What's up everybody, it's Thomas Bahamas and you are here for another episode of Solana Weekly where we break down the last week and predict the future. We've got a bit of a dump across the market today, but we got catalysts for days. Long term this is just a small bump in the road to glory. We got a lot to cover and I'm looking forward to breaking thing downs. First we got to shout out to Drip.Haus BloodyB for the largest thank of the week, hope you have a bloody good weekend sir.
Solana: 142.98: It's over. Kidding, it's up $2.50 on the week. Feels like it's over though right? We tapped 160, then broke down with the market. I wanted 155 to hold, but alas bitcoin f'd us.
SOLETH: .05679 - up from .053, Solana holding stronger than Eth here is interesting, Eth is just not catching a bid.
SOLBTC: .0024246 - up a bit from .00235, we need more up.
Overall take on the market: It's still chopping around. End of summer, moving into September should set off some fireworks. I guess September has historically been a bad month for BTC, but with the election coming up and a cut on the docket we really should see some upticks across the market. I think new ATH's on BTC and SOL are still in the cards for this year and I think the main drivers are going to be the increase in all assets from increased liquidity, ETF flows conitinuing to crush on BTC, more eyes on crypto, and the amazing number of use cases coming out on Solana.
Robinhood is back baby! Solana is back from when they force sold every users Solana at like $18. Also heard a rumor that they are giving out 15% interest on USDC, havent confirmed or been able to find documentation saying this anywhere other than Twitter. I know that they already accepted USDC on Solana, but I think they will likely add some dog coins and Bonk is a must add.
PayPal yields seem like they are dropping - down to 13%. maybe they are slowing down their stimulus, but it sure was juicy. I saw a post asking how to offramp Pyusd, and looked into a little bit, and at least if you are in the US, you can just send it straight to Paypal. From their send to bank. Not the quickest, but still pretty solid.
We are ticking closer to the Magic Eden diamond airdrop! Looks like pre market they are trading around 15 cents which would be huge for a lot of OG NFT community members and me too. The pre launch numbers don’t seem to actually have too much of a correlation to the actual number when it drops, but the farming pays. They have been having more volume that Tensor for a little while now, and it’s because people are farming the drop. I like Magic Eden, I think people are a little to hostile towards them, but they are trying. They definitely made some questionable business decisions that weren’t “crypto like” decisions, and I don’t really use it anymore other than for bitcoin nfts, but NFT’s would not be where they are at today without the insane amount of work they’ve done. So let’s let it rip and get those diamonds.
Memecoins seem to be slowing down in the growth, pump.fun is showing a lot less volume for new coins. I even created a coin to test it out, the Pumpkin Spice Latte, the ticker is pmpkn and I’m the only buyer haha. Crazy what they have built out, the site gives me a seizure with the bright lights at the top, but they also have a livestream button front and center and I tested it out for a second. The implications of this is crazy, and no wonder there was a boy doing drugs and hookers on it.
The SEC has issued a Wells notice to Opensea for distributing illegal securities, so we’ll see how that goes.
Telegram drama: Ton went down for 6 hours yesterday, welcome welcome to the struggle of a high performance network. Also the Founder Pavel Durov was detained in France, Dubai put a 19 Billion dollar contract on hold because of this, then they let him go. Fascinating story, and all our bags were saved. This coincidentally comes after Frank from DeGods pivoted their whole platform to Telegram, his curse is unmatched and this is hilarious at this point. But glad he’s out, he was being charged for basically running a social media company and a bunch of bad things happen on it that he doesn’t regulate. So whatever.
Breaking: live update - it’s down again. May it come back up soon and maybe be available in the US sometime soon as well.
Breakpoint is still coming up and we’re getting pumped, Quekz party is set, MonkeDao party is set.
I had a call with a fantastic DevRel from the NEON protocol Daria and will be putting that together in the next week to release. The TLDR is that she’s great, and I don’t know anything about how this stuff works haha. It was refreshing to hear someone working on the technicals and infrastructure rather than meme coin performance and they are doing awesome work at Neon. We’ll see if we continue with interviews, it’s a whole different ball game and the technical debt is real.
Thank you all for joining in, I’ll catch you next week.
Solana Weekly #81 - We're Hot and We're Cold