElLZWq Ian Allison https://twitter.com/IanAllison123 Chris Burniske https://twitter.com/cburniske - - Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

Season 2 | Episode 2 In this episode of Bell Curve, we are joined by Larry Sukernik and Derek Hsue to discuss what DAOs can learn from corporate governance. Should DAOs optimize for token holders or users? How can DAOs scale while minimizing the principal-agent problem? Should DAOs be governed liked an established corporation or a startup? What about treasury management? Tune in to find out! - - Timestamps (00:00) Intro: Pre-Interview (01:56) “Reserve Ad” (02:15) DAO Governance Mental Models (11:05) The Public Goods Paradox (15:36) Optimising For Different Stakeholders (25:30) Protocol Delegates & The Principal-Agent Problem (37:19) “Reserve Ad” (39:32) Protocol Delegates & The Principal-Agent Problem (44:46) Reverie’s Orca Council Structure (49:40) The Ideal Governance Platform (53:25) Convex vs Concave Decisions (01:00:17) When DAO, When Not DAO (01:13:47) A DAOs #1 Challenge & Treasury Management (01:20:24) Outro - - Follow Larry: https://twitter.com/lsukernik Follow Derek: https://twitter.com/derek_hsue Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Reverie https://www.reverie.ooo/ Musings on Governance https://www.reverie.ooo/post/musings-on-governance Simple Sabotage Field Manual https://bit.ly/3A599z9 Business-Governance Fit (Chris Ahn) https://station.mirror.xyz/xjAWfo9cqLDLTjU2eamDIvuK09QrawY1nk5MXaXmZT4 DAOs Are Not Corporations (Vitalik) https://vitalik.ca/general/2022/09/20/daos.html I Pledge Allegiance (podcast) https://spoti.fi/3zRgYIF - - Reserve Protocol aims to protect consumers from the effects of high inflation and hopes to one day eradicate it. It's a self-service, permissionless factory where anyone can build, deploy and govern their own asset-backed stablecoins (RTokens), which can be integrated within DeFi and real-world commerce. The Reserve App is a user-friendly way for ordinary people to buy RSV stablecoin with their local currencies and use them locally. More info at https://reserve.org/ - - Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

Binance is officially acquiring FTX. I never thought I'd type those words. What just happened? How did FTX go from a market-leading exchange to near insolvency? Is there contagion risk, and how will regulators respond? Tune in to find out! - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Santi: https://twitter.com/santiagoroel Follow Mike: https://twitter.com/MikeIppolito_ 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/ - - Core, from Ava Labs, is more than just a wallet. It’s a free, non-custodial browser extension that gives Avalanche users a more seamless and secure Web3 experience. Download Core today at https://www.core.app/ - - Disclaimer: Nothing said on 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 2 | Episode 1 In this episode of Bell Curve, we are joined by Hasu and Chris Ahn for a deep dive into DAOs and business-governance fit. We explore the differences between L1 and application governance, the challenges of achieving scalability and resiliency, why Hasu won't work for another DAO, learnings from traditional corporate governance, token distribution failures, over-indexing on community and more! - - Timestamps (00:00) Intro: Pre-Interview (02:21) Defining Business-Governance Fit (09:34) Layer One Governance (14:15) Path Dependency & The Power Of Defaults (21:22) Why Hasu Won't Work For A DAO Again (27:15) DAO Decision Making & Finding Business Governance Fit (40:19) Progressive Decentralization, Instant Liquidity & Uphill Battles (47:37) Hasu’s MakerDAO Proposal Explained (54:25) Can DAOs Achieve Resiliency & Scalability? (01:03:23) Balancing Credible Neutrality (01:09:07) Can A DAO Structure Benefit Early Stage Companies? (01:17:20) Community Is Overrated (01:25:38) Coase's Theory Of The Firm (01:27:59) Is This Only About Censorship Resistance? (01:32:03) Recap: Post-Interview - - Follow Hasu: https://twitter.com/hasufl Follow Chris: https://twitter.com/ahnchrisj Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Business-Governance Fit (Chris Ahn) https://station.mirror.xyz/xjAWfo9cqLDLTjU2eamDIvuK09QrawY1nk5MXaXmZT4 Hasu's MakerDAO proposal https://bit.ly/3DFfzWD DAOs Are Not Corporations (Vitalik) https://vitalik.ca/general/2022/09/20/daos.html Convex and Concave Dispositions (Vitalik) https://vitalik.ca/general/2020/11/08/concave.html I Pledge Allegiance (podcast) https://spoti.fi/3zRgYIF - - Reserve Protocol aims to protect consumers from the effects of high inflation and hopes to one day eradicate it. It's a self-service, permissionless factory where anyone can build, deploy and govern their own asset-backed stablecoins (RTokens), which can be integrated within DeFi and real-world commerce. The Reserve App is a user-friendly way for ordinary people to buy RSV stablecoin with their local currencies and use them locally. More info at https://reserve.org/ - - Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

This episode of Bell Curve starts with the most contentious topic of the week: Elon's $8 Twitter Blue subscription fee. What are the implications? Could this be a turning point for subscription-based media? We then explore the carnage happening in the private markets, Alameda's precarious balance sheet, Coinbase's earnings (bullish), J.P. Morgan's first DeFi trade, Instagram NFTs and more! - - Timestamps (00:00) Introduction (01:12) Lord Elon & Subscription-Based Media (20:02) Private Market Carnage, Down Rounds Are Coming (33:08) Alameda's Balance Sheet Is… Unexpected (48:25) J.P. Morgan Executes First Trade On Polygon (58:43) Coinbase's Q3 Earnings (01:10:04) Will Polygon Part Ways With Ethereum? (01:12:53) Instagram NFT Announcement - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Alameda's balance sheet breakdown https://twitter.com/tier10k/status/1587819512619044865 Ty Lobban's tweet thread on the J.P. Morgan trade https://twitter.com/TyLobban/status/1587679344792829954 - - Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

Have DAOs failed? Can projects successfully democratize decision-making and capital allocation? What can DAOs learn from corporate governance? What is "business-governance fit" and how can we use this concept to design DAO frameworks? These are just a few of the questions we will explore in Season 2 of Bell Curve. In this Season 2 pilot episode, we describe our DAO thesis and give a sneak peek of what's coming next! - - Timestamps: (00:00) Introduction (01:29) Season 2’s Thesis: Finding Business-Governance Fit (25:29) Our Upcoming Guests (28:29) Outro - - Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Business-Governance Fit (Chris Ahn) https://station.mirror.xyz/xjAWfo9cqLDLTjU2eamDIvuK09QrawY1nk5MXaXmZT4 Progressive Decentralization (Variant Fund) https://variant.fund/articles/progressive-decentralization-a-playbook-for-building/ DAOs Are Not Corporations (Vitalik) https://vitalik.ca/general/2022/09/20/daos.html - - Core, from Ava Labs, is more than just a wallet. It’s a free, non-custodial browser extension that gives Avalanche users a more seamless and secure Web3 experience. Download Core today at https://www.core.app/ - - Reserve Protocol aims to protect consumers from the effects of high inflation and hopes to one day eradicate it. It's a self-service, permissionless factory where anyone can build, deploy and govern their own asset-backed stablecoins (RTokens), which can be integrated within DeFi and real-world commerce. The Reserve App is a user-friendly way for ordinary people to buy RSV stablecoin with their local currencies and use them locally. More info at https://reserve.org/ - - Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

In this episode of Bell Curve, we discuss the bloodshed happening in big tech and the likelihood of multiple bankruptcies in the Bitcoin mining market. What happens next, and who will make it out on top? We then discuss Apple's new NFT policy, Reddit onboarding 3M+ users to crypto, why VC-backed chains could be in trouble and the future of DeFi regulation. - - Timestamps: (02:15) Snap & Facebook Wrecked, What’s Next? (22:37) Bitcoin Miners Eye Bankruptcy (34:50) Apple’s New NFT Policy? Bullish (40:57) Reddit Onboards 3M+ People To Crypto (47:26) VC Chains In Trouble? (57:08) SBF & DeFi Regulation (01:05:53) Elon & Twitter. Meant to be? (01:11:52) Outro - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ 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: Bitcoin treasuries https://bitcointreasuries.net/ SBF's article on proposed crypto regulation https://www.ftxpolicy.com/posts/possible-digital-asset-industry-standards Elon walks into Twitter HQ with a sink https://twitter.com/elonmusk/status/1585341984679469056 - - 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 Season 1 finale, Mike and Jason review the fixed-rate lending thesis and discuss their biggest takeaways. Will debt be a major component of DAOs going forward? Is the infrastructure in place to support this? What major innovations do we see coming next? Tune in to find out! P.S. Get ready for Season 2, coming out on November 2nd! - - Timestamps: (00:00) Introduction (01:43) Biggest Takeaways From Season 1 (14:12) Innovation Is Coming (26:26) Season 2 Preview - - 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, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode of Bell Curve, we discuss the state of VC markets and fundraising 101. What should founders look out for when fundraising? Why do terms often matter more than valuation, and how should founders think about anti-dilution? We answer these questions and more in this fundraising segment. We then explore the current macro environment, the Mango exploit and dangers of oracle pricing, the upcoming midterms and reasons to be optimistic! - - Timestamps: (00:00) Introduction (01:05) VCs, Term Sheets & Fundraising (21:39) Finding Value Despite Inflation (31:16) Mango Exploit, Oracle Pricing & Risk Management Midterms, Regulation & Yuga Labs Investigation (44:36) Scaling Season (50:13) Why Be Optimistic? - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ 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: GCR "insider" tweet https://twitter.com/GCRClassic/status/1579837794675216384 Alf CPI tweet https://twitter.com/MacroAlf/status/1580538848194330624 The Macro Trading Floor podcast https://spoti.fi/3EGriXd - - 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 1 | Episode 7 In this episode of Bell Curve, Jason and Dan are joined by Stani Kulechov & Robert Leshner, two of the best builders in crypto, to discuss DeFi's transformation and upcoming catalysts. We cover all of Season One's biggest topics, including CeFi's implosion, uncollateralized lending, fixed rates, duration debt, RWAs, staking yields and vertical app integration. We then cap the conversation with the question we all want to know: what will catalyze the next DeFi bull market? Trust me, it's worth the listen. - - Timestamps: (00:00) Introduction (04:23) A Structural Tailwind for all of DeFi (09:44) Uncollateralized vs Collateralized Lending (17:10) DAO Capital Markets (27:07) Fixed Rates & Long Duration Loans (36:46) How ETH’s Staking Yield Impacts DeFi (43:49) Bringing Off-Chain Assets to DeFi & Censorship Resistance (52:44) GHO, Protocol Specific Stablecoins & Vertical Integration (01:00:27) Compound Gateway, Cosmos & Cross-Chain Bridges (01:04:20) DeFi Summer 2.0? (01:17:39) The Permissioned DeFi Thesis (01:22:12) Post Interview - - Follow Stani: https://twitter.com/StaniKulechov Follow Rob: https://twitter.com/rleshner Follow Dan: https://twitter.com/smyyguy 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, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode of Bell Curve's Weekly Roundup, we discuss one area of the market many aren’t paying attention to, private order flow (POF). As well as POF, Sushiswap announced a new head chef, MakerDAO plans to invest $500M in US treasurys and many VCs are looking to gaming for the next big opportunity in crypto? To hear all this and more, you’ll have to tune in! -- Timestamps: (00:00) Introduction (01:30) Sushiswap Brings In A New Head Chef (15:38) Uniswap & The App-Chain Thesis (28:15) Private Order Flow Is The New MEV (40:30) The Biggest Winners In MEV (43:00) Gaming: Crypto’s Biggest Opportunity (1:02:30) MakerDAO To Invest $500M in US Treasurys & Corporate Bonds -- Follow Vance Follow Michael Follow Jason Follow Bell Curve -- Referenced In The Show: SushiSwap ‘Head Chef’ Election Settled by GoldenTree, Cumberland https://blockworks.co/sushiswap-election-settled-by-goldentree-cumberland/ - - 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 1 | Episode 6 In this episode of Bell Curve, Jason and Mike are joined by Ben Forman, the founder of ParaFi, to discuss the demand for on-chain debt. We explore DeFi's capital markets, the massive opportunity of DAO-driven borrowing and the future of on-chain lending. What opportunities are created by programmable loans? Will DAOs issue debt to lower their cost of capital? Where will the demand come from? Tune in to learn these answers and more! - - Timestamps: (00:00) Introduction (03:15) What’s Missing in DeFi Capital Markets? (14:23) Programmable Loans & Debt Covenants (22:35) Ribbon DAO’s Bond Issuance (28:33) Permissioned Pools, DeFi’s TAM and CeFi Frontends (35:38) The ETH Staking Yield Opportunity & Securitizing MEV (41:37) On-Chain DAO Borrowing (44:36) Maker DAOs End Game, RWAs and Importing TradFi Yields (50:49) The Fixed Rate Debt Catalyst (56:57) Speculation and Borrowing Demand (01:07:17) Post Interview - - Follow Mike Follow Jason Follow Bell Curve Subscribe on YouTube Subscribe on Apple Subscribe on Spotify - - Resources: Ribbon's Bond Issuance Ben Forman's email - - 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, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode of Bell Curve's Weekly Roundup, the Blockworks Research team takes over the pod! We start with a debate on the implications of ATOM 2.0 and USDC launching on Cosmos. Is ATOM no longer a meme coin? Does everything revolve around MEV? What opportunities does native USDC unlock for the Cosmos ecosystem? We then discuss the feasibility of reversible on-chain transactions, the next NFT catalyst and how Polygon is a relentless business development machine. Tune in for all of this and more! And don't worry - Jason, Mike, Vance and Michael will be back next week. - - Timestamps: (00:00 Introduction (01:15) ATOM 2.0 & USDC Cosmos Announcement (20:09) GMX MEV Opportunity Explained (23:33) Politicians Continue to Fight Crypto (26:37) Centre & USDC Dominance (29:45) Reversible Transactions (38:41) The Next NFT Catalyst (42:22) Polygon’s Business Development (47:39) Blockworks Research - - Follow Matt: https://twitter.com/MattFiebach Follow Dan: https://twitter.com/smyyguy Follow Sam: https://twitter.com/swmartin19 Follow Garrett: https://twitter.com/G_C_Harp 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 - - Referenced in the show: Youssef Amrani's tweet on ATOM 2.0 https://bit.ly/3RwU1Re Polka tweet on GMX MEV Opportunity https://bit.ly/3LRO2VR Blockworks Research Twitter https://twitter.com/blockworksres Blockworks Research Newsletter https://blockworks.co/newsletter/daily-debrief-by-blockworks-research/ -- Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - - 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 1 | Episode 5 In this episode of Bell Curve, Jason and Mike are joined by Tristan Frizza (Zeta Markets) and Uddhav Marwaha (Friktion) to discuss the world of on-chain derivatives and liquidity. TradFi's derivatives market is magnitudes larger than spot, but on-chain derivatives are just getting started in crypto. Why does crypto need derivatives like options and perpetuals? What type of users will use these products? And why is it so challenging to build these products on-chain? Tune in to learn these answers and more! - - Timestamps: (00:00) Introduction (03:05) The State of DeFi Derivatives (05:58) Who Wants These Products? (07:43) The Major Challenges of On-Chain Derivatives (11:22) Building on Solana vs Other Chains (16:35) Market Maker Incentives, CLOBs and AMMs (22:55) Perps, Power Perps and Options (28:27) The Fixed-Rate, Uncollateralized Lending Unlock (36:21) High-Frequency Trading in TradFi and DeFi (42:31) How Big is the Market Opportunity? (46:52) Finding Product Market Fit (51:51) Post Interview Thoughts - - Follow Tristan: https://twitter.com/tristan0x?lang=en Follow Uddhav: https://twitter.com/degen_quant 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: Zee Prime's DeFi options article https://zeeprime.capital/a-lot-of-on-chain-options-but-few-to-exercise Paradigm gradual dutch auctions article https://www.paradigm.xyz/2022/04/gda Doug Colkitt on AMMs & CLOBS https://twitter.com/0xdoug/status/1565446246957023234 Zeta Markets https://www.zeta.markets/ Friktion https://friktion.fi/ - - 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, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode of Bell Curve, we introduce the gaming mega thesis. Markets are an absolute mess, 99% of tokens won't hit their ATHs again, most old narratives will die, and the market is begging for a new catalyst. Could gaming be the catalyst we all need? Tune in to find out. We then discuss the newly proposed stablecoin regulation, the merits of protocol-specific stablecoins, the $160 Wintermute hack, why most DAO governance fails and more. We keep it spicy, brief and fun - what else could you want? - - Timestamps: (00:00) Introduction (01:12) A Macro Mess & San Francisco's Turnaround? (06:49) Why 99% of Tokens Are F*cked (17:49) The Gaming Mega Thesis (32:58) Modular Infrastructure (36:11) Stablecoin Regulation (43:45) Protocol Specific Stablecoins (49:32) GMX “Exploit” & Oracle Based Pricing (55:42) $160M Wintermute Hack (01:02:52) Vitalik & DAO Governance (01:10:57) Meme of the Week - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ 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: San Francisco real estate crash https://bit.ly/3DQfDEL Gabriel Leydon podcast on crypto gaming https://spoti.fi/3SlxoQi Chris Dixon's article on crypto network affects https://bit.ly/3xL1dSJ Vitalik's DAO governance article https://vitalik.ca/general/2022/09/20/daos.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 1 | Episode 4 In this episode of Bell Curve, Jason and Mike are joined by Sid Powell (Maple Finance) and Teddy Woodward (Notional) to discuss the opportunity and complexity of on-chain uncollateralized lending. We also explore the need for hyper-efficient capital, the importance of fixed rates in a low-margin environment, financing RWAs, on-chain credit scores and more! - - Timestamps: (00:00) Introduction (02:27) On-Chain Uncollateralized Lending (16:52) DAO Borrowers (27:54) Finding Product Market Fit (34:36) Changing Interest Rate Environments (38:24) Financing RWAs (43:07) Fixed Rate Demand, Why Now? (56:04) Projections for the Next 2-3 Years (01:04:38) Debt-Driven Market Bubbles (01:11:39) On-Chain Credit Scores - - Follow Sid: https://twitter.com/syrupsid Follow Teddy: https://twitter.com/teddywoodward 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: Standard Oil Part I podcast https://www.acquired.fm/episodes/standard-oil-part-i Notional https://www.notional.finance/ Maple Finance https://www.maple.finance/ - - 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, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode of Bell Curve, we debate what the merge means for ETH long-term, why ESG ETH is a prime selling point and the PoS vs PoW debate. We then discuss the Cosmos thesis, MEV frameworks, the return of CeDeFi, why your NFT is not equity and more. As usual, this episode is packed full of alpha and spicy takes. - - Timestamps (00:00) Intro (02:01) The Merge, ESG ETH & PoS vs PoW Debate (16:37) Cosmos Thesis, Aggregation and Gaming (28:20) Blockchain Monetization & MEV Frameworks (38:14) Compound Treasury, Bringing Institutional Fire Power to DeFi (44:35) CeDeFi is Back & Tokenized Treasuries (52:35) Fidelity Bitcoin Announcement & Evaluating New Projects (1:00:01) Starbucks NFTs, Open Systems & Product Customer Mismatches (1:11:43) Memes of the Week (1:16:48) Doodles $704M Valuation & NFTs Aren't Equity - - 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: Delphi Cosmos Report https://members.delphidigital.io/reports/finding-a-home-for-labs SBF tweet thread on Coinbase earnings https://twitter.com/SBF_FTX/status/1458205105124257793 Brian Armstrong's tweet on Coinbase's new politician feature https://twitter.com/brian_armstrong/status/1570133078022160384? CoinShares' MakerDAO proposal https://forum.makerdao.com/t/mip86-coinshares-usdc-institutional-rewards/17900 Compound Treasury announcement https://bit.ly/3QOZTVs Ledger meets Cobie tweet https://twitter.com/ledgerstatus/status/1570450674902568960? - - 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, Jason and Mike are joined by Simon Jones (Voltz Labs) and Allan Niemerg (Yield Protocol) to explore the new use cases that fixed-rate lending and interest rate swaps bring to DeFi. We also discuss how crypto is structurally variable, why financial markets need interest rate swaps, DeFi's base rate, DAO-to-DAO undercollateralized lending and much more! - - Timestamps (00:00) Intro (02:49) DeFi is structurally variable (10:54) The ETH base rate & a DeFi native yield curve (14:52) Interest rate swaps: 3 primary use cases (19:17) DeFi use cases & undercollateralized lending (30:24) Why are fixed rate markets in DeFi so small? (42:36) A crypto-based sovereign debt market (46:52) Will yield come from IRL assets or crypto-native sources? (51:45) Fixed rates may catalyze the next bull cycle (59:47) Post interview: takeaways - - Follow Simon: https://twitter.com/0xSimonJones Follow Allan: https://twitter.com/niemerg 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: Yield Protocol https://yieldprotocol.com/ Voltz Protocol https://www.voltz.xyz/ - - 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, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode of Bell Curve, we discuss the upcoming merge and why ETH PoW may be a letdown for you degens. We also debate real vs nominal yields in crypto, the merits of the Coinbase MakerDAO deal, BUSD and the exchange race, on-chain IP and more. As usual, this episode is packed full of alpha and spicy takes. - - (00:00) Introduction (00:40) ETH Merge Chaos (13:02) Real Yield & Structural Flows (26:00) Coinbase/MakerDAO Proposal (38:02) DAI, USDC and Crypto’s Regulatory Future (53:15) BUSD Announcement & the Big 3 Exchanges (1:07:50) Sorare, SudoSwap and On-Chain IP (1:15:10) Meme of the Week - - 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: Acquired podcast on Standard Oil https://www.acquired.fm/episodes/standard-oil-part-i SBF tweet thread on Coinbase earnings https://twitter.com/SBF_FTX/status/1458205105124257793 - - 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, Jason and Mike are joined by Tushar Jain from Multicoin Capital to discuss how fixed-rate lending, interest rate swaps and financial derivatives could be the catalyst for the next DeFi bull market. We also explore the limits of undercollateralized lending, DAO capital markets, new token distribution models and more! - - Timestamps (00:00) Intro (04:32) Interest rate swaps & fixed rate demand (15:01) Undercollateralized lending & DAO capital markets (21:20) Yield Curves, perps, and dated futures (30:35) New token distribution mechanisms (37:02) Proof of Useful Work (42:46) Solana Phone (46:34) Will debt markets catalyze the next bull? (50:05) Protocol-specific stablecoins (52:47) Post interview: takeaways - - Follow Tushar: https://twitter.com/TusharJain_ 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: Multicoin article on DeFi interest rate markets https://multicoin.capital/2021/10/06/exploring-the-opportunity-for-defi-interest-rate-markets/ Multicoin article on proof of physical work https://multicoin.capital/2022/04/05/proof-of-physical-work/ - - 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, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode of Bell Curve, we debate the future of L1s and the new projects hitting the crypto scene. Has the window closed for a new competitor? Or will the hot ball of money find new, niche projects that don't have the tech debt of the L1 dinos? We also explore the future of CLOBs vs AMMs, the potential rollup future, Maker DAO's end game and a few of our favorite memes. - - Timestamps: (00:00) Intro (01:16) DXY strong & macro (05:39) L1 majors performance review (08:38) Avalanche lawsuit (17:08) DeFi’s pitiful performance vs ETH (21:08) New L1s, do they have a chance? (31:19) Are CLOBs the future? (35:59) Arbitrum Nitro & the Rollup thesis (45:47) MakerDAO’s end game & the future of OG DeFi (1:05:17) Aave update & Michael Saylor tax evasion (01:10:28) Tweet of the week, memes and more - - 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: Avalanche Allegations https://cryptoleaks.info/case-no-3 Rune's "free float" DAI post https://bit.ly/3RskrDL - - 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 1 | Episode 1 In this episode of Bell Curve, Jason and Mike are joined by Vance Spencer and Michael Anderson from Framework Ventures to discuss the next era of DeFi. We discuss the core advantages of DeFi over CeFi, the state of crypto's derivatives market, DeFi yields, DAO capital markets and what to expect in the next bull cycle. - - Timestamps: (00:00) Intro (02:12) CeFi’s Epic Implosion (15:57) How Leverage Works in DeFi vs CeFi (22:11) DeFi Options and Derivatives (27:06) DeFi’s 4 Main Advantages Over CeFi (32:10) Who Are the Borrowers That Will Fuel the Credit Boom? (36:06) Crypto’s Risk-Free Rate & New Innovations (51:56) DAO Capital Markets (54:18) What Should We Expect Next Cycle? (01:01:04) Post Interview: Takeaways - - 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: Perpetual Futures https://en.wikipedia.org/wiki/Perpetual_futures - - 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, and our guests may hold positions in the companies, funds, or projects discussed.

Season one of Bell Curve revolves around our DeFi credit boom thesis. Simply put, CeFi's implosion will create a DeFi credit boom that will bring new users and fixed-rate lending markets to DeFi. What products will be created? Who will be the users of these products? Where will capital flow first? These are a few of the questions we'll explore as we put our thesis to the test. Join Jason and Mike in this season one pilot episode, where we provide context for our thesis and explain what you should expect in the upcoming episodes. If you consider yourself a curious degen, builder or investor: this show is for you. - - 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, and our guests may hold positions in the companies, funds, or projects discussed.