Bell Curve

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

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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

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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.

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

(55:39) EigenLayer’s New LST Cap Increase

(58:36) USDC: Circle Update

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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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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:

DOJ/Tornado Cash

https://blockworks.co/news/roman-semenov-tornado-cash-ofac-list

Friend.Tech

https://blockworks.co/news/friend-tech-financialization-goldentre

EigenLayer LST Cap increase

https://bitly.ws/T8dC

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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.

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_

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

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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.

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.

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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

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:

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.

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_

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

- -

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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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 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.

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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

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

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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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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, 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 

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:

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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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 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

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:

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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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 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

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

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

Subscribe on Apple: https://tinyurl.com/mv4frfv7

Subscribe on Spotify: https://tinyurl.com/wbaypprw

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.

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

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:

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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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.