What's up everybody, it's Thomas Bahamas and you are here for another episode of Solana Weekly! I apologize for skipping last week, but we had a major dip so we simply wait another week for it to come back. With the monthly highs at over 200, we hit the wartime panic mode and dipped down to 122. Not a great time. Iran and Israel went to war sending all risk on assets down and we were hit hard despite all signs of an upward trajectory for our crypto assets. We’ve seen some stabilization and recovery and it’s good to be back.
Sol Price - 159 - down 8 from two weeks ago, but it feels like we went to 0 and back.
SolEth - .0492 - Up a tiny bit overall over the last two weeks after a recovery. Eth held it’s ground better, but Sol caught up and again this chart will go up.
SolBTC - .00238 - dipped a little bit.
Bitcoin is worth talking about here. We had the Halving. The 4 year advertisement of the diminishing returns for mining during an election year. Genius marketing event and traditionally lines up with liquidity cycles inherent to the economy leading to multiples on BTC. We did not see multiples, but I think that Bitcoin is probably as strong as it has ever been. Mining companies are publicly trade on the stock market, ETF’s to purchase BTC live in the US, Honk Kong, and other market, large fairly safe exchanges, a good mindshare, and now they have NFT’s or ordinals and Runes which open up fungible tokens on it. It will be looked at as a hedge to inflation which is high as well as the overall debasement of the US dollar.
We’ve seen ordinals go insane and a lot of the hype is based on airdropped allocations of Runes. I somehow hit on these really well with both Runestones and Prometheans. These were Ordinals that we dropped to OG’s in the ecosystem that held major projects for a long time, and holding these will give you allocations to multiple airdrops. Runestones got Dog, each Runestone gets you 800,000 Dog tokens and we’ll see how much they end up getting. There is also a Wolf token getting dropped to them and a big drop for the Prometheans. It’s huge, these are going to do really well as the leaders or first of it’s kind on Bitcoin.
Left curve thesis: Bitcoin good, first coins good, uponly.
Mid curve thoughts: I got these ordinals airdropped and have no OG big projects, a lot of the og users were actually just Sol people chasing the early pump and bought rugs. I’m not sure that these will all outperform Bitcoin in the long run, I don’t think that a lot of the Bitcoin OG’s are actually going to be dumping millions into these. I think we’ll basically see the Eth/Sol narratives come to Bitcoin and ultimately it just be a worse experience. We’re seeing the L2 narrative swarm to it, we’re seeing the blue chip nft’s form, we’re seeing the airdrops form, we’ll see it rise and fall. It’s the biggest narrative right now other than meme coins on Solana and we have to pay attention, but not get lost in the sauce.
Madness of the media - crypto is the hyperfinancialization of everything. Memes, jpegs, utility tokens, governance tokens, all of what we are doing here is massively changed on the smallest of news. If a fringe news outlet talks about Solana, we retweet it endlessly and likely follow it looking for the next article to pump our bags. The downside of this is that these are the same fringe networks that will report the most intense of news. So during wars and attacks it’s a shitshow. It’s documenting any single attack, it’s war mongering, it’s unconfirmed reports, it effects our bags. I don’t see this changing anytime soon.
Airdrops soon:
Kamino - trading high on pre markets at $.138 and the points all released. So this should be a good liquidity injection.
Parcl was kind of a non event for me, I got like $200, but some people cleaned up.
Sharky token went to 0 with terrible economics.
Tensor - huge liquidity event, and they are even doing a secondary airdrop to reward users better.
Drift coming closer as well.
Overall a lot of these have done very well and will continue to do well. I think the Pyth, Wormhole, Tensor, Jupiter drops have all been great and will continue to provide value to holders in one way or another. I’m trying to get that Monad allo, so there are rumors that having a good amount of W will get that or holding a MadLad will. So I’m adding W at these levels and if MadLad’s dip anywhere near SMB levels I’m swapping no question about it.
Monad - seems bullish, I think it will have a massive price appreciation and people will make millions on it. I think it will try to to gain community and at least looks like it has similarly to Solana. I don’t think it will get there, but I think that it will be as close to Eth as a lot of Sol users will get. I think we will see the multichain future and it will likely be something like a Backpack wallet integrated with Solana, Bitcoin, Eth, and Monad all on the same wallet.
Multichain future: still think we’re getting closer to it even though Solana will always be home base. Why do I think this? We’re seeing Coinbase releasing it’s smart wallet with eth, all l2’s, and Solana on it. You can interact with any of the chains to do what you want. This will likely be how people onboard to a lot of defi (unfortunately.) Kraken is also doing the same thing.
Other wallet news: Jupiter just bought the Ultimate wallet. I think this is a huge W, I like the Ultimate wallet but use it exclusively to watch my wallets from my phone. It will be sunsetted so I can’t do this anymore, but Jupiter is looking to have the ultimate mobile experience and this will be part of it. Jupiter’s ambitions are huge, I’m really excited to see where they go.
Sanctum and LST’s are picking up steam. If you want to stake some Sol and are looking the best yield, check out JupSol sitting at 17% apy right now. Huge. This is directly staked to their validator and helps them land transactions better, you aren’t exposed to any leverage or additional smart contract risk other than the LST itself. Which was released by the Solana team itself, audited 9 times, and unlike ETH can be redeemed for Sol directly.
Saw that for airdrop farming Sanctum you would want to have around 10 INF tokens per wallet.
Congestion has been solved for now. Everything is working super well. I’m expecting this as well as the recent liquidity injections into the Solana ecosystem to playout to the upside and we are seeing that play out. With Solana pumping up, we’re also seeing Bonk up like 40% in the last two days and many strong ecosystem coins doing the same thing.
NFT’s still seem to be dead but that’s how it always seems at the bottom.
Thank you for joining in, I’ll catch you next week.
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