What’s up everybody! This is Thomas Bahamas and you are here for episode number 33 of Solana Weekly. Here to drop some alpha on what's going on and where we're going. It seems like we are going up and I’m hoping we don’t stop. The Solana Summer bug seems to be catching on and the price is catching up to the hype. We’re seeing Sol Defi 2.0 play out in real time and it’s catching fire with people willing to use defi protocols again and boy does it feel good.
To the market:
Sol Price: $22.40 with an overall increase of 19.86% on the week! Love to see this, and I’m fully expecting us to break back over the FTX dip and never look back. It's great, the amounts don’t add up in my brain still and when I see the $ amounts I have to double check if I’m willing to spend this much. I’m expecting to see 26 get tapped, then into the $30’s. The best part about this is that it was pumping on it’s own, and any time BTC had a pop it caught steam as well. It’s a great setup, if you take a look at that chart, you’ll see we just broke through resistance around 22.40 and I’m hoping we fly. Please don’t be sitting on the sidelines waiting for a dip to 19.50. I also think that with the way it’s been chopping around that just holding spot is the way. If you want to leverage, just add to the stack when you would long. If you look at the volatility in the chart you would see that you would have to essentially find perfect entries or have no stop loss set up. Unless that’s your style, make it easy and stack them Solamis.
SolEth- .01190 - with an overall increase of 21.42%. That’s right, we’re moving against the market and breaking out. Showing strength against Eth is huge and I’m thriving in it.
SolBTC - up 17.94%! Did we actually catch that illusive bottom I’ve been talking about, it’s looking like it. This is while BTC is basically entering a bull market as well. We’re seeing the ETF by Blackrock, followed by a bunch of others leading the charge. To be outperforming BTC is huge, and I think we only continue to see this.
With the increase in Sol Price, we have to unfortunately talk about the underperformance of NFT’s. Couldn’t have come at a worse time for SMB Gen 3. I’m severely overexposed right now and only want to be holding Sol. We saw Barrels sitting at 40 sol before the reveal, then the actual monkes were being sold in the 30’s. This has now dropped to a floor price of 22 for monkes, and 30 for barrels. I’m incredibly bullish long term on this, but I think I am officially underwater on these even with getting one for 12 and one for 16. They just look too good. But this goes across the board with NFT’s, all are down bad. Maybe neutral in $ value, but the whole point of NFT’s is they are a leveraged play on Sol. So we want to be gaining Sol with them.
Jump is teasing tBTC again, and we should be expecting a new way to hold BTC on Solana. This is huge because it won’t be a Wrapped Bitcoin, it seems like it will be similar to how USDC backs each USDC with $1. Jump is doing this.
Airdrop season coming is 100% here and has launched Sol Defi 2.0. We have Marginfi crossing 10 mill in TVL, you can lend/borrow on there for points and be eligible for an airdrop. Cypher has the same type of thing, where you get points for usage. bSol or SolBlaze is also planning an airdrop and they are a Liquid Staking Token. You could actually deposit bSol into Marginfi to farm both airdrops at the same time, but that pool is at capacity right now. Drift just passed 10 million in TVL as well, still rumors of their token and I hope so because I’ve put in some volume there. Tensor with their points, you can get access to their Tensorians NFT or potentially an airdrop. ISC - this is a flatcoin, International Stable Currency is what it stands for. You can get an airdrop just for holding this coin, and a flat coin is something that Balaji brought up years ago where it isn’t tied to a dollar, it’s tied to all currencies or a basket of currencies. This would hedge against inflation. URfeed - it’s like a vloggin platform on my Saga. You can get coins for just logging in or being active. All domains is doing one, I have a .bonk address, so hoping that qualifies me.
I can’t skip over the fact that Threads came out and half of Solana NFT twitter decided to join in. It’s Twitter, without the adds, spam, but all of your favorite companies at the top of your feed with all of the censorship you would expect from Instagram. It’s stupid. But there could be an opportunity for normies to get good exposure to Web 3 and hide the spams and scams that Twitter is unable to get rid of. Twitter runs like shit these days and the spam has only gotten worse, you would think a little competition would push them to fix their product, but that is just not the case. I’ve already deleted the app and don’t care, but seems like people are still on there.
Either way I’m actually going to start taking steps away from using social media as much. I don’t think I’ve gained anything from it. I have the occasional good conversation. I like the idea of making ideas more concise to be distributed as a tweet. But what do we actually get out of being in the know and getting all the info right away? Probably nothing. There maybe have been a couple times that this has paid off and web 3 is supposed to help us live more fulfilling lives. Living life like a maniac addicted to your twitter feed and degen mints to the point where that’s all you want to do is fucking stupid. I’m giving up any leverage trading because I don’t want to be a slave to a chart, I don’t think it’s worth it. I never traded with a ton of leverage, and never used a ton of size, but no matter how much I told myself I was fine with a position open, it had an effect. So I think we need to be mindful of where our attention is. If you’re in crypto to make money on the side, and the proportion of money you make vs the time you spend isn’t in line, it’s time to re evaluate. With the market finally starting to go up, the calculus might be changing, but I think we have to make some bets and see them through, small news should be triggering huge portfolio moves.
I’m going to leave it there and want to thank you all for joining, and hope you’re enjoying the heat from this Solana Summer.
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