Bell Curve

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/nicksdjohnsonFollow Mike: https://twitter.com/MikeIppolito_Follow Jason: https://twitter.com/JasonYanowitzSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -Resources:ENS websitehttps://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/pythianismFollow Michael: https://twitter.com/im_mandersonFollow Mike: https://twitter.com/MikeIppolito_Follow Jason: https://twitter.com/JasonYanowitzFollow 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:Vance's Tweet thread on the broken alt L1 thesishttps://twitter.com/pythianism/status/1600895603512180737Sushi's protocol fee proposalhttps://forum.sushi.com/t/reinstated-increase-kanpai-treasury-allocation-to-100/11475Felix Zulaufhttps://www.felixzulauf.com/Jurrien Timmer tweet on BTC and Goldhttps://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/AviFelmanFollow Jonah: https://twitter.com/jvb_xyzFollow 1000x: https://twitter.com/1000xPodSubscribe on YouTube: https://bit.ly/3Fw083ZSubscribe 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/- -ResourcesGolden Treehttps://www.goldentree.com/Cumberlandhttps://cumberland.io/Avi's psychology of a market tweethttps://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 6In 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/cburniskeFollow Fernando: https://twitter.com/fcmartinelli?lang=enFollow Mike: https://twitter.com/MikeIppolito_Follow Jason: https://twitter.com/JasonYanowitzSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -Resources:Placeholderhttps://www.placeholder.vc/Balancerhttps://balancer.fi/Dan's UNI-chain threadhttps://twitter.com/delitzer/status/1575497730343899136?lang=enChris's tweet on VC preferential accesshttps://twitter.com/cburniske/status/1602181852776878086The Original Sinhttps://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/pythianismFollow Michael: https://twitter.com/im_mandersonFollow Mike: https://twitter.com/MikeIppolito_Follow Jason: https://twitter.com/JasonYanowitzFollow 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:Jesse's tweet on proof-of-reserveshttps://twitter.com/jespow/status/1600787933065117696Alameda's venture portfoliohttps://twitter.com/JasonYanowitz/status/1600156389933973505Matt Walsh Twitterhttps://twitter.com/MattWalshInBosVance's Tweet thread on the broken alt L1 thesishttps://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 5In 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/julzrozeFollow Charles: https://twitter.com/charliestlouisFollow Mike: https://twitter.com/MikeIppolito_Follow Jason: https://twitter.com/JasonYanowitzSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -Resources:Scaling Trust in DAOs: Trustware vs Socialwarehttps://orca.mirror.xyz/T70CmuhX95ubkw_JHOxSEy8d_EFeYXgtJnF13mPtaZEConvex and Concave Dispositions (Vitalik)https://vitalik.ca/general/2020/11/08/concave.htmlLife After Lifestylehttps://subpixel.space/entries/life-after-lifestyle/Metropolishttps://www.metropolis.space/ElementFihttps://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/pythianismFollow Michael: https://twitter.com/im_mandersonFollow Mike: https://twitter.com/MikeIppolito_Follow Jason: https://twitter.com/JasonYanowitzFollow 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:3AC, DCG & Amazing Coincidenceshttps://bit.ly/3UurZqOBlockFi/FTX/Alameda recursive loan tweethttps://twitter.com/ayko2718/status/1597432454070956032Coinbase tweet on Applehttps://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 4In 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/tarunchitraFollow Mike: https://twitter.com/MikeIppolito_Follow Jason: https://twitter.com/JasonYanowitzSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -Resources:Gauntlethttps://gauntlet.network/Aera Financehttps://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/pythianismFollow Michael: https://twitter.com/im_mandersonFollow Mike: https://twitter.com/MikeIppolito_Follow Jason: https://twitter.com/JasonYanowitzFollow 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:I Pledge Allegiance with Hasuhttp://bit.ly/3F36jxmElon x AOC chemistryhttps://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 3In 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/mhonkasaloFollow Shreyas: https://twitter.com/HelloShreyasFollow Mike: https://twitter.com/MikeIppolito_Follow Jason: https://twitter.com/JasonYanowitzSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -Resources:Coase in the 21st Century (Shreyas)http://bit.ly/3hRMujvWorking In Publichttp://bit.ly/3GwysOAOn Forking DeFi Protocols (Multicoin)https://multicoin.capital/2020/04/16/on-forking-defi-protocols/Mika's Substackhttps://mhonkasalo.substack.com/Shreyas' websitehttps://shreyashariharan.com/llama.comhttps://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.