Season 5 | Episode 6 In this episode of Bell Curve, Mike and Myles are joined by Aidan, co-founder of Stride labs, and Felix, the Godfather of Liquid Staking. Today they explore the nuances of Liquid Staking across the Cosmos & Ethereum ecosystems. They also dig into the relationship of liquid staking & professional validators, the liquid staking module user flow with NFTs, and solving the principle agent problem. -- Timestamps: (00:00) Intro: Pre-Interview (02:02) “Permissionless Ad” (0...
Aug 08, 2023•1 hr 38 min
In today’s episode, Mike and Myles dive deep on Curve’s $70M exploit, deconstructing DEX design frameworks, and reviewing the wider ecosystem consequences of vulnerable chain infrastructure. We then move on to assess Coinbase's L2 'Base' launch and touch on meme coin of the week, BALD, hitting $100M+ market capitalization in under 48 hours! The guys also think through network effect accrual before discussing Barnabé Monnot’s PEPC, an enshrined protocol gadget, and close out on Coinbase’s optimis...
Aug 04, 2023•1 hr 17 min
Season 5 | Episode 5 In this episode of Bell Curve, Mike and Myles are joined by adcv, chef at Steakhouse Financial, and Vance, Bell Curve RU Host & Framework Ventures co-founder. Zooming out, the team dives into the business approaches for MakerDAO and Lido. They explore value accrual for both protocols, the strategic directions, business models, and their endgame. - - Timestamps: (00:00) Intro: Pre-Interview (01:46) “Permissionless Ad” (02:42) Interview Start: Adrian & Vance (04:11) Li...
Aug 01, 2023•1 hr 24 min
In today’s episode, the fellas take a wide view on the industry, starting with a review on Paris EthCC, Apps vs Infrastructure, and the future of interoperability standards. We also discuss the launch of Worldcoin, why it’s important and what problems it may present. The conversation then turns to AI, the future of Twitter, Crypto regulation, and 2024 Presidential nominees. Enjoy! - - Follow Jason: https://twitter.com/JasonYanowitz Follow Mike: https://twitter.com/MikeIppolito_ Follow Michael: h...
Jul 28, 2023•1 hr 6 min
Season 5 | Episode 4 In this episode of Bell Curve, Mike and Myles are joined by Eigen Layer Founder Sreeram Kannan. They dive into Eigen layer's supply & demand sides, its interactions with Ethereum restaking, and the team's vision for the end game of Ethereum LSTs and restaking. - - Timestamps: (00:00) Intro: Pre-Interview (01:33) Interview Start: Sreeram (02:19) High Level Eigen Layer Overview (13:59) Supply & Demand Sides of Eigen Layer (14:23) “Permissionless Ad” (15:18) Supply &...
Jul 25, 2023•2 hr 2 min
In today's episode special edition cross-over episode Jason and Santi are joined by Michael, Co-founder at Framework Ventures and Co-host of the Bell Curve podcast. They cover EthCC Account Abstraction takeaways, Infinex, UniswapX, Chainlink CCIP & LayerZero, the VC landscape and MUCH much more. - - Follow Santi: https://twitter.com/santiagoroel Follow Jason: https://twitter.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod Subscribe on YouTube: https://tinyurl.com/4fdhhb2j S...
Jul 21, 2023•1 hr 21 min
This is an episode from Blockworks' new podcast Lightspeed! Lightspeed focuses on crypto projects that are pushing the limits of hardware and software to build first-class products. I'm dropping this Solana DeFi Panel episode here as I bet you'll want to add Lightspeed to your podcast lineup! Subscribe to Lightspeed by using the links below: Subscribe on YouTube: https://bit.ly/43o3Syk Subscribe on Apple: https://apple.co/3OhiXgV Subscribe on Spotify: https://spoti.fi/3OkF7PD Solana DeFi is havi...
Jul 20, 2023•1 hr 23 min
Season 5 | Episode 3 In this episode of Bell Curve, we are joined by a duo of special guests: Izzy, Lido Head of Validators, and Oisín, Co-founder of Obol Labs. Today's show dives into the current state of solo staking, distributed validator technology, the impacts of a staking router, and the future of Lido protocol. - - Timestamps: (00:00) Intro: Pre-Interview (01:27) Interview Start: Izzy & Oisín (02:22) The State of Solo Staking (07:37) The Importance of Decentralization (11:33) What is ...
Jul 18, 2023•1 hr 59 min
Uncommon Core - one of my favorite podcasts of all time - is back! This reboot is hosted by Hasu and Jon Charbonneau, two of the brightest minds in crypto. We are dropping their first episode here to share the news and because you’ll want to add this show to your podcast lineup! __ In this episode, we explore Jon’s journey into crypto and our mutual passion for research and the writing process. We then give an overview of the key areas of crypto infrastructure today. Finally, we zoom into rollup...
Jul 17, 2023•1 hr 22 min
In today’s episode, the guys reflect on the previous 12 months and take a temperature check on where we’re at in the current cycle. We also discuss the latest use case for RWA on-chain lending, with the Patek Philipe NFT loan, the recent new feature releases from Coinbase, and the potential for bipartisan crypto support on The Hill. We finish up reviewing the current seed stage climate, the death of the AI hype, and more! - - Timestamps: (00:00) Introduction (01:01) SEC vs XRP Review (09:33) Are...
Jul 14, 2023•38 min
Season 5 | Episode 2 In this episode of Bell Curve, we are joined by previous Bell Curve Host, Hasu. Serving as Strategic Advisor for Lido DAO Hasu shares his unique perspective on the current state of Liquid Staking Derivatives (LSDs), Lido Protocol's history & decentralization efforts, LSD winner-take-all market structure, and co-opetition & restaking risks. - - Timestamps: (00:00) Intro: Pre-Interview (02:00) Interview Start (02:39) The State of Liquid Staking (09:09) The History of L...
Jul 11, 2023•1 hr 42 min
In today’s episode Mike is joined by Blockworks Analysts team members, Dan and Westie. The guys breakdown airdrop functionality and future liquidity provisions. We also discuss what the future of Solana and the development of DEXs within its ecosystem. The conversation then turns to LSDs, with our Analyst Westie breaking down leverage staking, AMM liquidity, LSD baskets, LSD-backed stables, and interest rate derivatives. We then close out on the continued Azuki drama, the wider NFT impacts, what...
Jul 07, 2023•1 hr 6 min
Season 5 | Episode 1 Welcome to Season 5 of Bell Curve, where we will explore the end game for liquid staking. In this episode, Mike and Myles explore the major themes that we'll be covering this season. We discuss the history of proof-of-stake and liquid staking, how LSTs are a network effects game, why LST protocol governance is a highly debated topic, the risks of restaking, the LST competitive landscape and more! - - Timestamps: (00:00) Introduction (02:14) The History of PoS and LSTs (09:42...
Jul 05, 2023•43 min
In today's episode, the fellas discuss how onchain RWAs (real-world assets) will transform DeFi. We also cover Prime Trust's implosion, regulated DeFi, Azuki's controversial NFT mint, why Corporate VCs fail, the recent token delistings and more! - - Timestamps: (00:00) Introduction (0:56) Prime Trust Implodes (15:36) Debating Onchain RWAs (34:04) Azuki’s New Collection and NFT Business Models (43:17) AI Sexting, GPUs and Corporate VCs (50:37) Alts and Token Delistings (58:02) RFK and BTC Politic...
Jun 30, 2023•1 hr 3 min
In today's episode, the fellas discuss what a Blackrock BTC ETF would mean for crypto, why you should watch BTC's dominance, if NFTs will make a comeback, Binances L2 and more! - - Timestamps: (00:00) Introduction (02:24) BTC ETF Filings & The Clash of Narratives (24:33) “Valora Ad” (25:31) Who Will Trade on EDX Markets? (33:11) SAP’s Announcement: Cross-Border USDC Payments (40:49) The Ethscriptions Thesis (45:46) Will NFTs Make a Comeback? (52:02) Binance’s L2 Announcement - - Follow Micha...
Jun 23, 2023•55 min
In today's episode, the fellas discuss Uniswaps v4 announcement, whether demand will stay on mainnet vs L2s, our bullish market outlook, why everyone's watching Curve's 3Pool and the (potential) decimation of private equity markets. - - Timestamps: (00:00) Uniswap v4: The Design and Speculation (09:39) Demand for Mainnet for L2 Blockspace (19:07) Market Sentiment: 2019 vs 2023 (31:01) The Prometheum Charade (47:56) Curve 3Pool USDT FUD (54:09) The Nasdaq Decoupling & Decimation of Private Eq...
Jun 16, 2023•1 hr 16 min
In today's episode, the fellas debate the SEC's attack on crypto, what's in store for Uniswap v4, if a protocol could vampire attack Lido, the US crypto exodus and more! - - Timestamps: (00:00) Introduction (02:28) SEC Sues Binance and Coinbase (14:08) Uniswap v4, Compound vs Aave & LSTs (23:09) L2 Momentum & Vampire Attacking Lido (31:18) The Exodus to Asia (38:38) Battling Apathy and Industry Sentiment (42:54) Chainlink Swift Partnership (48:13) Does DeFi Need Oracles? - - Follow Micha...
Jun 10, 2023•51 min
In today's episode, the fellas debate if Uniswap should turn on the fee switch (this gets spicy), why the Lido FUD is overblown, the complexities of Rune's Endgame, crypto's risk-free rate and more! - - Timestamps: (00:00) Introduction (01:15) Uniswap Fee Switch Debate (17:36) Lido FUD, stETH vs ETH & Network Effects (40:48) Rune’s Endgame Review (54:32) Does Crypto Have a Risk-Free Rate? (57:01) Jon Charb and CCTP (1:00:52) Work From Home vs In Office - - Follow Michael: https://twitter.com...
Jun 02, 2023•1 hr 12 min
Season 4 | Bonus Episode In today's Bell Curve, we are joined by Stephane Gosselin, the founder of Flashbots and Frontier Research. We discuss why we need to reframe MEV, MEV burn, app-specific order flow auctions, user intents and EIP-4337, why centralized sequencers are fine, enshrined PBS and more! Stephane is a legend - you don't want to miss his unique insights. - - Timestamps: (00:00) Introduction (01:58) Reframing MEV: From Allocation to Wealth Creation (09:36) MEV Burn (12:37) The Evolut...
May 31, 2023•1 hr 12 min
In today's episode, we discuss Vitalik's new article and if L2s/restaking will lead to Ethereum's "too big to fail" moment. We also explore the similarities of AI and crypto, Paradigm's pivot, why large funding rounds kill optionality, if the fork rule is determined by apps vs the L1 and if a protocol should ever be ossified! - - Timestamps: (00:00) Introduction (01:08) AI Takeover: Nvidia, Regulation and Paradigm’s Pivot (18:12) Large Funding Rounds Remove Optionality (31:05) Don’t Overload Eth...
May 26, 2023•1 hr 17 min
Season 4 | Episode 8 In this episode, Mike and Hasu give a masterclass on MEV. They discuss their biggest takeaways from this season, what questions remain unanswered and where MEV markets will go next. You don't want to miss this epic recap of our journey through the dark forest. - - Timestamps: (00:00) Introduction (01:32) The Latency Death Blow and Optimistic Relays (09:37) MEV Burn: Hasu’s Changed His Mind (15:30) Risks of Fast Commitments (18:50) Shared Sequencer Tradeoffs (26:47) Overlap B...
May 23, 2023•1 hr 23 min
In today's episode, we discuss if protocols should distribute revenue to token holders. This debate was sparked by a Lido proposal for a token revenue share mechanism that now has all of Crypto Twitter debating the merits of revenue distribution, buyback and burn vs dividends, protocol treasuries and more. Tokenomics is a theme you can no longer ignore. We also discuss roadblocks at Stacks (a Bitcoin scaling solution), the viability of Bitcoin's blockspace for arbitrary use cases and Tether's ne...
May 19, 2023•1 hr 1 min
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...
May 16, 2023•1 hr 38 min
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 &a...
May 12, 2023•54 min
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 ...
May 11, 2023•48 min
Season 4 | Episode 7 Welcome 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) Introduct...
May 09, 2023•1 hr 20 min
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_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/Jaso...
May 06, 2023•1 hr 12 min
Season 4 | Episode 6 In 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...
May 02, 2023•1 hr 42 min
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...
Apr 28, 2023•1 hr 15 min
Season 4 | Episode 5 Join 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 Sea...
Apr 25, 2023•1 hr 27 min
