Logan Jastremski Podcast

Finding Alpha & Being Contrarian | Tushar Jain | Co-Founder of Multicoin | EP #78

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May 22, 2023
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INSIGHT

Three-Part Valuation For Layer Ones

  • Layer-one tokens have three value components: commodity, capital-asset income, and money characteristics.
  • MEV turns token staking into a capital-asset that generates predictable income for stakers.
INSIGHT

MEV Is Unavoidable; Redirect It

  • MEV cannot be eliminated without creating worse incentives or arms races like HFT latency races.
  • Redistributing MEV to stakers via fees is a sustainable equilibrium that aligns incentives.
INSIGHT

Moneyness Comes From Wide Ownership

  • A token's 'moneyness' depends on how widely it is owned, not just on low inflation or burn mechanics.
  • Mass ownership makes a layer-one token function more like money than simply a deflationary commodity.
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