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 again with the bears showing their faces in full force and adoption for Solana showing it’s face with Visa starting to settle with USDC on Solana.
To the market:
Sol Price: $19.69 and climbing like crazy. Down a bit from last week but we are in the middle of a god candle. Looks like Eth just had Ark apply for a spot ETH ETF and it has sent the coins. Maybe that and the Visa news is enough to liquidate all these bears once and for all.
SolEth- .01192 with just a tiny decrease on the week
SolBtc - flat.
To the news:
Booz app- adding a backend to a solana based decentralized marketplace for whiskey. Pretty huge, the owner is in our Solana Wine Snobs named whiskey titan.
Base goes down and Solana remains unaffected. Crypto media still ran articles about solana users being down and talked about it having a slight stall as if it was nothing. The L2’s are not stable, not decentralized and not currently scaling. So yea the current media is very eth focused and aren’t being consistent in how outages are covered. Proving out solana.
I’m thinking this is just the start of niches finding product market fit in crypto and solana. Start small with the most dedicated fans, build it out and prove out the concept. Then bring that to platforms that it can improve.
Visa! Visa is using usdc on Solana for settlement. Huge announcement yesterday and is only proving out Solana’s strengths. We all know that this is a better solution than what they have in traditional markets, but for them to Validate this is freaking huge. It also goes to the BD strategy that the foundation uses of not paying for use, this is Visa choosing Solana for solana . Huge.
Ftx gonna sell 1.5 billion of Solana. But it’s staked and locked so I’m not sure how that works. They hired mike novogratz’s firm galaxy to liquidate holdings to pay back creditors. We saw their wallet move a ton of wrapped assets from their main wallet and also unstable something like 600 million worth of solana. So that’s not great.
With that the bears are here. In full force. Everywhere, can’t avoid them. Trading charts in monkedao? Bears.
I hate it. Yea short term doesn’t look great in most crypto markets. But my problem is long term I’m bullish af. There’s something that rubs me the wrong way when bears are in an nft gated chat calling for $5 solana. If that happened their bags would go to 0. They are rooting against everyone in the dao. Maybe it’s just a gen 3 thing and the whole of Monkedao is down so bad that it’s becoming unbearable to check the discord other than Friday morning pump up at the end of the presentation they do. But I don’t spend time in there anymore.
Still bullish af on the monkes and Nom running it, but it’s rough.
Back to the bears:
If you think it’s going to zero then just leave and buy gold or something. If you believe in crypto and Solana’s place in it, this is where you buy and have a stack on the side if we dip more. When it becomes the norm to be bearish is when you should be the most bullish.
Lot of talk of stable coins backed by dollars, but I want to finish with flat coins that are backed by other assets. Crypto started with the vision of creating hard money you could transfer value without a third party in the middle. The best product market fit currently is dollars. But there is a rising of flat coins and I did a bit of a deep dive on ISC. The international stable currency Coin on Solana. Brian Armstrong said this is one of the top things he would be working on if he wasn’t busy af running a company and suing the sec.
What is a flat coin? A coin that’s price is backed by a basket of goods that will rise in price based on accurate pricing. Inflation devalues the dollar, flat coins would stay flat with the cost of the goods, or increase in dollar value as the dollar loses its value. It’s a tough topic to talk about simply .
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