I've always thought Bankless guys (David Hoffmann, Ryan Adams et al.) were Ethereum maximalists, and I hence I was intrigued by their recent daily brief on Solana (link below).
Here are the key takeaways from the Bankless daily brief on Solana:
1. Solana's 2023 Rebound: Solana (SOL) faced significant challenges in 2022, including network outages and the FTX downfall. Its market cap and TVL took a hit. However, the outlook for Solana in 2023 has improved dramatically.
2. Network Status: Solana has achieved 100% uptime in 2023, due to remedies like local fee markets and QUIC. Priority fees have not only improved network performance but also contributed to value accrual for SOL.
3. Ecosystem Highlights: Despite setbacks in DeFi, Solana has seen a resurgence in TVL, with liquid staking derivatives playing a significant role. The ecosystem has diversified into NFTs, gaming, and more.
4. Compressed NFTs: State compression has led to compressed NFTs, reducing costs and driving user engagement. Platforms like Dialect and Access have adopted this technology, attracting a substantial user base.
5. Developer Engagement: Contrary to rumors of a mass exodus, data shows that GitHub developer repositories have remained steady, indicating developer confidence in Solana's future.
6. Future Catalysts: Upcoming developments like Neon EVM, Solang, Eclipse, and Move offer potential gateways for growth in Solana's development and user activity.
7. Capital Injections: Initiatives like convertible grants and AI grants are set to boost projects within the Solana ecosystem.
8. FTX Balance Sheet: Recent court rulings regarding FTX token sales are expected to safeguard against sudden market sales of SOL.
In conclusion, Solana has made significant strides in 2023, overcoming past challenges and embracing new opportunities. With a resilient network, a diverse ecosystem, and promising future catalysts, it's worth considering whether now is the right time to invest in Solana, especially as it remains far below its all-time high.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry risks, and it's essential to do your research before making any investment decisions.
