Supply, demand and durability: A framework for surviving cycles
Episode 8 of Layer One, hosted by The Block's Kelvin Sparks and Hypha founder Steven Gates, was recorded with Santiago R. Santos, founder of Inversion Capital.
In Episode 8 of Layer One, The Block’s Kelvin Sparks and Hypha founder Steven Gates were joined by Santiago R. Santos of Inversion Capital. He explains why many crypto token valuations are structurally flawed and outlines his framework for investing in durable, cash-flow-supported adoption, with a focus on B2B stablecoin use cases.
OUTLINE
00:00 - Intro
00:00:27 - Scope and disclaimer
00:01:41 - FDV and investor framing
00:04:02 - Valuation bias
00:12:23 - Investing through cycles
00:21:44 - Choosing Avalanche infrastructure
00:28:29 - Retrofitting real businesses
00:35:46 - Who’s building this model
00:41:52 - Writing, thinking and first principles
00:50:16 - Fieldwork beats theory
00:52:53 - Asking the right questions
01:00:23 - TGE and FDV reality
01:07:30 - Final takeaways
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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