The Solana X mob was awakened after Avara CEO Stani Kulechov accused the Solana DeFi project Kamino of copying Aave’s tech — on top of having a “half-baked” UI is a term that encompasses many things.
Kulechov’s comments sparked a few snipes in Crypto Twitter. But while the Kamino critique may have been exaggerated, Kulechov did mention a trend that is not limited to borrow-lend. Some founders have started new companies based on ideas which were not previously feasible.
The chain’s fundamentals — sub-cent transaction fees, thousands of transactions per second, and a year of uninterrupted uptime — have created an environment where concepts that once struggled on other blockchains might now thrive.
“Revisiting things that didn’t work a few years ago is sometimes more valuable than imagining new ones,” Inversion Capital’s founder Santiago Santos has written on X in the past week.
Santos was asked to list some of his ideas for a future Lightspeed Podcast. Santos’ answer was crypto gaming and option protocols. Onchain DeFi Options are less successful than perpetual futures, according to him.
Another old idea that may be breaking through is social trading, which has been a recurring theme in crypto for years — especially in the form of copy trading. Tensor’s memecoin social trading app Vector already surpasses the annualized revenues from its Solana NFT Marketplace.
A couple weeks ago, Tensor’s co-founder told me Vector would succeed where other apps haven’t because of its sleek Robinhood-esque packaging and the inherently social nature of memecoins — for which Solana seems to have an insatiable appetite.
Looking at the institution side, take a look at Sol Strategies. Leah Wald, Sol Strategies’ new CEO, was tasked with turning a failing crypto holding firm around. Her approach is uncannily similar to that of Michael Saylor and Strategy (formerly MicroStrategy), who pioneered the bitcoin strategy. This year, I have already forecast that a few MicroStrategy equivalents to Solana will be released.
In the tech world, the biggest winners haven’t always been the first ones to make a move. They are the best at executing. Solana believes they have created the infrastructure to give those second chances a chance.
“The iPhone would be a perfect example as there were other attempts at smartphones before, but Apple came at the right time, right place,” Titan Exchange CEO Chris Chung said. “Hopefully Solana can provide the groundwork for some revolutionary ideas to take place as well.”
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