Solana Legend, managing partner of Frictionless and co-founder of monkeDAO, discusses next generation blockchains. Topics include: competition with incumbents, attracting new users, DePIN's aha moment, value of web3 gaming, integration of web2 social with web3 rails, current on-chain meta, recent DeGods saga, Ethereum's endgame, and under-appreciated narratives.
Next generation blockchains like Solana have the potential to onboard the masses into crypto by providing high throughput and low fees.
Building a community on newer Layer 1 blockchains is more challenging, and there is a need to incentivize the right behaviors and reward community members in different ways.
Deep dives
Investing in Next Generation Blockchains
The podcast discusses the speaker's focus on investing in next generation blockchains that have high throughput, low latency, minimal fees, and the ability to bring shared state to millions of people. They mention starting a crypto investment fund and investing in these next gen blockchains that show promise for the future.
The Shift towards Solana-like Blockchains
The podcast explores the speaker's belief that the movement in the blockchain space is shifting towards Solana-like blockchains. They mention how Ethereum has limitations in terms of scalability and performance, and highlight the significant advancements Solana has made in terms of user experience (UX) and technology. The speaker emphasizes that smaller optimizations are still being made, but the focus now is on community, developer, and user activity to differentiate these blockchains.
Challenges in Building Community on New Chains
The podcast discusses the challenges faced in building a community on new chains, particularly on newer Layer 1 blockchains. The speaker mentions that early blockchain projects like Ethereum and Solana were able to create strong communities by providing early investors with the opportunity to make significant profits. However, the speaker acknowledges that building a community on newer chains, where the opportunities for early investors to make substantial profits are less prevalent, is more challenging. They mention the need to find ways to incentivize the right behaviors and reward community members in different ways.
The Future of Social Media and Web 3
The podcast delves into the future of social media and its potential integration with Web 3. The speaker discusses the importance of social and content in attracting and retaining users, and mentions the possibility of integrating payments, commerce, and live streaming into social media platforms. They highlight the potential for adding crypto and blockchain elements to enhance the user experience, offering new value propositions, and potentially revolutionizing the way social media platforms operate. However, the speaker also notes that not everything needs to be decentralized and on crypto rails, and emphasizes the importance of optimizing for the correct features and experiences.
Solana Legend (@solanalegend), managing partner of Frictionless and co-founder of monkeDAO. Spends most of his waking hours thinking about next generation blockchains. As one of Solana’s earliest and loudest supporters, Legend has a unique vantage point into how Solana and other high throughput blockchains are well-positioned to onboard the masses into crypto. This convo, is a fun mix about Solana’s early history, initial ties to FTX, its meteoric rise during the bull run of 2021, and some of Legend’s contrarian takes.
(0:30) - How new L1s compete with incumbents
(9:10) - What will bring new users onto L1s
(15:14) - The aha moment of DePIN
(19:00) - Value prop of web3 gaming
(24:05) - Integration of web2 social with web3 rails
(32:40) - Signal vs noise of current on-chain meta
(36:31) - View on recent DeGods saga
(41:55) - Ethereum’s endgame
(45:18) - Most under-appreciated narratives
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Podcast Resources
Follow Sal: https://twitter.com/sal_coin
Follow Dave: https://twitter.com/SolBeachBum
Follow Unlayered: https://twitter.com/UnlayeredPod
Subscribe on Apple: http://apple.co/3VyBSWI
Subscribe on Spotify: http://spoti.fi/42q03J2
Subscribe on Google: https://tinyurl.com/5dwn2476
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Episode Resources
Follow Solana Legend: https://twitter.com/SolanaLegend
Follow Frictionless Capital: https://twitter.com/_Frictionless_
Frictionless Website: https://frictionless.fund
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