Bell Curve

Latest Episodes:

The Staking Router + DVT: A Seismic Change for LSTs | Izzy (Lido) & Oisín (Obol) Jul 18, 2023

Show notes

Season 5 | Episode 3

In this episode of Bell Curve, we are joined by a duo of special guests: Izzy, Lido Head of Validators, and Oisín, Co-founder of Obol Labs. Today's show dives into the current state of solo staking, distributed validator technology, the impacts of a staking router, and the future of Lido protocol.

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Timestamps:

(00:00) Intro: Pre-Interview

(01:27) Interview Start: Izzy & Oisín

(02:22) The State of Solo Staking

(07:37) The Importance of Decentralization

(11:33) What is DVT?

(20:02) Reducing Hardware & Capital Requirements

(34:34) “Permissionless Ad”

(35:29) Impacts of a Staking Router

(46:08) The Diversity of Modules

(59:12) Lido Fee Markets & Governance Responsibility

(1:07:41) How Permissionless Can Validators Get?

(1:11:16) The Intersection of Liquid Staking & Restaking

(1:26:04) Recap: Post-Interview

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Follow Izzy: https://twitter.com/IsdrsP

Follow Oisín: https://twitter.com/OisinKyne

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:

Obol Network

https://obol.tech/

https://twitter.com/ObolNetwork

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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 Reboot | Uncommon Core 2.0 with Hasu and Jon Charbonneau Jul 17, 2023

Show notes

Uncommon Core - one of my favorite podcasts of all time - is back! This reboot is hosted by Hasu and Jon Charbonneau, two of the brightest minds in crypto. We are dropping their first episode here to share the news and because you’ll want to add this show to your podcast lineup!

In this episode, we explore Jon’s journey into crypto and our mutual passion for research and the writing process. We then give an overview of the key areas of crypto infrastructure today. Finally, we zoom into rollup decentralization roadmaps, and Jon shares a controversial new thesis about sequencer decentralization.

Timestamps:

(00:00) Intro

(02:42) Interview start

(03:44) Jon's work week

(08:04) ChatGPT & writing

(10:57) Jon's start in crypto

(14:45) How to pick things to work on

(17:08) Outsider's perspective on crypto

(19:05) Jon's research process

(22:00) Jon's proudest moment in crypto

(23:06) Crypto Infrastructure overview

(29:58) Why crypto infrastructure is interesting

(35:57) Rollup decentralization overview

(42:44) Challenges decentralizing the sequencer

(47:46) Ethereum vs Cosmos approach to governance & decentralization

(53:35) User ability to opt out

(56:37) Staking vs. governance deciding sequencers

(01:08:31) L3s

(01:13:34) Superchain

(01:16:38) Summary of rollup decentralization

(01:21:08) Outro

Hasu - https://twitter.com/hasufl

Jon Charbonneau - https://twitter.com/jon_charb

UCC2 - https://twitter.com/UCC2_xyz

Website - https://ucc2.xyz

Disclaimer: The material and information presented in this podcast is for general informational purposes only and should not be considered investment advice. The views, thoughts, and opinions expressed in this podcast are solely those of the speakers and are not the views of any entity or other person with whom the speaker is affiliated, including, without limitation, DBA Crypto, LLC. The “DBA Crypto” name and all forms thereof are the sole property of its owner, and its use does not imply endorsement of or opposition to any specific organization, product, or service.

Is This An Inflection Point for Crypto? | Roundup Jul 14, 2023

Show notes

In today’s episode, the guys reflect on the previous 12 months and take a temperature check on where we’re at in the current cycle. We also discuss the latest use case for RWA on-chain lending, with the Patek Philipe NFT loan, the recent new feature releases from Coinbase, and the potential for bipartisan crypto support on The Hill. We finish up reviewing the current seed stage climate, the death of the AI hype, and more!

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Timestamps:

(00:00) Introduction

(01:01) SEC vs XRP Review

(09:33) Are We Experiencing a Sentiment Shift?

(12:50) RWA On-Chain Lending Use Case: Patak Philipe NFT Loan

(18:36) Current Investment Thesis

(20:31) Year In Review & Changing Narratives

(25:18) Coinbase News: L2 Base Launch & New Wallet-to-wallet Messaging

(28:42) Bipartisan Crypto Support?

(31:08) Future of Token/Equity Mix

(32:01) Arkham Self-Sabotage?

(33:05) Seed Stage Climate

(34:48) Is the Pivot to AI Dead?

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

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

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:

Coinbase: Introducing Base

https://www.coinbase.com/blog/introducing-base

Coinbase: Wallet Messaging

https://www.coinbase.com/blog/say-gm-with-messaging-on-coinbase-wallet

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Is Liquid Staking Winner Take All? | Hasu Jul 11, 2023

Show notes

Season 5 | Episode 2

In this episode of Bell Curve, we are joined by previous Bell Curve Host, Hasu. Serving as Strategic Advisor for Lido DAO Hasu shares his unique perspective on the current state of Liquid Staking Derivatives (LSDs), Lido Protocol's history & decentralization efforts, LSD winner-take-all market structure, and co-opetition & restaking risks.

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Timestamps:

(00:00) Intro: Pre-Interview

(02:00) Interview Start

(02:39) The State of Liquid Staking

(09:09) The History of Lido

(19:58) The Evolution of LSD Market Structure

(42:17) Checks & Balances for Lidool

(53:14) The Current State of Lido Protocol

(1:02:37) Lido: The Winner Taking All

(1:10:18) Restaking & Co-opetition

(1:27:09) Recap: Post-Interview

Follow Hasu: https://twitter.com/hasufl

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:

Dune Dashboard on LSD Market Structure

https://dune.com/maverick_cap/lsd-tracking

Sasha - Cosmos Booklet for Governance Decisions

https://twitter.com/culturalobjects/status/1541934637907329029?s=20

Vitalik - "The Bitcoin Maximalist" April 1st Publish

https://vitalik.ca/general/2022/04/01/maximalist.html

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What's the Future for Airdrops? | Roundup Jul 07, 2023

Show notes

In today’s episode Mike is joined by Blockworks Analysts team members, Dan and Westie. The guys breakdown airdrop functionality and future liquidity provisions. We also discuss what the future of Solana and the development of DEXs within its ecosystem. The conversation then turns to LSDs, with our Analyst Westie breaking down leverage staking, AMM liquidity, LSD baskets, LSD-backed stables, and interest rate derivatives. We then close out on the continued Azuki drama, the wider NFT impacts, what’s in store for DeFi, Lido's stETH Treasury approval and more!

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Timestamps:

(00:00) Introduction

(00:46) Airdrops Functionality & Liquidity Provisions

(18:40) Solana’s Future

(30:10) The State of LSDs

(39:55) Azuki Update & Wider NFT Impact

(50:21) DeFi 1.0 & Future Development

(1:00:59) Lido's stETH Treasury Approval

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

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

Follow Westie: https://twitter.com/WestieCapital

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

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

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

Use code PODS20 to get 20% off Permissionless 2023 in Austin:

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

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Resources:

1000x podcast

https://spoti.fi/436lDlG

https://blockworks.co/podcast/0xresearch

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The End Game for Liquid Staking | S5 Premiere Jul 05, 2023

Show notes

Season 5 | Episode 1

Welcome to Season 5 of Bell Curve, where we will explore the end game for liquid staking. In this episode, Mike and Myles explore the major themes that we'll be covering this season. We discuss the history of proof-of-stake and liquid staking, how LSTs are a network effects game, why LST protocol governance is a highly debated topic, the risks of restaking, the LST competitive landscape and more!

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Timestamps:

(00:00) Introduction

(02:14) The History of PoS and LSTs

(09:42) A Market Structure Dominated by Network Effects

(17:46) LST Protocol Governance

(25:42) The Principal-Agent Problem

(28:56) Restaking: The Design and Risks

(37:07) The LST Competitive Landscape

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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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Resources:

Bankless restaking episode

https://spoti.fi/3CW3dJI

Don't Overload Ethereum's Consensus (Vitalik)

https://vitalik.ca/general/2023/05/21/dont_overload.html

Felix's 2019 liquid staking blog post

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

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Are You Bullish or Bearish Onchain RWAs? | Roundup Jun 30, 2023

Show notes

In today's episode, the fellas discuss how onchain RWAs (real-world assets) will transform DeFi. We also cover Prime Trust's implosion, regulated DeFi, Azuki's controversial NFT mint, why Corporate VCs fail, the recent token delistings and more!

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Timestamps:

(00:00) Introduction

(0:56) Prime Trust Implodes

(15:36) Debating Onchain RWAs

(34:04) Azuki’s New Collection and NFT Business Models

(43:17) AI Sexting, GPUs and Corporate VCs

(50:37) Alts and Token Delistings

(58:02) RFK and BTC Politics

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

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

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

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

Use code PODS20 to get 20% off Permissionless 2023 in Austin:

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

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Resources:

1000x podcast

https://spoti.fi/436lDlG

Acquired's LVMH episode

https://spoti.fi/44lNvn1

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How BTC's Rally Could Kickstart Crypto's Flywheel | Roundup Jun 23, 2023

Show notes

In today's episode, the fellas discuss what a Blackrock BTC ETF would mean for crypto, why you should watch BTC's dominance, if NFTs will make a comeback, Binances L2 and more!

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Timestamps:

(00:00) Introduction

(02:24) BTC ETF Filings & The Clash of Narratives

(24:33) “Valora Ad”

(25:31) Who Will Trade on EDX Markets?

(33:11) SAP’s Announcement: Cross-Border USDC Payments

(40:49) The Ethscriptions Thesis

(45:46) Will NFTs Make a Comeback?

(52:02) Binance’s L2 Announcement

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

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

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

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

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This episode is brought to you by Valora. Valora is a self-custody, mobile-first wallet... and the easiest way to send, swap, collect and purchase digital goods on the Celo blockchain. Download the app and start exploring today at valoraapp.com/empire.

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Resources:

SAP USDC blog post

https://blogs.sap.com/2023/06/15/cross-border-payments-made-easy-with-digital-money-experience-the-future-today/

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Disclaimer: Nothing said on Bell Curve or 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. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed.

Uniswap's Platform Play, Tether FUD & The PE Time Bomb | Roundup Jun 16, 2023

Show notes

In today's episode, the fellas discuss Uniswaps v4 announcement, whether demand will stay on mainnet vs L2s, our bullish market outlook, why everyone's watching Curve's 3Pool and the (potential) decimation of private equity markets.

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Timestamps:

(00:00) Uniswap v4: The Design and Speculation

(09:39) Demand for Mainnet for L2 Blockspace

(19:07) Market Sentiment: 2019 vs 2023

(31:01) The Prometheum Charade

(47:56) Curve 3Pool USDT FUD

(54:09) The Nasdaq Decoupling & Decimation of Private Equity

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

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

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

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

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

Matt Walsh Prometheum Twitter thread

https://twitter.com/MattWalshInBos/status/1669061636953366528

Danielle DiMartino on Forward Guidance

https://spoti.fi/3qOxaZH

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SEC vs Crypto, Uniswap v4 Predictions & Lido Vampire Attacks | Roundup Jun 10, 2023

Show notes

In today's episode, the fellas debate the SEC's attack on crypto, what's in store for Uniswap v4, if a protocol could vampire attack Lido, the US crypto exodus and more!

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Timestamps:

(00:00) Introduction

(02:28) SEC Sues Binance and Coinbase

(14:08) Uniswap v4, Compound vs Aave & LSTs

(23:09) L2 Momentum & Vampire Attacking Lido

(31:18) The Exodus to Asia

(38:38) Battling Apathy and Industry Sentiment

(42:54) Chainlink Swift Partnership

(48:13) Does DeFi Need Oracles?

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