@0xcarlosg

Last week, Solana was the “spot equities chain.” This week, it's back to being the memecoin chain. So which one is it? A few thoughts: First, the data. Tokenized stock volumes on Solana exploded on the back of @Backpack's SPCX, MU, and SNDK listings. Last week, tokenized asset volume on Solana hit a new ATH of $1.4 billion. This week, the trenches are back. The latest surge in memecoin activity, seemingly catalyzed by @blknoiz06, has shown up immediately in trading platform volumes and revenue. Axiom, Phantom, Fomo, and others are now approaching roughly 2x the daily revenue levels seen earlier this month. Memes and tokenized equities sit on opposite ends of the “seriousness” spectrum, but both support the same thesis: Solana as the everything exchange. A few years ago, Solana was the NFT chain. Then it was dead. Then it was the memecoin chain. Then it was dead again. Then came Internet Capital Markets. Then it was dead again. Then perps were supposed to take off. Then spot equities actually took off. Now memes are back. The mistake is treating each new category as Solana’s identity. The chain itself is not pushing a single narrative. Activity keeps happening there because retail and distribution are there, trading infrastructure is there, and builders keep building regardless of market conditions or the flavor of the week. It is also funny how quickly people have stopped talking about Solana perps on the timeline. Less than a month ago, perps were apparently Solana’s sole focus. The reason: Hyperliquid has built an incredible product, HIP-3 markets were capturing all the mindshare, and Solana builders believed the chain had the capabilities to support similar activity. Sure, perps on Solana may still take off. But the ecosystem should be careful not to force a narrative simply because it worked elsewhere. Solana should focus on what it already does well, not only on what it lacks. @MetaDAOProject is a good example. Permissionless capital formation and decision markets are among the most ambitious frontiers in crypto, and they are happening on Solana. Eventually, Solana’s edge will not just be listing new assets, but becoming the venue where new markets form.

https://t.co/c8IainNFIM

Haven’t seen much discussion around GIP-151, but GNO trading at a slight discount to NAV and holders supporting a path to redeem their share of the treasury says a lot about market confidence in the project. Gnosis is one of the oldest and best-capitalized projects in crypto, with ~$148M in liquid treasury assets. Yet: - Gnosis Chain generates almost no revenue, highlighting the limits of infrastructure monetization. - Gnosis Pay is a solid product with recurring revenue from payment volumes, but even assuming a 1.5% take rate, it is not close to offsetting Gnosis Ltd’s $30M annual stablecoin budget. - Gnosis App, the business with the largest consumer upside, is still far from breakeven. One would expect a growth asset to trade at a premium to NAV, but without operating leverage, GNO is being valued more like a discounted claim on DAO assets.

https://t.co/KUmtPIrEqu

Been really impressed by EtherFi Cash’s growth. Cash revenue has grown from roughly $100k per month a year ago to ~$1.5M today, even through a broader market downturn. Unlike restaking, Cash looks way less cyclical and easier to underwrite.