This week, Sal and Dave asr joined by Ryan Connor of Blockworks Research to discuss his recent controversial report on the soaring $Ton ecosystem, highlighting the bear case and why Ryan believes $Ton is currently overvalued. We also leverage Ryan's former career as a macro expert to discuss the state of the market, moneyness claims around Bitcoin and Eth, before getting into the memecoin mania and why Ryan doesn't believe it will ever go away.

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Time Stamps

(0:00 ) - State Of The Market
(3:09 ) - Death Of Altcoins?
(10:14 ) - Ton’s Bear Case
(19:39 ) - Ton’s Metoeric Adoption Rates
(23:15 ) - Does Tap-To-Earn Have Any Future?
(24:56 ) - The Difficulty With Sybilling Telegram MiniApps
(26:43 ) - Trying To Fair Value Ton
(29:44 ) - Telegram’s Attempt At Becoming A Super App
(32:06 ) - Why Researchers Don’t Publish Many Bear Cases
(33:53 ) - Ton’s Other Unique Offerings
(39:19 ) - Issues With L2 Value Accrual
(45:25 ) - Pushing Back Against Eth’s Moneyness Claims
(55:25 ) - Reasons For US Dollar Strength Since Credit Crisis
(57:55 ) - What Everyone Misses About Memecoins
(1:06:53 ) - Memecoins To Create Decentralized Trending Lists
(1:09:18 ) - Pump Fun As The TikTok For Memecoins
(1:11:13 ) - Pump Fun vs Other SocialFi Apps
(1:15:50 ) - Advice To Becoming A Crypto Analyst

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Episode Resources

Follow Ryan : https://Twitter.com/_RyanConnor
SOLETH relative value trade : https://x.com/_ryanrconnor/status/1807878422950998476
Blockwork's TON Research Summary :
https://x.com/blockworksres/status/1806380764369670367

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Podcast Resources

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