Fundamentals

In this episode of the Fundamentals podcast, I’m joined by Michael Nadeau, a crypto data and research analyst and author of the DeFi report.

In this episode with Michael, we explore how blockchains can be valued, especially from the perspective of more traditional and institutional investors. We discuss the main differences between traditional assets and crypto assets - focusing on L1 blockchains and their native tokens, the role of key metrics in analyzing these projects, we speak about market consensus and the roles of buy and sell-side analysts, the similarities and differences between blockchains and web2 businesses, and how comparisons can be drawn from specific key metrics.

Mike also walks us through several valuation frameworks and how the can be applied to blockchains, and we wrap things up with thoughts on how he sees valuation frameworks developing now that institutions are slowly entering the space.

Michael:

Linkedin: https://www.linkedin.com/in/michael-austin-nadeau

Twitter: https://twitter.com/JustDeauIt

The DeFi report: https://thedefireport.io/#newsletter

VanEck’s Ethereum analysis: https://www.vaneck.com/us/en/blogs/digital-assets/matthew-sigel-ethereum-price-target-118k-by-2030/

Ethereum’s dashboard on Token Terminal: https://tokenterminal.com/terminal/projects/ethereum

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

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► https://www.tokenterminal.com/

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Timestamps:

00:00 Introduction

02:00 Mike’s introduction & background

04:33 The main differences between a traditional asset (stock), and a crypto network (Ethereum)

09:05 The role of key metrics in analyzing assets (crypto vs. tradfi)

13:07 The typical roles and perspectives of buy-side and sell-side analysts

16:42 Conducting due diligence

18:18 Comparing Ethereum to traditional businesses like Apple and Amazon

21:58 Token incentives as a superior capital formation tool

27:25 Valuation methodologies: Robert Greer framework

30:47 Valuation methodologies: DCF analysis

32:21 VanEck’s Ethereum valuation methodology

34:45 Valuation methodologies: TAM analysis

36:25 Blockchains as economies & GDP analysis

38:59 How metrics like L2 take rate, App/Protocol layer take rate, and validator yield effect the value of an L1 blockchain

42:06 Closing thoughts: the future of valuation frameworks for crypto networks & the effects of institutions entering the space

…

Crypto redefines the way businesses are built and operated.

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

The following content is meant purely for educational and informational purposes, and should not be relied upon as financial, investment, legal, tax or any other professional advice.

The authors of this content, or members, affiliates, or stakeholders of Token Terminal may be participating, or are invested, in protocols or tokens mentioned herein. The foregoing statement acts as a disclosure of potential conflicts of interest and is not a recommendation to purchase or invest in any token or participate in any protocol.

None of the content and information herein is presented to induce or to attempt to induce any reader or other person to buy, sell or hold any token or participate in any protocol or enter into, or offer to enter into, any agreement for or with a view to buying or selling any token or participating in any protocol.

#TokenTerminal #Blockchains #Ethereum

In this episode of the Fundamentals podcast, I’m joined by Darren Camas and Dimitar Dinev, the Co-Founders of IPOR Protocol. IPOR is a non-custodial exchange for interest rate swaps built on Ethereum.

00:00 Introduction

01:51 What is the IPOR Protocol?

04:01 The core problem that IPOR solves

07:32 IPOR's product suite

09:17 Overview of the protocol's architecture

13:14 Why build on Ethereum? How is IPOR thinking about going multichain?

15:29 IPOR V2

22:55 State of the market & IPORs unique selling proposition

26:26 Founding story & the team building IPOR

32:00 Economic and business models

36:05 The IPOR token

38:17 The venture case for IPOR

39:27 Growth drivers & challenges

42:59 IPOR Power Tokens: innovating liquidity mining

45:25 ETH staking rate derivative

In this episode of the Fundamentals podcast, I’m joined by Arno Bauer, a Senior Solution Architect at BNB Chain. BNB Chain is a smart contract platform for decentralized applications and is currently the most widely used blockchain.

In this episode of the Fundamentals podcast, I’m joined by Pablo, the Co-Founder of Angle Protocol – a decentralized Euro stablecoin protocol.

In this episode of the Fundamentals podcast, we’re joined by Rune Christensen, Co-Founder of MakerDAO – a decentralized stablecoin protocol built on Ethereum, and the first-ever DAO.

Maker recently published their Endgame plan, which is a roadmap for a significant overhaul and improvement to the governance and tokenomics of the Maker Ecosystem. Its primary aim is for the ecosystem to reach a self-sustainable equilibrium called the Endgame State.

In this episode with Rune, the mastermind behind the Endgame plan, we discuss why this overhaul is needed and how it will affect the Maker Ecosystem. We go through the details of the plan's 5 different phases: Unified branding, subDAOs, leveling the playing field for governance, incentivizing participation, and launching a new blockchain.

Tune in to this insightful discussion to learn about how these changes are expected to position Maker for mass adoption and take the innovative concepts crypto has introduced over the years mainstream.

The 5 phases of Endgame: https://forum.makerdao.com/t/the-5-phases-of-endgame/20830

MakerDAO

Site: https://makerdao.com/en/

Twitter: https://twitter.com/MakerDAO

Rune: https://twitter.com/RuneKek

MakerDAOs dashboard on Token Terminal: https://tokenterminal.com/terminal/projects/makerdao

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.com/resources

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

Timestamps:

00:00 Introduction

01:39 The goals and vision behind the Endgame update

07:28 Unifying branding & how it contributes to the growth and resilience of Maker?

10:13 SubDAOs: How will parallelized growth and specialization benefit the ecosystem?

15:40 How will SubDAOs fund operations?

22:02 AI tools to enhance governance processes & level the playing field

30:26 Governance participation rewards

36:52 The rationale for deploying a new blockchain

48:32 How will the Endgame roadmap position Maker in the market?

Crypto redefines the way businesses are built and operated.

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

The following content is meant purely for educational and informational purposes, and should not be relied upon as financial, investment, legal, tax or any other professional advice.

The authors of this content, or members, affiliates, or stakeholders of Token Terminal may be participating, or are invested, in protocols or tokens mentioned herein. The foregoing statement acts as a disclosure of potential conflicts of interest and is not a recommendation to purchase or invest in any token or participate in any protocol.

None of the content and information herein is presented to induce or to attempt to induce any reader or other person to buy, sell or hold any token or participate in any protocol or enter into, or offer to enter into, any agreement for or with a view to buying or selling any token or participating in any protocol. Statements made herein (including statements of opinion, if any) are wholly generic and not tailored to take into account the personal needs and unique circumstances of any reader or any other person. Readers are strongly urged to exercise caution and have regard to their own personal needs and circumstances before making any decision to buy or sell any token or participate in any protocol. Observations and views expressed herein may be changed by Token Terminal at any time without notice. Token Terminal accepts no liability whatsoever for any losses or liabilities arising from the use of or reliance on any of this content.

#MakerDAO #Endgame #DeFi #Crypto #TokenTerminal

In this episode of the Fundamentals podcast, we’re joined by John McNiff and Felipe Montealegre, the founders of Theia Blockchain – a fundamentals-driven investment fund that is applying the principles of prudent investing to blockchain.

In this episode of the Fundamentals podcast, we’re joined by Shawn Tabrizi, Lead Developer at Polkadot. Polkadot is the first fully-sharded blockchain, i.e. it is a multi-chain environment. Polkadot enables scalability by allowing specialized blockchains to communicate with each other in a secure, trust-free environment.

00:59 Polkadot’s core value proposition

02:17 The optimizations Polkadot has focused on

04:25 The problem that Polkadot solves for blockchain developers

08:55 The bet against blockchain maximalism

11:52 Building an unstoppable blockchain ecosystem

17:10 What is best suited to be built on Polkadot

20:02 The current Parachain landscape

21:20 The Substrate blockchain development framework

23:42 Polkadot's core contributors

28:04 Polkadot's economic model

32:18 What role do fees and revenue play in a blockchain's value accrual

35:27 What are the best metrics to measure/value a blockchain?

35:27 Quantifying the utility of a blockchain's native token

38:27 Current challenges

43:37 Growth drivers

43:16 What's next for Polkadot?

In this episode of the Fundamentals podcast, we’re joined by Greg Skril, a core contributor at Ethereum Name Service (ENS). ENS is a distributed, open, and extensible naming system based on the Ethereum blockchain.

Scoopy Trooples, Co-Founder of Alchemix, joined us for an episode to discuss what Alchemix is and how it works, the protocol’s use cases, target customer profile, economic and business models, current growth drivers and challenges, the most exciting things coming up, the team behind the project, and more!

Merlin Egalite, Co-Founder of Morpho – a lending pool optimizer that operates a peer-to-peer layer built on top of lending pools such as Compound and Aave – joined us for an interview to dive into the details behind Morpho-Aave V3, and the teams approach to building a truly secure protocol. Tune in to learn about the new features that come with Morpho-Aave V3, the details behind Morpho’s smart contract development process, and how the team is ensuring the technical, operational, and economic safety of the protocol.