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 01:31 Meet Zach Pandl: From Wall Street to Crypto 03:20 Why Crypto Is the Future of Finance 08:36 Grayscale: A Pioneer in Crypto Asset Management 10:25 Grayscale’s Four-Stage Product Life Cycle 12:24 Macro Trends Driving Crypto 17:35 How Important Is the Presidential Election for Crypto? 20:37 Overview of Grayscale's Product Portfolio 21:45 Flagship Products (GBTC & ETHE) and Upcoming Mini Trusts 24:02 New Private Placements: Stacks and NEAR Trusts 28:19 The Role of Research at Grayscale 34:50 Grayscale Crypto Sectors 38:07 External vs. Internal Research 39:21 Onchain Data and Fundamental Analysis 43:25 Looking Ahead 📊 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