![Article hero image](https://cdn.sanity.io/images/rvtn5kgj/production/6203db6b6dad966c30566456f6f609b6fe010d95-1440x804.jpg?w=1200&q=80&auto=format&dpr=2)
In this episode of the Fundamentals podcast, 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.
Listen to the episode
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.
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
Socials
Pantera: https://panteracapital.com/
Pantera on X: https://x.com/PanteraCapital
Cosmo on X: https://x.com/cosmo_jiang
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. Token Terminal does not recommend any particular course of action in relation to any token or protocol. The content herein is meant purely for educational and informational purposes only, and should not be relied upon as financial, investment, legal, tax or any other professional or other advice. 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.
Stay in the loop
Join our mailing list to get the latest insights!
Continue reading
- Changelog #007
Changelog #007
This week, we're excited to announce the launch of the brand new Discover page in Token Terminal! The Discover page serves as your launchpad for exploring a curated collection of dashboards created by our expert team and community of analysts.
- Token Terminal Discover is live
Token Terminal Discover is live
We’re excited to introduce Discover – Token Terminal’s brand-new discover product that puts the most insightful crypto data right at your fingertips. The Discover page includes real-time onchain analytics dashboards created by leading analysts in the crypto market.
- Changelog #006
Changelog #006
While summer’s wrapping up, we’re happy to share some of the work our data and integration teams have been doing over the summer. Between new basic metrics and a whole host of new project listings, the data we cover at Token Terminal continues to get both wider and deeper. Read on for what’s new!