
Fundamentals
Fundamentals of the internet-native economy.
The world's most valuable companies are born during major platform shifts. We demystify crypto to help you filter the noise.
Latest episodes

Oct 14, 2022 • 16min
Ribbon Finance — building a one-stop solution for crypto structured products | 15-minute fundamentals
Julian Koh, Co-Founder & CEO of Ribbon Finance joined us for another episode of 15-minute fundamentals to discuss the past 3 months at Ribbon.
In this episode, we dive into the current state of Ribbon and discuss recently launched products Ribbon Earn and Ribbon Lend, and the soon to be launched options exchange Aevo.
Ribbon Finance is a suite of DeFi protocols that help users access crypto structured products. By combining derivatives, lending and a proprietary on-chain options exchange (Aevo), Ribbon aims to be the one-stop solution for users who want to improve a portfolio's risk-return profile.
Ribbon's dashboard: https://tokenterminal.com/terminal/projects/ribbon-finance
Ribbon Finance:
Site: https://www.ribbon.finance/
Docs: https://docs.ribbon.finance/
Twitter: https://twitter.com/ribbonfinance
Discord: https://discord.com/invite/ribbon-fin...
Julian: https://twitter.com/juliankoh
Make sure to leave a comment if you have any questions 🙌
📊 Token Terminal platform:
► https://www.tokenterminal.com/
-----------------------------------------
💬 Join our Discord:
► https://discord.com/invite/tokenterminal
-----------------------------------------
📱 Follow us on Twitter:
► https://twitter.com/tokenterminal
-----------------------------------------
📩 Subscribe to our Newsletter:
► https://tokenterminal.substack.com/
-----------------------------------------
Timestamps:
00:00 Current vibes over at Ribbon
01:49 Ribbon Earn
05:36 Ribbon Lend
07:20 Ribbon Lend's core value proposition
09:31 How the new products affect Ribbon's revenues
10:35 Aevo - what and why?
13:48 Core business focus areas
15:03 What's next for Ribbon Finance?
Crypto redefines the way businesses are built and operated.
Token Terminal gives you the tools to evaluate and track the most promising projects.
The information provided in this episode does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Token Terminal does not recommend that any cryptocurrency or token should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
#RibbonFinance #TokenTerminal #Crypto #Investing

Oct 4, 2022 • 17min
Stabilizing the ICE Poker ecosystem | Miles Anthony from Decentral Games | 15-minute fundamentals
Miles Anthony from Decentral Games joined us for an episode of 15-minute fundamentals to dive into the details behind the charts available on Token Terminal. Decentral Games is a web3 gaming company building ICE Poker; a metaverse-native play-to-own poker game.
In this episode, we speak about the past 6 months at Decentral Games, dive into the current state of the business, new game modes for ICE Poker, the ICE Merge, and what effects the recent changes have had on the Decentral Games ecosystem.
Decentral Games' dashboard on Token Terminal: https://tokenterminal.com/terminal/projects/decentral-games
Decentral Games:
Site: https://decentral.games/
Docs: https://docs.decentral.games/
Twitter: https://twitter.com/DecentralGames
Miles: https://twitter.com/0xMiles
Make sure to leave a comment if you have any questions 🙌
📊 Token Terminal platform:
► https://www.tokenterminal.com/
-------------------------------------------
💬 Join our Discord:
► https://discord.com/invite/tokenterminal
-------------------------------------------
📱 Follow us on Twitter:
► https://twitter.com/tokenterminal
-------------------------------------------
📩 Subscribe to our Newsletter:
► https://tokenterminal.substack.com/
-------------------------------------------
Timestamps:
00:00 Recap of the past 6 months at Decentral Games
04:36 Reasons for the big updates to ICE Poker
06:50 Is the large suite of different assets manageable for users?
08:32 Effect of these changes on the DG ecosystem
10:54 Current revenue streams and their use
13:53 What's next for Decentral Games?
Crypto redefines the way businesses are built and operated.
Token Terminal gives you the tools to evaluate and track the most promising projects.
The information provided in this episode does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Token Terminal does not recommend that any cryptocurrency or token should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
#TokenTerminal #DecentralGames #ICEpoker #Crypto

Sep 23, 2022 • 15min
15-minute fundamentals with Perpetual Protocol | Token Terminal
Jamie Holmes from Perpetual Protocol joined us for an episode of 15-minute fundamentals to dive into the details behind the charts available on Token Terminal. Perpetual Protocol is an on-chain perpetual futures DEX with deep liquidity and builder-ready composability.
Perpetual Protocol's dashboard: https://tokenterminal.com/terminal/projects/perpetual-protocol
Perpetual Protocol: https://perp.com/
Twitter: https://twitter.com/perpprotocol
Make sure to leave a comment if you have any questions 🙌
📊 Token Terminal platform:
► https://www.tokenterminal.com/
-------------------------------------------
💬 Join our Discord:
► https://discord.com/invite/tokenterminal
-------------------------------------------
📱 Follow us on Twitter:
► https://twitter.com/tokenterminal
-------------------------------------------
📩 Subscribe to our Newsletter:
► https://tokenterminal.substack.com/
-------------------------------------------
Timestamps:
00:00 What is Perpetual Protocol?
01:15 Differences between Perpetual v1 & v2
02:11 Virtual Automated Market Maker (vAMM vs. AMM)
03:10 Business model
03:52 What is vePERP
04:35 Growth drivers and challenges
06:27 Competitive landscape
07:42 Partnerships & their role
08:30 Token incentives
11:10 User composition
12:40 Community activity
13:18 What's next for Perpetual Protocol?
Crypto redefines the way businesses are built and operated.
Token Terminal gives you the tools to evaluate and track the most promising projects.
The information provided in this episode does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Token Terminal does not recommend that any cryptocurrency or token should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
#TokenTerminal #PERP #crypto

Sep 21, 2022 • 18min
15-minute fundamentals with Hop Protocol | Token Terminal
Lito, from Hop Protocol, joined us for an episode of 15-minute fundamentals to dive into the details behind the charts available on Token Terminal. Hop is a scalable rollup-to-rollup general token bridge. It allows users to send tokens from one rollup to another almost immediately without having to wait for the rollup’s challenge period.
Hop's dashboard: https://tokenterminal.com/terminal/projects/hop-protocol
Hop: https://hop.exchange/
Twitter: https://twitter.com/HopProtocol
Lito's Twitter: https://twitter.com/litocoen
Make sure to leave a comment if you have any questions 🙌
📊 Token Terminal platform:
► https://www.tokenterminal.com/
-------------------------------------------
💬 Join our Discord:
► https://discord.com/invite/tokenterminal
-------------------------------------------
📱 Follow us on Twitter:
► https://twitter.com/tokenterminal
-------------------------------------------
📩 Subscribe to our Newsletter:
► https://tokenterminal.substack.com/
-------------------------------------------
Timestamps:
00:00 What is Hop?
01:32 What is a Bonder?
04:10 Business model
06:40 Growth drivers and challenges
07:36 Hop's core value proposition
10:04 Cross-Chain vs. Multi-Chain
11:17 Hop's user composition
13:15 $HOP token's airdrop
16:20 What's next for Hop?
Crypto redefines the way businesses are built and operated.
Token Terminal gives you the tools to evaluate and track the most promising projects.
The information provided in this episode does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Token Terminal does not recommend that any cryptocurrency or token should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
#TokenTerminal #HOP #crypto

Sep 14, 2022 • 15min
15-minute fundamentals with Livepeer | Token Terminal
Adam Soffer, Product Engineering Lead at Livepeer, joined us for an episode of 15-minute fundamentals to dive into the details behind the charts available on Token Terminal. Livepeer is a decentralized video streaming network built on the Ethereum blockchain.
Livepeer's dashboard: https://tokenterminal.com/terminal/projects/livepeer
Livepeer: https://livepeer.org/
Twitter: https://twitter.com/Livepeer
Adam's Twitter: https://twitter.com/adamSoffer
Make sure to leave a comment if you have any questions 🙌
📊 Token Terminal platform:
► https://www.tokenterminal.com/
-------------------------------------------
💬 Join our Discord:
► https://discord.com/invite/tokenterminal
-------------------------------------------
📱 Follow us on Twitter:
► https://twitter.com/tokenterminal
-------------------------------------------
📩 Subscribe to our Newsletter:
► https://tokenterminal.substack.com/
-------------------------------------------
Timestamps:
00:00 What is Livepeer?
01:26 Orchestrators & Delegators
04:00 Token & business model
08:08 Migration to Arbitrum
09:15 Growth drivers and challenges
10:49 Partnerships & their role
11:58 Centralized vs. Decentralized video streaming
13:33 What's next for Livepeer?
Crypto redefines the way businesses are built and operated.
Token Terminal gives you the tools to evaluate and track the most promising projects.
The information provided in this episode does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Token Terminal does not recommend that any cryptocurrency or token should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
#TokenTerminal #Livepeer #crypto

Sep 13, 2022 • 16min
15-minute fundamentals with Notional Finance | Token Terminal
Teddy Woodward, Co-founder of Notional Finance, joined us for an episode of 15-minute fundamentals to dive into the details behind the charts available on Token Terminal.
Tune in to the extended version of our interview with Teddy below, where we discuss the risks that lending protocols face during the Ethereum merge, give a detailed overview of Notional's tokenomics, and discuss the role community contributors have: https://youtu.be/4vXYQsRsFWw
Notional's dashboard: https://tokenterminal.com/terminal/projects/notional-finance
Notional Finance: https://www.notional.finance/
Twitter: https://twitter.com/NotionalFinance
Teddy's Twitter: https://twitter.com/teddywoodward
Make sure to leave a comment if you have any questions 🙌
📊 Token Terminal platform:
► https://www.tokenterminal.com/
-------------------------------------------
💬 Join our Discord:
► https://discord.com/invite/tokenterminal
-------------------------------------------
📱 Follow us on Twitter:
► https://twitter.com/tokenterminal
-------------------------------------------
📩 Subscribe to our Newsletter:
► https://tokenterminal.substack.com/
-------------------------------------------
Timestamps:
00:00 What is Notional Finance?
01:15 How does Notional work (fCash)?
03:55 Business model
06:30 Growth drivers and challenges
10:30 Partnerships
12:30 What's next for Notional?
Crypto redefines the way businesses are built and operated.
Token Terminal gives you the tools to evaluate and track the most promising projects.
The information provided in this episode does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Token Terminal does not recommend that any cryptocurrency or token should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
#TokenTerminal #NotionalFinance #crypto

Sep 13, 2022 • 30min
What is Notional Finance and how does it work? | Co-founder Teddy Woodward | Token Terminal
Teddy Woodward, Co-founder of Notional Finance, joined us for an interview to dive into the details behind the charts available on Token Terminal. In this extended version of our interview with Teddy we discuss the risks that lending protocols face during the Ethereum merge, give a detailed overview of Notionals tokenomics, and describe the different roles that community contributors have.
Notional's dashboard: https://tokenterminal.com/terminal/projects/notional-finance
Notional Finance: https://www.notional.finance/
Twitter: https://twitter.com/NotionalFinance
Teddy's Twitter: https://twitter.com/teddywoodward
Make sure to leave a comment if you have any questions 🙌
📊 Token Terminal platform:
► https://www.tokenterminal.com/
-------------------------------------------
💬 Join our Discord:
► https://discord.com/invite/tokenterminal
-------------------------------------------
📱 Follow us on Twitter:
► https://twitter.com/tokenterminal
-------------------------------------------
📩 Subscribe to our Newsletter:
► https://tokenterminal.substack.com/
-------------------------------------------
Timestamps:
00:00 What is Notional Finance?
01:15 How does Notional work (fCash)?
03:50 What are nTokens?
06:35 Business model
09:15 Growth drivers and challenges
13:18 Partnerships
15:09 Community contributors
16:40 The NOTE token and its role
19:18 Ethereum merge - a risk for lending protocols?
26:15 What's next for Notional?
Crypto redefines the way businesses are built and operated.
Token Terminal gives you the tools to evaluate and track the most promising projects.
The information provided in this episode does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Token Terminal does not recommend that any cryptocurrency or token should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
#TokenTerminal #NotionalFinance #crypto

Sep 9, 2022 • 17min
15-minute fundamentals with NFTX | Token Terminal
In 15-minute fundamentals, we interview core protocol contributors & together dive into the details behind the charts available on Token Terminal. In this episode, we dive into the current state of NFTX with Quag.
A novel use case not mentioned in the interview but worth noting is that NFTX provides users the ability to DCA or “save up” for an NFT and earn interest while doing it by staking the vault token. We'll speak about this in more detail with Quag in a future episode.
You can tune in to the extended version of this interview with Quag here: https://youtu.be/Rj1V2AKr91Y
NFTX's Dashboard: https://tokenterminal.com/terminal/projects/nftx
NFTX: https://nftx.io/
Twitter: https://twitter.com/NFTX_
Quag's Twitter: https://twitter.com/quagliero
Make sure to leave a comment if you have any questions 🙌
📊 Token Terminal platform:
► https://www.tokenterminal.com/
-------------------------------------------
💬 Join our Discord:
► https://discord.com/invite/tokenterminal
-------------------------------------------
📱 Follow us on Twitter:
► https://twitter.com/tokenterminal
-------------------------------------------
📩 Subscribe to our Newsletter:
► https://tokenterminal.substack.com/
-------------------------------------------
Timestamps:
00:00 What is NFTX?
00:38 How does NFTX work?
01:45 The innovations introduced by NFTX
03:12 How are NFT floor prices determined?
04:40 NFTX vs. Sudoswap
06:05 Integration with 0x
07:52 Current fee model on NFTX
10:10 Drivers and challenges related to growth
11:30 Community contribution to protocol development
12:21 Creator royalties
15:16 What's next for NFTX?
Crypto redefines the way businesses are built and operated.
Token Terminal gives you the tools to evaluate and track the most promising projects.
The information provided in this episode does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of our website's content as such. Token Terminal does not recommend that any cryptocurrency or token should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
#TokenTerminal #NFTX #crypto

Sep 9, 2022 • 31min
What is NFTX and how does it work? | Full interview with Quag from NFTX | Token Terminal
The extended version of our 15-minute fundamentals interview with Quag from NFTX. In this interview, we break down NFTX's operating model and learn about the drivers behind the data you see on Token Terminal's charts. We discuss NFT liquidity, different staking options, the current fee model, creator royalties, launching on Arbitrum, Pudgy Penguins, the NFTX token, etc. Tune in for the latest on NFTX and the plans for its future.
A novel use case not mentioned in the interview but worth noting is that NFTX provides users the ability to DCA or “save up” for an NFT and earn interest while doing it by staking the vault token. We'll speak about this in more detail with Quag in a future episode.
NFTX's Dashboard: https://tokenterminal.com/terminal/projects/nftx
NFTX: https://nftx.io/
Twitter: https://twitter.com/NFTX_
Quag's Twitter: https://twitter.com/quagliero
Make sure to leave a comment if you have any questions 🙌
📊 Token Terminal platform: ► https://www.tokenterminal.com/
💬 Join our Discord: ► https://discord.com/invite/tokenterminal
📱 Follow us on Twitter: ► https://twitter.com/tokenterminal
📩 Subscribe to our Newsletter: ► https://tokenterminal.substack.com/
Timestamps:
00:00 What is NFTX?
00:38 How does NFTX work?
01:45 The innovations introduced by NFTX
05:12 How are NFT floor prices determined?
07:11 NFTX vs. Sudoswap
09:26 Integration with 0x
12:28 Current fee model on NFTX
18:02 NFTX on Arbitrum
19:20 Drivers and challenges related to growth
20:53 Community contribution to protocol development
22:47 Creator royalties
27:56 What's next for NFTX?
Crypto redefines the way businesses are built and operated.
Token Terminal gives you the tools to evaluate and track the most promising projects.
The information provided in this episode does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Token Terminal does not recommend that any cryptocurrency or token should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
#TokenTerminal #NFTX #crypto

Aug 18, 2022 • 16min
Liquity's unstoppable stablecoin | 15-minute fundamentals | Token Terminal
In our second episode with Michael Svoboda from Liquity we discuss the censorship of USD-linked stablecoins, how the Terra crash and broader market's stress test has affected Liquity, and how truly DeFi native stablecoins are positioned amidst these events.
In 15-minute fundamentals, we break down the business of a crypto project and learn about the drivers behind the data you can see on Token Terminal's charts.
Liquity's dashboard: https://tokenterminal.com/terminal/projects/liquity
Liquity: Site: https://www.liquity.org/
Docs: https://docs.liquity.org/
Twitter: https://twitter.com/LiquityProtocol
Michael's Twitter: https://twitter.com/svobodamichael
Timestamps:
00:00 Recap of the last 5 months
02:50 LUSD on Optimism
04:08 How has Liquity managed the market's stress test?
05:10 Thoughts on algorithmic stablecoins post Terra crash
05:45 Stablecoin censorship & how Liquity is positioned
07:28 Capitalizing on censorship concerns
10:40 100% ETH-backed stablecoins
12:00 Could LUSD replace centralized stablecoins as collateral?
13:00 Business update & roadmap
14:25 Liquity's community grant program
15:00 What's next for Liquity?
Make sure to leave a comment if you have any questions 🙌
📊 Token Terminal platform: ► https://www.tokenterminal.com/
💬 Join our Discord: ► https://discord.com/invite/tokenterminal
📱 Follow us on Twitter: ► https://twitter.com/tokenterminal
📩 Subscribe to our Newsletter: ► https://tokenterminal.substack.com/
Crypto redefines the way businesses are built and operated. Token Terminal gives you the tools to evaluate and track the most promising projects.
The information provided in this episode does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of our website's content as such. Token Terminal does not recommend that any cryptocurrency or token should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.