The Gwart Show | Bitcoin Tech & Culture

Haseeb and Gwart arguing while Tarun writes a research paper

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Apr 20, 2025
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INSIGHT

Crypto Market's Infinite Tokens Insight

  • The crypto market has always had a vast number of tokens, making underwriting each one impractical.
  • Market caps follow a power law distribution, reflecting natural network effects and scale.
INSIGHT

Infrastructure Tokens Overvaluation

  • Many infrastructure tokens are grossly overvalued and generally trend down in USD value.
  • Bitcoin is likely to capture the vast majority of value long term, with other tokens trending to their utility value.
INSIGHT

Three Components of L1 Valuation

  • L1 valuations combine three components: utility (consumptive use), equity (fee generation), and monetary use.
  • No agreed market formula exists; valuations are complex and nuanced.
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