Solana Weekly: #9 Hype, Liquidity, Volume, Memes, and Dreams.

GM, GM all! We’re riding the high from last week and getting noticed. Huge mint yesterday of BONKz, crazy performance out of Solana, crazy amounts of volume, and I’m loving it all. I would say the best part of this was that the market stayed relatively flat as a whole, but Solana caught a bid and wicked from mid $13 to mid $16 in a heartbeat. We’ve had crazy rain and flooding in California, but Solana is saying hold my beer and making it rain harder. Current price we mellowed out at $16 after hitting a high of $17.34, and I’m hearing this being described as a continuation to the short squeeze. It’s the most interesting sector of the crypto market, and everyone is paying attention to it because this has been such a big move. I think this comes down to traders chasing volatility and with no easy trades or setups, attention goes to where volatility is. Come for the volatility, stay for the vibes? They damn well should, the vibes have been great. Bonk airdrop continues to have people integrating Bonk and figuring out fun ways to burn it and drop the supply. Meme coins are all over the place with Fronk showing up and the disgraced DeGods trying to meme it into a thing. Spoiler: they didn’t and it dumped to 0. I just think they did a really good job getting the community together. I’m still sitting here waiting on that Bonk drop for quite a few projects, but not sweating it. Nom if you hear this, us whales at Crypto Duck Punkz are willing to burn a quek or two when we get the drop, please sir. SolEth is getting a little recovery with this as well, hitting up to .012Topics: BONKz - hyped drop. Mint in Bonk, burn that bonk, get yourself some sick art from some 1/1 artists that Bonk. It’s a beautiful thing. We’ve got Degen Poet, John Le, Basket from Basket Fellas and more that came together under the OmniCollective that is connected to the Gods (formerly known as the SolGods.) I had whitelist because I’m holding that bonk, but so did over 100k others lol. So it was shitshow. It was launched on Magic Eden and we got some thoughts on that marketplace we’ll get to. I spammed transactions from my phone and my browser for the whole 25 minutes it took to mint the project out and only got 1. I called this a Solana stress test and we won boys, pack it up bears. Magic Eden was the launchpad, they used their “open sourced” smart contracts to launch these on that protect their royalties. They also made it so that I couldn’t mint and the one I did mint I couldn’t send between wallets. This is not the answer. It’s such a shame that a community driven project like Bonk is getting represented with a potentially sick NFT project, but it’s basically not your NFT. It can only be traded or sent through Magic Eden at this point. It’s terrible. I get that artists need royalties, but this just feels terrible. The best part? That the 4% royalties are going to a project that has no team, dao, discord or anything. So they are going to burn 2% and the rest goes to a fund. Not great. Backpack and privacy- Solana wallet from Armani, multiple accounts being inside the wallet that you can keep somewhat separate. Implications of safety when we get our Solana Phone’s and how Backpack will be leading this charge. Google cloud buying millions of Solana? Maybe, sources? I made it up and read a tweet from a rando named Marty Party. Defi is pumping - Kamino and Orca pools for Bonk are almost maxed out again and TVL is getting pumped up. It’s decided, defi is so f ing back. I’ve been getting more and more interested in NFT defi. I’m in on Frakt. I’m staking a Frakt NFT, hold some tokens, and I’m lending SOL for like 20% in one of their pools. It’s great and it’s an interesting use case for NFT’s that’s creating liquidity for people needing it, and generating yield on Sol. I’ve also been dabbling in Sharkyfi, and it’s great. I used to hate it and dumped my sharks after seeing their terrible web page. But you can get passed it and get some killer deals. You can make short term loans to holders of NFT’s at 40-60% of the loan to the value of the floor of the NFT, and get interest in the range of 100-240%. So you either get interest and your Sol back, or you get interest and the NFT back at a fat discount if they liquidate. I like it. My man Lolli who has been absolutely destroying the Bonk moves put out a manifesto this morning that I want to finish with. A community take over of sorts of the Solana blockchain moving from the economic incentives of the Solana Foundation to shift it towards the community being the focus with social consensus. It’s insane, but also maybe a little brilliant. We washed out all the worst actors, grifters, and sociopaths, why not put a community standard in place? Rather than just follow along with a foundation like the Ethereum community, why don’t we push for something radical? I like it, it’s almost like building a DAO to help with the direction of the future of Solana. I would say that Toly is pretty hands off with this part actually, he’s not pushing narratives, he’s solving problems and enabling economic activity. This could be the part that takes us passed just another fast blockchain into a movement. Dream bigger my friends and let’s see where we can go. That’s why we chose Solana, and the big swings are starting to pay off. I’m hoping we can keep these levels and the excitement going. Until next week my friends, this is Thomas Bahamas and you’ve just listened to the 9th edition of SOLANA WEEKLYYYY!. 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