Bell Curve

In this episode of Bell Curve, we introduce the gaming mega thesis. Markets are an absolute mess, 99% of tokens won't hit their ATHs again, most old narratives will die, and the market is begging for a new catalyst. Could gaming be the catalyst we all need? Tune in to find out.We then discuss the newly proposed stablecoin regulation, the merits of protocol-specific stablecoins, the $160 Wintermute hack, why most DAO governance fails and more. We keep it spicy, brief and fun - what else could you want?- -Timestamps:(00:00) Introduction(01:12) A Macro Mess & San Francisco's Turnaround?(06:49) Why 99% of Tokens Are F*cked(17:49) The Gaming Mega Thesis(32:58) Modular Infrastructure(36:11) Stablecoin Regulation(43:45) Protocol Specific Stablecoins(49:32) GMX “Exploit” & Oracle Based Pricing(55:42) $160M Wintermute Hack(01:02:52) Vitalik & DAO Governance(01:10:57) Meme of the Week- -Follow Vance: https://twitter.com/pythianismFollow Michael: https://twitter.com/im_mandersonFollow Mike: https://twitter.com/MikeIppolito_Follow 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:San Francisco real estate crashhttps://bit.ly/3DQfDELGabriel Leydon podcast on crypto gaminghttps://spoti.fi/3SlxoQiChris Dixon's article on crypto network affectshttps://bit.ly/3xL1dSJVitalik's DAO governance articlehttps://vitalik.ca/general/2022/09/20/daos.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 1 | Episode 4In this episode of Bell Curve, Jason and Mike are joined by Sid Powell (Maple Finance) and Teddy Woodward (Notional) to discuss the opportunity and complexity of on-chain uncollateralized lending.We also explore the need for hyper-efficient capital, the importance of fixed rates in a low-margin environment, financing RWAs, on-chain credit scores and more!- -Timestamps:(00:00) Introduction(02:27) On-Chain Uncollateralized Lending(16:52) DAO Borrowers(27:54) Finding Product Market Fit(34:36) Changing Interest Rate Environments(38:24) Financing RWAs(43:07) Fixed Rate Demand, Why Now?(56:04) Projections for the Next 2-3 Years(01:04:38) Debt-Driven Market Bubbles(01:11:39) On-Chain Credit Scores- -Follow Sid: https://twitter.com/syrupsidFollow Teddy: https://twitter.com/teddywoodwardFollow 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:Standard Oil Part I podcasthttps://www.acquired.fm/episodes/standard-oil-part-iNotionalhttps://www.notional.finance/Maple Financehttps://www.maple.finance/- -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, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode of Bell Curve, we debate what the merge means for ETH long-term, why ESG ETH is a prime selling point and the PoS vs PoW debate. We then discuss the Cosmos thesis, MEV frameworks, the return of CeDeFi, why your NFT is not equity and more.As usual, this episode is packed full of alpha and spicy takes.- -Timestamps(00:00) Intro(02:01) The Merge, ESG ETH & PoS vs PoW Debate(16:37) Cosmos Thesis, Aggregation and Gaming(28:20) Blockchain Monetization & MEV Frameworks(38:14) Compound Treasury, Bringing Institutional Fire Power to DeFi(44:35) CeDeFi is Back & Tokenized Treasuries(52:35) Fidelity Bitcoin Announcement & Evaluating New Projects(1:00:01) Starbucks NFTs, Open Systems & Product Customer Mismatches(1:11:43) Memes of the Week(1:16:48) Doodles $704M Valuation & NFTs Aren't Equity- -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:Delphi Cosmos Reporthttps://members.delphidigital.io/reports/finding-a-home-for-labsSBF tweet thread on Coinbase earningshttps://twitter.com/SBF_FTX/status/1458205105124257793Brian Armstrong's tweet on Coinbase's new politician featurehttps://twitter.com/brian_armstrong/status/1570133078022160384?CoinShares' MakerDAO proposalhttps://forum.makerdao.com/t/mip86-coinshares-usdc-institutional-rewards/17900Compound Treasury announcementhttps://bit.ly/3QOZTVsLedger meets Cobie tweethttps://twitter.com/ledgerstatus/status/1570450674902568960?- -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 this episode of Bell Curve, Jason and Mike are joined by Simon Jones (Voltz Labs) and Allan Niemerg (Yield Protocol) to explore the new use cases that fixed-rate lending and interest rate swaps bring to DeFi.We also discuss how crypto is structurally variable, why financial markets need interest rate swaps, DeFi's base rate, DAO-to-DAO undercollateralized lending and much more!- -Timestamps(00:00) Intro(02:49) DeFi is structurally variable(10:54) The ETH base rate & a DeFi native yield curve(14:52) Interest rate swaps: 3 primary use cases (19:17) DeFi use cases & undercollateralized lending(30:24) Why are fixed rate markets in DeFi so small?(42:36) A crypto-based sovereign debt market(46:52) Will yield come from IRL assets or crypto-native sources?(51:45) Fixed rates may catalyze the next bull cycle(59:47) Post interview: takeaways- -Follow Simon: https://twitter.com/0xSimonJonesFollow Allan: https://twitter.com/niemergFollow 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:Yield Protocolhttps://yieldprotocol.com/Voltz Protocolhttps://www.voltz.xyz/- -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, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode of Bell Curve, we discuss the upcoming merge and why ETH PoW may be a letdown for you degens. We also debate real vs nominal yields in crypto, the merits of the Coinbase MakerDAO deal, BUSD and the exchange race, on-chain IP and more.As usual, this episode is packed full of alpha and spicy takes.- -(00:00) Introduction(00:40) ETH Merge Chaos(13:02) Real Yield & Structural Flows(26:00) Coinbase/MakerDAO Proposal(38:02) DAI, USDC and Crypto’s Regulatory Future(53:15) BUSD Announcement & the Big 3 Exchanges(1:07:50) Sorare, SudoSwap and On-Chain IP(1:15:10) Meme of the Week- -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:Acquired podcast on Standard Oilhttps://www.acquired.fm/episodes/standard-oil-part-iSBF tweet thread on Coinbase earningshttps://twitter.com/SBF_FTX/status/1458205105124257793- -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 this episode of Bell Curve, Jason and Mike are joined by Tushar Jain from Multicoin Capital to discuss how fixed-rate lending, interest rate swaps and financial derivatives could be the catalyst for the next DeFi bull market.We also explore the limits of undercollateralized lending, DAO capital markets, new token distribution models and more!- -Timestamps(00:00) Intro(04:32) Interest rate swaps & fixed rate demand(15:01) Undercollateralized lending & DAO capital markets(21:20) Yield Curves, perps, and dated futures(30:35) New token distribution mechanisms(37:02) Proof of Useful Work(42:46) Solana Phone(46:34) Will debt markets catalyze the next bull?(50:05) Protocol-specific stablecoins(52:47) Post interview: takeaways- -Follow Tushar: https://twitter.com/TusharJain_Follow 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:Multicoin article on DeFi interest rate marketshttps://multicoin.capital/2021/10/06/exploring-the-opportunity-for-defi-interest-rate-markets/Multicoin article on proof of physical workhttps://multicoin.capital/2022/04/05/proof-of-physical-work/- -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, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode of Bell Curve, we debate the future of L1s and the new projects hitting the crypto scene. Has the window closed for a new competitor? Or will the hot ball of money find new, niche projects that don't have the tech debt of the L1 dinos?We also explore the future of CLOBs vs AMMs, the potential rollup future, Maker DAO's end game and a few of our favorite memes.- -Timestamps:(00:00) Intro(01:16) DXY strong & macro(05:39) L1 majors performance review(08:38) Avalanche lawsuit(17:08) DeFi’s pitiful performance vs ETH(21:08) New L1s, do they have a chance?(31:19) Are CLOBs the future?(35:59) Arbitrum Nitro & the Rollup thesis(45:47) MakerDAO’s end game & the future of OG DeFi(1:05:17) Aave update & Michael Saylor tax evasion(01:10:28) Tweet of the week, memes and more- -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:Avalanche Allegationshttps://cryptoleaks.info/case-no-3Rune's "free float" DAI posthttps://bit.ly/3RskrDL- -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 1 | Episode 1In this episode of Bell Curve, Jason and Mike are joined by Vance Spencer and Michael Anderson from Framework Ventures to discuss the next era of DeFi. We discuss the core advantages of DeFi over CeFi, the state of crypto's derivatives market, DeFi yields, DAO capital markets and what to expect in the next bull cycle. - -Timestamps:(00:00) Intro(02:12) CeFi’s Epic Implosion(15:57) How Leverage Works in DeFi vs CeFi(22:11) DeFi Options and Derivatives(27:06) DeFi’s 4 Main Advantages Over CeFi(32:10) Who Are the Borrowers That Will Fuel the Credit Boom? (36:06) Crypto’s Risk-Free Rate & New Innovations(51:56) DAO Capital Markets(54:18) What Should We Expect Next Cycle?(01:01:04) Post Interview: Takeaways- -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:Perpetual Futureshttps://en.wikipedia.org/wiki/Perpetual_futures- -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, and our guests may hold positions in the companies, funds, or projects discussed.

Season one of Bell Curve revolves around our DeFi credit boom thesis. Simply put, CeFi's implosion will create a DeFi credit boom that will bring new users and fixed-rate lending markets to DeFi.What products will be created? Who will be the users of these products? Where will capital flow first?These are a few of the questions we'll explore as we put our thesis to the test. Join Jason and Mike in this season one pilot episode, where we provide context for our thesis and explain what you should expect in the upcoming episodes.If you consider yourself a curious degen, builder or investor: this show is for you.- -Follow 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- -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, and our guests may hold positions in the companies, funds, or projects discussed.