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