Bell Curve

Latest Episodes:

Binance Meltdown Review, Coinbase Regulation Win, RaaS Developments & More | Round Up Sep 29, 2023

Show notes

This week the team take stock of Binance; what may be going on and the potential ramifications. We review the regulation win for Coinbase, as approval is granted for retail perpetual futures trading. We dive deep on Rollups-as-a-Service (RaaS). Mike explains why he’s been ‘Pudgy Pilled’. We review the current state of the SEC/Crypto relationship saga, where we are with ETH Futures ETFs, the upcoming Celestia (TIA) Airdrop, and more! Hit play now and find relevant links below, enjoy!

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Timestamps:

(00:00) Introduction

(01:12) Coinbase: regulatory approval for retail perpetual futures trading

(07:42) Dumb Money

(08:14) “Maverick Ad”

(09:29) Binance Meltdown Review

(20:035 RaaS: The Key Ingredient to a Rollup-Centric Roadmap

(39:26) Pudgy Penguins: Pudgy Pilled

(45:06) SEC: Gary Gensler Crypto Overreach

(48:51) ETH Futures ETF Update

(53:51) Celestia (TIA) Airdrop

(1:00:38) Platform Risk Shift

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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:

RaaS: The Key Ingredient to a Rollup-Centric Roadmap

https://www.reverie.ooo/post/raas-the-key-ingredient-to-a-rollup-centric-roadmap

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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.

DEXs: Uniswap Origin, Intents, Scaling, and LVR | Season 6 Premiere Sep 26, 2023

Show notes

Season 6 | Episode 1

Welcome to season 6 of Bell Curve! Season 6 will take a dive into the world of DEXs and Dan Robinson, General Partner and Head of Research at Paradigm, with be joining Mike as co-host. In today's episode the duo dive deep into DEX designs and discuss the origin story of Uniswap, the V4 design, and the overall growth journey the protocol has endured. They also dive into design decisions including intents, mitigating LVR, and prioritizing retail and market makers. We're excited to have you along for the ride this season!

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Timestamps:

(00:00) Uniswap Origin Story

(10:48) Market Making & Design Decisions

18:40) Uniswap V4

(25:04) Swappers & LPs While Scaling

(32:54) Value Journey in DEXs

(36:24) Impact of Gas Constraints

(39:11) What is LVR?

(48:51) Uniswapx and Offchain Designs

(54:11) Retail and Market Makers

(1:02:40) Intent Based Architecture

(1:05:47) Vertical and Horizontal Scaling

(1:13:32) Perps and Options Market Structure

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

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

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

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

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Resources:

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MakerDAO Rally Reaction | Round Up Sep 22, 2023

Show notes

In today’s episode, the team kicks things off with discussing Celestia and the impact it may have on architecture across ecosystems. The team then goes on to discuss potential catalysts for future cycles including EigenLayer’s future yield role, and the transition of ETH Staking to Liquid Staking. MakerDAOs ongoing interest is broken down before closing out on the ongoing debate around IPO vs. Direct Listing. Enjoy!

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Timestamps:

(00:00) Introduction

(01:23) Eclipse: Roll-up-as-a-Service

(09:31) Celestia: ETH Price Action Impacts

(19:49) Forward-Looking Bull Market Activity

(27:38) EigenLayer’s Yield Role

(33:45) Validator Market in Low Price Environment

(36:31) ETH Staking To Liquid Staking

(42:48) MakerDAO Update

(55:54) IPO vs Direct Listing

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

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

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

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

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

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Resources:

MakerDAO Interest

https://blockworks.co/news/chronicle-labs-oracle-scribe

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The Value of Modular Blockchains | Nick White (Celestia), Neel Somani (Eclipse) Sep 19, 2023

Show notes

Nick White (COO of Celestia) and Neel Somani (founder of Eclipse) join us to debate the tradeoffs of modular vs integrated blockchains. We cover the modular thesis, how Eclipse is bringing the SVM to Ethereum, the hidden costs of modularity, centralized sequencers and L2s, where value will accrue in a modular paradigm and more!

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Timestamps

00:00 Introduction

01:49 What are Modular Blockchains?

05:34 Data Availability Explained

09:15 Light Clients and End User Verification

19:45 Eclipse: the SVM Rollup Provider

20:50 Why do Rollups Need Settlement?

26:26 Jito Mid Roll

27:30 Permissionless Plug

28:30 Should Celestia Enshrine a Settlement Layer?

31:34 L2 Training Wheels

35:53 Kyle Samani’s "The Hidden Costs of Modular Systems”

43:02 Appchains vs Rollups

46:43 How Eclipse is Bringing the SVM to Ethereum

47:58 Are Centralized Sequencers Okay?

53:28 Will Crypto Apps Have a Power Law Outcome?

58:03 Network Effects and Value Accrual

01:08:15 Where Will Enterprises Launch Applications?

01:12:08 Rapid Fire

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Follow Neel: https://twitter.com/neelsalami

Follow Nick: https://twitter.com/nickwh8te

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

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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

Jito

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

Celestia

https://twitter.com/CelestiaOrg

https://celestia.org/

Eclipse

https://twitter.com/EclipseFND

https://www.eclipse.builders/

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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.

How Monad is Superscaling the EVM | Keone Hon, Kevin G Sep 12, 2023

Show notes

As we gear up for Season 6, this week's episode will be Lightspeed's recent interview with Keone Hon and Kevin G to discuss how Monad is scaling the EVM. Every project in crypto right now is launching an L2 or marketing how their execution environment is better than the EVM. Monad has taken the opposite approach and is building an L1 that leverages the EVM with new optimizations like parallel execution. In this conversation, we discuss Monad's EVM optimizations, the blockchain trilemma, why Monad chose the EVM, how to launch a new L1, modular vs integrated and more!

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Timestamps

00:00 Introduction

00:32 Monad: A Parallelized L1 Leveraging the EVM

06:01 The Blockchain Trilemma

17:31 Monad’s Optimizations and Remaining Bottlenecks

26:14 Jito Mid Roll

27:18 Permissionless Plug

28:18 Why Choose the EVM and Not Build an L2?

31:13 The Importance of Community

36:20 L1 Fees and Tokenomics

41:58 Could Ethereum Implement Monad’s Optimizations?

43:15 The Blockchain Design Landscape

46:49 Modular vs Integrated

49:10 Crypto’s Most Exciting Sectors

51:54 High Fidelity DeFi

55:21 Go-To-Market Strategy

59:57 Rapid Fire

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Follow Keone: https://twitter.com/keoneHD

Follow Kevin: https://twitter.com/zen_llama

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

Jito

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

Monad

https://twitter.com/monad_xyz

https://linktr.ee/monad_xyz

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Disclaimers:

Lightspeed was kickstarted by a grant from the Solana Foundation.

DeFi Summer Incoming? | Round Up Sep 09, 2023

Show notes

In this week’s episode, Mike and Michael breakdown all things DeFi. They discuss the ecosystem writ large and whether we’re seeing a return to 2021’s ‘DeFi Summer’, and the value proposition of sustainable fees as the key differentiator. The guys go on to review Rune Christensen’s Solana Fork MakerDAO proposal, Visa’s crypto stablecoin settlement expanding to Solana, as well as recent regulation setbacks. We then close out on the spot Ether ETF Bid From Ark Invest, 21Shares - hot off of Grayscales spot BTC ETF win - and the wider cycle sentiment. Enjoy!

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Timestamps:

(00:00) Introduction

(02:09) DeFi 1.0 Resurgence?

(08:32) "Permissionless Promotion"

(09:25) DeFi 1.0 Resurgence?

(27:12) Rune Christensen’s Solana Fork MakerDAO Proposal

(37:48) Stablecoin Settlement Expanding to Solana

(46:01) Coinbase, Framework Venture Funds Invest $5M in Socket Protocol

(49:00) Regulation Setback: CFTC Settlement Against DeFi Protocols

(55:52 Spot Ether ETF Bid From Ark Invest, 21Shares

(1:00:23) Cycle Sentiment

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

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

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

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

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

Use code BELLCURVE30 to get 30% off Permissionless 2023 in Austin:

https://blockworks.co/event/permissionless-2023

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Resources:

Van Eck ETH Price Prediction (correction)

https://bitly.ws/UhKH

Rune Christensen’s Solana Fork MakerDAO Proposal

https://blockworks.co/news/makerdao-solana-fork-endgame

Sam Hart: Solana Codebase Fork for NewChain

https://forum.makerdao.com/t/explore-a-fork-of-the-solana-codebase-for-newchain/21822/33

Stablecoin Settlement Expanding to Solana

https://blockworks.co/news/visa-usdc-solana-stablecoin-expansion

Spot Ether ETF Bid From Ark Invest, 21Shares

https://blockworks.co/news/21shares-ark-filing-for-spot-ether-etf

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The Ultimate Guide to LSTs | Season 5 Finale Sep 05, 2023

Show notes

Season 5 | Episode 9

In today's season 5 finale we take a deep dive into the multifaceted world of Liquid Staking. Mike and Myles scrutinize critical aspects such as market structure, exploring its influence on liquidity providers and governance. They also discuss social scaling, evaluating its role in the adoption and scalability of Liquid Staking solutions along with the implications of self-limiting. This episode is a holistic recap of the season and with the biggest takeaways from Season 5.

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Timestamps:

(00:00) Introduction

(02:58) LST Market Structure

(13:16) Social Scaling & Self-limiting Debate

(28:19) “Permissionless Promotion”

(29:15) Curation VS Permissionless

(35:25) Liquid Staking Router Outlook

(43:09) Re-staking & Liquid Staking Intersection

(52:15) Lido Governance Role & Impact

(56:16) Future of Liquid Re-staking

(1:01:10) Co-Opetition: Eigen Layer & Lido

(1:07:08) MEV & Liquid Staking Intersection

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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

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Use code BELLCURVE30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023

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Resources:

Chorus One Validator Economics

https://medium.com/chorus-one/exploring-validator-economics-on-solana-cb1498a3aef6

How POS Networks Nurture Decentralization by Felix L

https://chorus.one/articles/how-can-proof-of-stake-networks-nurture-decentralization

Sreeram Episode

https://podcasts.apple.com/us/podcast/the-intersection-of-restaking-and-liquid/id1641356619?i=1000622262081

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Grayscale Victory: Another Spot of Bother for the SEC? | Round Up Sep 01, 2023

Show notes

In this week’s episode, the gang is back together. Michael’s 1 and 2, Jason, and Vance dive straight in to discuss the Grayscale Spot Bitcoin ETF Ruling. The guys then review where we are in the crypto cycle, and touch on Uniswap’s lawsuit dismissal and StarkWare’s wallet plunder. The fellas finish out on a ‘Hot Takes’ segment, where the guys get spicy on macro!

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Timestamps:

(00:00) Introduction

(00:35) Grayscale Spot Bitcoin ETF Ruling

(06:04) “Permissionless Promotion”

(06:57) Greyscale Spot Bitcoin ETF Ruling

(29:44) Cryptos Cyclical Framework

(33:14) Uniswap Lawsuit Dismissal

(40:26) Dianne Feinstein Lawsuit

(41:36) StarkWare Wallet Fiasco

(46:26) Hot Takes Segment

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

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

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

Use code BELLCURVE30 to get 30% off Permissionless 2023 in Austin:

https://blockworks.co/event/permissionless-2023

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Resources:

Grayscale Ruling:

https://blockworks.co/news/grayscale-sec-spot-bitcoin-etf

Uniswap Lawsuit Dismissal:

https://blockworks.co/news/uniswap-class-action-dismissed

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What Ethereum Can Learn From Easy Solana Staking | Lucas & Xavier Aug 29, 2023

Show notes

Season 5 | Episode 8

In this week's episode of Bell Curve, we are joined by Lucas Bruder, Founder of Jito Sol, and Xavier, Chief Investment Officer of Chorus One, two key builders in the Solana ecosystem. The conversation delves into the complexities of staking in Solana versus Ethereum, exploring different validator revenue models and the growth trajectory of liquid staking on Solana. They discuss JitoSOL's unique yield advantages, native token design impacts on staking, delegation strategies, and the potential of capturing MEV value.

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Timestamps:

(00:00) Intro: Pre-Interview

(02:02 “Permissionless Ad”

(02:57) Interview Start: Lucas & Xavier

(03:52) Solana VS Eth Liquid Staking

(14:54) Validator Revenue Models

(22:14) Solana Liquid Staking Growth

(35:02) Impacts of Native Token Design

(40:55) Solana LST Delegation Strategies

(51:29) JitoSOL Yield Advantage

(1:02:52) Capturing MEV Value

(1:08:23) State of Solana DeFi

(1:11:41) Recap: Post-Interview

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Follow Lucas: https://twitter.com/buffalu__

Follow Xavier: https://twitter.com/0xave?lang=en

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

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

- -

Use code BELLCURVE30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023

- -

Resources:

Chorus One Validator Economics

https://medium.com/chorus-one/exploring-validator-economics-on-solana-cb1498a3aef6

How POS Networks Nurture Decentralization by Felix L

https://chorus.one/articles/how-can-proof-of-stake-networks-nurture-decentralization

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Friend.Tech or Foe: Are Progressive Web Apps the Future? | Round Up Aug 25, 2023

Show notes

In this week’s episode, Mike, Jason, and Vance kick things off with a thorough breakdown of ‘Friend.Tech’. The guys then go on to talk Base and the future of L2’s, ETH’s ultimate value accrual, and touch on the discussion around Tendermint for StarkNet. We then review the DOJ/Tornado Cash charge and arrest. To close, we discuss the GOP debate, NVIDIA Q2 Earnings, EigenLayer’s new LST cap increase, and more!

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Timestamps:

(00:00) Introduction

(01:57) Friend.Tech

(12:19) Aerodrome Base DEX

(19:48) Base & Future L2 Business Models

(25:01) Where is ETHs Value Accrual?

(28:47) Tendermint for StarkNet

(34:14) DOJ Tornado Cash Charge Update

(41:24) Pop Culture Round Up

(43:33) 2024 GOP Debate Review

(48:48) NVIDIA Q2 Earnings