Podcast Summary
This podcast episode features Cosmo Jiang, a portfolio manager at Pantera Capital, discussing Pantera’s largest investment ever into the open network or TON, originally designed by Telegram. The discussion covers Pantera’s investment philosophy, the potential of TON, and the strategic partnership between Telegram and TON.
Key Takeaways
Pantera Capital’s Investment Philosophy
- Long-term Focus: Pantera Capital, one of the first institutional investment firms focused on blockchain, invests in the long-term future of the digital assets industry. They aim to compound capital over a multi-year time period by riding the industry’s secular tailwinds.
- Focus on Fundamentals: Pantera emphasizes fundamental investing in the crypto space, aiming to educate investors on what fundamental investing really means and how to apply it at scale.
Investment in TON
- Largest Investment: Pantera made its largest investment ever into the TON ecosystem, driven by factors such as the strategic partnership between Telegram and TON, the potential to onboard the first billion users to crypto, and the growth of stablecoins on the network.
- Investment Thesis: The investment thesis for TON is based on the belief that tokens are a new form of capital formation and a disruptive coordination mechanism for aligning incentives in businesses.
Telegram and TON
- Strategic Partnership: Telegram, the third largest messaging app globally, has a strong distribution channel and network effect, making it an attractive platform for exploring blockchain integration. The strategic partnership with TON has given it new life.
- Potential for TON: TON has the potential to become the largest crypto app and onboard the most new users due to Telegram’s massive distribution advantage. The success of TON is critical to the sustainability of Telegram as a private entity.
Gaming on TON
- Success of Games: The success of gaming applications on Telegram’s TON blockchain can overcome past issues in web3 gaming, such as unsustainable economics and poor user experience. Games like Notcoin and Hamster Combat have reached millions of daily active users, validating Telegram’s distribution advantage.
- Mobile Gaming Potential: Mobile gaming, particularly on platforms like WeChat, has shown significant growth and potential, making it a promising market for TON’s gaming applications.
Sentiment Analysis
- Bullish: The podcast presents a bullish sentiment towards TON and its potential. The strategic partnership between Telegram and TON, the potential to onboard the first billion users to crypto, and the growth of stablecoins on the network are seen as positive indicators. The success of gaming applications on TON and the potential of mobile gaming also contribute to this bullish sentiment.
- Neutral: While the overall sentiment is bullish, there are some neutral aspects. These include the early stage of TON and the need for the development of a developer ecosystem and tooling. There are also concerns about the strategic importance of TON to Telegram and the potential success of other mini-apps on the Telegram platform.
