Supply, demand and durability: A framework for surviving cycles
The Block
Santiago R. Santos discussed a framework for investing in durable, cash-flow-supported adoption to survive crypto cycles.Summary
In Episode 8 of Layer One, Santiago R. Santos of Inversion Capital joined The Block's Kelvin Sparks and Hypha founder Steven Gates to discuss his investment framework. Santos argued that many crypto token valuations are structurally flawed. His proposed framework focuses on investing in durable, cash-flow-supported adoption, particularly emphasizing B2B stablecoin use cases as a key area for long-term viability amidst market cycles. The discussion covered topics like fully diluted valuation (FDV), valuation bias, and the importance of fieldwork over pure theory when assessing projects.
(Source：The Block)