Bell Curve

In this episode, we dive deep into the rapidly evolving world of liquid restaking. Our expert panel unpacks the history and rise of Liquid Restaking Tokens, exploring LRT design, yield strategies, the leverage dynamics between LRTs and Eigen Layer, and the potential impact of introducing multi-assets like Bitcoin. We examine the challenges posed by duration mismatches, the institutional appetite for liquid restaking, and the evolving market structure. Thanks for tuning in! -- Follow Sam: https://x.com/hxrts Follow Kane: https://x.com/0xkrane Follow Clayton: https://x.com/menzel_clayton Follow Myles: https://x.com/MylesOneil Follow Mike: https://x.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH- - -- Kinto is the Safety-first L2 designed to accelerate the transition to an on-chain financial system. If you believe in this on-chain financial system, join Kinto's launch program (Engen) and become a founding member at engen.kinto.xyz - - Timestamps: (0:00) Introduction (1:24) History & Rise of LRTs (11:35) LSTs vs LRTs (17:27) Kinto Ad (18:21) Demand for Liquid Restaking (34:19) Cosmos & Polkadot Lessons Learned (50:06) Cosmos & Polkadot Lessons Learned (1:00:18) Institutions & LRTs (1:04:47) Multi-Asset Restaking - - 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, 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. - - Timestamps (00:00) Intro: Pre-Interview (01:15) The MEV Value Chain (08:35) How AppChains Can Optimize MEV (16:24) MEV in Solana and General Purpose Chains (25:18) Osmosis’ ProtoRev Module (29:00) AppChains vs General Purpose Chains (30:41) What Should Protocols Prioritize? (37:15) Rollup MEV and Shared Sequencers (46:30) The Value Prop for Users and Wallets (48:06) Complexities of Cross-Chain MEV (52:30) Wallets: The Role of Middleware (56:44) Debating What is Good vs Bad MEV (1:04:30) Recap: Post-Interview - - Follow Myles: https://twitter.com/MylesOneil Follow Mike: https://twitter.com/MikeIppolito_ Follow Nitesh: https://twitter.com/niteshnath Follow Maghnus: https://twitter.com/0xMagmar Follow Xave: https://twitter.com/0xave Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Chorus One https://chorus.one/ https://twitter.com/ChorusOne DFlow https://dflow.net/ https://twitter.com/DFlowProtocol Skip Protocol https://skip.money/ https://twitter.com/skipprotocol - - 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 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 Bankruptcy Rumors (22:28) MakerDAO’s Counterparty Risk (28:28) Raising Funds in a Bear Market (34:30) ETH’s Monetary Policy (48:01) ETH Staking Withdrawal Queue (50:05) Bitzlato and Bitcoin Narratives (1:00:50) Su Zhu and Kyle are Back - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources Ryan Watkins tweet on Ethereum innovation cycles https://bit.ly/3ZPirug ETH 7.5% APR tweet https://bit.ly/3Wmua0w ETH withdrawal queue thread (by Westie) https://twitter.com/WestieCapital/status/1613645213792366595 - - 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 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? These are just a few questions we'll explore in Bell Curve Season 3. Get ready! - - Timestamps (00:00) Introduction (00:35) Meet Myles, Our New Co-Host (03:35) Why the AppChain Thesis? (07:12) Season 3 Overview (14:45) The Fat App Thesis (18:38) AppChain Tradeoffs (23:36) Where Cosmos and Ethereum Collide (26:30) The Market Opportunity - - Follow Myles: https://twitter.com/MylesOneil Follow Mike: https://twitter.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Fat Protocols by Joel Monegro https://www.usv.com/writing/2016/08/fat-protocols/ - - 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.

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 & Mastercard Will Double Down on Crypto (39:54) Ava labs (43:55) The Wallet Wars (45:10) MEV & Payment for Order Flow (53:30) The Rise of Guilds (59:00) Tech Disruption (01:01:59) NFTs Become a Core Business Strategy (01:14:04) - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - 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.

Have DAOs failed? Can projects successfully democratize decision-making and capital allocation? What can DAOs learn from corporate governance? What is "business-governance fit" and how can we use this concept to design DAO frameworks? These are just a few of the questions we will explore in Season 2 of Bell Curve. In this Season 2 pilot episode, we describe our DAO thesis and give a sneak peek of what's coming next! - - Timestamps: (00:00) Introduction (01:29) Season 2’s Thesis: Finding Business-Governance Fit (25:29) Our Upcoming Guests (28:29) Outro - - Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Business-Governance Fit (Chris Ahn) https://station.mirror.xyz/xjAWfo9cqLDLTjU2eamDIvuK09QrawY1nk5MXaXmZT4 Progressive Decentralization (Variant Fund) https://variant.fund/articles/progressive-decentralization-a-playbook-for-building/ DAOs Are Not Corporations (Vitalik) https://vitalik.ca/general/2022/09/20/daos.html - - 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/ - - 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.

Binance is officially acquiring FTX. I never thought I'd type those words. What just happened? How did FTX go from a market-leading exchange to near insolvency? Is there contagion risk, and how will regulators respond? Tune in to find out! - -  Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Santi: https://twitter.com/santiagoroel Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod Subscribe on YouTube: https://tinyurl.com/4fdhhb2j Subscribe on Apple: https://tinyurl.com/mv4frfv7 Subscribe on Spotify: https://tinyurl.com/wbaypprw Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/  - - 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 Empire 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. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode of Bell Curve, we discuss the bloodshed happening in big tech and the likelihood of multiple bankruptcies in the Bitcoin mining market. What happens next, and who will make it out on top? We then discuss Apple's new NFT policy, Reddit onboarding 3M+ users to crypto, why VC-backed chains could be in trouble and the future of DeFi regulation.  - - Timestamps: (02:15) Snap & Facebook Wrecked, What’s Next? (22:37) Bitcoin Miners Eye Bankruptcy (34:50) Apple’s New NFT Policy? Bullish (40:57) Reddit Onboards 3M+ People To Crypto (47:26) VC Chains In Trouble? (57:08) SBF & DeFi Regulation (01:05:53) Elon & Twitter. Meant to be? (01:11:52) Outro - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Bitcoin treasuries https://bitcointreasuries.net/ SBF's article on proposed crypto regulation https://www.ftxpolicy.com/posts/possible-digital-asset-industry-standards Elon walks into Twitter HQ with a sink https://twitter.com/elonmusk/status/1585341984679469056 - - 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 Season 1 finale, Mike and Jason review the fixed-rate lending thesis and discuss their biggest takeaways. Will debt be a major component of DAOs going forward? Is the infrastructure in place to support this? What major innovations do we see coming next? Tune in to find out! P.S. Get ready for Season 2, coming out on November 2nd! - - Timestamps: (00:00) Introduction (01:43) Biggest Takeaways From Season 1 (14:12) Innovation Is Coming (26:26) Season 2 Preview - - Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe 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.

In this episode of Bell Curve, we discuss the state of VC markets and fundraising 101. What should founders look out for when fundraising? Why do terms often matter more than valuation, and how should founders think about anti-dilution? We answer these questions and more in this fundraising segment. We then explore the current macro environment, the Mango exploit and dangers of oracle pricing, the upcoming midterms and reasons to be optimistic! - - Timestamps: (00:00) Introduction (01:05) VCs, Term Sheets & Fundraising (21:39) Finding Value Despite Inflation (31:16) Mango Exploit, Oracle Pricing & Risk Management Midterms, Regulation & Yuga Labs Investigation (44:36) Scaling Season (50:13) Why Be Optimistic? - - Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: GCR "insider" tweet https://twitter.com/GCRClassic/status/1579837794675216384 Alf CPI tweet https://twitter.com/MacroAlf/status/1580538848194330624 The Macro Trading Floor podcast https://spoti.fi/3EGriXd - - 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 7 In this episode of Bell Curve, Jason and Dan are joined by Stani Kulechov & Robert Leshner, two of the best builders in crypto, to discuss DeFi's transformation and upcoming catalysts. We cover all of Season One's biggest topics, including CeFi's implosion, uncollateralized lending, fixed rates, duration debt, RWAs, staking yields and vertical app integration. We then cap the conversation with the question we all want to know: what will catalyze the next DeFi bull market? Trust me, it's worth the listen. - - Timestamps: (00:00) Introduction (04:23) A Structural Tailwind for all of DeFi (09:44) Uncollateralized vs Collateralized Lending (17:10) DAO Capital Markets (27:07) Fixed Rates & Long Duration Loans  (36:46) How ETH’s Staking Yield Impacts DeFi (43:49) Bringing Off-Chain Assets to DeFi & Censorship Resistance (52:44) GHO, Protocol Specific Stablecoins & Vertical Integration (01:00:27) Compound Gateway, Cosmos & Cross-Chain Bridges (01:04:20) DeFi Summer 2.0? (01:17:39) The Permissioned DeFi Thesis (01:22:12) Post Interview - - Follow Stani: https://twitter.com/StaniKulechov Follow Rob: https://twitter.com/rleshner Follow Dan: https://twitter.com/smyyguy Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe 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.

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 Vance Follow Michael Follow Jason Follow 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 6 In 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 Mike Follow Jason Follow Bell Curve Subscribe on YouTube Subscribe on Apple Subscribe on Spotify - - Resources: Ribbon's Bond Issuance Ben 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/MattFiebach Follow Dan: https://twitter.com/smyyguy Follow Sam: https://twitter.com/swmartin19 Follow Garrett: https://twitter.com/G_C_Harp Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Referenced in the show: Youssef Amrani's tweet on ATOM 2.0 https://bit.ly/3RwU1Re Polka tweet on GMX MEV Opportunity https://bit.ly/3LRO2VR Blockworks Research Twitter https://twitter.com/blockworksres Blockworks Research Newsletter https://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 5 In 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=en Follow Uddhav: https://twitter.com/degen_quant Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Zee Prime's DeFi options article https://zeeprime.capital/a-lot-of-on-chain-options-but-few-to-exercise Paradigm gradual dutch auctions article https://www.paradigm.xyz/2022/04/gda Doug Colkitt on AMMs & CLOBS https://twitter.com/0xdoug/status/1565446246957023234 Zeta Markets https://www.zeta.markets/ Friktion https://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/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: San Francisco real estate crash https://bit.ly/3DQfDEL Gabriel Leydon podcast on crypto gaming https://spoti.fi/3SlxoQi Chris Dixon's article on crypto network affects https://bit.ly/3xL1dSJ Vitalik's DAO governance article https://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 4 In 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/syrupsid Follow Teddy: https://twitter.com/teddywoodward Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Standard Oil Part I podcast https://www.acquired.fm/episodes/standard-oil-part-i Notional https://www.notional.finance/ Maple Finance https://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/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Delphi Cosmos Report https://members.delphidigital.io/reports/finding-a-home-for-labs SBF tweet thread on Coinbase earnings https://twitter.com/SBF_FTX/status/1458205105124257793 Brian Armstrong's tweet on Coinbase's new politician feature https://twitter.com/brian_armstrong/status/1570133078022160384? CoinShares' MakerDAO proposal https://forum.makerdao.com/t/mip86-coinshares-usdc-institutional-rewards/17900 Compound Treasury announcement https://bit.ly/3QOZTVs Ledger meets Cobie tweet https://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/0xSimonJones Follow Allan: https://twitter.com/niemerg Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Yield Protocol https://yieldprotocol.com/ Voltz Protocol https://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/pythianism Follow Michael: https://twitter.com/im_manderson Follow Mike: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Bell Curve: https://twitter.com/thebellcurvepod Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Acquired podcast on Standard Oil https://www.acquired.fm/episodes/standard-oil-part-i SBF tweet thread on Coinbase earnings https://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.