SolanaLegend

People will point to an example like memecoins as to why DCFs won’t be applicable to crypto. While it is true crypto is one of the most irrational liquid markets on Earth, markets are getting more efficient, and irrationality won’t exist forever.

This is inevitable

Monetary premium or economic security memes are relics of a bygone era when blockchains didn’t print revenue with median fees under $1

Congratulations to MetaMask for integrating Solana 4 years late

Welcome 🙏

Congratulations to MetaMask for integrating Solana 4 years late

The REV debate is interesting. There’s no doubt that once assets (L1s) have revenues they will be valued via DCF.

For me, the more valuable upstream indicator is application revenue. Once companies derive a large amount of revenue and profit from using a blockchain for execution and settlement, this will also translate into more fees to the base layer as more businesses will demand blockspace and be willing to pay priority fees + tips to write to the block

Chain revenue from trading is good, but the aggregate revenue of the app layer should be many multiples higher than the L1 itself, that’s how you know you have a platform.

Ask yourself, what makes more money? AWS or all the businesses that use its services…

Most traders shill things they don't believe in then are completely shocked when they don't outperform Bitcoin

Do the work, and believe in something

Are stablecoins a product or are they a feature that will be employed by everyone?

Starting to believe they will be the latter

Many people are bullish stablecoins but there isn't a clear way to express that view

It's unclear where crypto native stablecoins end up when @Citibank, a multinational bank can launch a stablecoin and distribute it in 180 countries

USDT dominance as CEX collateral is declining

Backpack joins a shortlist of international exchanges that have *both* deposits and withdrawals to/from @Official_Upbit.

For context, Upbit has done 2x Binance volumes on some days

The thesis that blockchains will be the place the long tail of everything spins up a market is playing out real time

Its an onchain IPO party right now

An amazing time to be paying attention and investing

People used to buy tokens at 100k and sell at 1m market cap

Now people buy a 1m and sell at 150m market cap

Every bull market has been dominated by fair launch metas and perps fueled gains

1) ICOs in 2017

2) DeFi summer liquidity mining in 2020

3) NFTs in 2021

4) Memecoins in 2024

4.5) Internet Capital markets in 2025 (onchain IPOs)

The bull market has found its narrative

Every bull market has been dominated by fair launch metas and perps fueled gains

1) ICOs in 2017

2) DeFi summer liquidity mining in 2020

3) NFTs in 2021

4) Memecoins in 2024

5) Internet Capital markets in 2025 (onchain IPOs)

The bull market has found its narrative

Every bull market has been dominated by fair launch metas and perps fueled gains

1) ICOs in 2017

2) DeFi summer liquidity mining in 2020

3) NFTs in 2021

4) Memecoins in 2024

5) Internet Capital markets in 2025 (onchain IPOs)

It used to take a dev to launch a token

Now people are vibe coding tokens and they are going into the billions

It’s hard to explain how bullish this level of accessibility and experimentation is

At the limit, modern blockchains will do hundreds of thousands of transactions per second per core on a 24+ core machine

For context, Visa’s capacity is 65,000 TPS

Blockchains will be able to power global trade, execution and settlement

No one is bullish enough

People have forgotten what an up only market feels like

Except this time we have amazing trading apps and it’s 50x easier to launch tokens, get onboarded and buy

Stablecoin bill gets passed

BTC to $180k+

Top 20 alts get ETFs

IPOs move onchain (internet capital markets)

Trading volumes do a 100x from here

Better apps getting launched every day

This summer is going to be insane

The Liquid Staking Ratio has practically doubled int he past 12 months.

If another SIMD-228 like proposal is passed, this number could increase dramatically. DeFi and LST participation is steadily increasing...

Users can now move funds over directly from Upbit to Backpack Exchange. For most other CEXs, users have to withdraw to Metamask then deposit manually

http://upbit.com/service_center/notice?id=5120

Huge! Backpack gets closer to Korea