Bell Curve

Latest Episodes:

Leverage, Restaking, and Ethereum ETF Demand | Roundup Feb 16, 2024

Show notes

In this week's roundup the team checks in on booming Bitcoin ETF inflows versus declining gold ETF interest. Debating the likelihood and demand dynamics of an Ethereum spot ETF launch, they analyze whether restaking poses leverage risks and how to value Eigenlayer's opportunity. They then shift gears and discuss Starkware’s critiqued token distribution. Stick around for all of this and much more!

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Wormhole is a decentralized interoperability platform powering multi-chain applications and bridges. It provides developers with access to liquidity and users on over 30 leading blockchain networks, enabling use cases in DeFi, data queries, and governance. The platform is trusted by teams like Uniswap and Circle and, to date, the platform has facilitated the transfer of over 35 billion dollars through over 850 million cross-chain messages.

Claim your unique Wormhole NFT at

https://wormhole.com/bellcurve5-4923

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Restaking is the biggest shift in Ethereum's staking landscape yet, and Swell is leading the charge with Liquid restaking token, rswETH.

Restake your ETH with Swell to earn Pearls, EigenLayer points, and future restaking rewards — while still being able to participate in DeFi.

Restake now: app.swellnetwork.io

Follow Swell: https://twitter.com/swellnetworkio

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Flood is the optimal DEX aggregator, giving users and developers the mathematically proven best price.

Flood is built from the ground up for speed and efficiency, MEV free and redistributes all trading surplus to users, meaning you can earn money while doing your regular swapping.

Join Flood tide campaign!

https://flood.bid/bell-curve

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Follow Myles: https://twitter.com/MylesOneil

Follow Mike: https://twitter.com/MikeIppolito_

Follow Michael: https://twitter.com/im_manderson

Follow Vance: https://twitter.com/pythianism

Subscribe on YouTube: https://bit.ly/3R1D1D9

Subscribe on Apple: https://apple.co/3pQTfmD

Subscribe on Spotify: https://spoti.fi/3cpKZXH

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

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Timestamps

(0:00) Introduction

(2:56) Thoughts on Farcaster

(4:50) Bitcoin ETF Flows

(18:09) Demand for a Spot ETH ETF

(30:26) Is Restaking Leverage?

(48:26) Wormhole Ad

(49:01) Swell Ad

(50:14) Flood Ad

(51:13) Valuing Eigen Layer & Revenues

(1:07:06) Starkware Airdrop

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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.tt and our guests may hold positions in the companies, funds, or projects discussed.

The Chain Abstraction Thesis | Season 7 Episode 3 | Sam & Illia Feb 13, 2024

Show notes

Season 7 | Episode 3

In today's episode Mike and Hart are joined by Sam Hart of Skip Protocol and Illia Polosukhin to dive into the world of chain abstraction. They discuss the consensus around the need for intent-based interoperability solutions, the incentives (or lack thereof) for ecosystems to be interoperable, and predictions around rollup consolidation and abstraction. Other topics covered include how user funds could be escrowed and verified in cross-chain architectures, the role of zero-knowledge proofs as a critical connecting infrastructure, and the tradeoffs between shared security and chain sovereignty. Stay tuned for all of this and much more!

Follow Ilia: https://x.com/ilblackdragon

Follow Sam: https://x.com/hxrts

Follow Hart: https://twitter.com/hal2001

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

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Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks.

Use the link below to learn more, and use BELL10 to get 10% off your ticket! Sign up now because the price goes up every month. See you there!

https://blockworks.co/event/digital-asset-summit-2024-london/home

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Timestamps:

(0:00) Interview Start: What is Chain Abstraction?

(5:15) Cosmos Cross Chain Vision

(18:07) NEAR Account Aggregation Vision

(31:21) DAS London Ad

(32:25) Unbridging Crypto Ecosystems

(41:48) Exporting ETH as Money

(59:39) Where will users lock in?

(1:05:34) Endgame UX & Infrastructure

(1:14:26) Outro

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Designing Sustainable Game Economies and Scaling Blockchain Games | Roundup ft. Robbie Ferguson Feb 10, 2024

Show notes

In this episode of Bell Curve, Robbie Ferguson of Immutable joins to discuss the state of blockchain gaming. They cover the core thesis behind web3 games - giving gamers real ownership of in-game assets to capture the $150B yearly market. Robbie explains Immutable's focus on providing the best platform for developers through solutions like ZK rollups, aggregated liquidity via the Global Order Book, frictionless wallets, and more. The group discusses strategies to create sustainable game economies, go-to-market approaches, and why a breakout blockchain game is inevitable. Stay tuned for all of this and much more!

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Claim your unique Wormhole NFT at

https://wormhole.com/bellcurve4-1120

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Restaking is the biggest shift in Ethereum's staking landscape yet, and Swell is leading the charge with Liquid restaking token, rswETH.

Restake your ETH with Swell to earn Pearls, EigenLayer points, and future restaking rewards — while still being able to participate in DeFi.

Restake now: app.swellnetwork.io

Follow Swell: https://twitter.com/swellnetworkio

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Flood is the optimal DEX aggregator, giving users and developers the mathematically proven best price.

Flood is built from the ground up for speed and efficiency, MEV free and redistributes all trading surplus to users, meaning you can earn money while doing your regular swapping.

Join Flood tide campaign!

https://flood.bid/bell-curve

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Follow Robbie: https://twitter.com/0xferg

Follow Mike: https://twitter.com/MikeIppolito_

Follow Michael: https://twitter.com/im_manderson

Follow Vance: https://twitter.com/pythianism

Subscribe on YouTube: https://bit.ly/3R1D1D9

Subscribe on Apple: https://apple.co/3pQTfmD

Subscribe on Spotify: https://spoti.fi/3cpKZXH

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

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Timestamps:

(0:00) Introduction

(3:31) The Crypto & Gaming Thesis

(11:10) Successful Web3 Native Games

(26:51) Wormhole Ad

(27:26) Swell Ad

(28:39) Flood Ad

(29:38) User Frictions: Wallets & Gas Fees

(33:45) How does Immutable X Work?

(40:46) Measuring Per Paying Users

(44:45) Web3 Model Adoption Timeline

(52:14) Ecosystem Go-to-Market vs Immutable

(59:18) Next CT Main Character

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How Intents Unbundle Assets from Protocols | Season 7 Episode 2 | Ft. Christopher Goes Feb 06, 2024

Show notes

Season 7 | Episode 2

In today's episode Mike and Hart are joined by Christopher Goes, Founder of Anoma. Chris unpacks flawed assumptions baked into current blockchain design and explains his vision for an intent-centric topology. Chris critiques the limitations of existing virtual machines modeled on outdated centralized mainframes, arguing they cannot keep pace with user needs. The discussion then explores the two key phases of intents - counterparty discovery and settlement. Chris then elaborates how solver networks can connect and route intents across blockchains to unlock seamless interoperability. To close out they dig into how zero-knowledge proofs economically emulate inter-blockchain verification, greatly reducing computational overhead. Stay tuned for all of this and much more!

Follow Christopher: https://twitter.com/cwgoes

Follow Hart: https://twitter.com/hal2001

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

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Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks.

Use the link below to learn more, and use BELL10 to get 10% off your ticket! Sign up now because the price goes up every month. See you there!

https://blockworks.co/event/digital-asset-summit-2024-london/home

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Timestamps:

(0:00) Introduction: Blockchain Architecture Overview

(13:06) Where did Blockchain go Wrong?

(23:45) DAS London Ad

(24:50) Intents Enabling Interop

(34:01) Solver Networks

(41:58) Intents in a Multichain Environment

(48:35) Zero Knowledge Proofs & Emulations

(1:02:51) Unbundling Ethereum the Asset & Protocol

(1:19:00) Outro

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Inside the Evolution of Liquid Staking & Modular Money | Jon Charbonneau & Aidan Salzmann Feb 05, 2024

Show notes

Today's episode explores the intersection of liquid staking and the modular money ecosystem. Mike is joined by Stride Labs co-founder Aiden Salzman and John Charbonneau general partner of DBA. The trio dives deep into the architecture of the Stride protocol, including stTIA and the liquid staking module (LSM). The discussion touches on incentive alignment between protocols, demand drivers for liquid staking adoption, using liquid staking tokens as modular money across rollups, managing validator sets, and more. We hope you enjoy!

Follow Jon: https://twitter.com/jon_charb

Follow Aidan: https://twitter.com/aidan0x

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

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Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks.

Use the link below to learn more, and use BELL10 to get 10% off your ticket! Sign up now because the price goes up every month. See you there!

https://blockworks.co/event/digital-asset-summit-2024-london/home

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Resources

https://dba.xyz/modular-money-liquid-staking-for-people-in-a-hurry/

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Timestamps:

(0:00) Introduction

(2:59) Architecture of Stride Protocol

(18:58) Liquid Staking Module Overview

(31:08) Reason for 25% Cap

(39:36) Learning from Ethereum Liquid Staking

(47:37) Managing Chain Specific Requirements

(1:01:40) DAS London Ad

(1:02:45) Monopoly Like Market Structure

(1:09:56) Demand Drivers for Liquid Staking

(1:18:49) Modular Money & LSTs

(1:32:41) Rollup Market Dynamics

(1:46:23) Restaking Usecases

(1:52:16) Why Celestia LSTs are Different

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The Return of ETH as Digital Money and Betting on Prediction Markets | Roundup Feb 02, 2024

Show notes

In this week's roundup Mike and Vance dive into the latest developments across crypto including the state of Bitcoin ETFs, return of ETH as money, and the growth of prediction markets. They discuss the recent impressive growth of Polymarket, a prediction betting platform now generating substantial interest and volume without any incentive programs. Shifting gears, they cover the launches of liquid staking tokens enabling easy yield capture for holders and the emergence of "modular money" concepts. Vance breaks down trends in L2 liquidity growth, increased demand for spot exposure, and how ETH is poised to benefit from institutional flows, trading activity, and more. Stay tuned for all this and much more!

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Claim your unique Wormhole NFT at

https://wormhole.com/bellcurve3-8687

- -

Restaking is the biggest shift in Ethereum's staking landscape yet, and Swell is leading the charge with Liquid restaking token, rswETH.

Restake your ETH with Swell to earn Pearls, EigenLayer points, and future restaking rewards — while still being able to participate in DeFi.

Restake now: app.swellnetwork.io

Follow Swell: https://twitter.com/swellnetworkio

- -

Flood is the optimal DEX aggregator, giving users and developers the mathematically proven best price.

Flood is built from the ground up for speed and efficiency, MEV free and redistributes all trading surplus to users, meaning you can earn money while doing your regular swapping.

Join Flood tide campaign!

https://flood.bid/bell-curve

- -

Follow Mike: https://twitter.com/MikeIppolito_

Follow Vance: https://twitter.com/pythianism

Subscribe on YouTube: https://bit.ly/3R1D1D9

Subscribe on Apple: https://apple.co/3pQTfmD

Subscribe on Spotify: https://spoti.fi/3cpKZXH

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

- -

Timestamps

(0:00) Introduction

(3:53) State of Bitcoin ETFs

(16:34) Ethereum ETF Sentiment

(22:07) Swell Ad

(23:20) Crypto Unlocking Distribution

(29:13) Polymarket & Prediction Markets

(38:15) NFT's as an Investments

(43:53) Wormhole Ad

(44:29) stTIA Liquid Staking Launch

(53:39) L2 Liquidity Growth

(57:47) Jupiter Airdrop

(1:08:35) Flood Ad

(1:09:34) Vitalik's thoughts on AI & Crypto

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The Multichain Endgame: Modularity, Network Effects, and The Intent Paradigm | Season 7 Episode 1 Ft. Hart Lambur Jan 30, 2024

Show notes

In today's Season 7 premiere Mike is joined by our season co-host Hart Lambur, co-founder of Across Protocol and UMA Protocol. Join them as they explore the emerging multichain endgame. First, they discuss different models for interoperability between chains and how protocols may connect in the future. This ties into the rise of an intent-centric blockchain paradigm, rethinking how users specify outcomes. Next the touch on modularity as blockchain components become unbundled from entire protocols. They close out by quantifying which layers accrue network effects, exploring new shared security models, and discussing what outcomes would ultimately satisfy this multichain future.

Follow Hart: https://twitter.com/hal2001

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

- -

Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks.

Use the link below to learn more, and use BELL10 to get 10% off your ticket! Sign up now because the price goes up every month. See you there!

https://blockworks.co/event/digital-asset-summit-2024-london/home

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Timestamps:

(0:00) Introduction: Season 7 Kick-off

(10:36) The Interoperability End Vision

(25:53) General Message Passing

(39:39) DAS London Ad

(40:43) Intermediaries in Intent Centric Paradigm

(49:23) Modularity Vision

(58:16) Money vs Platform

(1:08:43) Network Effects & Value Accrual

(1:14:49) Shared Security Multichain Dynamics

(1:25:45) Chain Abstraction

(1:30:02) The Dream Multichain Outcome

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Ethereum's Roadmap Dichotomy: Prioritizing the Protocol vs. the Asset | Roundup Jan 26, 2024

Show notes

In this week's roundup Mike and Myles dive deep into the dichotomy emerging between Ethereum the protocol and Ethereum the Asset. As Ethereum pushes activity to rollups and prioritizes exporting ETH's value, tough questions arise around stake rates, liquid staking derivatives, and monetary policy. Should Ethereum target a lower stake rate to favor liquid ETH? What are the risks of validator centralization? How should app tokens accrue value in a multi-chain future? Hear all of this and much more!

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Claim your unique Wormhole NFT at:

https://wormhole.com/bellcurve2-9138

- -

Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks.

Use the link below to learn more, and use BELL10 to get 10% off your ticket! Sign up now because the price goes up every month. See you there!

https://blockworks.co/event/digital-asset-summit-2024-london/home

- -

Follow Mike: https://twitter.com/MikeIppolito_

Follow Myles: https://twitter.com/MylesOneil

Subscribe on YouTube: https://bit.ly/3R1D1D9

Subscribe on Apple: https://apple.co/3pQTfmD

Subscribe on Spotify: https://spoti.fi/3cpKZXH

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

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Timestamps

(0:00) Introduction

(5:01) Ethereum Protocol vs Asset

(14:01) Eth the Currency

(28:09) Wormhole Ad

(28:44) Ethereum the Protocol Focus

(31:20) Seeking Productive Assets

(38:32) What should Eth Prioritize?

(46:14) What Happens to other Tokens?

(55:51) Time Horizon of Tokens as Equity

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The Solution to Oracle Extractable Value Jan 23, 2024

Show notes

In today's episode of Bell Curve we are joined by both the UMA and Flashbots to dive into their latest collaboration, Oval. Oval unlocks a new MEV capture mechanism for protocols to monetize the value that they create. We unpack Oracle Extractable Value (OEV), a type of MEV that has historically been uncaptured by protocols. Stay tuned for all this and much more!

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Follow Hart: https://twitter.com/hal2001

Follow Quintus: https://twitter.com/0xquintus

Follow Tarun: https://twitter.com/tarunchitra

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

- -

Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks.

Use the link below to learn more, and use BELL10 to get 10% off your ticket! Sign up now because the price goes up every month. See you there!

https://blockworks.co/event/digital-asset-summit-2024-london/home

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TradFi Embracing Crypto, Private Equity Froth, and Macro Headwinds | Roundup Jan 19, 2024

Show notes

In this week's roundup Mike is joined by Michael and Vance of Framework Ventures. The trio kick things off by discussing macro sentiment and if a "soft landing" is truly on the horizon. The conversation then explores signs of excess in private market deals. The team also analyze the BTC ETF flows data so far, evaluating the implications of over $11 billion in trading volume. They then shift onto how overturning the Chevron doctrine could reshape the SEC's interpretation powers and authority. They wrap with a discussion on liquid staking - analyzing the incentives for validators and the potential addressable market if solutions gain more traction in Ethereum and alternative layer ones.

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Claim your unique Wormhole NFT at

https://wormhole.com/bellcurve1/

- -

Join us at DAS (Digital Asset Summit) in London this March! DAS is the #1 institutional conference in crypto, hosted by Blockworks.

Use the link below to learn more, and use BELL10 to get 10% off your ticket! Sign up now because the price goes up every month. See you there!

https://blockworks.co/event/digital-asset-summit-2024-london/home

- -

Follow Mike: https://twitter.com/MikeIppolito_

Follow Michael: https://twitter.com/im_manderson

Follow Vance: https://twitter.com/pythianism

Subscribe on YouTube: https://bit.ly/3R1D1D9