Oh and I should note that Solana also has a token burning mechanism which burns a percent of the transaction fees. This is good for long term tokenomics.
Yes, Ethereum has layer two scaling solutions, but Solana scales here and now without L2s.
Ethereum is the London of Crypto, expensive to live there.
But just low fees doesn't account for the price spike, cause lots of chains are cheap to use. So why Solana, why now?
1 Builders are showing up! There are now dozens of applications built on Solana that you can use today! @port_finance is like Aave, @MercurialFi is like Curve, @RaydiumProtocol Uniswap. Yields on some protocols are very high. @AudiusProject is big for music!
2 NFTs and yes, many Solana NFTs are just copy paste versions of Ethereum NFTs. BUT there is a growing NFT scene, and every NFT purchase requires Solana.
The real story though will be gaming on Solana. Did you see the Star Atlas trailer? #sickAF
3 Raised 314 million in June to pump up defi on Solana. Also has strong backing from FTX which is the 3rd biggest spot and 2nd biggest derivatives exchange. This kind of money can make almost anything into a reality.
4 Institutional money is also starting to take a big interest in Solana. Osprey announced a SOL fund 2 weeks ago. And they are far from the only big money players piling into SOL.
5 Users are showing up! Solana has risen to be #4 by TVL in defi. Still 125 billion behind Ethereum, but it is rising fast. There is a big market for users who want yield without $50 fees.
So how to cash in on this trend?
1 buy SOL, but doing so right now, be careful
2 Use Solana! Loads of high yields and NFTs to flip. Move high risk gains into low risk holds, ie SOL
That being said Solana has its work cut out for it. Competition is strong. And Solana now needs to translate its current price success into being more than the flavor of the season.
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I remain very bullish on the Polka $dot $ksm ecosystem.
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So let's talk about parachains.
Kusama has successfully had their first parachain auctions and are now on round two of parachain auctions.
The first 5 parachains resulted in 10% of the supply getting bonded! WOWSERS!!!
The star of round one was Moon River. Even if you had bought the top on KSM you would be up 10X on $movr, most who backed them are up 20 to 100X or more. And the real kicker with parachain auctions.... you get your KSM back at the end! This is solid proof Dotsama is a money maker
Then fund your wallet with a little bit off $sol, for gas, and some usdc from your exchange account like FTX, if your exchange doesn’t allow withdrawals of usdc to solana directly you can buy sol and swap on @RaydiumProtocol
There are lots of great platforms to use on Solana. Since we mentioned @RaydiumProtocol start there and make a swap using that decentralised exchange. Swap some sol for usdc
By the way, keep this all low stress just put in like 100 bucks to play with to your phantom wallet.
This chart from Ben Cowen also shows this concept. Either this was shortest lowest ROI cycle ever, or we are heading for our double bubble with a cycle end in early 2022.
Trading your fiat for BTC is exchanging bad money for good. Bitcoin is Gold 2.0 and has essentially become the reserve asset of the crypto markets.
I personally use it as a gold like asset in my crypto portfolio.
DCA into Bitcoin is a great way to get exposure to BTC. Dollars will 100% fall in value. Your BTC will continue to rise versus fiat over time. It is an inflation hedge, store of value, and still in price discovery