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.