Fundamentals

TON: Pantera's Largest Investment Ever | Interview With Cosmo Jiang

Jul 11, 2024

Cosmo Jiang from Pantera Capital discusses Pantera's largest investment in TON, emphasizing strategic partnership with Telegram, potential for mass crypto adoption, thriving developer ecosystem on TON, growth of stablecoins, and post-investment support. The episode explores Pantera's fundamentals-based investing, due diligence process, bull case for TON, and risks involved, providing insights into TON's growth potential and Pantera's long-term approach to investments.

53:21

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Episode guests

Cosmo Jiang

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Quick takeaways

Pantera Capital emphasizes fundamental-based investing for long-term growth in projects like TON.

TON seeks user growth and value accrual through strategic partnerships and innovative features like stablecoin integration.

Pantera collaborates with TON post-investment to enhance developer experiences and drive sustainable growth in the crypto landscape.

Deep dives

Pantera Capital's Investment in TON and Fundamental-Based Approach

Pantera Capital recently made its largest investment in the open network, TON, led by Cosmo Jung, a portfolio manager. Pantera's strategy involves fundamental-based investing, emphasizing long-term prospects, deal sourcing, and due diligence processes. The investment was guided by factors such as the Telegram and TON partnership, aiming to onboard a billion users to crypto and the potential disruptive nature of tokens as a new form of capital formation.

TON's Distribution Advantage

00:32

TON Valuation Breakdown

01:03

Intro

5min

Evolution of Pantera and Emphasis on Fundamental Investing in Crypto Space

3min

Pantera's Investment in TON Network and Future Potential with Telegram

28min

Exploring the Role of TON as a Developer Platform and Financial Services Company with a Focus on Stablecoin Adoption and Blockchain Payments

4min

Exploring Growth Potential and Value Accrual of a Blockchain Project

2min

Investment Due Diligence and Market Opportunities in Blockchain

11min

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 🙌

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Fundamentals

TON: Pantera's Largest Investment Ever | Interview With Cosmo Jiang

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Pantera Capital's Investment in TON and Fundamental-Based Approach

Cosmo Jung's Background and Investment Philosophy

Pantera Capital's Origin and Focus on Blockchain

Challenges and Opportunities in TON's Development

Market Opportunity and Value Accrual for TON

Pantera Capital's Role in Supporting TON Development

TON's Distribution Advantage

TON Valuation Breakdown

Remember Everything You Learn from Podcasts