Bell Curve

Kain Warwick, Founder of Synthetix and Infinex, discusses the rise of crypto's aggregators and the importance of permissionless frontends. Topics include: the shift from infrastructure to user experience, Synthetix's choice of Optimism, L2 liquidity fragmentation, multichain strategy, brand trust, crypto's new aggregators, L2 centralization, DAO innovation, and more.

This week Michael and Myles dive deep on all things Ethereum Enshrinement. The two kick things off with Credible Neutrality, reviewing centralization risks vs overloads governance. The guys then go on to discuss user experience as the guiding uniting principle and look at the gradation of protocol proximity; what should and should not be enshrined and why. We then challenge and defend the varying beliefs around Ethereum as ‘money’, before going on to hit on protocol engagement vs abstraction, issuance as a network cost, the Stride/Cosmos Hub merger update, and more. Enjoy!- -Timestamps:(00:00) Introduction(01:00) Enshrinement: Opening Thoughts(02:5) Credible Neutrality: Private Market Analogy (07:25) Enshrinement’s Uniting Principle: Good User Experience(08:17) Protocol Proximity(21:33) Ethereum: Money?(28:24) Engagement vs Abstraction(40:51) Issuance: Network Cost?(45:14) Money vs Commodity (58:04) Stride/Cosmos Hub Merger Update(1:16:17) Community Alignment - -Follow Mike: https://twitter.com/MikeIppolito_Follow Myles: https://twitter.com/MylesOneilSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH--Research, news, data, governance and models – now, all in one place. As a listener of Bell Curve, you can use code "BELLCURVE10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/- -Resources:Vitalik Buterin: Should Ethereum be okay with enshrining more things in the protocol?https://vitalik.eth.limo/general/2023/09/30/enshrinement.htmlStride: The Enshrined LST Protocol for Cosmos Hub?https://blockworks.co/news/stride-merge-cosmos-hub-network- -Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

Eugene Chen, co-founder of Ellipsis Labs, and Doug Colkitt, co-founder of Crocodile Labs, discuss the evolving world of onchain trading and DEX designs, exploring factors like gas costs, latency, and modular "hooks". They debate the advantages of taking DEX components offchain and discuss the end game of DEX design.

Sam Bankman-Fried, founder of FTX, discusses the SBF trial, Vitalik's proposal on enshrinement, Stride as the LST protocol for Cosmos Hub, ETH Futures, XRP win vs the SEC, and the macro outlook on US Yields. The podcast also covers the inaccuracies of a book on FTX, the ongoing trial's questions, the recovery of stolen crypto, risks of centralization, and the state of the US economy.

Season 6 | Episode 2In this season's first guest interview we dive into the world of LVR. We are joined by Alex and Jason to unpack key elements of LVR including what it is, mitigation methods including auctions and dynamic fees, and why solving LVR is important. They discuss what 3 sources of information are key to understanding LVR and explore the impacts of transferring wealth from token stakers to LPs.- -Maverick Protocol is a DeFi infrastructure provider focused on increasing industry efficiency, powered by Maverick AMM. Maverick helps token projects, DAO treasuries, liquidity providers or anyone in DeFi shape their liquidity with efficiency and flexibility. In other words, Maverick makes your liquidity smarter. Shape liquidity for your token today on Maverick at https://app.mav.xyz/bellcurve  - -Timestamps:(00:00) Intro(01:18) Main Interview Start: Alex & Jason(01:31) What is LVR?(07:56) 3 Sources of Information(11:12) “Maverick Ad”(12:27) 3 Sources of Information(13:31) Mitigating LVR Methods(25:40) Dynamic Fees(38:50) Discriminating Types of Traders(48:11) Auctions for Mitigating LVR(52:49) Transferring Wealth to LPs(56:57) Why is LVR Important?(1:02:05) Outro- -Follow Dan: https://twitter.com/danrobinsonFollow Mike: https://twitter.com/MikeIppolito_Follow Alex: https://twitter.com/0x94305Follow Jason: https://twitter.com/jason_of_csSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -Resources:Automated Market Making and Loss-Versus-Rebalancing (Jason Paper)https://arxiv.org/abs/2208.06046How Discount Brokerages Make Money by Patrick McKenziehttps://www.kalzumeus.com/2019/6/26/how-brokerages-make-money/- -Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

This podcast covers topics such as the regulation win for Coinbase, the Binance meltdown, Rollups-as-a-Service, Pudgy Penguins, the SEC/Crypto relationship saga, ETH Futures ETFs, the Celestia (TIA) Airdrop, and platform risk shift.

Dan Robinson, General Partner and Head of Research at Paradigm, joins as co-host to dive deep into DEX designs. They discuss Uniswap's origin story, V4 design, intent-based architecture, retail and market makers, and scaling strategies. Topics also include mitigating LVR, impact of gas constraints, and balancing the needs of swappers and liquidity providers in the DEX ecosystem.

In this podcast, the hosts discuss 'roll-ups-as-a-Service', the impacts of Celestia on ETH price, forward-looking bull market activity, EigenLayer's future Yield Role, the transition to Liquid Staking, MakerDAO's ongoing interest, and the ongoing debate around IPO vs. Direct Listing.

Nick White, COO of Celestia, and Neel Somani, founder of Eclipse, discuss the tradeoffs of modular vs integrated blockchains. They cover topics such as the modular thesis, bringing the SVM to Ethereum, hidden costs of modularity, centralized sequencers and L2s, where value will accrue, and more!

Keone Hon and Kevin G discuss how Monad is scaling the EVM by building an L1 that leverages the EVM with new optimizations. Topics include Monad's EVM optimizations, the blockchain trilemma, launching a new L1, modular vs integrated, L1 fees and tokenomics, and the importance of community.