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In this episode, we trace how open-source software shaped crypto, why value capture remains hard beyond Layer 1s, how rollups and infrastructure borrowed the wrong mental models, and where AI is forcing a rethink of software business models, incentives, and trust. Enjoy! Thanks for tuning in! – Follow Myles: https://x.com/MylesOneil Follow Xavier: https://x.com/0xave 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 Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ —-- Timestamps 00:00 Introduction 01:49 The Evolution of Software and Open Source 08:13 Red Hat and Commercial Open Source Software 14:41 The Rise of Open Core Companies 19:21 Cloud Computing and Open Source Software 21:40 The Intersection of Open Source and Crypto 23:17 The Role of Layer 1s in Monetization 29:22 Layer 2s: Business Models and Challenges 55:30 AI’s Disruption of B2B SaaS and Open Source 01:04:41 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, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed, and our guests may hold positions in the companies, funds, or projects discussed.