Gm! This week we're joined by Tom Dunleavy & Ryan Berckmans to discuss the bull case for Ethereum. We deep dive into Ethereum's big pivot, how to value the L1, should L2 tokens exist, the role of Etherealize, what's next for ETH & more. Enjoy!

--

Start your day with crypto news, analysis and data from Katherine Ross.

Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts

Follow Ryan: https://x.com/ryanberckmans

Follow Tom: https://x.com/dunleavy89

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

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

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

Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh

--

Ledger, the global leader in digital asset security, proudly sponsors Bell Curve! As Ledger celebrates 10 years of securing 20% of global crypto, it remains the top choice for securing your assets. Buy a LEDGER™ device now, and build confidently, knowing your BTC, ETH, SOL, and more are safe.

Buy now on https://shop.ledger.com/?r=1da180a5de00.

--

Citrea is the first zero-knowledge rollup to enhance the capabilities of Bitcoin blockspace and enable Bitcoin applications (₿apps). Citrea is optimistically verified by Bitcoin, offering the most Bitcoin-secured and native way to extend BTC’s utility to DeFi. 

Learn more about Citrea: https://citrea.xyz/?utm_source=bellcurve&utm_medium=podcast&utm_campaign=website_promo 

Follow Citrea on X/Twitter for the latest on its journey to mainnet: https://x.com/citrea_xyz

--

Grab your tickets to Permissionless IV.

Use code BELL10 for 10% off: https://blockworks.co/event/permissionless-iv

--

Timestamps:

(0:00) Introduction

(1:46) What Went Wrong With Ethereum?

(4:30) The Ethereum L2 Roadmap

(7:33) Does Ethereum Have Product Market Fit?

(10:45) Ethereum’s Big Pivot

(15:08) Ledger Ad

(15:32) Should Blockspace Be Taxed?

(17:57) Ethereum's Next Chapter

(23:37) The Role Of Etherealize

(26:00) Ledger Ad

(26:41) Does Scaling The L1 Benefit L2s?

(37:22) How To Attract Builders To Ethereum

(39:30) Citrea Ad

(40:06) Should We Tariff The L2s?

(45:18) How To Value L1s

(50:33) The Bull Case For ETH

(57:43) Should L2 Tokens Exist?

(1:02:45) Final Thoughts

--

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