Bell Curve

In this episode of Bell Curve's Weekly Roundup, we discuss one area of the market many aren’t paying attention to, private order flow (POF). As well as POF, Sushiswap announced a new head chef, MakerDAO plans to invest $500M in US treasurys and many VCs are looking to gaming for the next big opportunity in crypto? To hear all this and more, you’ll have to tune in!--Timestamps: (00:00) Introduction(01:30) Sushiswap Brings In A New Head Chef(15:38) Uniswap & The App-Chain Thesis(28:15) Private Order Flow Is The New MEV(40:30) The Biggest Winners In MEV(43:00) Gaming: Crypto’s Biggest Opportunity(1:02:30) MakerDAO To Invest $500M in US Treasurys & Corporate Bonds  --Follow VanceFollow MichaelFollow JasonFollow Bell Curve--Referenced In The Show: SushiSwap ‘Head Chef’ Election Settled by GoldenTree, Cumberland https://blockworks.co/sushiswap-election-settled-by-goldentree-cumberland/ - -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 6In this episode of Bell Curve, Jason and Mike are joined by Ben Forman, the founder of ParaFi, to discuss the demand for on-chain debt. We explore DeFi's capital markets, the massive opportunity of DAO-driven borrowing and the future of on-chain lending.What opportunities are created by programmable loans? Will DAOs issue debt to lower their cost of capital? Where will the demand come from? Tune in to learn these answers and more!- -Timestamps:(00:00) Introduction(03:15) What’s Missing in DeFi Capital Markets?(14:23) Programmable Loans & Debt Covenants(22:35) Ribbon DAO’s Bond Issuance(28:33) Permissioned Pools, DeFi’s TAM and CeFi Frontends(35:38) The ETH Staking Yield Opportunity & Securitizing MEV(41:37) On-Chain DAO Borrowing(44:36) Maker DAOs End Game, RWAs and Importing TradFi Yields(50:49) The Fixed Rate Debt Catalyst(56:57) Speculation and Borrowing Demand(01:07:17) Post Interview- -Follow MikeFollow JasonFollow Bell CurveSubscribe on YouTubeSubscribe on AppleSubscribe on Spotify- -Resources:Ribbon's Bond IssuanceBen Forman's email- -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's Weekly Roundup, the Blockworks Research team takes over the pod! We start with a debate on the implications of ATOM 2.0 and USDC launching on Cosmos. Is ATOM no longer a meme coin? Does everything revolve around MEV? What opportunities does native USDC unlock for the Cosmos ecosystem?We then discuss the feasibility of reversible on-chain transactions, the next NFT catalyst and how Polygon is a relentless business development machine. Tune in for all of this and more! And don't worry - Jason, Mike, Vance and Michael will be back next week. - -Timestamps:(00:00 Introduction(01:15) ATOM 2.0 & USDC Cosmos Announcement(20:09) GMX MEV Opportunity Explained(23:33) Politicians Continue to Fight Crypto(26:37) Centre & USDC Dominance(29:45) Reversible Transactions(38:41) The Next NFT Catalyst(42:22) Polygon’s Business Development (47:39) Blockworks Research- -Follow Matt: https://twitter.com/MattFiebachFollow Dan: https://twitter.com/smyyguyFollow Sam: https://twitter.com/swmartin19Follow Garrett: https://twitter.com/G_C_HarpFollow Bell Curve: https://twitter.com/thebellcurvepodSubscribe on YouTube: https://bit.ly/3R1D1D9Subscribe on Apple: https://apple.co/3pQTfmDSubscribe on Spotify: https://spoti.fi/3cpKZXH- -Referenced in the show:Youssef Amrani's tweet on ATOM 2.0https://bit.ly/3RwU1RePolka tweet on GMX MEV Opportunityhttps://bit.ly/3LRO2VRBlockworks Research Twitterhttps://twitter.com/blockworksresBlockworks Research Newsletterhttps://blockworks.co/newsletter/daily-debrief-by-blockworks-research/-- Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - -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 5In this episode of Bell Curve, Jason and Mike are joined by Tristan Frizza (Zeta Markets) and Uddhav Marwaha (Friktion) to discuss the world of on-chain derivatives and liquidity. TradFi's derivatives market is magnitudes larger than spot, but on-chain derivatives are just getting started in crypto.Why does crypto need derivatives like options and perpetuals? What type of users will use these products? And why is it so challenging to build these products on-chain? Tune in to learn these answers and more!- -Timestamps:(00:00) Introduction(03:05) The State of DeFi Derivatives(05:58) Who Wants These Products?(07:43) The Major Challenges of On-Chain Derivatives(11:22) Building on Solana vs Other Chains(16:35) Market Maker Incentives, CLOBs and AMMs(22:55) Perps, Power Perps and Options(28:27) The Fixed-Rate, Uncollateralized Lending Unlock(36:21) High-Frequency Trading in TradFi and DeFi(42:31) How Big is the Market Opportunity?(46:52) Finding Product Market Fit(51:51) Post Interview Thoughts- -Follow Tristan: https://twitter.com/tristan0x?lang=enFollow Uddhav: https://twitter.com/degen_quantFollow 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:Zee Prime's DeFi options articlehttps://zeeprime.capital/a-lot-of-on-chain-options-but-few-to-exerciseParadigm gradual dutch auctions articlehttps://www.paradigm.xyz/2022/04/gdaDoug Colkitt on AMMs & CLOBShttps://twitter.com/0xdoug/status/1565446246957023234Zeta Marketshttps://www.zeta.markets/Friktionhttps://friktion.fi/- -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 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.