Solana Weekly #42 - The Answer To Everything
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What’s up everybody! This is Thomas Bahamas and you are here for another episode of Solana Weekly. This is episode number 42 and that is significant because if you have read “A Hitchhiker’s Guide to the Galaxy” you would know that this is actually the answer to everything. I’m here to uncover the alpha, break down what's going on, and try to figure out where Solana is taking us. Some of the highlights of the week were a pretty major crash across the market, Visa releasing their research into why they chose Solana for settlement, and NFT’s are starting to show some light at the end of the tunnel.

To the market:

Sol Price: $18.41 and looking like it wants a little higher. We caught a major drop from 19.30 to 18 and it didn’t look pretty. We saw frontrunning and massive short interest from all sides after seeing FTX amounts of SOL that could be unlocked. I think most of that was overplayed and the dumping will take place over months and it won’t be a massive drop. But still the market doesn’t look great and I wouldn’t be surprised to see it hit $14 or $25 next week. Short term we will keep seeing volatility both ways, long term we go up.

Breaking news, I just heard from my intern, assistant, and maid that we have wicked down to 18 and we need to look into buying the dip.

SolEth- .01145 with a decrease of 5% on the week. Not bad considering Sol dumped before ETH did. My money is on Sol outperforming ETH throughout the year. I bridged some ETH over to SOL and placed bids with it on SOL if we do dip more. I figure it’s time to up the size a bit.

SolBtc - down 11% on the week. This is bad, Bitcoin performing as it should with being more of a store of value.

Visa settlement on Solana and they released their analysis. This is huge because it’s an independent analysis and validates all the attributes of the network that we’ve been talking about. They went through a ton of research on different blockchains and Solana was a clear favorite. Some of the best were the 400 ms settlement time, interesting Polygon was 20 minutes, the low cost of transactions and the fact that the transaction cost doesn’t fluctuate over time, and that it’s the best suited chain for payments. We like this, and Solana didn’t pay for this, they chose Solana.

MetaMask has support for Solana! The best wallet in crypto released a new feature called snaps. With this, it allows it to use other blockchains and integrate with other wallets. For Solana you can basically link a MetaMask with a Solflare wallet. Then you can bridge back and forth very easily. Also native btc and other chains. But this is a pretty sick development. Manage your money from MetaMask while you adventure into the wild world of Solana. Big for eth to sol adoption. How much adoption can we expect? We’ll see, it’s my belief that eth community already joined in and most got burnt and went back to eth. Kind of similar to bitcoiners moving to eth and losing money to scams and ico’s in 2017, then calling all coins other than btc an alt coin scam.

But this might give them another reason to revisit and make that journey easier. Removing the friction will always be good.

Solana tanks. FTX threat of selling is looming and the timeline is miserable.

NFT’s and joy. Small increases in nft prices around and I’m liking it. But what I want to talk about is the NFT’s that I buy that make me smile. My favorite is the SolSunsets project and I just added another. They are so well done, perfect twitter banners, and just brings me joy. These are the projects that I recommend you buy. Who cares about the chart, who cares about the roadmap and utility, the core of what you’re buying is the nft.

A tale of two extremes of the nft dao spectrum.

Quekz - quektator, impulsive, owner, rules with iron fist, makes changes on a whim, doesn’t care about governance or actually really want to interact with most holders haha. This is super appealing because I actually don’t really care about the day to day either, I just want to laugh and have fun.

Smb - oh boy. DAO, votes, vote proposals, weekly meetings, constant bickering, it’s very tiresome.

Magic Eden hinting at a token drop and people are trying to farm gems or something. Cant tell if this is a last cry of hope for them or if it will be successful. Tensor has eaten their lunch and have been public about their rewards, token drop, and their platform is a revolution.

Speaking of airdrops, I got one for Alldomains, the other name service provider on Solana that hosts the .monke or .bonk addresses. Bought some more on the side because I saw it pop up on Bonkbot in Telegram, but the liquidity isn’t there, I even am providing some liq, but it’s not helping haha. 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)