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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.
41:46
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Quick takeaways
- Solana's recent price drop illustrates its struggle to compete with Bitcoin and Ethereum amidst significant market volatility, highlighting a potential overcorrection.
- The surge in application revenue compared to network revenue on Solana indicates a thriving ecosystem with profitable solutions, supported by growing stablecoin liquidity.
Deep dives
Solana's Price Divergence from Bitcoin
Recent price trends reveal a significant divergence between Solana and Bitcoin, with Solana's performance lagging behind that of Bitcoin and Ethereum. Since early January, Solana's value has dropped over 65%, falling below $100, while Bitcoin has shown remarkable resilience during market volatility. This discrepancy illustrates Bitcoin's positioning as a non-sovereign form of money, while Solana competes with Ethereum for market share in smart contracts. The underperformance of Solana suggests an overcorrection in the market, despite positive developments within its ecosystem.
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