In this episode, we’re joined by Jesse Walden and Austin Adams to discuss the DEX landscape today, vertical integration in DeFi, and DEX market share growth. We also dove into Doppler’s design, and why it’s being launched as a Uniswap v4 hook. Finally, we talked about Pure Markets, DEX design trends, and progressive decentralization.

Thanks for tuning in!

Resources

Doppler Announcement: https://x.com/AustinAdams10/status/1889362777791168877

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.

Uniswap Labs is running a $15.5 million bug bounty for critical bugs found in Uniswap v4, the largest bug bounty crypto has ever seen!

This bug bounty follows nine independent audits of the protocol, and aims to make it one of the most rigorously reviewed codebases ever deployed to Ethereum.

You’ll find all the information you need about the bug bounty, from eligibility and scope to, of course, details about rewards and prize payouts in the following link: https://v4.uniswap.org/?utm_medium=podcast&utm_source=bellcurve&utm_campaign=11-24-v4

Morpho is a permissionless lending platform that allows anyone to earn yield and borrow assets on your terms.

Its flexible, trustless infrastructure also empowers developers and businesses to build and tailor their own financial products.

Whether you're an individual, fund, fintech, or institution, Morpho is for you.

Try Morpho today: https://app.morpho.org/?network=mainnet&spdl=99nsk9

Join us at DAS NYC 2025! Use code BELL10 for a 10% discount: https://blockworks.co/event/digital-asset-summit-2025-new-york

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Timestamps:

(0:00) Introduction

(1:59) The DEX Landscape Today

(6:29) Vertical Integration in DeFi

(11:27) The Steady Growth of DEX Market Share

(19:49) Ledger Ad

(20:07) Can Ethereum Regain Market Share From Solana?

(25:05) Pain Points of Token Issuance

(36:24) Ledger Ad

(36:59) Doppler's Design

(47:04) Ads (Uniswap and Morpho)

(48:25) Launching as a Uniswap v4 Hook

(56:05) Pure Markets

(58:43) DEX Design Trends

(1:01:25) Token Issuance & Progressive Decentralization

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.

The Evolution of Crypto Exchanges | Austin Adams & Jesse Walden