Bell Curve

Season 4 | Episode 8:In this episode of Bell Curve, we are joined by Quintus Kilbourn and Barnabé Monnot to discuss order flow auctions, proposer-builder separation (PBS) and the future of MEV. We start with a deep discussion on order flow auctions, application vs protocol layer designs and the implementation tradeoffs. Quintus and Barnabé then explain the risks of vertical integration and how we can build systems to mitigate these supply chain centralization points. We end with a discussion on enshrined PBS, off-chain infrastructure and the future of MEV.- -Timestamps:(00:00) Intro: Pre-Interview(04:11) MEV 2.0(31:37) "Rook Ad"(33:29) MEV 2.0(1:07:08) Recap: Post-Interview- -Follow Quintus: https://twitter.com/0xQuintusFollow Barnabé: https://twitter.com/barnabemonnotFollow 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:Barnabé's article on protocol credibilityhttps://barnabe.substack.com/p/seeing-like-a-protocolVitalik's article on the End Gamehttps://vitalik.ca/general/2021/12/06/endgame.htmlPEPChttps://ethresear.ch/t/unbundling-pbs-towards-protocol-enforced-proposer-commitments-pepc/13879Eric Budish's article on batch auctionshttps://academic.oup.com/qje/article/130/4/1547/1916146- -Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

In today's episode, we discuss frameworks for valuing crypto projects. The fellas debate token buybacks vs dividends, fundamentals vs flows, protocol revenue vs supply-side revenue and how these factors impact investor valuation frameworks. We also explore activist crypto investing, jaredfromsubway's MEV strategy and more!- -Timestamps:(00:00) Introduction(01:59) Activist Investing: Aragon DAO (13:34) Will TradFi Have a Luna Moment?(20:05) How to Value Tokens(33:06) Uniswap's Fee Switch & the Changing Liquidity Landscape(44:42) How Jared fromsubway.eth Eats Everyone’s MEV Lunch- -Follow Michael: https://twitter.com/im_mandersonFollow Mike: https://twitter.com/MikeIppolito_Follow Jason: https://twitter.com/JasonYanowitzFollow Vance: https://twitter.com/pythianismFollow 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:Blockworks Podcast Producer applicationhttps://jobs.ashbyhq.com/Blockworks/236ee9e8-f4ea-47ac-9eb6-f95a44d6c93bArbitrum proposalhttps://forum.arbitrum.foundation/t/distribution-of-dao-revenue-to-arb-token-holders/14412Uniswap proposalhttps://gov.uniswap.org/t/making-protocol-fees-operational/21198Robert Miller MEV threadhttps://twitter.com/bertcmiller/status/1656392876438462464Relay Scanhttps://www.relayscan.io/- -Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

SPECIAL EPISODE: This is an episode of Blockworks' new podcast called 1000x! 1000x is a crypto markets podcast hosted by professional traders Avi Felman and Jonah Van Bourg that is for traders by traders (or anyone interested in trading/markets).In this episode, Avi and Jonah discuss Bitcoin's outlook and recent meme coin mania. We start with a discussion on Bitcoin and if bank failures are priced in, what it will take for BTC to break past the 30K range and if institutions are buying. Avi and Jonah then debate if we'll ever see 2021s perfect storm again. Meme coins are pumping, blockspace demand is saturated, and market sentiment is shifting. Is this a market turning point or just a short-term phenomenon? Tune in to find out!We'll drop a new 1000x episode on Empire's RSS feed and the 1000x YouTube channel every two weeks. Hit the links below and give us a follow!- -Timestamps:(00:00) Introduction(00:32) Are Bank Failures Priced In?(07:31) The Impact of a Potential US Default(12:51) Repeating 2021’s Perfect Storm(18:03) Meme Mania: Why You Should Pay Attention(31:30) Deflationary ETH and Blockspace Fee Generation(36:34) BTC Miner Revenue and BRC-20s- -Follow Avi: https://twitter.com/AviFelmanFollow Jonah: https://twitter.com/jvb_xyzFollow 1000x: https://twitter.com/1000xPodSubscribe on YouTube: https://bit.ly/3FuSarXSubscribe on Apple: https://tinyurl.com/mv4frfv7Subscribe on Spotify: https://tinyurl.com/wbaypprwGet top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/- -Resources:Golden Treehttps://www.goldentree.com/Cumberlandhttps://cumberland.io/BRC-20.iohttps://brc-20.io/- -Disclaimer: Nothing said on 1000x is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Avi, Jonah and our guests may hold positions in the companies, funds, or projects discussed.

Season 4 | Episode 7Welcome to Bell Curve! In this episode, we are joined by Henry de Valence and Barry Plunkett to discuss MEV in Cosmos. Henry and Barry explain the negative implications of Ethereum's maximal extraction philosophy, the benefits of AppChain sovereignty (as demonstrated by Osmosis' ProtoRev Module), the importance of privacy in MEV, ABCI 2.0 and much more. Join us for this exciting deep dive into one of the most innovative ecosystems in crypto!- -Timestamps:(00:00) Introduction(03:03) Ethereum’s Maximal Extraction Philosophy(06:59) Cosmos vs Ethereum Validators(13:07) Penumbra: Public and Private State(26:01) Osmosis’ ProtoRev Module(36:20) “Rook Ad”(38:12) Cross-Domain MEV(45:11) The Tension Between Sovereignty and Interoperability(1:00:03) What is ABCI 2.0?(1:08:24) Threshold Encryption Challenges(1:13:08) The Privacy Tradeoff- -Follow Henry: https://twitter.com/hdevalenceFollow Barry: https://twitter.com/BPIV400Follow 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:Skiphttps://skip.money/https://twitter.com/SkipProtocolPenumbrahttps://penumbra.zone/https://twitter.com/penumbrazone- -Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

In today's episode, we discuss Coinbase's earnings beat and Blur's new NFT lending product! Coinbase crushed revenue, meme coins are pumping and NFTFi is here. Is this all noise or have markets finally turned after the wild year? Tune in as we debate our market outlook, Blur and the financialization of NFTs, Curve's new crvUSD stablecoin, LST Summer and more!- -Follow Michael: https://twitter.com/im_mandersonFollow Mike: https://twitter.com/MikeIppolito_Follow Jason: https://twitter.com/JasonYanowitzFollow Vance: https://twitter.com/pythianismFollow 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:GovHubhttps://twitter.com/JasonYanowitz/status/1654179131171512320- -Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

Season 4 | Episode 6In this episode of Bell Curve, we are joined by Eugene Chen and Lucas Bruder to discuss MEV on Solana. We compare Solana's MEV market to Ethereum's and then delve into the unique MEV challenges from Solana's high-throughput design. Our conversation then turns to Solana's missing mempool, spam reduction strategies, resource pricing, and a detailed explanation of Jito's MEV solution. Eugene and Lucas also shed light on Solana's fee markets, Firedancer, the role of latency, and the tradeoffs of CLOBS and AMMs (this one's spicy).- -Timestamps:(00:00) Intro: Pre-Interview(02:56) Solana MEV 101(13:29) Spam: 58% of Solana's Compute is on Failed Txs(18:13) Jito's Design(25:06) Jito vs Flashbots Adoption(33:40) “Rook Ad”(35:32) Who Captures the MEV?(38:22) The Problems with MEV in Solana Today(41:58) Solana’s Fee Markets(49:58) PBS on Solana?(52:43) Co-Location Incentives(56:13) Jump and Firedancer(58:27) DeFi on Solana(1:03:56) CLOBS vs AMMs(1:14:10) The Role of Latency(1:20:14) Recap: Post-Interview- -Follow Lucas: https://twitter.com/buffalu__Follow Eugene: https://twitter.com/0xShitTraderFollow 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:Jitohttps://www.jito.wtf/https://twitter.com/jito_labsEllipsis Labshttps://ellipsislabs.xyz/https://twitter.com/ellipsis_labs@0x94305https://twitter.com/0x94305- -Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

In today's episode, we discuss why crypto's top apps will win the wallet wars. We start by exploring tech's move to profitability, why we're bullish on Coinbase and the challenges of decentralized sequencers. We then discuss how suave and account abstraction are changing the landscape of MEV and user interactions. The wallet wars are coming; who will win? We finish with a discussion on ETH's LSD market, L1 vs L2 volume, the death of NFTs and more!- -Timestamps:(00:00) Introduction(01:08) Is Big Tech Back?(14:11) “Lightspeed Ad”(15:03) Commercial Real Estate Repricing(18:13) Coinbase Sues the SEC(28:56) Decentralized Sequencers(35:54) Suave, Account Abstraction & the Wallet Wars(44:05) ETH’s Withdrawal Queue and LSDs(53:53) L1 vs L2 Volume(1:01:14) Are NFTs Dead?(1:07:23) Solana and The Great Convergence- -Follow Michael: https://twitter.com/im_mandersonFollow Mike: https://twitter.com/MikeIppolito_Follow Jason: https://twitter.com/JasonYanowitzFollow Vance: https://twitter.com/pythianismFollow Bell Curve: https://twitter.com/thebellcurvepodSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -Lightspeed Podcast Opportunity:Click below to learn more about Blockworks' upcoming Lightspeed podcast and submit an application to be one of our hosts!https://bit.ly/3NlQUwH- -Resources:DeFi Llamahttps://defillama.com/Blockworks Research Newsletterhttps://blockworks.co/newsletter/research- -Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

Season 4 | Episode 5Join us on Bell Curve as we delve into the world of MEV Searchers with guests Dean Eigenman and Anish Agnihotri. We start with an introduction to the role of Searchers, today's Searcher landscape and the Searcher business model. Dean and Anish then explain how Searchers find MEV opportunities, the relationship between Searchers and Builders, atomic vs non-atomic trades, the role of latency and more. This is your chance for an inside look into the business model of an MEV Searcher!- -Timestamps:(00:00) Intro: Pre-Interview(02:36) Interview Start: Guest Backgrounds(07:31) The MEV Searcher Landscape(12:43) MEV Strategies Across Execution Environments(23:55) Searcher Competition(27:03) “Rook Ad”(28:56) Searcher Competition(35:29) The Relationship Between Searchers and Builders(41:10) Searcher Capital Requirements(43:11) Atomic vs Non-Atomic Trades(51:29) Traditional HFT and How to Win at MEV(55:40) The Role of Latency(59:30) Centralization Concerns(1:02:05) Minimizing MEV vs Maximal Extraction(1:05:27) Qualities of a Great Searcher(1:12:45) Recap: Post-Interview- -Follow Anish: https://twitter.com/_anishagnihotriFollow Dean: https://twitter.com/deaneigenmannFollow 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:Interview With a Searcher (Hasu, Uncommon Core)https://spoti.fi/43BueykEnd Game by Vitalikhttps://vitalik.ca/general/2021/12/06/endgame.htmlDialectichttps://dialectic.ch/https://twitter.com/Dialectic_GroupProject Blanchttps://github.com/project-blanc- -Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

In today's episode, we discuss this week's regulatory updates, the MEV debate and what to expect in the next bull cycle! We've had a hectic regulatory week with Gary Gensler's committee meeting, the EU's MICA legislation and a heated stablecoin hearing. We explore where US regulation is heading, the positive implications of MICA and if companies like Coinbase will move their operations to crypto-friendly jurisdictions.We then discuss the potential return of FTX, the MEV debate and what narratives will play out in the next bull cycle. Why would anyone buy FTX? Will MEV be democratized, or can it be reduced? Why will the best GameFi projects outperform DeFi? Tune in to find out!- -Timestamps:(00:00) Introduction(01:23) Asia Embraces Crypto(11:39) The Global Crypto Regulatory Landscape(16:48) EU’s MICA Regulation(25:21) Coinbase Secures Bermuda License(34:45) “Lightspeed Ad”(35:38) FTX: Back From the Dead?(48:09) Flashbots’ MEV Share & the MEV Debate(59:25) The Next Bull Market: GameFi vs DeFi- -Follow Michael: https://twitter.com/im_mandersonFollow Mike: https://twitter.com/MikeIppolito_Follow Jason: https://twitter.com/JasonYanowitzFollow Vance: https://twitter.com/pythianismFollow Bell Curve: https://twitter.com/thebellcurvepodSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -Lightspeed Podcast Opportunity:Click here to learn more about Blockworks' upcoming Lightspeed podcast and submit an application to be one of our hosts!- -Resources:Miners, Front-Running-as-a-Service Is Thefthttps://www.coindesk.com/markets/2021/04/07/miners-front-running-as-a-service-is-theft/- -Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

Season 4 | Episode 4In this episode of Bell Curve, we are joined by Jon Charbonneau and Robert Miller to discuss how Ethereum's modular roadmap impacts the future of MEV. We explore L2 MEV design, decentralized sequencer models, cross-domain MEV, latency games, and Suave. Jon and Robert are two giga brains that understand the bleeding edge of modular MEV design!- -Timestamps:(00:55) Intro: Pre-Interview(02:39) How Ethereum’s Modular Roadmap Impacts MEV(08:18) The Rollup Revolution: Consensus and Latency Games(18:35) How Sequencers Work Today(23:43) L2 MEV Models: Optimism and Arbitrum(29:42) Why L2s Need PBS(32:21) Decentralized Sequencer Designs(44:45) Cross-Domain MEV and Atomicity(53:46) Suave: The Mechanics, Order Flow Auctions & Roadmap(57:07) “Rook Ad”(59:09) Suave: The Mechanics, Order Flow Auctions & Roadmap(1:27:50) Recap: Post-Interview- -Follow Jon: https://twitter.com/jon_charbFollow Robert: https://twitter.com/bertcmillerFollow 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:Rollups Aren't Real by Jonhttps://joncharbonneau.substack.com/p/rollups-arent-realHasu's Mevconomics talkhttps://www.youtube.com/watch?v=6xS0xMzh9Tc&ab_channel=ETHGlobalMEV Sharehttps://collective.flashbots.net/t/mev-share-programmably-private-orderflow-to-share-mev-with-users/1264- -Disclaimer: Nothing said on Bell Curve is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.