Bienvenidos mis ositos, tu siempre eres mis queridos! (Welcome back little bears you are always my dears!)
As a panda, it takes a lot to get me excited. That’s probably one of the reasons we almost went extinct.
Maybe it’s because I’m fat and lazy or maybe because of our complicated breeding seasons I just can’t be bothered to do much.
Every once in a while, a project comes along that is so attractive that my animalistic urges go berserk.
Eww panda, what kind of financial smut are you shilling?
Harumph, someone is a prude!
Despite your rude comment I will still tell you about Solana.
Wait a minute this sounds a lot like your last post…
Didn’t I warn you that I’m fat and lazy?
You know what I else I am? FRUGAL. Especially when it comes to gas costs.
This screenshot was taken AFTER EIP-1559. I’m trying to figure out why it costs a buttload of money just to bridge assets. Some people are blaming NFTS, but who knows what’s going on. While Ethereum sorts itself out. I’m going to check out other ecosystems to get my farm on.
So Solana has been on fire lately. But compared to Ethereum it’s still a bargain. I wouldn’t go as far as calling it an Ethereum killer though. I do think it can muscle in on Ethereum’s market share. Solana has two things going for it.
It’s cheap and fast as opposed to me cheap and slow.
Sam Bankman-Fried has thrown his support (via tons of cash) to Solana.
At first I was apprehensive about this guy. I mean can we really trust a guy that doesn’t like haircuts???
The answer is we can!
Why?
Look at his name BANKMAN. That has got to be the coolest name ever for a guy making money from crypto. He’s already a multi billionaire by 28. I think I was groveling for dollars when I was 28.
Any way you can watch plenty of his interviews and make up your own mind. His firm has invested heavily in Project Serum (think of it like a decentralized FTX) which is on the Solana ecosystem. Anything can happen in crypto but I doubt he will let either Serum or Solana flounder.
Let’s look around on one of the top projects on Solana by total value locked: Raydium.
Two liquidity pools that might be interesting are these:
Raydium- Solana 58%
Raydium- Serum 78%
Now the APRs are NOT the triple and quadruple digits that apes drool over. But keep in mind these are top tier coins in the ecosystem. It still beats most TradFi returns quite easily.
Watch out for pools with low liquidity. The high APRs can look tempting but you have to keep your eventual exit in mind.
If you like messing with liquidity pools you may need to go to Serum to swap for a token that you need to complete a pair. So keep that in mind.
Some other risks to keep in mind is that the user interfaces of some of the Solana projects can be glitchy.
So far my favorite Solana wallet to use is Phantom.
It’s the closest thing to a Metamask and you can stake directly through the wallet. You can also do some basic swapping and there is a section for NFTs.
The whole ecosystem is still developing and they recently had a hackathon.
There is room for improvement on the airdrops, and liquidity mining incentives front.
I’m also looking forward to their Wormhole V2 bridge so liquidity can migrate from Ethereum, Terra, and maybe other ecosystems.
Other crypto enthusiasts are excited for Neon Labs. They are a “port” project so current Ethereum projects can easily jump to Solana. There was a tweet rumor Sushiswap might be interested.
https://thedefiant.io/neonlabs/
I’m hoping Aave and Curve can jump in too on Solana like they did on Polygon and Avalanche.
It’s an exciting time to be a DeFi user. Let’s hope the competition and cooperation between the different systems improves everyone’s projects.
Of course the returns are subject to change and individual results will vary. However I hope this impresses upon you the potential of DeFi!
As always I appreciate your support and hope you enjoy learning something different.
If you would be so kind to drop a like, subscribe, and let me know in the comments section which format you like better or any questions you may have.
Be sharp, stay hungry let’s get that money!
