The Crypto-TradFi Convergence | Inflection Point

The Breakdown

Blockworks

Business, Investing

4.8 • 806 Ratings

🗓️ 31 March 2026

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

While The Breakdown is between seasons, we’re sharing a panel from Digital Assets Summit featuring the team behind Inflection Point. The conversation explores how investors should think about crypto valuations, what gives L1s value, and why there’s still no shared framework for pricing blockchain networks. – Follow Blockworks Research: https://x.com/blockworksres Follow Inflection Point: inflectionpoint.carrd.co Follow Matt: https://x.com/Matt_Hougan David: https://x.com/dlawant Michael: https://x.com/marcryptonio Marc: https://x.com/marcarjoon Follow David: https://x.com/dcanellis — Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/breakdown Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ — Timestamps: (00:00) Introduction (04:46) Crypto Valuation Models Are Broken (10:01) Nexo Ad (10:42) Revenue Isn’t the Answer (16:23) One Asset Class or Many? (18:43) Nexo Ad and Blockworks IR Promo (20:23) Network Effects Need Revenue (26:03) Blockspace Isn’t A Commodity (31:20) Institutions Need Intellectual Permission — Disclaimer: Nothing said on The Breakdown is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Host and guests may hold positions in the companies, funds, or projects discussed.

Transcript

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0:00.0	If L1 Blockspace is a commodity, then I don't care how big the network is.
0:03.7	The valuation trends towards zero.
0:05.6	Blockspace is not a commodity.
0:07.0	Saying Blockspace is a commodity is like saying corporations are a commodity because anyone can form a corporation.
0:12.9	Valuations and value accrual, I feel like this is the last boss that we need until crypto becomes an asset class at par with like all the other established
0:22.9	ones. Right now in crypto, we do not have a shared model. Networks are more complex than companies.
0:32.2	The early work in ascribing value to stocks and things like commodities sort of settled on two laws of
0:38.5	physics of valuation, which is either cash flow or scarcity. It's too early to expect to value
0:44.9	these things on revenue. There will be a few winners of the L-1s, and those winners will
0:50.4	distinguish themselves by... Hello, breakdown listener. We're still getting ready to roll out a new season, which starts next week.
0:57.0	So in the meantime, we have a crossover edition with the new Inflection Point podcast recorded live at Das New York last week,
1:04.0	all about crypto's forever long quest for better valuation metrics.
1:07.0	See you soon.
1:09.0	This episode is brought to you by Nexo. Step into a new era of digital
1:12.5	wealth. Earn interest on your digital assets. Borrow against them without selling and trade all in
1:17.1	one platform. Get started at nexo.com slash breakdown. Nothing said on the breakdown is a
1:21.6	recommendation to buy or sell securities or tokens. This podcast is for informational purposes only
1:26.3	and any views expressed by anyone on the show
1:28.2	are opinions, not financial advice.
1:30.2	Host and guests may hold positions in the company's funds or projects discussed.
1:37.4	Hello, Das.
1:40.8	Thank you for being here.
	...

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