Solana Weekly: Episode 1
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What's up, everybody? This is Thomas Bahamas here, and we're trying out a new show where we're doing a weekly review of Solana. I was looking for a show like this, even just, you know, some of the Twitter spaces I listen to. And, you know, they're kind of doing something similar to this, but it's so quick. It's so fast. I just couldn't find something that was really...

you know, a recap of the week, right? So we want to get some alpha, a little bit of alpha recap of the weekly action, the best FUD and hopefully help you on your journey here. Obviously, this isn't financial advice, but commentary on the state of the ecosystem and my thoughts on it. So I'm going to kick this off. We've got a few topics kind of lined up that I really wanted to walk through. They will be kind of recurring themes and, you know, hopefully we can use these as metrics to see

you know how we're doing. So diving right in, I'm going to start with the price of Solana. So right now 32.37 and kind of a weird timeframe to look at because this is a Tuesday. So we're looking Tuesday to Tuesday. But if you actually head over to my sub stack, you can check out the graph that we're going to be reviewing here.

But I mean as far as this time frame we're looking pretty good right last week We saw a drawdown to 28 which got a little scary there, but we got a pretty quick recovery back to the 30s There's been a good amount of support around $30 for quite a while now and even though you see people calling sub 20 Solana all the time that just hasn't been the case yet right there has been that support and I tend to think that

long-term, any buy under $30 seems to be a good one. This chart looks like a massive gain as 14%, but really it's what we're seeing is just kind of a bounce back to the range. It was a good opportunity to catch if you were so bold as to buy down there. And if you're holding that, you got a nice little gain.

But yeah, I mean, that's kind of how we're looking for the week on that as far as Solana or Sol ETH. So Solana over ETH, you know, nothing really that major here. You know, if you're looking at this chart, you know, it's kind of a good thing based on Ethereum having a bit of a price rally. Overall, we lost 2%, which is pretty flat if you ask me. You know, one reason

why I'm actually going to be showing Solana versus ETH is I think the East kind of the gold standard at this point I think ETH is going to be taking over as the number one token here based on tokenomics usage and where they're going I think they're well positioned obviously I prefer the trade-offs that Solana is

is making and it's a much better experience overall. So that's where I'm focused. But I do want to still chart price versus Ethereum. I think that's a good base to use here. And we'll continue to monitor that, you know, see whether it's a good metric or not. But I think that's a pretty good place to kind of keep an eye out. Yeah. So

That's Solana over Ethereum. The usage of Solana, I think this is a pretty good metric to track, right? Because we're, that's, I mean, that's kind of Solana's selling point, right? It's cheap transactions. It's really high transactions per second. You know, I've been seeing close to 4,000 transactions per second on a regular basis, which is huge.

So I put a graph here that Raj actually tweeted out and it had on-chain transaction activity. And it's crazy. It's Solana versus the whole marketplace. It's incredibly bullish. I mean, we're looking at about 10 million transactions on all other chains. And just on Solana alone, I mean, it's

This goes back to June and there was about 20 million transactions per day. And I mean, starting in the towards the end of July, I mean, it's between 30 and 40 million each day. So it's about three to four times the rest of the whole market combined. So, you know, it's doing pretty well, right? It's meeting its goal. It's bullish. It's promising. And

you know, that's kind of why we're here, right? I mean, I think it's a, I think it's, these are the metrics we want to track. I mean, we'll continue to see this. Hopefully we continue to see that go up as we see more adoption. And I think that, you know, because they are so focused on the user experience, on the user interface, that they're able to onboard so many more. So we'll see where it goes.

Next on NFT news and drops, what drops, what dropped and what narratives are out there? It's kind of a hard one to cover right now because there aren't a lot of projects

or there are a lot of projects, I'm sorry that, uh, and I'm, I'm not in them. Right. So top movers are these brains and zombies that drop there's a connection to hate swap and ABC. Um, you get the brains and then you can exchange those for zombies, uh, meta tattoo clubs doing really well. Um, they've been climbing solid art, solid community, um, and cyber frogs. So cyber frogs are what that kind of wanted to touch on. So they're,

You know, doing really well lately. You know, they've kind of been in the top for a while. I guess not a while, but they've been, you know, definitely top of mind. I actually minted these and it was a wild ride. So they shut down the mint because they didn't actually mint out. They lowered the price. They airdropped a free one to all that minted. I ended up dumping mine and, you know, ultimately I think they rugged for a little bit.

but it's good to see them come back right so they come back with a great group of Builders they've got a really strong community it's great to see and I think it's a wild example of a salon FT NFT project that worked through a bunch of issues and found a way to thrive um I love to kind of see examples like this and think it's it's something to point out something to you know talk about that

A lot of the top projects don't necessarily start out that way. So it's hard to evaluate these NFT projects when they're dropped, before they're actually minted. It's kind of a crapshoot on how that goes. So it's always fun. You got to stay sharp. Yeah. And now kind of move on down to the next one. We've got the best new project or protocol that I found. Let's see.

boots on the degenerate trash pandas is one that I kind of wanted to bring up. I've been tinkering around with this and I think that we are early and I think this type of trade swapping on chain is very promising. Um,

you know they're always up to a bunch of crazy things at DTP and this release has me super bullish uh pit is a Solana developer and he always is doing something I mean there's so many different drops and so many different little things that he's done um it's hard to even keep track of them but basically with this release you can basically undress your nft and soon there will be a marketplace for traits that you can buy um it's 0.1 sold and make the on-chain adjustment

And there are currently traits being sold on the famous Fox's token market. You look on online, I put a picture up of a pirate captain hat that I bought on that token market. And this is one that was a release from Monolith, the DAA creator. And I quit my Panda with it. And it's awesome. You know, it's smooth, quick,

you know, actually some of that revenue goes back to the project. So this is a way, you know, when the royalty debate came out, they dropped theirs down to zero right away. It was kind of, you know, kind of thrown back as to why they would do that. But this is an alternative way for them to actually build revenue and increase value for their holders. You know, there's kind of a few mixed opinions on this where, you know, certain traits are super rare.

So if you can just equip that on any Panda that might lower the value of that. But I don't know. I don't think there's going to be an excess of trades. So I think those more sought after trades will be more expensive in the marketplace. I think that will kind of work out in the long run.

And I think this is the type of protocol that will likely be spread to other projects once they see how profitable and how much fun this is. Yeah, I'm liking these trash banners. So yeah, now the last section. So we want to keep ourselves honest. You know, not everything's roses. There's going to be some FUDs. So this section is going to be the biggest and best FUD.

You know, we aren't blind to it. Nothing's perfect yet. Good news, no outages or slowdowns this week. I'd say that other than on weekly open, Don and Cred say, "Solidus chart doesn't look so good. Sentiments are pretty positive leading up to Breakpoint." I saw Jmo say that devs were moving over to Aptos and Breakpoint will be a disappointment, but

Honestly, I have a hard time believing that, seeing all the new protocols and excitement leading up to Breakpoint. I think one of the reasons why there haven't been as many big drops or big NFT drops is because of the royalty. But on top of that, I think people are waiting for Breakpoint to actually make that big drop, make a big announcement, make a splash, get people that are out there talking about it.

and get those of us that aren't going out there you know to fomo in so um i think there's a project called the pores that's doing this where they're actually minting in person which is exciting um so yeah i i don't think that that is true i mean surely there are some developers that are going over to aptos but i don't think that that's the case

I guess then that kind of leads me to this point, right? So other fun would be the app does is actually stealing market share and NFTs. And this could be true for new mints, right? There has been a lot of good new mints for them. So a lot of NFTs are still suffering from lower volume ever since that huge royalty debate and marketplaces sent those to zero or made them optional.

And in the meantime, Aptos has launched and had a few successful NFTs. Well, Solana really hasn't, right? So yeah, the bullish part of this is that the volume hasn't really been sustainable on Aptos. Projects go up, but there's no demand for holding these. And the general sentiment seems to be kind of like a way to play hot potato and flip these and bridge them back to Solana.

We'll continue to monitor this, but overall, I like it. Competition is good for everyone. And I'm excited to see where this goes. Solana has a really robust NFT ecosystem. I don't see everyone abandoning ship, but we shouldn't be maxis. And, you know, we need to be testing on other chains. So, you know, that's what it seems like is happening. But it looks like those funds are coming back into the Solana ecosystem. So we'll see. We'll see how that goes.

But yeah, all right, folks, that's a wrap on this week. Appreciate you listening and committing to doing 10 of these at a minimum. Open to suggestions, questions, or happy to correct anything I got wrong on here. Catch me on Twitter at ThomasBahamas5 or hit me up on my sub stack. Let's have a great rest of the week and look forward to talking about it next week. Thank you very much.