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_

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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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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.