Welcome back to the Gwart Show! Today we have Haseeb Qureshi and Tarun Chitra about whether VC-funded tokens are vaporware or valuable investments. They tackle fundamental questions about crypto market structure, token valuation models, and the long-term economics of L1 blockchains. Is there a carrying capacity for tokens? Are smart contract platforms overvalued? Will L1s converge to their utility value or maintain monetary premiums?

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# Notes:

- Crypto market caps follow power law distribution

- Solana valued at ~$80 billion despite skepticism

- Stablecoin market grew from $130B to $240B

- Bitcoin dominance may increase over time

- Most tokens trending down in USD since launch

- L1 valuation combines utility, equity & monetary use

Timestamps:

00:00 Start

03:09 Infinite tokens - Haseeb

06:10 Infinite tokens - Gwart

09:55 Infinite tokens - discussion

11:47 How to value a token

21:32 Proof of stake

30:02 Staking pro & con

33:38 ETH value

35:18 ETH is money (or not)

39:20 Value of new L1s

44:44 ROI for tokens

46:33 REV

50:46 Payments.. meh

👋 The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs is building Atlas, the blockchain purpose-built for verifiable finance. You may know of Ellipsis Labs by their first product Phoenix, a fully on-chain orderbook DEX that’s done over 50 billion dollars in unincentivized volume. They are one of the strongest teams I know in crypto. If you’re interested in working for a mission-driven company, Ellipsis Labs is hiring engineers passionate about crypto and finance to work on Atlas. You can learn more and apply on Ellipsis Labs’ Twitter “at Ellipsis_Labs”. Don’t forget to check out Atlas too, @atlasxyz on Twitter.

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