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 figure out where we are heading. We've got some exciting developments this week, especially in the AI space, and it's time to dive in. Shout out to everyone using Drip Haus, and to my man Jeom for dropping some drips. I don’t have a good one liner for Jeom but maybe let’s sweep some NFT’s up with this broom.
Solana: $135.88 and we are officially up on the week after seeing highs of 137 and a low of 120 on the week. Just doesn't want to breakout it seems.
SOLETH: 0.0577 - relatively flat.
SOLBTC: 0.002335 - relatively flat.
Overall take on the market: Chopping continues with every breakout being dumped and ever dump getting bid. We had the first presidential debate and there was no mention of crypto and it seems like Kamala did a better job than expected which could have a cooling effect on the potential crypto extravaganza that Trump is promising. In fact, Trump is getting ready to launch a libertyfi defi protocol and it is literally one of the most insane things to be doing in a presidential campaign. The protocol itself has security concerns because it’s a fork of a protocol that was hacked and will literally be a massive target. Just watched a commercial for it and can’t believe he’s doing this. Anyways, we’ve got a rate cut coming next week, and after getting CPI inflation numbers at the expected 2.5% the amount they are cutting is up for debate. The .5% was more priced in, but now that could likely be .25%. If you want to dig more into the macro side of this, I would highly recommend the Bit’s and Bips Podcast from Unchained.
Updates:
Defi hearing in congress - shout out to Peter Valkenburgh (valkenburgh on twitter.) He's an og defender of Bitcoin and all of our bags have benefited from his amazing work at coincenter. His testimony should absolutely be listened to because it is the clearest and best argument i've ever heard of it.
AI is finally making its grand entrance into the Solana ecosystem, and it's a game-changer. Replit just dropped a bombshell with their AI-powered smart contract and DApp generator. I think I’m finally starting to see the benefits of AI combined with crypto and hint, it’s not a token. It’s the ability to generate any program or app you want it to. This is going to bring the ability to build things that everyone wants to everyone. I’ve been messing around with it and have been addicted, it’s so much fun. It’s like the autists created an insane computer language that they understood, then they took it one step further and created AI with the power to give everyone the power to use it without fully understanding all of it. We’ll see how this pans out, but I think this wave of AI generates a ton of awesome new apps that bring people onboard. We’re pretty well positioned in Solana right now with it being the fast chain that has been focused on usability.
Gotta give 8 bit on X a shoutout. This madman has been live-streaming his process of building DApps and launching tokens. He’s like the levels of the Solana and Bitcoin streets and is live creating dapps.
It's getting close to Breakpoint season, and the hype is building. I’ve been realizing that I’m more of a boomer than I thought watching the cringe media, but whatever it’s going to be sick and i can’t wait.
Other news:
Looks like ISC is doing some fun quests and getting some well deserved press. The international stable coin, I’ve brought this up on a few different pods, but is a fascinating development and is the only functional flatcoin. It’s not tied to the dollar, it’s tied to a basket of goods and will increase as the dollar’s value plummets protecting your purchasing power. It’s currently at like $1.78 and we will likely see that number increase as the dollars start to get printed. We will also be seeing a lot more integrations I predict across all defi platforms. It’s kind of funny to have an alternate money system that is dominated by using dollars. I like it because it makes sense and is easy to calculate, but this is short term thinking and if we are truly going to embrace crypto in our lives we have to build better money. That’s exactly what they’ve done. I went into their telegram a while back and got tons of information on how it works, and would recommend anyone checking them out. They are running a rewards program called Prospera and have a good lend pool on Solend that I have some ISC in.
Other than that I’ve been reading the Almanack of Naval Ravikant again and man it is worth a read if you haven’t heard of it.
Solana Weekly #83 - A Time For AI?