Fundamentals

In this episode, we’re joined by David Han, Institutional Research Analyst at Coinbase, to discuss the latest market trends, onchain developments, and David's journey into the crypto space. Our conversation covers the purpose of Coinbase’s research team, the state of onchain analysis, and more specifically how important access to verifiable onchain analytics is. We speak about the state of Bitcoin and Ethereum ETFs, and where the difference in traction stems from. We touch on Bitcoin dominance, and dive into Ethereum’s current scaling roadmap and address how the L2 roadmap might be slightly extractive to ETH. 

We move on to speak about tokenization, and real-world assets, where David shares insights from his previous role at Goldman Sachs, where he was part of the team developing a tokenization platform, and we speak about the hurdles faced by institutional adoption of blockchain technology. David also discusses underutilized onchain metrics, the need for quality filters, his creation of custom metrics to serve this need, the overall state of the crypto market outside of just BTC and ETH, and what aspects of growth on L1s like Solana and TON investors should be focusing on.

Tune in for a great discussion on the Fundamentals of everything onchain.

David Han on X: https://x.com/0xdavidhan

Coinbase Institutional on X: https://x.com/CoinbaseInsto 

Coinbase Institutional Research: https://www.coinbase.com/institutional/research-insights

ETH and the Rise of L2s: https://www.coinbase.com/en-sg/institutional/research-insights/research/market-intelligence/eth-and-the-rise-of-l2s

Interpreting Token Inflation: https://www.coinbase.com/en-sg/institutional/research-insights/research/market-intelligence/interpreting-token-inflation

Measures of Adoption in the EVM (H-index): https://www.coinbase.com/en-sg/institutional/research-insights/research/market-intelligence/measures-of-adoption-in-the-evm

Timestamps:

00:00 Introduction

00:43 David Han's Journey into Crypto

03:40 Role and Focus of Coinbase's Research Team

06:00 Importance of Onchain Analytics

08:39 Challenges in Comparing Crypto and TradFi Metrics

09:59 Underutilized Onchain Metrics: Quality Filters & The H-index

13:49 How Project Teams Should Aim to Showcase Their Onchain Data

17:47 Bitcoin vs. Ethereum ETFs: Institutional Perspectives

27:20 Institutional Investment in ETH vs. BTC

28:13 Bitcoin Dominance and Market Trends

31:35 Ethereum's Evolving Narrative and L2 Impact

36:02 Tokenization: Leanings from Goldman’s Digital Assets Team

44:57 Token Inflation and Market Dynamics

52:07 Emerging Trends on Solana and TON

54:11 Conclusion and Upcoming Research

Make sure to leave a comment if you have any questions 🙌

📊 Token Terminal platform: 

► https://www.tokenterminal.com/

-------------------------------------------

💬 Join our Discord: 

►  https://discord.com/invite/tokenterminal

-------------------------------------------

📱 Follow us on Twitter:

► https://twitter.com/tokenterminal

-------------------------------------------

📩 Subscribe to our Newsletter:

► https://tokenterminal.substack.com/

-------------------------------------------

Crypto redefines the way businesses are built and operated.

Token Terminal gives you the tools to evaluate and track the most promising projects.

#Coinbase #Bitcoin #Ethereum #TokenTerminal

In this episode, we’re joined by Steven Goldfeder, Co-Founder and CEO of Offchain Labs, the team behind Arbitrum. We discuss the launch of Arbitrum Stylus, which significantly broadens the blockchain developer ecosystem by enabling the creation of smart contracts in programming languages that compile to WASM, such as Rust, C, C++, and many others.

We talk about Arbitrum's strategic positioning in the expanding blockchain market, highlighting its value proposition against alternative ecosystems and tech stacks.

We cover key developments within the Orbit ecosystem, the concept and significance of chain clusters, and the most exciting chains being developed today. We also break down Arbitrum’s business model and how institutions like Franklin Templeton and Robinhood are integrating with the onchain ecosystem.

The discussion concludes with Steven’s vision of Arbitrum's success as a leader in various verticals, from DeFi to gaming to institutional finance, driven by innovative applications powered by the Nitro tech stack.

Tune in for an insightful discussion on the fundamentals of Arbitrum.

Make sure to leave a comment if you have any questions 🙌

📊 Token Terminal platform: 

► https://www.tokenterminal.com/

-------------------------------------------

💬 Join our Discord: 

►  https://discord.com/invite/tokenterminal

-------------------------------------------

📱 Follow us on Twitter:

► https://twitter.com/tokenterminal

-------------------------------------------

📩 Subscribe to our Newsletter:

► https://tokenterminal.substack.com/

-------------------------------------------

Timestamps:

00:00 Introduction

01:16 Arbitrum Stylus: The Broadband Moment for Blockchain Development

09:46 Exploring the Orbit Ecosystem

17:50 Chain Clusters and Interoperability

28:15 The Power of Customizability

29:08 The Arbitrum Nitro Tech Stack

30:07 Arbitrum Developer Guild and Community Contributions

35:57 Arbitrum's Vision for Success

38:39 Partnerships and Institutional Adoption

40:39 Arbitrum x Robinhood

45:12 Arbitrum's Business Model and Value Accrual

54:02 Upcoming Milestones

Crypto redefines the way businesses are built and operated.

Token Terminal gives you the tools to evaluate and track the most promising projects.

#Arbitrum #Ethereum #TokenTerminal

In this episode, we're joined by Carlos Domingo, Co-Founder and CEO of Securitize – a financial services platform that specializes in the tokenization of real-world assets. 

We dive into the world of asset tokenization, starting with Securitize’s journey from its founding to its role today as a leader in the space. We break down our framework for asset tokenization, discussing how token issuers transform legacy assets into more dynamic, interoperable digital assets that unlock new value creation opportunities.

Carlos explains the benefits of tokenization for all involved stakeholder, using different products available on Securitize’s platform as examples: We dive deep into BlackRocks BUIDL fund, that recently broke $500m in deposits, and the most recent addition to their product suite, Hamilton Lane’s $5.6B Secondary Fund. We explore Securitize's rigorous vetting process for adding new investment opportunities, how they make money, the differences between onchain vs. offchain ledgers and reporting requirements, and what the challenges are that lie ahead and what it will take for Securitize to 100x their business.

Tune in for a great episode on the fundamentals of Securitize and asset tokenization.

Token Terminal's asset tokenization framework (Asset Tokenization, the Return of the Incumbents): https://tokenterminal.com/resources/weekly-fundamentals/asset-tokenization

Securitize: https://securitize.io/

Securitize on X: https://x.com/Securitize

Carlos on X: https://x.com/carlosdomingo

Make sure to leave a comment if you have any questions 🙌

Timestamps

00:00 Introduction

01:43 Overview of Securitize

04:33 Token Terminal's Tokenization Taxonomy

07:11 Nuances in Tokenization

14:56 Real-World Applications of Tokenization

21:19 Quality Control in Tokenization Projects

25:21 Securitize's Role in BlackRock's BUIDL Fund

27:45 Investment and Redemption Process

30:38 Securitize's Business Model and Revenue Streams

32:07 Hamilton Lane's Secondary Fund VI

34:58 Tokenization and Institutional Interest

39:53 Onchain Data and Reporting

42:18 Future of Blockchain-Based Records

48:21 Challenges and Future Growth

📊 Token Terminal platform: 

► https://www.tokenterminal.com/

-------------------------------------------

💬 Join our Discord: 

►  https://discord.com/invite/tokenterminal

-------------------------------------------

📱 Follow us on Twitter:

► https://twitter.com/tokenterminal

-------------------------------------------

📩 Subscribe to our Newsletter:

► https://tokenterminal.substack.com/

-------------------------------------------

Crypto redefines the way businesses are built and operated.

Token Terminal gives you the tools to evaluate and track the most promising projects.

#TokenTerminal #Securitize #Tokenization

In this episode, we’re joined by Jamie Coutts, Chief Crypto Analyst at Real Vision – a financial knowledge and education platform founded in 2014. They share honest financial insights from the smartest industry experts, along with time-efficient market tools, an AI concierge, charting, note-taking, and access to a powerful community of like-minded investors and thinkers.

With a rich background in traditional finance, trading, and technical analysis. Jamie provides insights into his career progression, from Credit Suisse, to Bloomberg Intelligence, to his current research role at Real Vision. The discussion covers a wide range of topics including the importance of macroeconomic factors, liquidity cycles, and the evolving institutional approach to digital assets. Jamie shares his views on Bitcoin's role as collateral, the current and future state of smart contract platforms, the potential impact of digital and decentralized assets on global finance, the strategies to outperform during a bull cycle, and how Jamie uses onchain data to asses fundamentals.

Make sure to leave a comment if you have any questions 🙌

Tune in for a great discussion on the fundamentals of crypto!

Real Vision Crypto: https://www.realvision.com/marketplace/rv-crypto

Jamie on X: https://x.com/Jamie1Coutts

Real Vision on X: https://x.com/RealVision

Timestamps:

00:00 Introduction

01:29 Jamie's Professional Background

02:58 Transition to Crypto and Bloomberg Experience

06:41 Insights on Institutional Adoption of Crypto

09:27 Joining Real Vision

12:40 Macro Environment and Liquidity Cycles

22:34 Bitcoin's Collateralization Mission

33:18 Investment Strategies in a Bull Market

36:47 Current Assets and Sectors of Interest

43:25 Future of Real Vision

📊 Token Terminal platform: 

► https://www.tokenterminal.com/

-------------------------------------------

💬 Join our Discord: 

►  https://discord.com/invite/tokenterminal

-------------------------------------------

📱 Follow us on Twitter:

► https://twitter.com/tokenterminal

-------------------------------------------

📩 Subscribe to our Newsletter:

► https://tokenterminal.substack.com/

-------------------------------------------

Crypto redefines the way businesses are built and operated.

Token Terminal gives you the tools to evaluate and track the most promising projects.

#RealVision #Crypto #TokenTerminal

In this episode, we're joined by Sandeep Nailwal and Marc Boiron from Polygon. We discuss the notion of prediction markets and their increasing relevance in the crypto space, driven by the success of Polymarket. We then focus on both the technological and economic aspects of the evolving blockchain landscape, highlighting AggLayer, Polygon’s solution for creating an infinitely scalable blockchain ecosystem. This ecosystem aims to provide economic sovereignty for individual chains while ensuring unified liquidity and interoperability.

We explore the concept of the internet of value and how Polygon is positioned to facilitate its adoption. Topics include the current state of the blockchain market, Polygon’s business case for developing AggLayer, and how developers should evaluate Polygon compared to other ecosystems.

Tune in for an insightful episode on the fundamentals of Polygon.

Make sure to leave a comment if you have any questions 🙌

Polygon: https://polygon.technology/

Polygon (X): https://x.com/0xPolygon

Sandeep (X): https://x.com/sandeepnailwal

Marc (X): https://x.com/0xMarcB

Timestamps:

00:00 Introduction

01:39 Solar Flares and the Carrington Event

05:05 Polymarket: The Rise of Prediction Markets

10:44 The Future of Blockchain and AppChains

15:31 Building the Value Layer of the Internet

22:12 AggLayer: Polygon's Vision for Mass Adoption

28:28 Governance and Sovereignty in the AggLayer

29:07 Technical Foundations and Pessimistic Proofs

32:05 Polygon's Collaborative Ethos

41:43 Competitive Landscape and Builder's Perspective

50:03 Business Case and Economic Model

📊 Token Terminal platform: 

► https://www.tokenterminal.com/

-------------------------------------------

💬 Join our Discord: 

►  https://discord.com/invite/tokenterminal

-------------------------------------------

📱 Follow us on Twitter:

► https://twitter.com/tokenterminal

-------------------------------------------

📩 Subscribe to our Newsletter:

► https://tokenterminal.substack.com/

-------------------------------------------

Crypto redefines the way businesses are built and operated.

Token Terminal gives you the tools to evaluate and track the most promising projects.

#Polygon #AggLayer #Blockchain #TokenTerminal

In this episode, we’re joined by Cosmo Jiang, Portfolio Manager at Pantera Capital to discuss the details behind Pantera’s largest investment ever, into The Open Network – or TON – the Layer 1 network originally designed by Telegram. 

We speak about Pantera's long-term approach to fundamentals-based investing, and walk through their typical deal sourcing and due diligence processes. We explore the factors the helped Pantera build conviction for their largest investment to date, including the strategic partnership between Telegram and TON, how TON is uniquely positioned to onboard the first billion users to crypto, the importance of a thriving developer ecosystem, the impressive traction that mini games have been seeing on TON, and the growth of stable coins on the network. 

We also speak about Pantera’s bull case for TON, the risks and unanalyzables related to the investment, and how Pantera is supporting TON's growth post-investment. 

Tune in for a great episode on the fundamentals of both Pantera and TON.

Investing in TON Network: https://panteracapital.com/blog-investing-in-ton-network/

TON, Our Largest Investment Ever: https://panteracapital.com/blockchain-letter/ton-our-largest-investment-ever/

Pantera: https://panteracapital.com/

Pantera on X: https://x.com/PanteraCapital

Cosmo on X: https://x.com/cosmo_jiang

Timestamps:

00:00 Introduction

01:37 Meet Cosmo Jiang

04:38 Overview of Pantera

08:29 How TON Hit Pantera’s Radar

11:11 Telegram's Strategic Partnership with TON

15:38 Pantera's Due Diligence Process

21:15 Building Conviction for TON Investment

24:58 Telegram vs. Other Community Platforms

28:12 Gaming on TON

34:46 Notcoin & Hamster Kombat: The Popularity of Idle Games

36:06 Payments and Stablecoins on TON

40:40 Value Accrual and Investment Potential of TON

42:06 Risks and ‘Unanalyzables’

47:53 Supporting TON’s Growth

51:11 Conclusion and Future Outlook

Make sure to leave a comment if you have any questions 🙌

📊 Token Terminal platform: 

► https://www.tokenterminal.com/

-------------------------------------------

💬 Join our Discord: 

►  https://discord.com/invite/tokenterminal

-------------------------------------------

📱 Follow us on Twitter:

► https://twitter.com/tokenterminal

-------------------------------------------

📩 Subscribe to our Newsletter:

► https://tokenterminal.substack.com/

-------------------------------------------

Crypto redefines the way businesses are built and operated.

Token Terminal gives you the tools to evaluate and track the most promising projects.

#TON #Pantera #TokenTerminal

In this episode of the Fundamentals Podcast, we’re joined by Zach Pandl, the Head of Research at Grayscale. Zach talks about his career transition from Wall Street to the crypto industry, the compelling reasons behind his move, and his role at Grayscale.

Zach outlines the potential of digital assets, driven by large addressable markets, network technologies, and the Bitcoin macro trade. Additionally, Zach shares his insights on the macro factors impacting the crypto market today and the importance of federal reserve policy on Bitcoin’s price.

We walk through Grayscale's product suite, including their flagship Bitcoin and Ethereum related products, and the launch of mini trust products and new investments in protocols like Stacks and NEAR. He explains Grayscale's approach to evaluating crypto projects through fundamentals-focused metrics such as daily active users, fees, and transactions. 

Lastly, Zach highlights the role of research in both investor education and product development at Grayscale, and shares his optimistic outlook on the future impacts of digital assets and Grayscale's ongoing mission to provide innovative crypto investment products.

Tune in for a great episode on the fundamentals of crypto.

Make sure to leave a comment if you have any questions 🙌

Timestamps

00:00 Introduction

📊 Token Terminal platform: 

► https://www.tokenterminal.com/

-------------------------------------------

💬 Join our Discord: 

►  https://discord.com/invite/tokenterminal

-------------------------------------------

📱 Follow us on Twitter:

► https://twitter.com/tokenterminal

-------------------------------------------

📩 Subscribe to our Newsletter:

► https://tokenterminal.substack.com/

-------------------------------------------

Crypto redefines the way businesses are built and operated.

Token Terminal gives you the tools to evaluate and track the most promising projects.

#Grayscale #Crypto #TokenTerminal

In this episode, we're joined by Unique Divine – Co-Founder and CEO of Nibiru Chain – to dive into the general-purpose L1 blockchain featuring superior throughput potentially exceeding 40k TPS. The discussion covers its core value propositions, including the use of WASM smart contracts, the upcoming high-performance EVM execution layer, and optimizations like scalable data indexing and advanced developer tooling. 

We explore which applications are best suited for Nibiru, current performance metrics, economic sustainability, and the future roadmap of Nibiru, including its growth and the challenges it faces.

Timestamps:

00:00 Introduction to Nibiru Chain

00:27 Core Value Proposition and Optimizations

02:55 Developer Tools and Ecosystem

03:53 Current Applications and Use Cases

06:43 Performance Metrics and Blockchain Landscape

10:30 Team Composition and Network Stakeholders

14:35 Economic Model and Sustainability

24:07 Onchain Data and Business Development

29:43 Future Roadmap and Conclusion

Make sure to leave a comment if you have any questions 🙌

📊 Token Terminal platform: 

► https://www.tokenterminal.com/

-------------------------------------------

💬 Join our Discord: 

►  https://discord.com/invite/tokenterminal

-------------------------------------------

📱 Follow us on Twitter:

► https://twitter.com/tokenterminal

-------------------------------------------

📩 Subscribe to our Newsletter:

► https://tokenterminal.substack.com/

-------------------------------------------

Crypto redefines the way businesses are built and operated.

Token Terminal gives you the tools to evaluate and track the most promising projects.

#Nibiru #Blockchain #TokenTerminal

In this episode, we’re joined by Christopher Jensen, Director of Digital Asset Research at Franklin Templeton.

We speak about Franklin Templeton's fundamentals-driven approach to digital asset investments research, and internal analysis to understand protocols, tokens, and value accrual. Our conversation also touches on client demand, institutional interest, and the creation of a comprehensive product suite to cater to varying levels of demand and knowledge. Christopher highlights the importance of onchain data, the use of blockchain technology for operational efficiencies, and the ongoing exploration of new crypto use cases like decentralized physical infrastructure networks (DePIN). Additionally, we speak about Franklin Templeton's pioneering efforts in launching the first tokenized money market fund, and their plans for the future.

Tune in to learn about how Franklin Templeton is navigating and contributing to the onchain future.

Franklin Templeton: https://www.franklintempleton.com/

X: https://twitter.com/FTI_DA

Christopher Jensen: https://www.franklintempleton.com/profiles/christopher-jensen

Make sure to leave a comment if you have any questions 🙌

Timestamps:

00:00 Introduction

01:00 Sudden Shift in Crypto Policy

03:36 Franklin Templeton's Digital Assets Focus

06:17 Institutional Interest and Client Demand

09:13 Bitcoin ETF and Market Impact

10:50 Barriers to Adoption and Education

13:43 Protocol Economy and Value Accrual

19:08 Metrics and Methods for Evaluating Digital Assets

24:38 Sustainability and Competitive Moats in Web3

27:55 Utilizing Onchain Data for Research

29:57 Franklin Templeton's Node Operations

33:11 Challenges and Insights from Running Nodes

38:16 Franklin OnChain U.S. Government Money Fund

46:13 Bringing Capital Markets Onchain

49:10 Partnerships and Strategic Integrations

51:49 Promising Crypto Use Cases and Killer Apps (Case DePin)

-------

📊 Token Terminal platform: 

► https://www.tokenterminal.com/

-------------------------------------------

💬 Join our Discord: 

►  https://discord.com/invite/tokenterminal

-------------------------------------------

📱 Follow us on Twitter:

► https://twitter.com/tokenterminal

-------------------------------------------

📩 Subscribe to our Newsletter:

► https://tokenterminal.substack.com/

-------------------------------------------

Crypto redefines the way businesses are built and operated.

Token Terminal gives you the tools to evaluate and track the most promising projects.

#FranklinTempleton #TokenTerminal #Crypto #Onchain

In this episode, we’re joined by Jesse Pollak, the Creator of Base. Our conversation dives into the details behind moving Coinbase onchain, building Base as a ‘company within a company’, and combining the strengths of Coinbase and Optimism to create a global onchain economy. 

We speak about Base’s lean and engineering-driven team structure, the purpose of economic alliances between chains, pioneering governance strategies, standardising metrics in the industry, and the paradigm shift that building onchain enables for decision-making, product development, and more efficient business operations. 

Tune in for a great discussion about the fundamentals of Base and building onchain.

Let's get Jesse bald! https://letsgetjessebald.com/

Base's dashboard on Token Terminal: https://tokenterminal.com/terminal/projects/base

Onchain Summer: https://base.mirror.xyz/HoH9cZVi8CMdvxVUNjvOzceUPVQcVZvvkf8ZbCOVOco

BaseCamp 001: https://base.mirror.xyz/GL6dd2CfZuG3dVd_jZAZJLjYP8h7NRk0falVV6O7RqQ

Base: https://www.base.org/

Jesse on X: https://x.com/jessepollak

Base on X: https://x.com/base

Make sure to leave a comment if you have any questions 🙌

Timestamps:

00:00 Introduction

00:52 Let’s get Jesse bald!

03:07 Why build Base as a company within a company?

05:44 Is Base to Coinbase what AWS is to Amazon?

06:20 The future of compute: Onchain and serverless

10:40 From legacy systems to onchain: a practical approach

13:40 What makes DAOs powerful?

16:22 Team composition and hiring at Base

24:49 Standardizing metrics in the industry

25:44 Introduction to the Superchain ecosystem

27:14 The importance of interoperability and asset fungibility

31:16 The economic arrangement between Base and Optimism

33:17 Base as the hub of the onchain economy

37:24 Coinbase x Optimism: An iconic duo

38:04 Governance as a differentiator with L2s

45:18 Leveraging onchain data for growth and decision making

📊 Token Terminal platform: 

► https://www.tokenterminal.com/

-------------------------------------------

💬 Join our Discord: 

►  https://discord.com/invite/tokenterminal

-------------------------------------------

📱 Follow us on Twitter:

► https://twitter.com/tokenterminal

-------------------------------------------

📩 Subscribe to our Newsletter:

► https://tokenterminal.substack.com/

-------------------------------------------

Crypto redefines the way businesses are built and operated.

Token Terminal gives you the tools to evaluate and track the most promising projects.

#Base #Coinbase #Onchain #TokenTerminal #Crypto