Solana Weekly #39 - Recoverin

What’s up everybody! This is Thomas Bahamas and you are here for another episode of Solana Weekly. Here to drop some alpha on what's going on and where we're going in this crazy space. It’s been a trying week where it seems like there is just no bullish news. These are the best of times to buy, but the hardest of times to actually pull the trigger. Excited to dig into it and let’s focking go. To the market:Sol Price: $21.43 with an overall decrease of 8% on the week. We don’t like to see that, but we’re in a recovery from dipping under $20 yesterday so I’m ecstatic about this move up haha. Whole market looked like it was tanking including Bitcoin and the doomers and bears were out in full force giving us their graphs of how low we go. Well I spent my time loading up on longs, so suck it bears. SolEth- .01278 with a small decrease of 1% and nothing meaningful to gain from this really. Everything tanked, Eth looked real bad. SolBtc - Also staying pretty flat. To the news: HNT on Drift. I got a Fock It Shirt, it’s Mad, I’m wearing it now, LFG. Solana Pay on Shopify, I think this is huge and we should get a bounce for it.Sign in with Solana.Blaze airdrop has begun, and with it the bSOL token is getting something like 15% apr. Friend.Tech is taking over all of crypto and is bringing social fi back. With this we are seeing Solarplex launching on Solana and I gotta give a shout out to Solcial, kind of like a bitclout like product where people buy your token for a follow and tier 2access. These have huge potential and are fun. Solarplex is like all of Solana Twitter. NFT's still down while ducks stay up, 20 ducks for private Telegram and whales don’t sell. SMB's sitting around 8 sol, think it's good value. My man Bully Esquire had a great tweet where he said with the adoption of Layer 2's on Eth why are other L1's even necessary. We need to be able to answer this question clearly and concisely, without the technical jargon and hopes and dreams of a bagholder attached to it .The answer, most aren't. What other L1's are necessary for is what can't be done on Eth L1 or L2's. The two most popular answers are DePin and Compression. DePin - Decentralized physical infrastructure is Helium, it's a mobile network incentivized through a blockchain that HAS to be as fast and cheap as Solana or it won't work. Compression - NFT's can be compressed so well on Solana that you can give an NFT to a brand new user for free. Drip.Haus does this. You don't have to pay to get the NFT. Also the core of the question is a bit flawed right. The goal for Ethereum with L2's is to scale a decentralized network which means increase both speed and decrease transaction costs for the masses. This goal is not there. This goal is what Solana is right now at this moment. So other L1's are necessary because they are brining about the new paradigm where cryptocurrencies can scale and be used for non crypto native users. Eth will never have that. Other than that I saw some bearish posts on DeFi and how it hasn't actually been that successful. We saw Balancer get compromised and the only profitable Defi players are the hackers at this point. So I'm cautiously optimistic about Sol Defi. We saw Cypher get hacked and I just don't want to deal with all the extra risk at this point. So I pulled my Margin lends. 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