Bell Curve – Details, episodes & analysis

In this episode, Mippo, Vance, and Michael discuss their reactions to the US Vice Presidential debate, and their views on meaningful crypto legislation. Additionally, they dive into the advancements in the crypto lending markets. They also unpack the current state of vesting schedules in crypto. Finally, they give their thoughts on the potential impact of Visa’s recently announced tokenized asset platform, and the continued institutional adoption of crypto. Thanks for tuning in! -- L2s and L3s are history. Supra Containers give you dedicated, customizable AppSpace on Supra’s Layer-1 to rescue you from the costs, complexities, and fragmentation of L2s and L3s.  Containers help you build with better customization and control than appchains at a fraction of the cost. Use your own token as the gas token, create local fee markets with custom gas amounts or just go gasless, and scale on demand whenever you need to. Supra Containers are secured by Supra’s L1 nodes and get access to Supra’s 500k TPS throughput, sub-second consensus latency, and all their built-in services like oracle price feeds and onchain randomness without any overhead. Supra is also MultiVM compatible so you can easily deploy your EVM, Move, and SVM smart contracts here. Get all the freedom, control, and tools you need to build super dApps and bring the world onchain. To learn more, visit www.supra.com/blockworks -- Join us at Permissionless III. Use code BELL10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- 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/ -- Timestamps: (0:00) Introduction (3:04) Reactions to the Vice Presidential Debate (8:52) Meaningful Crypto Legislation (13:01) Advancements in Crypto Lending (15:47) Supra Ad (16:44) Vesting Schedules in Crypto (27:11) Visa Announces the Visa Tokenized Asset Platform (42:25) Bitwise's Trendwise Bitcoin, Treasuries Rotation Strategy, and XRP ETFs (48:35) Gary Gensler's Strategy as SEC Chair (51:15) Kain Warwick vs David Hoffman at Permissionless -- 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.

In this episode, DeFi legends Stani Kulechov and Rune Christensen joined us to discuss the growth of DeFi! We discussed Sky Aave Force, DeFi’s convergence on product offerings, and the impact of brand and culture in DeFi. Additionally, we dove into the growing institutional interest in crypto. Finally, we concluded the interview with Stani and Rune’s thoughts on the “DeFi Renaissance”. Thanks for tuning in! -- Resources Read More About Sky Aave Force: https://x.com/SkyEcosystem/status/1830788183056900133 -- L2s and L3s are history. Supra Containers gives you dedicated, customizable AppSpace on Supra’s Layer-1 to rescue you from the costs, complexities, and fragmentation of L2s and L3s.  Containers help you build with better customization and control than appchains at a fraction of the cost. Use your own token as the gas token, create local fee markets with custom gas amounts or just go gasless, and scale on demand whenever you need to. Supra Containers are secured by Supra’s L1 nodes and get access to Supra’s 500k TPS throughput, sub-second consensus latency, and all their built-in services like oracle price feeds and onchain randomness without any overhead. Supra is also MultiVM compatible so you can easily deploy your EVM, Move, and SVM smart contracts here. Get all the freedom, control, and tools you need to build super dApps and bring the world onchain. To learn more, visit www.supra.com/blockworks -- Join us at Permissionless III. Use code BELL10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Follow Rune: https://x.com/RuneKek Follow Stani: https://x.com/StaniKulechov Follow Mike: https://x.com/MikeIppolito_ Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH -- Timestamps: (0:00) Introduction (1:35) The History of Sky and Aave (7:28) Transitioning From Maker to Sky (13:47) Sky Aave Force (18:35) Explaining the D3M Module (25:14) Competition Between Aave and Sky (30:44) Supra Ad (31:40) DeFi's Convergence on Product Offerings (35:36) Expanding Into Other Ecosystems (42:52) Brand and Culture in DeFi (48:06) The Growth of Institutional Interest in Crypto (54:18) The DeFi Renaissance (1:09:02) Managing Protocol Complexities -- 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.

In this episode, the Roundup Crew discusses the current sentiment among market participants, and how seasonality impacts the markets. Additionally, they covered the Fed’s upcoming Jackson Hole symposium, rate cuts and job number revisions, and Kamala Harris’ potential capital gains tax policies. Finally, they took a look at Tron’s recent success and asked themselves, are centralized chains better at acquiring users? Thanks for tuning in! -- Resources 2xDog Chart on Bitcoin Seasonality: https://x.com/2xdog/status/1826460239090385028 S.Y. Lee’s Comments: https://x.com/storysylee/status/1826296244568019259 Tron Fees Chart: https://x.com/AviFelman/status/1825969241050550507 -- Namada is the shielded asset hub rewarding you to protect the multichain. Enabling data protection for any existing asset, app, or chain, Namada introduces shielded cross-chain actions and rewards for shielding your assets, which strengthens data protection guarantees for everyone. Namada is currently in its mainnet launch phase — follow along on namada.net -- Join us at Permissionless III. Use code BELL10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- 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/ -- Timestamps: (0:00) Introduction (2:42) Sentiment in the Crypto Markets (8:51) How Seasonality Impacts Markets (13:30) The Fed's Jackson Hole Symposium (15:27) Namada Ad (16:26) Kamala Harris' Capital Gains Tax Policies (24:06) Which Presidential Candidate Will Be Better For Crypto? (28:23) Rate Cuts & Job Revision Numbers (40:01) Story Protocol's Series B Announcement (46:51) Tron's Pump Fun Competitor (50:01) Are Centralized Chains Better at Acquiring Users? (55:22) Peter Thiel's Interview With Joe Rogan (58:50) Bill Clinton at the DNC -- 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.

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. - - 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   - - 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  - - 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 - - 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 - - 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.

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! - - 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   - - 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 - - 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 -- 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/ - - 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 - - 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.

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. - - 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   - - 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 (38:50) Discriminating Types of Traders (48:11) Auctions for Mitigating LVR (52:49) Transferring Wealth to LPs (56:57) Why is LVR Important? (1:02:05) Outro - - Follow Dan: https://twitter.com/danrobinson Follow Mike: https://twitter.com/MikeIppolito_ Follow Alex: https://twitter.com/0x94305 Follow Jason: https://twitter.com/jason_of_cs Subscribe on YouTube: https://bit.ly/3R1D1D9 Subscribe on Apple: https://apple.co/3pQTfmD Subscribe on Spotify: https://spoti.fi/3cpKZXH - - Resources: Automated Market Making and Loss-Versus-Rebalancing (Jason Paper) https://arxiv.org/abs/2208.06046 How Discount Brokerages Make Money by Patrick McKenzie https://www.kalzumeus.com/2019/6/26/how-brokerages-make-money/ - - 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.

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! - - 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   - - 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 - - Follow Mike: https://twitter.com/MikeIppolito_ Follow Myles: https://twitter.com/MylesOneil 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 -- 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/ - - Resources: RaaS: The Key Ingredient to a Rollup-Centric Roadmap https://www.reverie.ooo/post/raas-the-key-ingredient-to-a-rollup-centric-roadmap - - 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.

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! - - 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 - - Follow Dan: https://twitter.com/danrobinson 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 - - Resources: - - 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.

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! - - 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 - - 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 -- 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/ - - Resources: MakerDAO Interest https://blockworks.co/news/chronicle-labs-oracle-scribe - - 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.

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! - - 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 - - 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 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 Celestia https://twitter.com/CelestiaOrg https://celestia.org/ Eclipse https://twitter.com/EclipseFND https://www.eclipse.builders/ - -  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.