What’s up everybody! This is Thomas Bahamas and you are here for another episode of Solana Weekly. Here to drop some alpha on what's going on and where we're going in this crazy space. It’s been a hell of week. I started this week out by looking at a chart sending Solana to $10, and we’re ending with Grayscale winning a lawsuit against the SEC and ice cold hopium is back on the menu. We’re long everything and no longer day dreaming selling all positions.
To the market:
Sol Price: $20.80 with an overall decrease of 2.89% on the week. It was looking grim, no narrative, not much support left on the chart and our man Darb dropped the most miserable looking Solana chart where it dropped to 14, then 10. So I was not feeling too pumped when we caught a fat wick out of left field yesterday morning. We’re so back, 10% pump in a candle and we got ourselves the potential for a BTC ETF and liquidity is flowing.
SolEth- .0122 with just a tiny decrease on the week
SolBtc - A small decrease as well, pumped about this one because BTC is back.
More on BTC:
The SEC can suck it. That's right, Grayscale and our man Barry Silbert sued them for not allowing them to turn their GBTC trust into an ETF and the courts have sided with Grayscale. Pump our bags and the path to an ETF is laid. It isn't set yet, but this is a big win. My GBTC bags have pumped, Bitcoin has pumped, and yes Solana has pumped. DCG the parent company to Grayscale is still a mess and Barry is in shambles, but this allows the bagholders of GBTC a path to get out from under it. Huge news as we saw in that candle and this has shifted the whole space. Seeing Eric Balchunas tweeting a 75% chance of an ETF this year, while 95% by next year is huge. We also got the halvening and the election cycle next year so pack your bag folks.
NFT's still aren't moving. The current meta is to dump into bids. There is no buying at floors, but people just capitulate and dump rares into bids. It's unreal what's going on with the Crypto Duck Punkz. Super rare duckz, sent to bids. So much so that I have taken a stand and added some bids haha. But I think this is just a symptom of the market, I'm not buying anything now. But I'd scoop up something heavily discounted like a long term holder looking for liquidity on a rare that wouldn't sell at or below floor.
I don't really know what saves NFT's at this point. Need a major catalyst and some energy in the market.
Pricing talk - you can't think of an nft at it's ATH. It's sounds dumb, but I do this all the time. i still think my SMB is worth over 200 Sol and wouldn't sell it for less. But it's worth about 75 Sol per the market. This goes for all your NFT's and your coins. You can't value Sol at $260 because that's where you bought it. That's your cost basis and it's worth $21. There's no way around it, and thinking otherwise is only going to hurt you. You could keep that in your long term hold bag, but gotta know it's worth and forget about what you bought it at. That’s a fixed mindset trap, where the growth mindset see’s what the opportunity is for holding the asset at it’s current value.
Social - Solarplex tipping is enabled, vibes are flowing, I’m loving. I get an NFT a day and it’s all our favorite Solana folks on one platform.
Kamino - Durden on Twitter broke down the apy on defi yields on Kamino with Impermanent Loss included in. The results weren't shocking but I think that people should know that you can still get money using these farms. But it’s nowhere near what’s advertised. Looks like 1-4% yield on something like a mSOL/SOL farm is what your potential is, when way more is advertised. So it’s not like your losing money, but locking up your funds when you could just stake them for around the same isn’t worth it.
Hawksight- coming through with some sick strategies to produce yield, unsure how these yields will actually end up, but right now they got apy’s in the 100’s. Might be worth popping some in the bSOL/SOL farm for a short term to get some gains.
Bonk staking - working with GooseFX on single sided liquidity pools, live next week. Thinking Bonk will have it's day in the sun with all this news, and it’s pumping alongside BTC and SOL.
Bonkbot - worth it? maybe, not for me.
AssetDash - Best portfolio manager, worth checking out, they give out rewards daily even if you don’t hold their NFT.
Finish with some stablecoin chatter. I’ve been moving all my L2’s and EVM dust from Metamask and bridging over to Solana. The USDC on EVM chains is trash. There are different versions per L2 and the one on Fantom is $.10. Only certain versions of USDC are able to be bridged and it’s just a massive pain in the ass. This is not the future.
USDC on Solana is the future of payments. 400ms to finality and native to Solana. There is no second best and it’s only betting me more bullish on the future.
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