What’s up everybody, it’s Thomas Bahamas and you are here for another episode of Solana Weekly where I will be breaking down what has been going down on Solana in the last week and try to figure out the long term implications. This week was all about Jupiter and the drop, and the TLDR is that it was a massive success. The network maintained, the TPS was off the charts, the users of Jup got paid. All was right in the world, until yesterday morning when we went down. That’s right, Solana went down after almost a full year without an issue and after crushing the Jup stress test. Kind of interesting that the price went up, seems like it was priced in?
Prices:
Jup - .55 with a high of .72 and holding out pretty well.
Sol Price: 100.73, with a slight drop on the week but shooting up today. The market in general took a bit of a dip and Solana was not immune. We pumped up to $106, then shot down, but really not looking too bad. BTC started pumping and we shrugged off the downtime.
Sol Eth: .04148 - up from last week and will continue.
Sol BTC: .00226 - up a bit from last week.
Sol Per BTC: I like this number - 443.
Bonk Market Cap: 1 billion. Wen 10? Meme coins now get measured in their market cap, and tbh it's much easier for a guy like me to calculate than add up 5 zero's.
Bonk/BTC: 4 billion.
Overall on pricing everyone thought that Jup was going to get dumped and the rest of the markets would pump from it. But it actually looks like the market dumped a bit while Jup leveled out. Interesting behavior, but it seems as if everyone recognized just how much potential there is in Jupiter and how it's a nobrainer to buy and hold at these levels. Hold now, sell a bit in 2025 if you need it.
To the market:
We had the ultimate stress test for Solana with the Jup drop getting claimed by hundreds of thousands of users and wallets and guess what? We passed. Even Mert said there was a chance that Solana went down, but the improvements to our network have vastly improved and the proof is in this drop. We had about 2200 True TPS and a total of 2.5 million non vote transactions in 2.5 hours. Zero validators failed and there were no lost transactions. I'm using MartyParty as a source for this info and you can check it here: https://x.com/martypartymusic/status/1752762421025112427?s=20
But this is 100% only possible on Solana. The multi billion dollar stimmy that Jup was for us users was a huge liquidity injection and a hyped event that everyone involved in crypto was aware of. And Solana knocked it out of the park. LFG. Jupiter is trending on Twitter with almost a million tweets about it. The notorious botter Naseem has also been mysteriously quiet after he botted something like 1.3 million from the wen drop.
We saw some comparisons to Uniswap valuation, but I like the comparison our man Joe McCann does and compares it to Coinbase based on all that Jupiter is actually doing.
Of course all drops come with fud and the nerd Adam Cochran posted about how 65million of the drop went to the Jup Dao for using it's LFG platform. But this was all in the docs that none of us read and seems reasonable for a multi billion dollar company to receive payment for all they built out and all the hard work put into it. Also this is to build a dao that you can be part of.
Gotta also bring up the Dymension drop - massive airdrop that is crushing right now.
Depin: Moving my main line over to Helium, f it we ball. Also been diving deeper in to the Helium community and trying to learn more from the Proof of Coverage Podcast, highly recommend it. This is such a huge business, protocol, the prime example of depin.
Had a funny thought about Hivemapper, it is a dashcam that records everything then uses AI and machine learning to build maps and sell those maps to other services. Well I just finished the Elon Musk book and basically Tesla does this same hing but on a massive scale. They train their AI using all their drivers data from cameras on their cars. I guess two thoughts, what's stopping them from releasing a mapping service to compete with Hivemapper? Also it would be hilarious if you could somehow farm Honey with your Tesla using all your cameras. Or if Tesla decided to attack Hivemapper and mass farm it with all their data. I don't know how any of that would actually work, but it seems pretty similar.
Defi: Defi is so hot right now, it's alive and popping. The play of the week is what I'm calling the triple airdrop farm. We are talking about farming 3 airdrops in one play. This is the bSOL Jup Farm on Kamino that is farming Meteora, Kamino, and Blaze in one go. I'm trying to put together a video on how to do, but it's pretty straightforward. You go to kamino, deposit bsol and jup in the vault and sit back and enjoy.
Another play is Drift farming with bSOL, you can use superstake.sol and deposit your bSOL to farm the points for Drift. I think we have 3 months, and on top of whatever drift gets out, you get up to 16% on your bSOL and blaze airdopped every week.
You can also use jup in just some meteora dlmm pools or I really like the Hawksight stratetgies as well.
NFT's: Called for strength last week, but we aren't seeing a rotation. I think we're in a bit of a cold season for our beloved jpegs. We have memecoins going crazy, points all over, airdrops flying at us, it's hard to want to spend anything on NFT's right now. NFT's will be centered around strong communities and I think will always play a large role in crypto, so it's not a bad time to scoop up some discounts or to just hold what you have. I think the bots eating away at floor prices doesn't help either.
Copium - this is an amazing project. (Amazingly bad? probably.) They cropped their funny NFt’s and just released a token and casino. The token gets distributed by staking the NFT. The casino is hilarious and you buy these balls that have different rewards, or so we thought. It was fun and every ball you ripped had insane rewards. Well after they realized they gave away a bunch more than they should have they changed it and every single reward went to 69k copium tokens. Haha, it’s hilariously bad. You can’t just change rewards, like it was obvious it was ruggish, but this is insane.
Gotta say that I was wrong last week on the wallet talk. I called out Phantom for performance issues and recommended Solflare and Backpack. But Phantom held up and performed really well while Solflare admittedly shit the bed and had 30% of their users having issues. But phantom is failing to load newer transactions now, it was just working better yesterday but this appears that it was from a DDOS attack that it just got through. Not sure why they would do this?
Also Magic Eden just dropped a wallet, I haven't used it yet, but it's multichain and abstracts the chain you're on somehow. Pretty ingenious idea actually, and I just downloaded it to see if I can get that airdrop. How clean does this marketing pitch sound: All your Ordinals and NFTs in one place. Instant swaps between chains. Direct integration with Magic Eden. Now, it’s easier than ever to manage your NFT portfolio. Again this was after I bashed them on how much better Tensor is, but it looks like they are going after all NFT markets and doing a pretty good job at it.
Two new additions that I want to add to the template are:
Protocol of the week: Gotta be Jupiter, easy one.
Token of the week: Jup, it's all Jup. Next week we might see the launch of Dymension and their Dym token. If you used a bunch of solana protocols you were likely eligible, the claim has already passed and it looks like we will get another liquidity injection next week. Holy.
Crazy week on Solana and I hope that you caught the drops and are joining me in farming more. I created a website at solanaweekly.io where I'm hosting these podcasts and would like to ask you to check it out.
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