Bell Curve

Latest Episodes:

Solana vs Ethereum: Two Paths, One Endgame | Jon Charbonneau Nov 01, 2023

Show notes

This week on Bell Curve you're going to be hearing an episode of Lightspeed interviewing Jon Charbonneau on how integrated and modular chains are on an inevitable path toward the same endgame. Jon is an investor and the most prolific researcher in the space who understands the nuances and tradeoffs of the Solana and Ethereum ecosystems. In this episode, we cover what SVM adoption means for Solana, if rollups scale Ethereum, why Jon is spending more time in Solana and the SVM, the convergence of the integrated and modular roadmap, how rollups will leverage Solana and more!

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Timestamps

(00:00) Introduction

(01:13) The Rollup Debate

(10:31) Modular vs Integrated: The Great Convergence

(18:06) The Appchain Thesis

(26:31) What SVM Adoption Means for Solana

(29:54) DAS London Promo

(32:53) Why Solana?

(34:02) What Ethereum & Solana Can Learn From Each Other

(37:49) The Value of End-User Verification

(40:45) Lido’s Dominance, Nakamoto Coefficients & Social Pressure

(46:14) Ethereum Aligned

(50:07) What Keeps You Here & The State of Crypto

(55:35) Solana as a Settlement and Sequencing Layer

(58:47) Why You Should Write

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

Follow Mert: https://twitter.com/0xMert_

Follow Garrett: https://twitter.com/GarrettHarper_

Follow Lightspeed: https://twitter.com/Lightspeedpodhq

Subscribe on YouTube: https://bit.ly/43o3Syk

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

Subscribe on Spotify: https://spoti.fi/3OkF7PD

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

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Resources

DBA's Website

https://dba.xyz/

Do Rollups Inherit Security by Jon

https://dba.xyz/do-rollups-inherit-security/

Jon's Substack

https://joncharbonneau.substack.com/

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Disclaimers:

Lightspeed was kickstarted by a grant from the Solana Foundation.

Nothing said on Lightspeed 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. Mert, Garrett and our guests may hold positions in the companies, funds, or projects discussed.

Recapitalizing the Degens and Identifying Cycle Catalysts | Roundup Oct 27, 2023

Show notes

In today's roundup Michael and Vance join forces to determine if we are finally back. They dive into potential catalysts for the recent price action across the crypto sector, including the end of the rate hiking cycle, the need for recapitalization of degens, and the emerging institutional interest. The two analyze the LayerZero proposal controversy, dubious Hamas fundraising claims, and Arbitrum Orbit's use of Celestia for Data Availability. To close out they speak on the rise of professional guilds and service providers for blockchains, reflecting on the recent proposal for an Arbitrum Coalition.

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Timestamps:

(0:00) Introduction

(2:53) Are We Back?

(8:25) Catalyst for Price Action

(16:18) Identifiers for Cycle Change

(28:29) DAS London Ad

(29:39) LayerZero & Lido DAO Kerfuffle

(34:50) WSJ Claims Crypto Funding Terrorism

(41:09) Arbitrum Orbit Uses Celestia for DA

(51:12) Arbitrum Coalition

(56:11) Framework Ventures Updates

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

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

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

Follow Yano: 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

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

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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 BELL20 to get 20% 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:

Layer0 Proposal

https://research.lido.fi/t/wsteth-on-avalanche-and-bnb-and-ownership-acceptance-by-lido-dao/5749

Arbitrum Coalition Proposal

https://forum.arbitrum.foundation/t/proposal-the-arbitrum-coalition/19145

Arbitrum Orbit Uses Celestia

https://blog.celestia.org/celestia-is-first-modular-data-availability-network-to-integrate-with-arbitrum-orbit/

https://blog.celestia.org/introducing-blobstream/

Optimism vs Arbitrum (Theme Park Explanation)

https://twitter.com/sgoldfed/status/1706536075273839037

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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 Rise of Crypto's Superapp | Fiskantes, Matti (Zee Prime Capital) Oct 24, 2023

Show notes

Fisk and Matti, from Zee Prime Capital, join us to discuss the rise of crypto's first superapp. In this episode, we cover the Fappening Thesis (superapp), why everyone invests in middleware, how protocols establish moats, the future of Web3 social, how crypto will impact equality and more! Fisk and Mattie have some of the most eccentric and prescient ideas in crypto - you won't want to miss this one.

Subscribe to Lightspeed

YouTube: https://bit.ly/43o3Syk

Apple: https://apple.co/3OhiXgV

Spotify: https://spoti.fi/3OkF7PD

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Timestamps

(00:00) Introduction

(00:54) The Dev2Dev Thesis

(08:13) The Fappening: Rise of the Superapp

(15:02) How Apps Establish Moats

(18:45) Is Blockspace Commoditized?

(30:44) Uniswap’s New Fee: Protocols vs Frontends

(36:24) Web3 Social: Status vs Utility

(47:31) Equal Opportunity vs Equal Outcomes

(55:58) Advice: Think Different

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Follow Fisk: https://twitter.com/Fiskantes

Follow Matti:https://twitter.com/mattigags

Follow Mert: https://twitter.com/0xMert_

Follow Garrett: https://twitter.com/GarrettHarper_

Follow Lightspeed: https://twitter.com/Lightspeedpodhq

Subscribe on YouTube: https://bit.ly/43o3Syk

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

Subscribe on Spotify: https://spoti.fi/3OkF7PD

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

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Resources

Zee Prime

https://zeeprime.capital/

The Future of OwnyFans

https://zeeprime.capital/the-future-of-owny-fans

The Fappening

https://zeeprime.capital/the-fappening

The Middleware Thesis

https://zeeprime.capital/infrastructure-lego-the-middleware-thesis

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Disclaimers:

Lightspeed was kickstarted by a grant from the Solana Foundation.

Blackrock CEO: Crypto a 'Flight to Quality' | Round Up Oct 20, 2023

Show notes

The team is back, this week the boys kick things off with Coin Telegraph’s reporting blunder on the Spot BTC ETF that resulted in a BTC price surge of over 8%. We then take stock of TradFi’s potential sentiment shift, New York AG Letitia James suing Gemini, Genesis, and DCG over alleged $1.1bn crypto fraud, and the potential ramifications if GBTC is unable to convert. We then go on to discuss potential unlocks of a Spot BTC ETF, where we’re at with the Alt market, the recent Uniswap Labs fee switch news, as well as BlackRock CEO Larry Fink’s recent commentary on Crypto. The boys close on regulation and take stock of Macro. Enjoy!

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Timestamps:

(00:00) Introduction

(00:34) Coin Telegraph: SEC iShares Spot BTC ETF Approval Misreport

(02:39) This Week in Media

(04:49) Coin Telegraph: SEC iShares Spot BTC ETF Approval Misreport

(07:09) TradFi: Significant Shift in Crypto Sentiment?

(18:33) AG Letitia James Sues Gemini, Genesis, and DCG for Defrauding Investors

(25:12) GBTC: Potential Consequences of Inability to Convert

(27:42) Will a Spot BTC ETF Act as a Catalyst?

(36:50) 2019 Cycle Review

(40:38) Alt Market Value Unlocks

(41:21) Uniswap Labs Fee Switch

(44:31) Institutional Adoption: BlackRock CEO Larry Fink, BTC and Crypto Will Play a Role in Investors’ Flight to Quality

(52:10) Stablecoin As Conduit for Regulation?

(54:47) Macro Corner

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

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

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

Follow Yano: https://twitter.com/JasonYanowitz

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Research, news, data, governance and models – now, all in one place. As a listener of Bell Curve, you can use code "BELLCURVE10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/

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Resources:

Uniswap Labs Fee Switch

https://blockworks.co/newsletter/issue/33054773

BlackRock’s Fink notes ‘pent-up interest’ after fake bitcoin ETF news

https://blockworks.co/news/blackrock-spot-bitcoin-etf-rumors

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The Essential Guide to General and App-Specific Order Flow Auctions | Season 6 Episode 4 Oct 19, 2023

Show notes

Season 6 | Episode 4

In today's episode we are joined by Xin Wan, researcher at Uniswap Labs, and Robert Miller, Product Lead at Flashbots, to explore the world of Order Flow Auctions (OFAs). They discuss different OFA designs like Uniswap X, Flashbots MEV-Geth, and traditional order books, analyzing capital efficiency, fairness, and susceptibility to manipulation. Xin and Robert also detail key auction parameters around permissioning, bid selection, information revelation, and credible neutrality. Looking forward, they explore how OFAs and intent-based infrastructure could simplify cross-chain interoperability and abstract complexity for end users.

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Maverick Protocol is a DeFi infrastructure provider focused on increasing industry efficiency, powered by Maverick AMM. Maverick helps token projects, DAO treasuries, liquidity providers or anyone in DeFi shape their liquidity with efficiency and flexibility. In other words, Maverick makes your liquidity smarter.

Shape liquidity for your token today on Maverick at https://app.mav.xyz/bellcurve

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Timestamps:

(00:00) Introduction

(01:49) Interview Start: Xin and Robert

(02:26) What are Order Flow Auctions?

(08:33) Market Structure of Order Flow Auctions

(15:03) “Maverick Ad”

(16:17) Taking DEX Components Offchain

(23:22) Why Uniswap Chose an Offchain RFQ System

(28:01) The Role of Private RPCs

(32:32) Design Space for Auctions

(47:02) Price Impact of Information Availability

(55:33) Use case of Intents

(1:03:28) Outro

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Follow Dan: https://twitter.com/danrobinson

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

Follow Xin: https://twitter.com/xin__wan

Follow Robert: https://twitter.com/bertcmiller

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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Resources:

On the Design of MEV Marketplaces by Robert Miller

https://medium.com/flashbots/on-the-design-of-mev-marketplaces-8829bf897858

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Permissionless Frontends: The Rise of Crypto's Aggregators | Kain Warwick (Infinex) Oct 17, 2023

Show notes

Kain Warwick, the founder of Synthetix and Infinex, joins us to discuss how permissionless frontends are crypto's next battleground. Crypto has the infrastructure to support the next wave of users, but the user experience is lightyears behind Web2. What can solve this? Permissionless frontends. In this episode, we cover why Kain is building Infinex, the missing piece to get users onchain, crypto's new aggregators, Kain's multichain strategy, where DAOs fail to innovate and more. This might be my favorite episode yet!

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Timestamps

(00:00) Introduction

(02:04) A Shift from Infrastructure to the User Experience

(05:03) Why Synthetix Chose Optimism

(09:11) The Missing Ingredient to Compete with Binance

(11:53) L2 Liquidity Fragmentation

(14:51) Should Projects Launch on Multiple Chains?

(17:18) Why Synthetix Might Launch an Appchain

(19:10) How to Build Brand Trust & Bring Users Onchain

(32:57) Jito MidRoll Plug

(34:02) Crypto’s New Aggregators: Permissionless Frontends

(43:06) Taking Speculation Too Far

(51:16) L2 Centralization Vectors & Progressive Decentralization

(57:06) Will L2s Have a Power Law Outcome?

(59:54) Why Kain is Still in Crypto

(01:05:26) Where DAOs Succeed and Fail

(01:12:44) Rapid Fire

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Follow Kain: https://twitter.com/kaiynne

Follow Mert: https://twitter.com/0xMert_

Follow Garrett: https://twitter.com/GarrettHarper_

Follow Lightspeed: https://twitter.com/Lightspeedpodhq

Subscribe on YouTube: https://bit.ly/43o3Syk

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

Subscribe on Spotify: https://spoti.fi/3OkF7PD

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

Resources

Jito

https://www.jito.network/staking/?utm_source=lightspeed&utm_medium=podcast&utm_campaign=lightspeed_Q323_1

Synthetix

https://twitter.com/synthetix_io

https://linktr.ee/synthetix

Infinex

https://twitter.com/infinex_app

https://infinex.io/

Kain's Writings

https://mirror.xyz/kain.eth

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Disclaimers:

Lightspeed was kickstarted by a grant from the Solana Foundation.

Ethereum Enshrinement 101 | Round Up Oct 13, 2023

Show notes

This week Michael and Myles dive deep on all things Ethereum Enshrinement. The two kick things off with Credible Neutrality, reviewing centralization risks vs overloads governance. The guys then go on to discuss user experience as the guiding uniting principle and look at the gradation of protocol proximity; what should and should not be enshrined and why. We then challenge and defend the varying beliefs around Ethereum as ‘money’, before going on to hit on protocol engagement vs abstraction, issuance as a network cost, the Stride/Cosmos Hub merger update, and more. Enjoy!

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Timestamps:

(00:00) Introduction

(01:00) Enshrinement: Opening Thoughts

(02:5) Credible Neutrality: Private Market Analogy

(07:25) Enshrinement’s Uniting Principle: Good User Experience

(08:17) Protocol Proximity

(21:33) Ethereum: Money?

(28:24) Engagement vs Abstraction

(40:51) Issuance: Network Cost?

(45:14) Money vs Commodity

(58:04) Stride/Cosmos Hub Merger Update

(1:16:17) Community Alignment

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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

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Resources:

Vitalik Buterin: Should Ethereum be okay with enshrining more things in the protocol?

https://vitalik.eth.limo/general/2023/09/30/enshrinement.html

Stride: The Enshrined LST Protocol for Cosmos Hub?

https://blockworks.co/news/stride-merge-cosmos-hub-network

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AMMs vs DEXs: DeFi's First Debate Revisited | Season 6 Episode 3 Oct 10, 2023

Show notes

Season 6 | Episode 3

Today we dive into the world of central limit order books and automated market makers with DEX builders Eugene Chen, co-founder of Ellipsis Labs, and Doug Colkitt, co-founder of Crocodile Labs. The team explores how factors like gas costs, latency, and modular "hooks" are shaping the evolution of onchain trading and DEX designs. The conversation then explores taking DEX components offchain and if it's antithetical to the point of DeFi. To close things out the team discusses the end game of DEX design.

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Shape liquidity for your token today on Maverick at https://app.mav.xyz/bellcurve

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Timestamps:

(00:00) Introduction

(01:57) Interview Start: Alex & Jason

(02:02) CLOBs vs AMMs

(10:17) “Maverick Ad”

(11:32) CLOBs vs AMMs

(12:35) Efficiency of Onchain CLOBs

(18:51) The Constraints of Latency

(23:02) AMMs & Passive Liquidity

(32:41) Offchain Components

(46:27) DEX Design End Game

(52:10) Market Structure of AMMs vs CLOBs

(56:55) Outro

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Follow Dan: https://twitter.com/danrobinson

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

Follow Doug: https://twitter.com/0xdoug

Follow Eugene: https://twitter.com/0xShitTrader

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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Resources:

Ellipsis Labs

https://ellipsislabs.xyz/

Ambient Finance

https://us.ambient.finance/

Crocswap Blog

https://crocswap.medium.com/

Jaredfromsubway MEV Bot Strategy

https://x.com/bertcmiller/status/1656392876438462464

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The SBF/FTX Trial Begins, The Future of Ethereum, Another XRP Win & More | Round Up Oct 06, 2023

Show notes

With the opening of the Sam Bankman-Fried trial this week, the fellas kick things off with their thoughts on Michael Lewis’ controversial new book‘Going Infinite’, which explores the story of FTX’s collapse. The guys then take stock of Vitalik’s latest proposal around Enshrinement, and whether the logic should be natively implemented in the core code of L1s. We then discuss Stride’s potential plans to become the enshrined LST protocol for Cosmos Hub. We then review the state of ETH Futures, XRP’s latest win vs the SEC, before closing out with our outlook on macro, as long-term US Yields Hit a 16-year high. Enjoy!

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Shape liquidity for your token today on Maverick at https://app.mav.xyz/bellcurve

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Timestamps:

(00:00) Introduction

(00:54) Michael Lewis’ ‘Going Infinite’ review: an SBF/FTX plant?

(09:24) “Maverick Ad”

(10:38) Michael Lewis’ ‘Going Infinite’ review: an SBF/FTX plant?

(24:38) Enshrinement

(40:24) Stride: The Enshrined LST Protocol for Cosmos Hub?

(44:20) ETH Futures

(49:38) XRP Win: SEC Appeal Denied

(55:18) Macro Outlook: Bond Sell-off, Long-term US Yields Hit 16-year High

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

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

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

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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Resources:

Vitalik Buterin: Should Ethereum be okay with enshrining more things in the protocol?

https://vitalik.eth.limo/general/2023/09/30/enshrinement.html

Stride: The Enshrined LST Protocol for Cosmos Hub?

https://blockworks.co/news/stride-merge-cosmos-hub-network

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The LP Profitability Problem: LVR, Dynamic Fees and Auctions | Season 6 Episode 2 Oct 03, 2023

Show notes

Season 6 | Episode 2

In this season's first guest interview we dive into the world of LVR. We are joined by Alex and Jason to unpack key elements of LVR including what it is, mitigation methods including auctions and dynamic fees, and why solving LVR is important. They discuss what 3 sources of information are key to understanding LVR and explore the impacts of transferring wealth from token stakers to LPs.

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Shape liquidity for your token today on Maverick at https://app.mav.xyz/bellcurve

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Timestamps:

(00:00) Intro

(01:18) Main Interview Start: Alex & Jason

(01:31) What is LVR?

(07:56) 3 Sources of Information

(11:12) “Maverick Ad”

(12:27) 3 Sources of Information

(13:31) Mitigating LVR Methods

(25:40) Dynamic Fees