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

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 🙌 📊 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. #TON #Pantera #TokenTerminal