Plasma's Successful Launch, Revenue Over TVL & the Future of Pump.fun - Ep. 910
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Hey, everyone. Today's episode is a little different. It's a three part special. First, we hear from CoinFund's Seth Gins on Plasma, the first stablecoin focused blockchain that just Solana Foundation President Lily Liu explains why she believes revenue, not TBL, is the best way to measure real value in crypto. And finally, Figma Capital's James Perillo joins to share his provocative thesis on pump fun and how streaming itself could be financialized. Three conversations, three very different fronts of crypto's future. Let's dive in. The crypto world is buzzing. On October, 25,000 people will b
Being out there probably two, three, four months ahead of, the main net launches from the other stablecoin focused chains, I think it's gonna be a huge competitive advantage.
I'm, again, joined with Seth Gins, managing partner and head of liquid investments at CoinFund. Welcome, Seth.
Hey, Lara. Thanks for having me.
So stablecoin focused layer one blockchain, Plasma, launched its mainnet today. Its native x l XPL token also went live and is at roughly a $2,000,000,000 market cap. I saw a tweet saying investors from the XPL sale on Echo are up already 220 x. So why is the market and why is CoinFund excited about Plasma?
Yeah, thanks Laura. So it's interesting. One thing I'd like to point out, seed investors are up a lot, but what's really interesting about plasma is they did an ICO. So it was available for anyone to invest in at a 500,000,000 fully diluted valuation. And right now, it's trading at just over a 10,000,000,000 fully diluted valuation. So just stepping back, it's a great example of ICOs in this new regulatory regime allowing broad participation in the gains that for a while had just been left for venture. But the reason we're excited is there's a really cool phenomenon happening around stablecoin
Yeah, there's so much there. Honestly, when I was learning about this, I was just like, wow, this, it just, like, flips everything, you know, if you think about
It really does.
Gonna hap yeah. Like and and it feels it just feels super innovative and kind of, like, what this technology is supposed to be about. Talk a little bit, because obviously, there is a close tie to Tether itself, which is the most dominant stablecoin. Talk a little bit about what the tie in is with Tether and how it's used in plasma.
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