In-depth discussion between World Ledger’s host Coco Kee andJason Carpenter, Founder of Etherbridge, convering Etherbridge's framework built around four core investment themes: Outside Money, Trustware, Chain Street (DeFi), and the Agentic Economy, where AI agents transact on-chain; crypto's shift from a speculative noun to a functional verb, driven by six secular forces : regulation, stablecoins, asset tokenization, DeFi mullet, token rights and AI Agents; common mistakes in crypto asset valuation. Jason shares why developing decentralized alternative infrastructure is a noble pursuit to secure global property rights and financial inclusion for billions worldwide.

✍️ Links:

Follow Coco: X: @CocoKee

LinkedIn: https://www.linkedin.com/in/cocokee/

Substack: https://worldledger.substack.com

Follow Jason:

LinkedIn: https://www.linkedin.com/in/jasonkcarpenteretherbridge/

Substack: https://etherbridge.substack.com/

Valuing ETH:https://etherbridge.co/tools/valuing-eth

DeFiLLama: https://defillama.com/

Blockworks Token Transparency Framework: https://blockworks.com/token-transparency

Timestamps:

(00:00) Opening commentary

(00:59) Introduction and Jason’s background

(01:45) Genesis of Jason's crypto fund and its structure

(03:46) South Africa’s crypto landscape & Jason's personal experiences

(05:12) What motivated Jason to found his fund Etherbridge

(07:38) 4 investment themes

(07:57) Outside Money

(08:34) Trustware

(09:17) Chain Street

(10:00) Agentic Economy

(10:35) Factors necessary for Agentic Economy to materialize

(12:05) 6 secular forces changing crypto's identity and fundamentals

(12:58) Comparing 2021 Dot-crypto with 2000 Dot-com

(13:49) Force 1 - regulation

(14:30) Force 2 - stablecoins

(15:00) Force 3 - tokenization

(15:49) Force 4 - DeFi mullet

(19:35) Force 5 - Token rights Deep Dive

(24:08) Two places to find token rights information

(25:30) Valuing crypto Assets: 3 common mistakes

(25:52) Mistake 1 - not segmenting crypto

(29:24) Mistake 2 - overvaluing voting machine over weighing machine

(29:58) Mistake 3 - think crypto assets cannot be valued

(30:53) The type of tokens that can use traditional valuation methods

(31:54) Jason's preferred valuation methodology - expectation-based investing

(34:01) Lack of consensus on the valuation of ETH and SOL

(40:08) Etherbridge's investment approach and challenges selling to institutions

(44:04) Why remain committed to crypto and closingremarks