Bell Curve

Season 2 | Episode 1

In this episode of Bell Curve, we are joined by Hasu and Chris Ahn for a deep dive into DAOs and business-governance fit. We explore the differences between L1 and application governance, the challenges of achieving scalability and resiliency, why Hasu won't work for another DAO, learnings from traditional corporate governance, token distribution failures, over-indexing on community and more!

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Timestamps

(00:00) Intro: Pre-Interview

(02:21) Defining Business-Governance Fit

(09:34) Layer One Governance

(14:15) Path Dependency & The Power Of Defaults

(21:22) Why Hasu Won't Work For A DAO Again

(27:15) DAO Decision Making & Finding Business Governance Fit

(40:19) Progressive Decentralization, Instant Liquidity & Uphill Battles

(47:37) Hasu’s MakerDAO Proposal Explained

(54:25) Can DAOs Achieve Resiliency & Scalability?

(01:03:23) Balancing Credible Neutrality

(01:09:07) Can A DAO Structure Benefit Early Stage Companies?

(01:17:20) Community Is Overrated

(01:25:38) Coase's Theory Of The Firm

(01:27:59) Is This Only About Censorship Resistance?

(01:32:03) Recap: Post-Interview

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

Follow Chris: https://twitter.com/ahnchrisj

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

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Resources:

Business-Governance Fit (Chris Ahn)

https://station.mirror.xyz/xjAWfo9cqLDLTjU2eamDIvuK09QrawY1nk5MXaXmZT4

Hasu's MakerDAO proposal

https://bit.ly/3DFfzWD

DAOs Are Not Corporations (Vitalik)

https://vitalik.ca/general/2022/09/20/daos.html

Convex and Concave Dispositions (Vitalik)

https://vitalik.ca/general/2020/11/08/concave.html

I Pledge Allegiance (podcast)

https://spoti.fi/3zRgYIF

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Reserve Protocol aims to protect consumers from the effects of high inflation and hopes to one day eradicate it.

It's a self-service, permissionless factory where anyone can build, deploy and govern their own asset-backed stablecoins (RTokens), which can be integrated within DeFi and real-world commerce.

The Reserve App is a user-friendly way for ordinary people to buy RSV stablecoin with their local currencies and use them locally. More info at https://reserve.org/

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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.

This episode of Bell Curve starts with the most contentious topic of the week: Elon's $8 Twitter Blue subscription fee. What are the implications? Could this be a turning point for subscription-based media?

We then explore the carnage happening in the private markets, Alameda's precarious balance sheet, Coinbase's earnings (bullish), J.P. Morgan's first DeFi trade, Instagram NFTs and more!

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Timestamps

(00:00) Introduction

(01:12) Lord Elon & Subscription-Based Media

(20:02) Private Market Carnage, Down Rounds Are Coming

(33:08) Alameda's Balance Sheet Is… Unexpected

(48:25) J.P. Morgan Executes First Trade On Polygon

(58:43) Coinbase's Q3 Earnings

(01:10:04) Will Polygon Part Ways With Ethereum?

(01:12:53) Instagram NFT Announcement

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

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

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Resources:

Alameda's balance sheet breakdown

https://twitter.com/tier10k/status/1587819512619044865

Ty Lobban's tweet thread on the J.P. Morgan trade

https://twitter.com/TyLobban/status/1587679344792829954

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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.

Have DAOs failed? Can projects successfully democratize decision-making and capital allocation? What can DAOs learn from corporate governance? What is "business-governance fit" and how can we use this concept to design DAO frameworks?

These are just a few of the questions we will explore in Season 2 of Bell Curve. In this Season 2 pilot episode, we describe our DAO thesis and give a sneak peek of what's coming next!

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Timestamps:

(00:00) Introduction

(01:29) Season 2’s Thesis: Finding Business-Governance Fit

(25:29) Our Upcoming Guests

(28:29) Outro

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

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

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

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

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Resources:

Business-Governance Fit (Chris Ahn)

https://station.mirror.xyz/xjAWfo9cqLDLTjU2eamDIvuK09QrawY1nk5MXaXmZT4

Progressive Decentralization (Variant Fund)

https://variant.fund/articles/progressive-decentralization-a-playbook-for-building/

DAOs Are Not Corporations (Vitalik)

https://vitalik.ca/general/2022/09/20/daos.html

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Core, from Ava Labs, is more than just a wallet. It’s a free, non-custodial browser extension that gives Avalanche users a more seamless and secure Web3 experience. Download Core today at https://www.core.app/

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Reserve Protocol aims to protect consumers from the effects of high inflation and hopes to one day eradicate it.

It's a self-service, permissionless factory where anyone can build, deploy and govern their own asset-backed stablecoins (RTokens), which can be integrated within DeFi and real-world commerce.

The Reserve App is a user-friendly way for ordinary people to buy RSV stablecoin with their local currencies and use them locally. More info at https://reserve.org/

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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 episode of Bell Curve, we discuss the bloodshed happening in big tech and the likelihood of multiple bankruptcies in the Bitcoin mining market. What happens next, and who will make it out on top? We then discuss Apple's new NFT policy, Reddit onboarding 3M+ users to crypto, why VC-backed chains could be in trouble and the future of DeFi regulation. 

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Timestamps:

(02:15) Snap & Facebook Wrecked, What’s Next?

(22:37) Bitcoin Miners Eye Bankruptcy

(34:50) Apple’s New NFT Policy? Bullish

(40:57) Reddit Onboards 3M+ People To Crypto

(47:26) VC Chains In Trouble?

(57:08) SBF & DeFi Regulation

(01:05:53) Elon & Twitter. Meant to be?

(01:11:52) Outro

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

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

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

Follow Bell Curve: https://twitter.com/thebellcurvepod

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

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Resources:

Bitcoin treasuries

https://bitcointreasuries.net/

SBF's article on proposed crypto regulation

https://www.ftxpolicy.com/posts/possible-digital-asset-industry-standards

Elon walks into Twitter HQ with a sink

https://twitter.com/elonmusk/status/1585341984679469056

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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 Season 1 finale, Mike and Jason review the fixed-rate lending thesis and discuss their biggest takeaways. Will debt be a major component of DAOs going forward? Is the infrastructure in place to support this? What major innovations do we see coming next? Tune in to find out!

P.S. Get ready for Season 2, coming out on November 2nd!

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Timestamps:

(00:00) Introduction

(01:43) Biggest Takeaways From Season 1

(14:12) Innovation Is Coming

(26:26) Season 2 Preview

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

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

Follow Bell Curve: https://twitter.com/thebellcurvepod

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

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

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

- -

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, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode of Bell Curve, we discuss the state of VC markets and fundraising 101. What should founders look out for when fundraising? Why do terms often matter more than valuation, and how should founders think about anti-dilution? We answer these questions and more in this fundraising segment.

We then explore the current macro environment, the Mango exploit and dangers of oracle pricing, the upcoming midterms and reasons to be optimistic!

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Timestamps:

(00:00) Introduction

(01:05) VCs, Term Sheets & Fundraising

(21:39) Finding Value Despite Inflation

(31:16) Mango Exploit, Oracle Pricing & Risk Management

Midterms, Regulation & Yuga Labs Investigation

(44:36) Scaling Season

(50:13) Why Be Optimistic?

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

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

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

Follow Bell Curve: https://twitter.com/thebellcurvepod

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

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Resources:

GCR "insider" tweet

https://twitter.com/GCRClassic/status/1579837794675216384

Alf CPI tweet

https://twitter.com/MacroAlf/status/1580538848194330624

The Macro Trading Floor podcast

https://spoti.fi/3EGriXd

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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 1 | Episode 7

In this episode of Bell Curve, Jason and Dan are joined by Stani Kulechov & Robert Leshner, two of the best builders in crypto, to discuss DeFi's transformation and upcoming catalysts.

We cover all of Season One's biggest topics, including CeFi's implosion, uncollateralized lending, fixed rates, duration debt, RWAs, staking yields and vertical app integration. We then cap the conversation with the question we all want to know: what will catalyze the next DeFi bull market? Trust me, it's worth the listen.

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Timestamps:

(00:00) Introduction

(04:23) A Structural Tailwind for all of DeFi

(09:44) Uncollateralized vs Collateralized Lending

(17:10) DAO Capital Markets

(27:07) Fixed Rates & Long Duration Loans 

(36:46) How ETH’s Staking Yield Impacts DeFi

(43:49) Bringing Off-Chain Assets to DeFi & Censorship Resistance

(52:44) GHO, Protocol Specific Stablecoins & Vertical Integration

(01:00:27) Compound Gateway, Cosmos & Cross-Chain Bridges

(01:04:20) DeFi Summer 2.0?

(01:17:39) The Permissioned DeFi Thesis

(01:22:12) Post Interview

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Follow Stani: https://twitter.com/StaniKulechov

Follow Rob: https://twitter.com/rleshner

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

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

Follow Bell Curve: https://twitter.com/thebellcurvepod

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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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, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode of Bell Curve's Weekly Roundup, we discuss one area of the market many aren’t paying attention to, private order flow (POF). As well as POF, Sushiswap announced a new head chef, MakerDAO plans to invest $500M in US treasurys and many VCs are looking to gaming for the next big opportunity in crypto? To hear all this and more, you’ll have to tune in!

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Timestamps: 

(00:00) Introduction

(01:30) Sushiswap Brings In A New Head Chef

(15:38) Uniswap & The App-Chain Thesis

(28:15) Private Order Flow Is The New MEV

(40:30) The Biggest Winners In MEV

(43:00) Gaming: Crypto’s Biggest Opportunity

(1:02:30) MakerDAO To Invest $500M in US Treasurys & Corporate Bonds  

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Follow Vance

Follow Michael

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Referenced In The Show: 

SushiSwap ‘Head Chef’ Election Settled by GoldenTree, Cumberland https://blockworks.co/sushiswap-election-settled-by-goldentree-cumberland/ 

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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 1 | Episode 6

In this episode of Bell Curve, Jason and Mike are joined by Ben Forman, the founder of ParaFi, to discuss the demand for on-chain debt. We explore DeFi's capital markets, the massive opportunity of DAO-driven borrowing and the future of on-chain lending.

What opportunities are created by programmable loans? Will DAOs issue debt to lower their cost of capital? Where will the demand come from? Tune in to learn these answers and more!

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Timestamps:

(00:00) Introduction

(03:15) What’s Missing in DeFi Capital Markets?

(14:23) Programmable Loans & Debt Covenants

(22:35) Ribbon DAO’s Bond Issuance

(28:33) Permissioned Pools, DeFi’s TAM and CeFi Frontends

(35:38) The ETH Staking Yield Opportunity & Securitizing MEV

(41:37) On-Chain DAO Borrowing

(44:36) Maker DAOs End Game, RWAs and Importing TradFi Yields

(50:49) The Fixed Rate Debt Catalyst

(56:57) Speculation and Borrowing Demand

(01:07:17) Post Interview

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Follow Mike

Follow Jason

Follow Bell Curve

Subscribe on YouTube

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Resources:

Ribbon's Bond Issuance

Ben Forman's email

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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, and our guests may hold positions in the companies, funds, or projects discussed.

In this episode of Bell Curve's Weekly Roundup, the Blockworks Research team takes over the pod! We start with a debate on the implications of ATOM 2.0 and USDC launching on Cosmos. Is ATOM no longer a meme coin? Does everything revolve around MEV? What opportunities does native USDC unlock for the Cosmos ecosystem?

We then discuss the feasibility of reversible on-chain transactions, the next NFT catalyst and how Polygon is a relentless business development machine. Tune in for all of this and more! And don't worry - Jason, Mike, Vance and Michael will be back next week. 

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Timestamps:

(00:00 Introduction

(01:15) ATOM 2.0 & USDC Cosmos Announcement

(20:09) GMX MEV Opportunity Explained

(23:33) Politicians Continue to Fight Crypto

(26:37) Centre & USDC Dominance

(29:45) Reversible Transactions

(38:41) The Next NFT Catalyst

(42:22) Polygon’s Business Development 

(47:39) Blockworks Research

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Follow Matt: https://twitter.com/MattFiebach

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

Follow Sam: https://twitter.com/swmartin19

Follow Garrett: https://twitter.com/G_C_Harp

Follow Bell Curve: https://twitter.com/thebellcurvepod

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

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Referenced in the show:

Youssef Amrani's tweet on ATOM 2.0

https://bit.ly/3RwU1Re

Polka tweet on GMX MEV Opportunity

https://bit.ly/3LRO2VR

Blockworks Research Twitter

https://twitter.com/blockworksres

Blockworks Research Newsletter

https://blockworks.co/newsletter/daily-debrief-by-blockworks-research/

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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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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.