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To The Sun (Day 484)

Disclaimer: personal opinion only, not investment advice.

Solana (SOL) went up more than 50% in a bit more than a day! Coming back from back-to-back weeks of Solana meetups, the interest in Solana was overwhelming. The price was still hovering around $40s until the big movement in the last 24 hours, and the price is now above $60!

We frequently hear the phrase "to the moon" in crypto. Is it possible to say that Solana is shooting "to the sun"??? If all companies should consider an NFT strategy, I'd say perhaps all projects should consider a Solana strategy. The price hike alone does not make the blockchain legit. The fast block time and low transaction costs do. Solana would take blockchain applications to the next level--real-time and affordable, comparable to the web 2.0 user experience.

The existing challenges on Solana are mostly due to the difficulty in learning the tech. It wasn't easy initially for Ethereum, but it did not stop the ecosystem from growing. As Solana attracts more developers to the ecosystem and builds more plumbings, developing on Solana would become easier.

Two things are happening in parallel on Solana. First is the development of real-time trading apps, the niche that Solana is especially suited for. Second is the porting of DeFi products to Solana.

While projects making Solana EVM compatible sound like providing a fast track for porting Ethereum dapps over, it's like trying to run Windows apps on Mac--in theory, you can do it, but it would never work like native apps. Plus, many DeFi apps were experimental when they started on Ethereum; rewriting seems to make more sense--to have a native version that takes advantage of the Solana architecture and implements a better version than the Ethereum experiments.

But I think the biggest challenge may not be with technology but with regulations. If building real-time experience of decentralize exchanges can rival the experience of the existing ones, we may see lobbying efforts from the incumbents to stall the development like how RIAA did to mp3 technology.

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