Bell Curve Blockworks

In this episode, we dive deep into the rapidly evolving world of liquid restaking. Our expert panel unpacks the history and rise of Liquid Restaking Tokens, exploring LRT design, yield strategies, the leverage dynamics between LRTs and Eigen Layer, and the potential impact of introducing multi-assets like Bitcoin. We examine the challenges posed by duration mismatches, the institutional appetite for liquid restaking, and the evolving market structure. Thanks for tuning in!

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Follow Sam: https://x.com/hxrts
Follow Kane: https://x.com/0xkrane
Follow Clayton: https://x.com/menzel_clayton
Follow Myles: https://x.com/MylesOneil
Follow Mike: https://x.com/MikeIppolito_

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Kinto is the Safety-first L2 designed to accelerate the transition to an on-chain financial system.

If you believe in this on-chain financial system, join Kinto's launch program (Engen) and become a founding member at engen.kinto.xyz
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Timestamps:
(0:00) Introduction
(1:24) History & Rise of LRTs
(11:35) LSTs vs LRTs
(17:27) Kinto Ad
(18:21) Demand for Liquid Restaking
(34:19) Cosmos & Polkadot Lessons Learned
(50:06) Cosmos & Polkadot Lessons Learned
(1:00:18) Institutions & LRTs
(1:04:47) Multi-Asset Restaking
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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, the guys debate whether Democrats can reverse course before the upcoming election. They also discuss the rise and fall of meme coins, despite Iggy Azalea's recent token launch. The conversation then shifts to the challenges facing Bitcoin's L2 development, OpenAI's legal battles over celebrity rights and employee NDAs, and Nvidia's AI-fueled stock surge. Finally, they highlight Jito's launch of Stakenet on Solana and compare the diverging paths of Ethereum and Bitcoin L2s. Enjoy!
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Sei Labs believes the EVM is here to stay.

By providing the fastest time to finality of any chain, thousands of transactions per second and full backwards compatibility with the EVM, Ethereum developers can try out a brand new design space for their applications.

Try out sei v2 devnet - visit the new sei.io to find out more
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Flood is the optimal DEX aggregator, giving users and developers the mathematically proven best price.

Flood is built from the ground up for speed and efficiency, MEV free and redistributes all trading surplus to users, meaning you can earn money while doing your regular swapping.

Join Flood tide campaign!
https://flood.bid/bell-curve
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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/
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Timestamps:
(0:00) Consensus Vibes
(6:10) Are the Democrats Late?
(19:25) Sei Ad
(20:24) Flood Ad
(21:23) Celebrity Memecoins
(24:46) Future of Memecoins
(32:55) Aave, ENS, and Maker Chains
(43:51) ZK Tech Evolution
(45:56) Trademarking ZK
(49:01) Uniswap Business Source License
(50:17) AI Industry Endgame
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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.tt and our guests may hold positions in the companies, funds, or projects discussed.

In this episode we are joined by Sreeram Kannan, founder of EigenLayer, to discuss the current state and future potential of restaking. The conversation covers Eigenlayer's rapidly growing ecosystem of actively validated services (AVS), the different types of security guarantees made possible by restaking, and how restaking can benefit both external protocols and Ethereum itself. Sreeram shares his vision for how Eigenlayer fits into the broader Ethereum scaling roadmap and addresses some key open questions around restaking's impact on the Ethereum validator set and issuance. Thanks for tuning in!
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Follow Sreeram: https://x.com/sreeramkannan
Follow Myles: https://x.com/MylesOneil
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- -
--
Kinto is the Safety-first L2 designed to accelerate the transition to an on-chain financial system.

If you believe in this on-chain financial system, join Kinto's launch program (Engen) and become a founding member at engen.kinto.xyz
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Resources
https://blockworks.co/podcast/bellcurve/d102eb6c-ae76-11ee-85e5-e74b0e5c20b0
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Timestamps:
(0:00) Introduction
(3:10) State of LRTs
(9:41) Supporting Native Staking
(21:18) Kinto Ad
(22:12) AVS GTM & Branding Strategy
(37:43) Types of Security
(1:02:05) AVS Tokens
(1:11:59) Restaking & Accelerating ETH Growth
(1:23:07) Pre-Confirmations Market Overview
(1:34:41) Eigen Layer Endgame
(1:39:25) Ethereum Issuance Debate
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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, the crew dives into discuss the 75% odds of an ETH ETF approval this month. They unpack the implications of ETH ETFs on crypto market structure and institutional adoption. The conversation also covers the evolving regulatory landscape and the backlash against Yuga Labs over their CryptoPunks moves. Finally, they debate the future outlook for NFTs, the return of retail, and the potential of ETH to power new web3 applications.
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Sei Labs believes the EVM is here to stay.

By providing the fastest time to finality of any chain, thousands of transactions per second and full backwards compatibility with the EVM, Ethereum developers can try out a brand new design space for their applications.

Try out sei v2 devnet - visit the new sei.io to find out more
- -
Flood is the optimal DEX aggregator, giving users and developers the mathematically proven best price.

Flood is built from the ground up for speed and efficiency, MEV free and redistributes all trading surplus to users, meaning you can earn money while doing your regular swapping.

Join Flood tide campaign!
https://flood.bid/bell-curve
- -
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/
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Timestamps:
(0:00) Introduction
(2:21) ETH ETF Odds
(10:19) Crypto's Bipartisan Support
(25:35) Sei Ad
(26:35) Flood Ad
(27:34) Future of Crypto Regulation
(41:24) Return of Retail Users?
(55:43) Bullish Prognosis of NFTs
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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.tt and our guests may hold positions in the companies, funds, or projects discussed.

This episode takes a deep dive into the evolving landscape of restaking and shared security. Mike and Myles trace the history of restaking from early iterations like Polkadot and Cosmos to the rise of specialized providers like Eigen Layer. They break down the market structure, analyzing the supply and demand sides, and exploring how new entrants plan to challenge Eigen Layer's dominance. The discussion also unpacks restaking's dual identities in exporting security to other chains versus upgrading base layer protocols, and touches on key challenges and risks to watch out for as the ecosystem develops.
--
Follow Myles: https://x.com/MylesOneil
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- -
--
Kinto is the Safety-first L2 designed to accelerate the transition to an on-chain financial system.

If you believe in this on-chain financial system, join Kinto's launch program (Engen) and become a founding member at engen.kinto.xyz
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Get the freshest price feeds free for 12 months. Join Supra’s early integration program for zero-cost access to the fastest oracles and dVRF across 50+ blockchains: supra.com/blockworks

Earn $1,500 by referring Web3 projects to use Supra services. The projects get the fastest services for free, and you earn $1,500 for every referral. Learn more at the link above.
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Timestamps:
Timestamps:
(0:00) Restaking Season Reveal
(4:19) State of Restaking Now
(9:58) Definition of Shared Security
(23:26) Kinto Ad
(24:19) Supra Ad
(25:15) Market Structure of Restaking
(35:00) External vs Endogenous Restaking
(47:42) Ethereum Issuance Debate
(56:06) Restaking Platform Competition
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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, the guys discuss the recent prosecution of the Tornado Cash developer, the potential partisan nature of crypto regulation, and the ongoing vote on SAB 121. They delve into the history of asset seizure in the US, the shifting political attitudes towards crypto, and the potential implications for the industry. The conversation also touches on the recent GameStop saga and the return of 'Roaring Kitty', as well as the exploit engineered by 'Low Carb Crusader' and the subsequent legal consequences.
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Wormhole is a decentralized interoperability platform powering multi-chain applications and bridges. It provides developers with access to liquidity and users on over 30 leading blockchain networks, enabling use cases in DeFi, data queries, and governance. The platform is trusted by teams like Uniswap and Circle and, to date, the platform has facilitated the transfer of over 35 billion dollars through over 850 million cross-chain messages.

Claim your unique Wormhole NFT at
https://forms.clickup.com/45049775/f/1aytxf-16051/D1U8CUGM8SJWKVJ9KY
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Uniswap builds simple and secure products that help you swap smarter.
Web. Mobile. Extension. Powered by the smartest protocol in DeFi.

To learn more about the Uniswap’s products head on over to:
https://blckwrks.co/Uniswap
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Flood is the optimal DEX aggregator, giving users and developers the mathematically proven best price.

Flood is built from the ground up for speed and efficiency, MEV free and redistributes all trading surplus to users, meaning you can earn money while doing your regular swapping.

Join Flood tide campaign!
https://flood.bid/bell-curve
- -
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/
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Timestamps:
(0:00) Introduction
(3:01) Chamath & 2024 Silicon Valley VC
(20:42) Return of Roaring Kitty
(27:17) CPI Sentiment
(39:32) Wormhole Ad
(40:46) Flood Ad
(41:45) Uniswap Ad
(42:39) Low Carb Crusader Arrested
(49:42) Tornado Cash Dev Sentenced to Dutch Prison
(57:14) SAB 121 Vote
(1:06:25) Is Crypto Partisan?
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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.tt and our guests may hold positions in the companies, funds, or projects discussed.