Thread by @TheCryptoLark

#Solana is exploding!

What is behind the hype and how can you cash in on this trend?

$sol is the newest in a long line of #ethereum competitors gunning for market share.

Solana is fully functional and can do 65,000 TPS for dirt cheap fees.

#ethereum does 15 TPS for eye watering fees.

Check this video from April for more on the tech

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.

coindesk.com/business/2021/…

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.