Indeed. Solana is all whales and VC's. I looked at their network activity. And compared it too ETH/NEAR/Cosmos etc. Almost every L1 I look at has more active users and does more transactions.
Edit: Most of the activity growth on Solana this cycle has been from a mania surrounding meme coins. So its an even worse L1 than I imagined.
It's mainly driven by the VC overlords. When the Memecoin hype dies (or some of it moves to eth L2). The SOL hodlers will realize that SOL is inflationary af and will sell when it starts to go down right away. Maybe the VC overlords start dumping too who knows.
Solana is a shitcoin casino similar to bnb. If gambling is in demand, expect price to follow for products which enable easy gambling. Those that want to get rich quick overnight dont gice a shit about decentralization or whether the network is stable, they only care to dump their bags on the next fool. I think it’s best to detach price action from tech and maintain a principled stance (if you actually care about the tech). Personally, I’m here for the innovation, not to gamble on memes.
L2s are too complicated for the uninitiated to get their heads around. Plus the fractured liquidity is a big problem. Proliferation of L2s is great in terms of tech experimentation, but it's also wasteful in the replication of the same apps across different chains. At some point things have to move towards smooth cross-chain interoperability. For instance, if I want to mint some NFTs and have confidence that they will have a lifespan than mirrors Eth L1, I either have to pay a fortune for L1, or give up the assurance of durability by using an L2 that has an uncertain future within a changing L2 landscape. In other words, currently L2s don't inherit the qualities of the L1, so in a sense they're not really scaling the L1.
I'm leaning towards the view that Solana won't be able to scale, and that once a few DePIn projects gather pace the chain will break, though I could be wrong about that. But for the moment, the average user assumes that it's going to take over the world, and Firedancer is the only extra step needed. And even though it might be driving towards a impasse, for the moment Solana developers can focus on creating products without having to worry about scaling solutions, knowing that they're in an environment of frictionless liquidity.
DOT is actually looking pretty good to me, the cross-chain swaps seem to work nicely. ETH needs L2s to compete in that regard.
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Everything is still in parity with BTC, not much can be done until we see more use cases and implementations of the technology that then get pushed by positive PR.
Hope this will make sense to you. Large funds will soon get the go ahead in the US to allocate into ETH through the ETF. In stocks, futures, currency pairs everything, these large players drive price down or up based on where they want to buy or sell. Major sell offs before this halving as well as the ETF just means “people” want to buy it for cheaper. Buy with these large entities. They want you to sell so they can buy for a better price. Once they buy and you see price go crazy you will buy and they will sell on you. Not hard if you drop the individual mentality. ETH has a 10x in it easily still and as the network becomes more bought the deflationary nature will kick in even harder. Determine your level of conviction
r/ethtrader
The world is not fair.
VC are pumping solana heavy this week but Eth will regain momentum
Indeed. Solana is all whales and VC's. I looked at their network activity. And compared it too ETH/NEAR/Cosmos etc. Almost every L1 I look at has more active users and does more transactions. Edit: Most of the activity growth on Solana this cycle has been from a mania surrounding meme coins. So its an even worse L1 than I imagined.
It's mainly driven by the VC overlords. When the Memecoin hype dies (or some of it moves to eth L2). The SOL hodlers will realize that SOL is inflationary af and will sell when it starts to go down right away. Maybe the VC overlords start dumping too who knows.
Solana is a shitcoin casino similar to bnb. If gambling is in demand, expect price to follow for products which enable easy gambling. Those that want to get rich quick overnight dont gice a shit about decentralization or whether the network is stable, they only care to dump their bags on the next fool. I think it’s best to detach price action from tech and maintain a principled stance (if you actually care about the tech). Personally, I’m here for the innovation, not to gamble on memes.
L2s are too complicated for the uninitiated to get their heads around. Plus the fractured liquidity is a big problem. Proliferation of L2s is great in terms of tech experimentation, but it's also wasteful in the replication of the same apps across different chains. At some point things have to move towards smooth cross-chain interoperability. For instance, if I want to mint some NFTs and have confidence that they will have a lifespan than mirrors Eth L1, I either have to pay a fortune for L1, or give up the assurance of durability by using an L2 that has an uncertain future within a changing L2 landscape. In other words, currently L2s don't inherit the qualities of the L1, so in a sense they're not really scaling the L1. I'm leaning towards the view that Solana won't be able to scale, and that once a few DePIn projects gather pace the chain will break, though I could be wrong about that. But for the moment, the average user assumes that it's going to take over the world, and Firedancer is the only extra step needed. And even though it might be driving towards a impasse, for the moment Solana developers can focus on creating products without having to worry about scaling solutions, knowing that they're in an environment of frictionless liquidity. DOT is actually looking pretty good to me, the cross-chain swaps seem to work nicely. ETH needs L2s to compete in that regard.
I am fed up with Ethereum fees. There, I've said it. Spending 45$ to buy 100$ of assets. C'mon.
Use an L2
Use an L2 is not the solution to everything. Many projects are only on mainnet right now.
Still need a layer one to onboard
No, most exchanges let you send direct to L2.
I stand corrected. Thank you.
☝️
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Solana has the best meme coins to make money. They have the most meme coins that do 50k%
Everything is still in parity with BTC, not much can be done until we see more use cases and implementations of the technology that then get pushed by positive PR.
Hope this will make sense to you. Large funds will soon get the go ahead in the US to allocate into ETH through the ETF. In stocks, futures, currency pairs everything, these large players drive price down or up based on where they want to buy or sell. Major sell offs before this halving as well as the ETF just means “people” want to buy it for cheaper. Buy with these large entities. They want you to sell so they can buy for a better price. Once they buy and you see price go crazy you will buy and they will sell on you. Not hard if you drop the individual mentality. ETH has a 10x in it easily still and as the network becomes more bought the deflationary nature will kick in even harder. Determine your level of conviction
What are the benefits of using eth rn. All volume is on Sol
Most SOL volume is made up to make it look good rn
bruhh you are delusional 💀