Bullish on #Solana’s tech? But bearish on $Sol the asset? Myself and @StrategicHash have built a 🎉Solana Economic Model🎉 to put these theories to the test. TLDR? Sol can become one of the most expensive assets in the world… A thread

Bearish on any reflection coin that can’t stand on its own two feet as a meme. $ZCAT and $ALLINU are the only ones I’ve seen that I think would’ve survived on Pump last cycle. If the reward is the only reason to hold, there’s no reason to hold.

solana:HcRLc9VDgjLeK154xDawfb1dmVJ98DoSqcwTHGqiDeJR is starting to look less like a memecoin and more like the connective tissue between two massive crypto-native ecosystems. So it comes full circle: After all the institutional capital, infrastructure, and highbrow theorizing around bringing RWAs onchain, the missing unlock ended up being a memecoin connecting two crypto-native assets instead? Chef’s kiss. A ~$25B zcash:native asset class meeting a ~$70B solana:So11111111111111111111111111111111111111112 ecosystem, with a memecoin at the center. Absolute cinema. Mert pushed zcash:native and the “Zolana” narrative for a long time, but until now the connection existed only in discourse. @launchonsf gave it an actual onchain mechanism. The result? A memecoin that routes fees from trading activity directly to the community via continuous zcash:native rewards. All done on @raydium rails btw. The post from @zooko holds gargantuan weight because it’s recognition from the Zcash side that this connective tissue is actually working. The bridge isn’t theoretical anymore. solana:HcRLc9VDgjLeK154xDawfb1dmVJ98DoSqcwTHGqiDeJR is the bridge. The token gives Solana users a dead-simple way to get exposure to ZEC without forcing them to change their behavior. Meanwhile the meme itself, solana:HcRLc9VDgjLeK154xDawfb1dmVJ98DoSqcwTHGqiDeJR, this anonymous cat wearing a paper bag for a hat, becomes the memetic vehicle that pulls the ZEC narrative, and actual zcash:native liquidity straight into Solana’s memecoin trenches where some of the largest concentrations of retail crypto attention and volume already live. This is no doubt the strongest and cleanest example of MemeFi becoming a foundational building block for bringing the world’s value onchain: -Memetics as the communication layer -DeFi as the incentive layer supplying shared asset rewards to every holder MemeFi is a vehicle that is turning the intersection of two previously separate communities into its own aligned hybrid ecosystems. The moral of the story: Study shared incentive alignment. The strongest ecosystems are the ones where everyone gets bigger by helping everyone else get bigger. This is what @launchonsf unlocked. And underneath the surface, in the mines, @Raydium sits in the center of it all as the plumbing... I’ve long believed memes are one of the most powerful forms of communication on the internet. Memecoin maximalists like myself have never been more vindicated than they are now. Onwards and upwards. I’ve never been more confident in @solana memecoins or more bullish on the resurgence of @RaydiumEco. IMO, this post signifies to me that we have officially entered the first inning of MemeFi.

The more I sit on this, the more I can’t help but think we’re dealing with a civil negligence issue. Sorry for how long this rant will be in advance, but I’m just so angry. Drift Protocol was handling hundreds of millions in user money. They knew crypto is full of hackers - especially North Korean state teams like the ones behind this $285M drain. Yet their team spent months chatting on Telegram, meeting strangers at conferences, opening sketchy code repos, and downloading fake apps on devices tied to multisig controls. Basic security rules are simple: keep signing keys on completely separate, air-gapped machines. Never mix everyday dev work with access to user funds. Don’t trust people just because you shook hands at an event. Every serious project knows this. Drift didn’t follow it. This was a straightforward human mistake at the most obvious weak point. Attackers got in, pre-signed transactions, and emptied the vault in minutes. Now everything’s frozen, users lost big, and we’re hearing excuses about “sophisticated actors” instead of clear plans to repay people from treasury or insurance. In plain terms, civil negligence means they failed their basic duty to protect the money they were managing. You can’t just shrug, say “state hackers did it,” and leave users holding the bag. People trusted Drift with their funds… not with playing risky games against pro attackers. Fix it. Compensate users properly and transparently or don’t act surprised when the community and lawsuits call this exactly what it looks like: a preventable mess caused by sloppy security.

Second cycle in a row where Bitcoin was being suppressed by current, or former, Jane Street traders…

No fee share. 90% to the team. Bearish greedy teams on max extraction mode Bullish @MetaDAOProject

RT @toly: .@ore also fits this thesis. If the likelihood that someone wants to participate in the ore protocol in the future…

Hang it in n the Louvre

Was only good for trading NFTs last cycle Will only be good for trading equities and programmable SoV’s ($ORE) and crypto’s main ICO venue ($META) next cycle Punching down on Sol has historically not gone well

Incredible thesis on why $ORE is the future of Solana

We’re already seeing the huge benefits you get from building a SoV natively on Solana Biggest game on Solana about to natively integrate Defi protocols being spun up And privacy is in the works We’ve never seen a SoV on a performant chain with deep dev ecosystem Opportunity

You can’t “wrap it and move it” without fragmenting liquidity and trusting risky third parties. Zcash provides privacy on its L1, but it doesn’t have a thriving economy/dev eco like Solana. And wrapped ZEC runs into the same problems as wrapped BTC. But there is a 3rd option.

The most powerful aspect of $ORE hasn’t even started to be explored yet It’s a native token on Solana. That means you can use it as collateral in Defi. Build a borrow / lend for unrefined ore. Create new UIs with different games built on top of it. Oh. And use it as money.

I think retired Chad is right that as $ore stands today it likely needs an influx of new participants and money to keep the flywheel turning Where I think he is wrong, is there are many ways to bring in additional defi revenues Eg lending market for unrefined ore + liquidations

i’d be 100x more depressed about the future if crypto didn’t exist

Most important chart in $ORE Red above Green means $ORE will continue to be deflationary And why wouldn’t it. Even now - with mining costing a 20% premium to buying on the market - stakers of unrefined ore will make that back in a few months- and continue to earn at >100% apy

$Ore is a better product than Btc - miners will always remain incentivised - offers staking - doesn’t stop ppl from mining as it grows - has a load of sinks to offset the faucet - money spent by miners goes back into the ecosystem - Sol fees mean can be used as money Fight me

If my maths is correct - $Ore supply would deflate by 26% over the next year at the current betting volume Surely I’m making a mistake? Even at $320 it is heavily undervalued…

$Ore ‘s design is as elegant as Bitcoin or Ampleforth. Will nerdsnipe POW advocates. Will rally the revenue maximalists. Will attract the dopamine addicts. Abandon the trenches. Join the mines.

In a cycle with basically no net new innovations - @MetaDAOProject and @ore stand alone as the most transformative, exciting projects we’ve seen in the last 4 years True world changers. Both being built on Solana.

Those are all great reasons to be excited about Solana. However, the most compelling IMO is that truly novel products are emerging on a consistent basis from Solana primordial soup. I just don’t see systems like MetaDAO, Ore, etc. being born anywhere else. This isn’t to downplay the obvious use cases in trading, infra, or payments. They’re critical, and we are funding plenty of stablecoin-related startups right now. But it’s the wave of highly experimental yet commercially viable products forming in the eco that gives us conviction to focus on Solana specifically. @Colosseum has been approached by nearly every major L1 + L2 foundation to expand to their networks. So far, we’ve declined not because we’re Solana maxis, but because we haven’t seen the same level of founder product-market fit elsewhere. People often credit us for growing @Solana’s hackathons to where they are today. The truth is our model only works because Solana already has exceptionally strong PMF with developers and startup founders.