What’s up everybody! This is Thomas Bahamas and you are here for episode number 37 of Solana Weekly. Here to drop some alpha on what's going on and where we're going. This was another crazy week with one of the leading Defi protocols on Solana getting hacked, Tensor launching their NFT project and Rollbit sending to the moon. Never a dull week and I’m looking forward to diving in.

To the market:

Sol Price: $24.38 with an overall increase of 5% on the week. Not a bad week with a good push in the price action starting yesterday. We saw a low of just under 22.50 and a high of almost 25, so not that much volatility and I’m hoping we continue on the upside.

SolEth- .01305 with an increase of 14% on the week. Eth acting like a stablecoin these days. Doesn’t dip, doesn’t pump. Hearing more of their deflationary narrative and how people aren’t ready for a token that burns itself, and a talks of and ETH ETF if BTC get’s one through. So yea I’ll take a 14% gain vs ETH.

SolBtc - flat on the week. Interesting here, we’re keeping pace with Bitcoin even when Eth underperforms. I’d like to call that bullish but we’ll see.

Gambling vs investing long talk.

As we see Product Market Fit in Rollbit while I miss the pump and sit on the sidelines, we've gotta have the gambling talk. PMF in crypto has always been gambling. Gamblers are willing to take more risk on risky platforms and have likely been burned a bunch prior to their entry into crypto. This is how I got here, online poker sites weren’t keeping customer funds separate from operational funds and ended up going bust and taking everyone’s money. Crypto solved this. Also to get funds on was dicey. I’ve bought phone minutes that transferred to Party Poker, I’ve had random debit cards I could only withdraw so much cash on, I’ve received faulty checks from Asia, I’ve even transferred money at a Western Union in a grocery store to load up my account one time. All these were BS and bitcoin fixed all the problems. Now add in the everything casino and we have gamblers all over the place. I think that this is some of the underlying problems were seeing in the markets, and I think that SOL’s unique properties highlight this much better.

What does that mean? That means you can utilize basically 0 transaction fees and feed the gambler in you. Mint coming up? Max mint, dump any NFT’s that aren’t rare. You can do that profitably on SOL where it’s too expensive to do that on Eth. The meme of listing just under floor is real because a small loss on 5 NFT’s while given the chance to 10x on one or two is a gamble a lot are willing to take.

So where does that leave us? With a lot of gamblers in Sol, and even Eth native people using it as gambling to get in and get out. Where Eth has more of a forced investment due to fees. I don’t know how we get out of that, but it is and will always be an important narrative with crypto. Rollbit moving to Eth seems like it’s bringing in more people to the table and this thing is going uponly.

With that in mind I think it’s important to try to figure out investments that aren’t a gamble. Minting most NFT’s are a gamble, but if it’s from a top project in the space? Might be out of the gambling range. We need to look at tokens and nft’s that will increase value based on usage of protocol’s.

I think we get out of the gambling range and move to investing to make continued gains. Buying and holding good projects has always been the way to make money. Take some swings, size appropriately, and put a long time frame on it. With willingness to add to the position. DCAing is a solid meme because it typically works. I like a good gamble as much as the next person, but my expectation isn’t that I’ll get rich off it, that’s where investing comes in.

Cypher hacked to the tune of 1 million. Devastating blow to Solana defi, but powering through.

Tensorians - launched and crushing. I imagine this goes up only, it’s the flagship product of the flagship nft marketplace on the chain with the most nft activity. Feels like a smooth brain play.

The 6 month investment thesis

Betting on the DePin decentralized physical infrastructure network and HNT.

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

Solana Weekly #37 - Gambooollll 18:02 Share

Solana Weekly

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Solana Weekly #37 - Gambooollll