Bell Curve

Latest Episodes:

Ending the Modular vs Monolithic Debate | Kyle Samani Aug 18, 2023

Show notes

We're joined by Kyle Samani, the co-founder of Multicoin Capital and one of crypto's most independent thinkers. In this episode, we cover why "monolithic L1s" is a misnomer, the value of global state, how a protocol establishes moats, why DePIN is finding product-market fit, how Kyle synthesizes new ideas and more!

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Timestamps:

(00:00) Introduction

(00:34) The Modular vs Monolithic Debate

(07:43) Bootstrapping Communities

(09:17) A Case for Rollups and Appchains

(15:33) The Value of Composability and Globally Shared State

(23:22) Crypto’s Moats, Meat Space and the Saga Phone

(28:38) Don’t Sleep on DePIN

(45:11) Spatial Computing and New Form Factors

(53:42) Kyle’s Thinking Process

(57:49) Zero Knowledge Proof Use Cases

(01:04:21) How Kyle Cultivated His Communication Style

(01:06:03) Advice for Founders

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Although our guests this week are managing partners of a registered investment adviser, nothing in this podcast should be considered an offer of Multicoin’s investment advisory services or should otherwise be confused for investment, tax, legal or other financial advice.

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Follow Kyle: https://twitter.com/KyleSamani

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

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Resources:

Multicoin Capital

https://multicoin.capital/

Unlocking Payments Over Crypto Rails

https://multicoin.capital/2022/12/08/unlocking-payments-over-crypto-rails/

Stratechery (Ben Thompson)

https://stratechery.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.

Frax’s Alternative Approach to Scaling LSTs | Sam Kazemian Aug 15, 2023

Show notes

Season 5 | Episode 7

In this episode of Bell Curve, Mike and Myles are joined by Sam Kazemian, Founder of Frax Finance. They explore FRAX's innovative journey from decentralized stablecoin to Liquid Staking Tokens (LSTs) and Liquid Staking Derivatives (LSDs). Sam shares insights into the algorithmic stability mechanism, decentralizing trust, DeFi domination plan, and FRAX V2 decentralization.

Timestamps:

(00:00) Intro: Pre-Interview

(02:07) Interview Start: Sam Kazemian

(02:36) The Evolution of Frax

(11:21) Frax Products

(17:29) Frax Thesis

(23:34) The Frax Global Domination Play

(30:22) Frax V2 & Liquid Staking Future

(42:24) Frax Liquid Staking Economics

(46:09) Frax Chain Vision

(53:03) Recap: Post-Interview

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Follow Sam: https://twitter.com/samkazemian

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

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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:

Frax Finance

https://frax.finance/

frxETH V2

https://medium.com/coinmonks/introducing-frxeth-v2-the-evolution-of-decentralized-lending-markets-and-stablecoins-142b52b5f81e

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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.

The Future of Stablecoins | Roundup Aug 11, 2023

Show notes

In today’s episode, Mike and Michael discuss all things Stables and more! The guys kick things off with PayPal, discussing their PYUSD Stablecoin launch and what it means for the wider ecosystem and future Stablecoin market structure. We then take a closer look at Coinbase’s Q2 earnings, before touching on future Rollup value accrual. We then close with a Ripple update, Cantina (Web3’s security marketplace), the endgame for Stablecoins, and more!

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Timestamps:

00:00) Introduction

(02:21) PYUSD: PayPal stablecoin

(07:10) Future Stablecoin Market Structure

(11:04) Coinbase Update

(24:12) Portnoy's Barstool Sports $1 Buy Back

(25:43) Rollup Value Accrual

(44:16) Ripple XRP Update

(49:37) Web3 Security Marketplace: Cantina

(54:43) News-to-price Incongruities

(57:48) The Stablecoin Endgame

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

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

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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/

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

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

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Resources:

PYUSD: PayPal stablecoin:

https://www.paypal.com/us/digital-wallet/manage-money/crypto/pyusd

Coinbase earnings:

https://blockworks.co/news/crypto-stocks-stumble-earnings

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What Ethereum Can Learn from Cosmos' Liquid Staking Module | Aidan & Felix Aug 08, 2023

Show notes

Season 5 | Episode 6

In this episode of Bell Curve, Mike and Myles are joined by Aidan, co-founder of Stride labs, and Felix, the Godfather of Liquid Staking. Today they explore the nuances of Liquid Staking across the Cosmos & Ethereum ecosystems. They also dig into the relationship of liquid staking & professional validators, the liquid staking module user flow with NFTs, and solving the principle agent problem.

Timestamps:

(00:00) Intro: Pre-Interview

(02:02) “Permissionless Ad”

(02:57) Interview Start: Felix & Aidan

(04:04) The Godfather of Liquid Staking

(08:15) Liquid Staking: A Force for Decentralization

(12:27) LSTs Thriving in Eth First

(16:44) Liquid Staking & Professional Validators

(25:01) Decentralizing Eth Validator Set

(37:45) Ossifying Ethereum Protocol

(42:03) Minting Liquid Staking Tokens

(51:50) Staking Module Risk Parameters

(57:53) Principle Agent Mitigation

(1:04:37) Liquid Staking Module User Flow

(1:15:39) Recap: Post-Interview

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Follow Felix: https://twitter.com/FelixLts

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

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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:

Felix Liquid Staking Blog Post

https://medium.com/chorus-one/delegation-vouchers-cfb511a29aac

Stride Labs

https://www.stride.zone/

Jon Charbonneau "Endgame: Proof of Governance"

https://dba.mirror.xyz/UTPfxWe65dYrUu_RJX-5VkAJypFRyw3AZh6m0dRXYZk

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Curve’s $70M Hack, Base Launch Exceeds $230M+ 24hr Trading Volume, Meme Coin BALD Hits $100M Market Cap in 48hrs, And More | Roundup Aug 04, 2023

Show notes

In today’s episode, Mike and Myles dive deep on Curve’s $70M exploit, deconstructing DEX design frameworks, and reviewing the wider ecosystem consequences of vulnerable chain infrastructure. We then move on to assess Coinbase's L2 'Base' launch and touch on meme coin of the week, BALD, hitting $100M+ market capitalization in under 48 hours! The guys also think through network effect accrual before discussing Barnabé Monnot’s PEPC, an enshrined protocol gadget, and close out on Coinbase’s optimistic Q2 Earnings!

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Timestamps:

(00:00) Introduction

(00:26) “Permissionless Ad”

(01:22) Introduction

(02:44) $70M Curve Exploit

(07:43) DEX Architecture

(20:41) Wider Ecosystem Consequences & Chain Design Learnings

(23:46) Base Launch Review

(25:49) Network Effect Accrual: Network Execution, Data Availability or Settlement Layer?

(54:22) PEPC: Protocol-Enforced Proposer Commitments

(1:13:42) Coinbase Q2 Earnings

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

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

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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:

PEPC FAQ:

https://efdn.notion.site/PEPC-FAQ-0787ba2f77e14efba771ff2d903d67e4?pvs=4

Coinbase earnings:

https://blockworks.co/news/crypto-stocks-stumble-earnings

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The Business Model of LSTs: Banks, Bribes, and LSTaaS | Adrian & Vance Aug 01, 2023

Show notes

Season 5 | Episode 5

In this episode of Bell Curve, Mike and Myles are joined by adcv, chef at Steakhouse Financial, and Vance, Bell Curve RU Host & Framework Ventures co-founder. Zooming out, the team dives into the business approaches for MakerDAO and Lido. They explore value accrual for both protocols, the strategic directions, business models, and their endgame.

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Timestamps:

(00:00) Intro: Pre-Interview

(01:46) “Permissionless Ad”

(02:42) Interview Start: Adrian & Vance

(04:11) Liquid Staking for the Layman

(13:30) End Game for Maker DAO & Lido

(24:13) Governance Over Processes

(26:11) Liquid Staking as a Service

(40:18) LST Indices

(44:31) The Future of Staking Router

(49:53) Revenue Growth for Lido

(54:51) Lido Bribe Fee Model

(1:04:54) Recap: Post-Interview

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Follow adcv: https://twitter.com/adcv_

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

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

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

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

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Resources:

Steakhouse Financial

https://twitter.com/steakfi

ADCV Liquid Staking as Banks

https://www.adcv.xyz/steth-is-the-decentralized-reserve-currency/

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Worldcoin: The Power & Pitfalls of Proof-of-Personhood | Roundup Jul 28, 2023

Show notes

In today’s episode, the fellas take a wide view on the industry, starting with a review on Paris EthCC, Apps vs Infrastructure, and the future of interoperability standards. We also discuss the launch of Worldcoin, why it’s important and what problems it may present. The conversation then turns to AI, the future of Twitter, Crypto regulation, and 2024 Presidential nominees. Enjoy!

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

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

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

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

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Resources:

Worldcoin

https://worldcoin.org/home

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

(00:00) Introduction

(02:52) Paris EthCC

(08:41) Apps vs Infrastructure

(13:32) Interoperability Standards

(17:23) DeFi 1.0, Liquid Staking, Derivatives, Stablecoins, & Spot Exchange

(19:52) Trading Bitcoin, Apple, & Snapchat & the Knowledge of Hindsight

(23:19) Bridges as Inventory Solutions

(30:03) Worldcoin Update

(36:00) AI vs Worldcoin Proof-of-Personhood

(39:11) AI’s Impact on COGS

(44:17) Gen Z’s Demand for Private Channels

(45:39) Future of Twitter/X

(49:52 Crypto Regulation Update

(59:16) 2024 Presidential Nominee Review

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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.

The Intersection of Restaking and Liquid Staking | Sreeram Kannan Jul 25, 2023

Show notes

Season 5 | Episode 4

In this episode of Bell Curve, Mike and Myles are joined by Eigen Layer Founder Sreeram Kannan. They dive into Eigen layer's supply & demand sides, its interactions with Ethereum restaking, and the team's vision for the end game of Ethereum LSTs and restaking.

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Timestamps:

(00:00) Intro: Pre-Interview

(01:33) Interview Start: Sreeram

(02:19) High Level Eigen Layer Overview

(13:59) Supply & Demand Sides of Eigen Layer

(14:23) “Permissionless Ad”

(15:18) Supply & Demand Sides of Eigen Layer

(26:06) Eigen Layer & Ethereum Restaking

(37:24) Eigen Layer Demand Side

(45:00) Vote Extensions & Proposal Commitments

(49:15) Ethereum Restaking Prediction

(55:20) Role of Eigen Layer Governance in Restaking

(1:12:53) Eigen Layer & Liquid Staking

(1:22:03) Future of Validator Services

(1:31:05) Recap: Post-Interview

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Follow Sreeram: https://twitter.com/sreeramkannan

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

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

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

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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:

Eigen Layer

https://www.eigenlayer.xyz/

https://twitter.com/eigenlayer

https://forum.eigenlayer.xyz/

Witness Chain (Proof of Decentralization)

https://witnesschain.com/

Vitalik Account Abstraction Talk EthCC

https://www.youtube.com/watch?v=iLf8qpOmxQc

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Chainlink CCIP Bomb, UniswapX, & Synthetix upgrades explained | Roundup Jul 21, 2023

Show notes

In today's episode special edition cross-over episode Jason and Santi are joined by Michael, Co-founder at Framework Ventures and Co-host of the Bell Curve podcast. They cover EthCC Account Abstraction takeaways, Infinex, UniswapX, Chainlink CCIP & LayerZero, the VC landscape and MUCH much more.

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Follow Santi: https://twitter.com/santiagoroel

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

Follow Empire: https://twitter.com/theempirepod

Subscribe on YouTube: https://tinyurl.com/4fdhhb2j

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Resources

UniswapX

https://twitter.com/Uniswap/status/1680955621343129600

Infinex

https://twitter.com/DefiantNews/status/1679838219201028097

Chainlink CCIP

https://twitter.com/chainlink/status/1680970793331613697

Celo Move to L1

https://blockworks.co/news/celo-return-home-ethereum

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

(00:00) EthCC

(03:46) Account Abstraction & Crypto UX

(06:48) Infinex: The CEX Killer?

(10:25) UniswapX Release

(17:19) Chainlink CCIP

(27:43) LayerZero vs Chainlink

(31:04) Policy Episode Takeaways

(36:23) Thales

(37:19) Kwenta

(38:15) CoinDesk Acquired

(41:25) Sequoia Shakes Up Crypto Arm

(48:24) Crypto VC Competitive Landscape

(52:16) Crypto VC Strategies & Investment Practices

(01:03:13) Most Important Factor for L1s

(01:12:43) Celo Transition to Ethereum L2

—

Solana Defi 2.0: The Comeback | Jarry Xiao, Lucas Bruder, MacBrennan Peet Jul 20, 2023

Show notes

This is an episode from Blockworks' new podcast Lightspeed! Lightspeed focuses on crypto projects that are pushing the limits of hardware and software to build first-class products. I'm dropping this Solana DeFi Panel episode here as I bet you'll want to add Lightspeed to your podcast lineup! Subscribe to Lightspeed by using the links below:

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

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

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

Solana DeFi is having a resurgence, and Solana DeFi Summer is a narrative that's starting to emerge. What's the catalyst behind this resurgence, and is it sustainable? We bring on Jarry Xiao, Lucas Bruder and MacBrennan Peet to find out. We discuss why Solana DeFi is seeing a resurgence, token incentives, CLOBS vs AMMs, metrics that define a healthy ecosystem, what's next for Solana DeFi, liquid staking and more.

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Timestamps:

(00:00) Introduction

(01:15) What’s Going on in Solana DeFi?

(05:02) Token Incentives and Points

(14:24) What Will Spark Solana's DeFi Summer?

(15:56) Capital Efficiency: CLOBS vs AMMs

(16:13) Is Solana a Consumer or Professional DeFi Chain?

(25:46) The Best Metrics to Evaluate a DeFi Ecosystem

(34:49) Jito Liquid Staking ad

(35:55) Permissionless ad

(36:55) Understanding Risk and Avoiding Crazy APYs

(41:08) What’s Next for Solana DeFi?

(44:10) Building on Solana vs L2s

(50:41) Applications vs L1s: Who Owns the User Mindshare?

(53:12) Who Will Use DeFi?

(56:23) Your Most Controversial Crypto Take

(01:09:09) Rapid Fire

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This episode is brought to you by Jito.

Jito is the easiest way to earn MEV rewards on Solana with liquid staking. Stake your SOL with Jito to start earning high yield powered by MEV and access instant liquidity through Jito’s liquid staking token JitoSOL so that you can use your staked assets across Solana DeFi. Visit jito.network to get started today!

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

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