Solana Weekly #31 - It's All Monkey Business
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What’s up everybody! This is Thomas Bahamas and you are here for episode number 31 of Solana Weekly. Here to drop some alpha on what's going on and where we're going. We have kind of flattened out as far as price action goes, but we’ve got some NFT action going on. I spent my morning trying to mint Gen 3 SMB’s and failing. I’m going back after it a little later today and I’m all jacked up.

Sol Price: $16.18 - down from 16.91 and about 4%. Overall I’m okay with it We didn’t fill the gap to 23, but we also didn’t dip from massive amounts of Robinhood dumping. They had millions of Sol and were to dump it, we remain unaffected. The outlook on sol long term is real good and the value prop has never been clearer. The price is still not reflecting it. I’m okay with it.

Sol Eth down 4% to .00877 and Eth continues to hold strong. We just can’t catch a break against our friendly foes in the Eth community. I can’t mention Eth without bringing up the Azuki fiasco. One of the top NFT’s in their community, they dropped a gen 2 and raised 40 mill off of it. The kicker, it’s almost the exact same art. The second kicker, there are a bunch of twins in the set. Disaster, but also highlights what’s only possible on Eth, 40 million raised in minutes. So much money there it’s crazy. Think of this when people start realizing the benefits of Solana.

Sol BTC - continues to bleed on this. Saw a comparison of solbtc to eth btc, back when Eth almost died, it hit something like -97% vs btc, we’re at like -95%, if history rhymes, we could almost be at bottom.

Gen 3 baby! The SMB mint to unlock the IP and take over the world.

Two main topics

Lending - both nft lending and centralized lending

Investable digital assets vs usable digital assets

Merkle tree - is a cryptographic hash that is used to verify the integrity of a set of data. In the context of Solana NFTs, a Merkle root is used to create a compressed NFT.

A compressed NFT is an NFT that stores its metadata within the ledger, rather than in a separate account. This reduces the storage cost of NFTs, while still maintaining their security and speed.

Another thought I had is that im going to embrace web 3. I’ve been pretty pro crypto over web 3 because it’s what the og’s use but I’m over it. The web 2 guys coming in seemed to coin this term and it got super cringe, but I think it’s actually really good. Much better connotation than crypto.

I hear crypto I think super shadowy coders in their parents basement.

I hear web 3 and I think NFT’s and defi and fun ways to rework the way we view assets and the internet. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thomasbahamas.substack.com)