Lightspeed The State Of Solana With Carlos Gonzalez Campo
Apr 8, 2025
Carlos Gonzalez Campo, an analyst at Blockworks Research, shares his insights on Solana's current state following its recent price drop. He discusses the impact of market dynamics and macroeconomic factors on Solana's performance. The conversation explores transaction fee mechanisms, revenue dynamics, and the comparison of app revenue between Solana and Ethereum. Carlos also delves into the growing stablecoin landscape and innovative solutions like ZenBTC, highlighting the challenges and opportunities within Solana's ecosystem.
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Bitcoin vs Solana
- Solana underperformed Bitcoin significantly due to Bitcoin's safe haven appeal during market uncertainty.
- Solana competes with Ethereum, while Bitcoin behaves like a non-sovereign asset.
Solana's Underlying Strength
- Despite Solana's price drop, network metrics like REV, DEX volumes, and stablecoin supply are up.
- This suggests Solana is fundamentally stronger than when it was last at this price.
High Open Interest
- Solana's open interest, denominated in SOL, reached near all-time highs in March.
- This high open interest indicates traders anticipated a significant price move.