In today’s episode, the guys reflect on the previous 12 months and take a temperature check on where we’re at in the current cycle. We also discuss the latest use case for RWA on-chain lending, with the Patek Philipe NFT loan, the recent new feature releases from Coinbase, and the potential for bipartisan crypto support on The Hill. We finish up reviewing the current seed stage climate, the death of the AI hype, and more! 
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Timestamps:
(00:00) Introduction
(01:01) SEC vs XRP Review
(09:33) Are We Experiencing a Sentiment Shift?
(12:50) RWA On-Chain Lending Use Case: Patak Philipe NFT Loan 
(18:36) Current Investment Thesis 
(20:31) Year In Review & Changing Narratives
(25:18) Coinbase News: L2 Base Launch & New Wallet-to-wallet Messaging 
(28:42) Bipartisan Crypto Support?
(31:08) Future of Token/Equity Mix
(32:01) Arkham Self-Sabotage?
(33:05) Seed Stage Climate
(34:48) Is the Pivot to AI Dead?
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Follow Jason: https://twitter.com/JasonYanowitz
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
--
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/
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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:
Coinbase: Introducing Base
https://www.coinbase.com/blog/introducing-base

Coinbase: Wallet Messaging
https://www.coinbase.com/blog/say-gm-with-messaging-on-coinbase-wallet
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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.

Is This An Inflection Point for Crypto? | Roundup

Season 4 | Bonus Episode
In today's Bell Curve, we are joined by Stephane Gosselin, the founder of Flashbots and Frontier Research. We discuss why we need to reframe MEV, MEV burn, app-specific order flow auctions, user intents and EIP-4337, why centralized sequencers are fine, enshrined PBS and more! Stephane is a legend - you don't want to miss his unique insights. 
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Timestamps:
(00:00) Introduction
(01:58) Reframing MEV: From Allocation to Wealth Creation 
(09:36) MEV Burn
(12:37) The Evolution of DEX Architecture and MEV
(22:44) Order Flow Auctions
(27:30) The Case for Centralized Sequencers
(38:56) Share Sequencers and Cross-Domain MEV
(43:37) User Intents and Limitations of EIP-4337
(49:21) Block Building's Race to the Bottom
(54:45) Optimistic Relays and Enshrined PBS
(1:07:05) Frontier Research
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Follow Stephane: https://twitter.com/thegostep
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
- -
Resources:
Frontier Research
https://frontier.tech/

MEV Utopia vs Dystopia by Stephane
https://flashbots.mirror.xyz/bqCakwfQZkMsq63b50vib-nibo5eKai0QuK7m-Dsxpo

Don’t Overload Ethereum’s Consensus by Vitalik
https://vitalik.ca/general/2023/05/21/dont_overload.html
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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.

BONUS EP: Stephane Gosselin on MEV, OFAs, and Frontier Research

Season 4 | Episode 5

Join us on Bell Curve as we delve into the world of MEV Searchers with guests Dean Eigenman and Anish Agnihotri. We start with an introduction to the role of Searchers, today's Searcher landscape and the Searcher business model. Dean and Anish then explain how Searchers find MEV opportunities, the relationship between Searchers and Builders, atomic vs non-atomic trades, the role of latency and more. This is your chance for an inside look into the business model of an MEV Searcher!
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Timestamps:
(00:00) Intro: Pre-Interview
(02:36) Interview Start: Guest Backgrounds
(07:31) The MEV Searcher Landscape
(12:43) MEV Strategies Across Execution Environments
(23:55) Searcher Competition
(27:03) “Rook Ad”
(28:56) Searcher Competition
(35:29) The Relationship Between Searchers and Builders
(41:10) Searcher Capital Requirements
(43:11) Atomic vs Non-Atomic Trades
(51:29) Traditional HFT and How to Win at MEV
(55:40) The Role of Latency
(59:30) Centralization Concerns
(1:02:05) Minimizing MEV vs Maximal Extraction
(1:05:27) Qualities of a Great Searcher
(1:12:45) Recap: Post-Interview
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Follow Anish: https://twitter.com/_anishagnihotri
Follow Dean: https://twitter.com/deaneigenmann
Follow Hasu: https://twitter.com/hasufl
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
- -
This episode is brought to you by Rook. Close to a billion dollars has already been taken out of users’ pockets through MEV. Rook built a solution that automatically drives this value back to where it belongs: with the users and applications that create it.

If you use on-chain products, tell your wallet, favorite app and go-to node provider to use Rook; if you're a developer, message us today to find out how to integrate Rook with your product. Follow Rook on Twitter and them a message at https://twitter.com/Rook.
- -
Resources:
Interview With a Searcher (Hasu, Uncommon Core)
https://spoti.fi/43Bueyk

End Game by Vitalik
https://vitalik.ca/general/2021/12/06/endgame.html

Dialectic
https://dialectic.ch/
https://twitter.com/Dialectic_Group

Project Blanc
https://github.com/project-blanc
- -
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.

Interview with a Searcher 2.0 | Dean Eigenman, Anish Agnihotri

Season 4 | Episode 4
In this episode of Bell Curve, we are joined by Jon Charbonneau and Robert Miller to discuss how Ethereum's modular roadmap impacts the future of MEV. We explore L2 MEV design, decentralized sequencer models, cross-domain MEV, latency games, and Suave. Jon and Robert are two giga brains that understand the bleeding edge of modular MEV design!
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Timestamps:
00:55 Intro: Pre-Interview
02:39 How Ethereum’s Modular Roadmap Impacts MEV
08:18 The Rollup Revolution: Consensus and Latency Games
18:35 How Sequencers Work Today
23:43 L2 MEV Models: Optimism and Arbitrum
29:42 Why L2s Need PBS
32:21 Decentralized Sequencer Designs
44:45 Cross-Domain MEV and Atomicity
53:46 Suave: The Mechanics, Order Flow Auctions & Roadmap
57:07 “Rook Ad”
59:09 Suave: The Mechanics, Order Flow Auctions & Roadmap
1:27:50 Recap: Post-Interview
- -
Follow Jon: https://twitter.com/jon_charb
Follow Robert: https://twitter.com/bertcmiller
Follow Hasu: https://twitter.com/hasufl
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
- -
This episode is brought to you by Rook. Close to a billion dollars has already been taken out of users’ pockets through MEV. Rook built a solution that automatically drives this value back to where it belongs: with the users and applications that create it.

If you use on-chain products, tell your wallet, favorite app and go-to node provider to use Rook; if you're a developer, message us today to find out how to integrate Rook with your product. Follow Rook on Twitter and them a message at https://twitter.com/Rook.
- -
Resources:
Rollups Aren't Real by Jon
https://joncharbonneau.substack.com/p/rollups-arent-real

Hasu's Mevconomics talk
https://www.youtube.com/watch?v=6xS0xMzh9Tc&ab_channel=ETHGlobal

MEV Share
https://collective.flashbots.net/t/mev-share-programmably-private-orderflow-to-share-mev-with-users/1264
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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.

Bell Curve Transcript on Youtube

Is This An Inflection Point for Crypto? | Roundup

BONUS EP: Stephane Gosselin on MEV, OFAs, and Frontier Research

Interview with a Searcher 2.0 | Dean Eigenman, Anish Agnihotri

MEV in a Modular World | Jon Charbonneau, Robert Miller