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 narrativ...
Apr 21, 2023•1 hr 15 min
Season 4 | Episode 4 In 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: Consen...
Apr 18, 2023•1 hr 50 min
In today's episode, we discuss the pros and cons of Uniswap's new mobile wallet. Can Uniswap leverage their proximity with users to acquire the next wave of retail, build horizontal products, establish moats and compete with centralized offerings? Tune in to find out! We also discuss account abstraction, the fappening, ETH's Shapella upgrade and how the US is falling behind in crypto. - - Timestamps : (00:00) Introduction (01:46) Uniswap's Mobile Wallet: The Pros and Cons (09:12) “Lightspeed Ad”...
Apr 14, 2023•1 hr 9 min
Season 4 | Episode 3 In this episode of Bell Curve, we are joined by Matt Cutler from Blocknative to discuss the economics of MEV. We dive deep into MEV value capture, incentive structures and the relayer monetization debate (p.s. there's a great debate between Matt and Hasu). We also cover order flow auctions, latency wars, account abstraction, user preferences and more! - - Timestamps : (00:00) Intro: Pre-Interview (02:20) Interview Start (02:58) The MEV Supply Chain (06:01) Relays: Their Role...
Apr 11, 2023•1 hr 41 min
In today's episode, we debate Mike's tweet that Eth L2s have every feature Alt L1s are criticized for: centralized, downtime, opaque resource allocation and wild valuations. To get close to the metal, we compare Solana vs Arbitrum based on economics, network effects and future roadmap. If you listen to one conversation this week, this is it. We also discuss Arbitrum's governance debacle, the value of protocol BD deals, a $25M MEV exploit, Euler's $200M recovery and Shanghai predictions! - - Foll...
Apr 07, 2023•1 hr 12 min
Today's episode is a bonus episode from our podcast 0xResearch, produced by the Blockworks Research team. This is one of my favorite episodes they've done, a deep dive into the future of rollups, scaling and zk-tech. The first 15 minutes is the "analyst bullpen" segment on Arbitrum's recent governance debacle, followed by an interview with Preston Evans from Sovereign Labs (use the Timestamps if you want to skip ahead). If you enjoy this episode, follow the link in the show notes below to subscr...
Apr 05, 2023•1 hr 3 min
Season 4 | Episode 2 In this episode of Bell Curve, we are joined by Tarun Chitra and Justin Drake to discuss how builders are navigating the complex world of MEV. One of the hottest debates is MEV precedence. What parties in the MEV value chain should accrue MEV? Tarun and Justin give their takes and explain how applications and protocols are approaching this challenge. We then explore MEV auction vs latency games, how L2s complicate MEV, various approaches to MEV reduction and on-chain privacy...
Apr 04, 2023•1 hr 53 min
In this episode of Bell Curve, we explore the implications of CBDCs and how governments will use CBDC efficiencies as a veneer for control. We start by discussing stablecoins, how Tether has surprisingly become the "trusted" stable of crypto (or has it...) and the heated CBDC debate. We also discuss startup treasury management, if apps will launch their own L2s or launch on an existing ecosystem, the commercial real estate disaster and more! - - Timestamps : (00:00) Introduction (02:14) Tether: ...
Mar 31, 2023•1 hr 14 min
Season 4 | Episode 1 Welcome to Season 4 of Bell Curve, where we will explore crypto's dark forest: MEV. Hasu is joining Mike as this season's cohost. If you don't know Hasu, he is the strategy lead at Flashbots, strategic advisor at Lido, research collaborator at Paradigm and a prolific strategist. In this episode, we introduce the topics and our thesis for the upcoming season. We discuss the MEV value chain, order flow auctions, how MEV affects security, atomic vs statistical arbitrage, the ro...
Mar 28, 2023•1 hr 6 min
In this episode of Bell Curve, we discuss macro and the crazy decade ahead. The Fed is on the brink of stopping rate hikes, Balaji bet Bitcoin is going to $1M in 90 days, Credit Suisse collapsed, bonds are breaking and the market is a mess. What's coming next and where does the value lie in the chaos? It's all on this episode and it's spicy hot. We also discuss Coinbase's Wells Notice from the SEC, where value will accrue in crypto and how ChatGPT is gunning for your job. You won't want to miss ...
Mar 24, 2023•1 hr 9 min
In this episode of Bell Curve, we explore the economic fallout from the recent banking collapse, if Powell has pushed things too far and why the crypto bulls are back despite the market turmoil. We just entered a new paradigm shift, and crypto is primed to take advantage. We also cover the implications of USDC's depeg, how to evaluate protocol business models, Arbitrums $ARB airdrop and more! This is one episode you crypto bulls (and skeptics) won't want to miss. - - Timestamps : 00:00 Introduct...
Mar 17, 2023•1 hr 8 min
This S3 finale covers the top takeaways from the last seven episodes, where we put the AppChain thesis to the test. Our thesis: Apps will leverage their proximity to customers to capture outsized value, mindshare and pricing power. Did the last seven episodes validate our thesis? Tune in for our conclusion and learnings on Aggregation Theory, product vs distribution, Cosmos' biggest weakness, scaling infrastructure and more! - - Timestamps: (00:00) S3 Finale -- Subscribe on YouTube: https://bit....
Mar 14, 2023•50 min
Silvergate, crypto's primary bank, is closing shop. Silicon Valley Bank, tech's primary bank, is in a downward spiral. Two bank runs caused by low-interest rates, duration mismatches and FUD. How did this all start? What do these two banks have in common? And is this a systemic risk to the financial system? We answer all of these questions and more! If you make it to the deep end (the last ~20 min), we also explore Coinbase's new WaaS offering, Coinbase's business outlook, Voyager's big win and ...
Mar 10, 2023•1 hr 13 min
In this episode of Bell Curve, we explore how shared security will ignite the AppChain revolution. David Tse, Javed Khan and Aidan Salzmann discuss how AppChains require sovereignty, interoperability and security; Cosmos has solved sovereignty and interoperability, but security is still a moving target. Could Bitcoin be the security solution for Cosmos and the AppChain future? Tune in to find out! - - Follow Myles: https://twitter.com/MylesOneil Follow Mike: https://twitter.com/MikeIppolito_ Fol...
Mar 08, 2023•1 hr 24 min
Crypto goes bankless. Silvergate - the beleaguered crypto bank - failed to file its 10K, was just ditched by Coinbase (and friends) for Signature bank, and its stock plunged 50% in the last 24 hours. We explain everything and debate what's next for crypto's off-chain payment rails! We also explore Noble (the Cosmos USDC issuance chain) ditching ICS, Jumps counter-exploit, Bitcoin's new narrative and why we're bullish Web3 gaming! - - Timestamps : (00:00) Introduction (02:11) Silvergate Crashes: ...
Mar 03, 2023•59 min
Season 3 | Episode 6 In this episode of Bell Curve, Myles and Mike dive deep into today’s most innovative blockspace scaling techniques. They begin by discussing Optimism's recent "Superchain" rebrand and the similarities between the OP Stack and Cosmos SDK. We also discuss Coinbase's new L2, exploring its potential impact on general-purpose L2s and user demand. This leads to our ongoing thesis that the roadmaps for Cosmos and Ethereum are merging, an intriguing development that we unpack in det...
Feb 28, 2023•1 hr 1 min
This episode covers Coinbase's Base L2 announcement. We discuss why Base could be a game changer, how Coinbase will monetize Base, how Base impacts competing L2s and more! On-chain creativity for Coinbase and the ecosystem is at an all-time high - feeling bullish. We also explore the liquid staking token narrative, how the SEC's qualified custodian proposal impacts institutional adoption, OpenSea's precarious future, why every project is launching a stablecoin and MakerDAO's end game - - Follow ...
Feb 24, 2023•1 hr 15 min•Ep. 49
Season 3 | Episode 5 In this episode of Bell Curve, Kalman Lajko and Preston Evans explain their thesis behind the optimal Rollapp stack. We start with the similarities and key differences between the Slush and Sovereign design thesis and how developers choose the optimal stack for their product. We then explore how Rollapp infrastructure projects can monetize, winner-take-all dynamics, the importance of BD and developer tooling and more! - - Timestamps : (00:00) Intro: Pre-Interview (02:02) The...
Feb 21, 2023•49 min
This episode of Bell Curve explores Blur's airdrop and attack on OpenSea's market share. We discuss Blur's business strategy, BLUR token incentives, OpenSea's precarious position and more! We also cover the recent market rally, the SEC's qualified custodian proposal, tech's transition from growth to value and Flashbots' new MEV-Share product. Check out the Timestamps below for a full breakdown! - - Timestamps: (00:00) Introduction (02:34) Why are markets ripping? (05:10) The SEC’s qualified cust...
Feb 17, 2023•55 min
In this episode of Bell Curve, we are joined by Nitesh Nath, Xave Meegan and Maghnus Mareneck to discuss the economic driver of blockchains: MEV. Miner Extractable Value (MEV) is often called the most exciting and complex industry within crypto. Listen to this episode, and you'll catch the fever! In this episode, we discuss how AppChains can optimize MEV, payment for order flow (PFOF), MEV value accrual, cross-chain MEV, the role of wallets and more! You won't want to miss this one. - - Timestam...
Feb 14, 2023•1 hr 21 min•Season 3Ep. 4
This episode of Bell Curve explores the implications of the SEC shutting down Kraken's US staking operations. Is the SEC coming for Coinbase next? What will be the next domino to fall? How will this impact DeFi? We discuss it all here. We also cover Genesis' bankruptcy agreement, Uniswap's governance drama, the rise of super apps, Google's $100B mistake and more! - - Timestamps: (00:00) Introduction (01:17) Operation Choke Point: Kraken's Staking Service Shutters (26:01) Genesis Reaches Agreemen...
Feb 11, 2023•1 hr 15 min
Season 3 | Episode 3 In this episode of Bell Curve, Nick White and Dev Ojha join us to debate the pros and cons of applications owning the full tech stack vs leveraging a modular architecture. Applications that own their full tech stack can fully customize their chain (how they process MEV, encryption, etc) but is the overhead and cost worth it? In contrast, the modular ideology supports outsourcing all non-core functions to other providers (similar to how websites outsource payments to Stripe)....
Feb 07, 2023•1 hr 30 min
This episode of Bell Curve explores the crypto venture capital landscape. We discuss how VC funds are managed, what separates the best funds from the pack, why fund size is so important and more! This is your chance to see how the crypto VC business really works. We then discuss Bitcoin's NFT drama, why Bitcoin mining sucks and a little bit of politics. You won't want to miss this one! - - Timestamps : (00:00) Introduction (00:38) Is the bull market back? (12:27) The private fundraising landscap...
Feb 03, 2023•1 hr 2 min
Season 3 | Episode 2 In this episode of Bell Curve, Zaki Manian and Sam Hart join us to discuss how Aggregation Theory applies to crypto protocols. We explore if applications can covert user relationships into sticky profits, crypto moats, blockspace as a commodity, the benefits of controlling the full tech stack and more! PS: don't miss the "Smiling Curve" section of the episode - it's an under-discussed idea that will start appearing in crypto value-capture debates! - - Timestamps : (00:00) In...
Jan 31, 2023•1 hr 14 min
This episode of Bell Curve explores the complex money trail from crypto's warped credit market. We know the players - 3AC, DCG, Genesis, Alameda and FTX - but how were these parties tied together and what exposure did they all (carelessly) take? We then discuss how ecosystem funds work, why we're bullish dYdX and Circle, the Blockworks Research degens, why we're pulling a boomer on social media, Doodles controversy and more! - - Timestamps : (00:00) Introduction (00:51) Crypto's [Dead] Credit Ma...
Jan 27, 2023•1 hr
Season 3 | Episode 1 In this episode of Bell Curve, Sunny Aggarwal and Dmitriy Berenzon join us to discuss the pros and cons of building a sovereign AppChain. AppChains enable developers and protocols to customize consensus, cryptography, MEV rules, fees and more. But is this customization worth the fragmentation, start-up costs, lack of tooling and other challenges AppChains face? Tune in to find out. - - Timestamps: (00:00) Intro: Pre-Interview (02:33) The AppChain Thesis (10:52) Reasons to Bu...
Jan 24, 2023•1 hr 31 min
This episode of Bell Curve explores the bear market rally and ETH’s monetary design. We start with our views on the recent market rally - have prices bottomed, or are we witnessing a dead cat bounce? What should we expect for 2023? We then discuss ETH's unique monetary policy, MakerDAO’s counterparty risk, Optimism vs Arbitrum, private fundraising, Su Zhu's false redemption arc and more! - - Timestamps (00:00) Introduction (01:00) A Bear Market Rally (12:10) Optimism vs Arbitrum (17:20) Genesis ...
Jan 21, 2023•1 hr 16 min•Season 3Ep. 2
Season 3 | Pilot Layer One protocols have dominated the value capture narrative since Ethereum's inception, but a new narrative is forming: the AppChain Thesis. This thesis predicts crypto's top applications will not rent land and conform to the limitations of other platforms (e.g. Ethereum) but will launch their own independent chain. An AppChain. How should applications approach this decision? Where will value accrue? What are the pros and cons? Will applications prove stickier than protocols?...
Jan 17, 2023•32 min•Season 3Ep. 1
This episode of Bell Curve explores the standoff between the Winklevoss twins (Gemini) and Barry Silber (Genesis/DCG). Is there a resolution or will both companies watch their equity slide to zero? We also discuss Solana's future, the bank run at Silvergate, Cosmos-native USDC, the LSD narrative and more! - - Timestamps: (00:00) Introduction (01:18) Will Solana Survive? (08:58) Winklevoss Twins vs Barry Silbert (27:20) Binance Acquisition Blocked & Coinbase’s Good Luck (30:16) Silvergate Ann...
Jan 06, 2023•1 hr 14 min
It's here, our 2023 predictions episode! We debate if the market's bottomed, CeFi vs DeFi market share dynamics, L2s vs a multichain future, Bitcoin's new narrative, the Wallet Wars, MEV as the primary business model and more. Sit back, relax and get ready for the team to drop some knowledge. - - Timestamps Introduction (00:00) Have Markets Bottomed? (02:20) What Projects Gain/Lose Market Share? (17:18) zkEVMs Disappoint (23:51) The Multichain Future Debate (26:38) Bitcoin’s Future (37:25) Visa ...
Dec 30, 2022•1 hr 20 min•Season 3Ep. 1
