Bell Curve

Season 5 | Episode 1Welcome to Season 5 of Bell Curve, where we will explore the end game for liquid staking. In this episode, Mike and Myles explore the major themes that we'll be covering this season. We discuss the history of proof-of-stake and liquid staking, how LSTs are a network effects game, why LST protocol governance is a highly debated topic, the risks of restaking, the LST competitive landscape and more!- -Timestamps:(00:00) Introduction(02:14) The History of PoS and LSTs(09:42) A Market Structure Dominated by Network Effects(17:46) LST Protocol Governance(25:42) The Principal-Agent Problem(28:56) Restaking: The Design and Risks(37:07) The LST Competitive Landscape- -Follow Myles: https://twitter.com/MylesOneilFollow Mike: https://twitter.com/MikeIppolito_Subscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -Resources:Bankless restaking episodehttps://spoti.fi/3CW3dJIDon't Overload Ethereum's Consensus (Vitalik)https://vitalik.ca/general/2023/05/21/dont_overload.htmlFelix's 2019 liquid staking blog posthttps://medium.com/chorus-one/delegation-vouchers-cfb511a29aac- -Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

In today's episode, the fellas discuss how onchain RWAs (real-world assets) will transform DeFi. We also cover Prime Trust's implosion, regulated DeFi, Azuki's controversial NFT mint, why Corporate VCs fail, the recent token delistings and more!- -Timestamps:(00:00) Introduction(0:56) Prime Trust Implodes(15:36) Debating Onchain RWAs(34:04) Azuki’s New Collection and NFT Business Models(43:17) AI Sexting, GPUs and Corporate VCs(50:37) Alts and Token Delistings(58:02) RFK and BTC Politics- -Follow Michael: https://twitter.com/im_mandersonFollow Mike: https://twitter.com/MikeIppolito_Follow Jason: https://twitter.com/JasonYanowitzFollow Vance: https://twitter.com/pythianismSubscribe 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/--Use code PODS20 to get 20% off Permissionless 2023 in Austin:https://blockworks.co/event/permissionless-2023- -Resources:1000x podcasthttps://spoti.fi/436lDlGAcquired's LVMH episodehttps://spoti.fi/44lNvn1- -Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

In today's episode, the fellas discuss what a Blackrock BTC ETF would mean for crypto, why you should watch BTC's dominance, if NFTs will make a comeback, Binances L2 and more!- -Timestamps:(00:00) Introduction(02:24) BTC ETF Filings & The Clash of Narratives(24:33) “Valora Ad”(25:31) Who Will Trade on EDX Markets?(33:11) SAP’s Announcement: Cross-Border USDC Payments(40:49) The Ethscriptions Thesis(45:46) Will NFTs Make a Comeback?(52:02) Binance’s L2 Announcement- -Follow Michael: https://twitter.com/im_mandersonFollow Mike: https://twitter.com/MikeIppolito_Follow Jason: https://twitter.com/JasonYanowitzFollow Vance: https://twitter.com/pythianismSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -This episode is brought to you by Valora. Valora is a self-custody, mobile-first wallet... and the easiest way to send, swap, collect and purchase digital goods on the Celo blockchain. Download the app and start exploring today at valoraapp.com/empire.- -Resources:SAP USDC blog posthttps://blogs.sap.com/2023/06/15/cross-border-payments-made-easy-with-digital-money-experience-the-future-today/- -Disclaimer: Nothing said on Bell Curve or Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

In today's episode, the fellas discuss Uniswaps v4 announcement, whether demand will stay on mainnet vs L2s, our bullish market outlook, why everyone's watching Curve's 3Pool and the (potential) decimation of private equity markets. - -Timestamps:(00:00) Uniswap v4: The Design and Speculation(09:39) Demand for Mainnet for L2 Blockspace(19:07) Market Sentiment: 2019 vs 2023(31:01) The Prometheum Charade(47:56) Curve 3Pool USDT FUD(54:09) The Nasdaq Decoupling & Decimation of Private Equity- -Follow Michael: https://twitter.com/im_mandersonFollow Mike: https://twitter.com/MikeIppolito_Follow Jason: https://twitter.com/JasonYanowitzFollow Vance: https://twitter.com/pythianismFollow Myles: https://twitter.com/MylesOneilSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -ResourcesMatt Walsh Prometheum Twitter threadhttps://twitter.com/MattWalshInBos/status/1669061636953366528Danielle DiMartino on Forward Guidancehttps://spoti.fi/3qOxaZH- -Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

In today's episode, the fellas debate the SEC's attack on crypto, what's in store for Uniswap v4, if a protocol could vampire attack Lido, the US crypto exodus and more!- -Timestamps:(00:00) Introduction(02:28) SEC Sues Binance and Coinbase(14:08) Uniswap v4, Compound vs Aave & LSTs(23:09) L2 Momentum & Vampire Attacking Lido(31:18) The Exodus to Asia(38:38) Battling Apathy and Industry Sentiment(42:54) Chainlink Swift Partnership(48:13) Does DeFi Need Oracles?- -Follow Michael: https://twitter.com/im_mandersonFollow Mike: https://twitter.com/MikeIppolito_Follow Jason: https://twitter.com/JasonYanowitzFollow Vance: https://twitter.com/pythianismSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -Resources:DeFi Is Broken (Dan Elitzer)https://twitter.com/delitzer/status/1661755779240841222- -Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

In today's episode, the fellas debate if Uniswap should turn on the fee switch (this gets spicy), why the Lido FUD is overblown, the complexities of Rune's Endgame, crypto's risk-free rate and more! - -Timestamps:(00:00) Introduction(01:15) Uniswap Fee Switch Debate(17:36) Lido FUD, stETH vs ETH & Network Effects(40:48) Rune’s Endgame Review(54:32) Does Crypto Have a Risk-Free Rate?(57:01) Jon Charb and CCTP(1:00:52) Work From Home vs In Office- -Follow Michael: https://twitter.com/im_mandersonFollow Mike: https://twitter.com/MikeIppolito_Follow Jason: https://twitter.com/JasonYanowitzFollow Vance: https://twitter.com/pythianismSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -Resources:Jon Charb's article on rollupshttps://dba.mirror.xyz/LYUb_Y2huJhNUw_z8ltqui2d6KY8Fc3t_cnSE9rDL_o- -Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

Season 4 | Bonus EpisodeIn today's Bell Curve, we are joined by Stephane Gosselin, the founder of Flashbots and Frontier Research. We discuss why we need to reframe MEV, MEV burn, app-specific order flow auctions, user intents and EIP-4337, why centralized sequencers are fine, enshrined PBS and more! Stephane is a legend - you don't want to miss his unique insights. - -Timestamps:(00:00) Introduction(01:58) Reframing MEV: From Allocation to Wealth Creation (09:36) MEV Burn(12:37) The Evolution of DEX Architecture and MEV(22:44) Order Flow Auctions(27:30) The Case for Centralized Sequencers(38:56) Share Sequencers and Cross-Domain MEV(43:37) User Intents and Limitations of EIP-4337(49:21) Block Building's Race to the Bottom(54:45) Optimistic Relays and Enshrined PBS(1:07:05) Frontier Research- -Follow Stephane: https://twitter.com/thegostepFollow Mike: https://twitter.com/MikeIppolito_Subscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -Resources:Frontier Researchhttps://frontier.tech/MEV Utopia vs Dystopia by Stephanehttps://flashbots.mirror.xyz/bqCakwfQZkMsq63b50vib-nibo5eKai0QuK7m-DsxpoDon’t Overload Ethereum’s Consensus by Vitalikhttps://vitalik.ca/general/2023/05/21/dont_overload.html- -Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

In today's episode, we discuss Vitalik's new article and if L2s/restaking will lead to Ethereum's "too big to fail" moment. We also explore the similarities of AI and crypto, Paradigm's pivot, why large funding rounds kill optionality, if the fork rule is determined by apps vs the L1 and if a protocol should ever be ossified!- -Timestamps:(00:00) Introduction(01:08) AI Takeover: Nvidia, Regulation and Paradigm’s Pivot(18:12) Large Funding Rounds Remove Optionality(31:05) Don’t Overload Ethereum’s Consensus(41:57) EigenLayer’s Mechanics and Risks(56:22) Apps vs L1s: Who Chooses the Canonical Chain?(58:51) Protocol Ossification(1:08:20) Companies That Issue Tokens and Equity- -Follow Michael: https://twitter.com/im_mandersonFollow Mike: https://twitter.com/MikeIppolito_Follow Myles: https://twitter.com/MylesOneilFollow Bell Curve: https://twitter.com/thebellcurvepodSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -Resources:Vitalik's new article on restakinghttps://vitalik.ca/general/2023/05/21/dont_overload.html- -Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

Season 4 | Episode 8In this episode, Mike and Hasu give a masterclass on MEV. They discuss their biggest takeaways from this season, what questions remain unanswered and where MEV markets will go next. You don't want to miss this epic recap of our journey through the dark forest.- -Timestamps:(00:00) Introduction(01:32) The Latency Death Blow and Optimistic Relays(09:37) MEV Burn: Hasu’s Changed His Mind(15:30) Risks of Fast Commitments(18:50) Shared Sequencer Tradeoffs(26:47) Overlap Between Cosmos AppChains and Rollups(34:31) “Rook Ad”(36:22) Why Privacy is Necessary(42:10) Exclusive Order Flow: Wallets vs Apps(59:2 0) User Intents Explained(1:04:19) Asymmetric Information and Suave(1:14:24) The Future of MEV- -Follow Hasu: https://twitter.com/hasuflFollow Mike: https://twitter.com/MikeIppolito_Subscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -This episode is brought to you by Rook. Close to a billion dollars has already been taken out of users’ pockets through MEV. Rook built a solution that automatically drives this value back to where it belongs: with the users and applications that create it.If you use on-chain products, tell your wallet, favorite app and go-to node provider to use Rook; if you're a developer, message us today to find out how to integrate Rook with your product. Follow Rook on Twitter and them a message at https://twitter.com/Rook.- -Resources:The DAO run lemonade standhttps://twitter.com/josephdelong/status/1540311662888161280Jill Gunterhttps://twitter.com/jillrgunterI Pledge Allegiancehttps://spoti.fi/45udZ7pVitalik's new articlehttps://vitalik.ca/general/2023/05/21/dont_overload.html- -Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

In today's episode, we discuss if protocols should distribute revenue to token holders. This debate was sparked by a Lido proposal for a token revenue share mechanism that now has all of Crypto Twitter debating the merits of revenue distribution, buyback and burn vs dividends, protocol treasuries and more. Tokenomics is a theme you can no longer ignore.We also discuss roadblocks at Stacks (a Bitcoin scaling solution), the viability of Bitcoin's blockspace for arbitrary use cases and Tether's new BTC buying program.- -This episode is brought to you by Valora. Valora is the easiest way to send, swap, collect, and grow your crypto on the Celo blockchain. Download the app and start exploring dapps likeJumpTask today at valoraapp.com/empire. Sign up and use the code ‘HelloValora’ to get a 20% bonus after completing your first task in JumpTask! - -ResourcesLido revenue share proposalhttps://research.lido.fi/t/proposal-introducing-ldo-staking/4636Hasu's Lido responsehttps://research.lido.fi/t/proposal-introducing-ldo-staking/4636/25?u=hasuAlex's SNX threadhttps://twitter.com/thiccythot_/status/16592780560353484850xResearch hosted by Dan and Samhttps://spoti.fi/3NlP1hAhttps://apple.co/3SNhUEt- -Follow Dan: https://twitter.com/smyyguyFollow Sam: https://twitter.com/swmartin19Follow Mike: https://twitter.com/MikeIppolito_Follow Myles: https://twitter.com/MylesOneilFollow Bell Curve: https://twitter.com/thebellcurvepodSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe 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.