In this week's episode, we’re joined by A.J. Warner, CSO at Offchain Labs, to discuss his bold vision for Arbitrum as a “digital sovereign nation.” We explore key differences between L1s and L2s, Arbitrum’s business model, capital allocation strategies, and how the new OpCo structure will drive governance and operational efficiency. Enjoy!

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Resources

Hope for the Future of Arbitrum: https://x.com/ajwarner90/status/1908143389658194094

Arbitrum Forum - OpCo: https://forum.arbitrum.foundation/c/dao-grant-programs/operation-company-opco/63

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Namada is the shielded asset hub rewarding you to protect the multichain. Enabling data protection for any existing asset, app, or chain, Namada introduces shielded cross-chain actions and rewards for shielding your assets, which strengthens data protection guarantees for everyone.

Namada is currently entering phase 3 of its mainnet launch — follow along on https://namada.net/

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Ledger, the global leader in digital asset security, proudly sponsors Bell Curve! As Ledger celebrates 10 years of securing 20% of global crypto, it remains the top choice for securing your assets. Buy a LEDGER™ device now, and build confidently, knowing your BTC, ETH, SOL, and more are safe.

Buy now on https://shop.ledger.com/?r=1da180a5de00.

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Traders, AI enthusiasts, and degens—listen up! The game is changing, and DESK is leading the charge. Welcome to the next generation of perpetual trading—where cutting-edge technology meets AI-driven automation.

Trade today at https://desk.exchange/?register-channel=BWpodcast and follow @TradeOnDESK on X!

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Morpho is a permissionless lending platform that allows anyone to earn yield and borrow assets on your terms.

Its flexible, trustless infrastructure also empowers developers and businesses to build and tailor their own financial products.

Whether you're an individual, fund, fintech, or institution, Morpho is for you.

Try Morpho today: https://app.morpho.org/?network=mainnet&spdl=99nsk9

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Missed DAS? Join us from June 24th-June 26th at Permissionless IV! Use Code BELL10 at checkout for 10% off!

Tickets: https://blockworks.co/event/permissionless-iv

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Follow AJ: https://x.com/ajwarner90

Follow Mike: https://x.com/MikeIppolito_

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Join the Bell Curve Telegram group: https://t.me/+nzyxAvQ0Xxc3YTEx

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Timestamps:

(0:00) Introduction

(2:20) Thinking About L1s vs L2s

(10:15) Ads (Namada & Ledger)

(10:49) L2s Ability to Allocate Capital

(20:35) Arbitrum's Business Model

(26:38) Ads (Namada & Ledger)

(27:48) Key Growth Metrics

(33:29) Capital Allocation Concerns & Arbitrum Governance

(48:40) Ads (Desk & Morpho)

(49:34) Arbitrum Stakeholders & DAO Structure

(57:21) Operational Challenges & the Future of Arbitrum

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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.

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