Bixin Ventures: What is the current state of ecology on the Solana chain?
Original title: What happens to Solana now?
Original article by Henry Ang, Mustafa Yilham, Allen Zhao & Jermaine Wong, Bixin Ventures
Evan Gu, Wayne Zhang, Bixin Ventures
preface
Solana Has been with Sam Bankman Fried, FTX And Alameda Research There is a close connection, and one of the best evidences is that. SBF In 2021 Year 1 The tweet that went viral on Nov.
Source:https://twitter.com/SBF_FTX/status/1347964322459262977
In 2021 Eg. The close relationship between the two years made. Solana And its ecological projects have been rapidly developed, but since. FTX The thunder and bankruptcy since then as well as the event pair. Solana The adverse effects of tokens SOL The price has fallen about some from its high. 58% , TVL (in dollars) fell about 70%. .
The ripple effect also affects user activity on the chain. Solana Go on. 30 Days active account is only 7.15 million, while BNB Chain (17.9 million), Polygon (13.7 million) and Ethereum (9.94 million) are leading in this measure.
There is, however, a silver lining in this mess. Despite the collapse of FTX, The developer community still says it's committed to building on Solana.
From a recent one for the developer communityinvestigationAs we can see, the developer community has also indicated that they intend to continue adopting. Solana. It is worth noting that, approximately. 73% A fraction of developers see no need to leave. Solana, about 67% Developer selection only in Solana Deploy on. This can be interpreted as the remaining developer pairs. Solana The future remains optimistic and will continue to work on it. Solana On the development of.
Should we be bullish or bearish on Solana?
Source:https://twitter.com/SOLBigBrain/status/1590446631966543872? s= 20& t=F 8 GClfwcTXx 5 wbI 9 LtSdkQ
We should analyze it calmly. Solana Let's first look at the fundamentals of the blockchain.
The network has grown by leaps and bounds since its inception in terms of users, developers and on-chain activity. It's also very popular.
While the number of users, the number of developers, and on-chain metrics are all affected. FTX mine incident negative impact, but we still need to recognize. Solana Progress made since its inception.
Solana theThis articleWith a comprehensive coverage of statistics, we highlight a few that we think are interesting:
Up to 2022 Year 10 Month, Solana There is more than 1150 10,000 active accounts, including 170 Users who pay an active fee (a transaction incurs a Gas fee). The historical peaks of these two data are respectively; 2240 Wanhe 270 Ten thousand.
The open source libraries and developer activity have grown exponentially. Up to 2022 Year 11 Month, total 20, 717 A version library and 1, 114 programs, since 2021 Year 8 Since the month respectively increased by about. 7.6 & have spent Double sum 8.3 & have spent Times.
DAO Tools and adoption are also growing at a high rate. Self 2021 Year 8 Since the month, in. 1, 700 D DAO Is managing about Fifteen million. SOL, the growth is about respectively; 43.3 & have spent Double sum 1, 700 times.
NFT All the time. Solana A breakthrough use case on the Internet that has attracted millions of new users to the network. Users in 720 More than ten thousand wallets have been minted. 2190 Ten thousand NFT, first sale sales of $ 1.1 & have spent b) The sales amount of the second resale is $ 2.5 & have spent b.
Solana The problem of network instability is solved.
Self 2022 Since the beginning of the year, Solana Has been plagued by network instability, which has been a major point of criticism against it. We're in. 7 Early monthdiscussEg. It's a good idea. The long-term viability of Solana, as well as for Solana Network stability and planned potential fixes.
The fixes that are currently online are:
- Created QUIC, the agreement was made by Google To better control the flow of the validator to the transaction flow
- Built QOS (Stake Weighted Quality of Service) ensures that any ownership. The verifier of X% interest is able to put at least X% of the transaction packets are forwarded to the lead verifier
- Introduced priority fees, allowing users to express the urgency of their transactions by specifying an additional fee, which is paid when the transaction is executed and the blocks are packaged
These three fixes work together to reduce spam and improve network stability. QUIC Allow verifiers to limit the amount of traffic they receive so that they can more efficiently build blocks while QoS Make sure no one verifier can crowd out anyone else. With these improvements, the potential for spam to lead validators is reduced, and users who want to complete a transaction first should take advantage of priority billing to ensure faster block packaging.
These optimizations result in better network stability, although in FTX There were great fluctuations during the storm, but the network remained stable.
Source:https://twitter.com/mattytay/status/1590805725642510336
Solana Will become faster and more reliable
By Jump Developed independent validator client Firedancer, Solana Will push the boundaries of blockchain throughput. Eg. In the absence of any technical debt, Will be built layer by layer, following the data path of package entry, run time, and consensus for optimization. Solana To improve network speed. In Solana Breakpoint 2022 During which it was officially announced. Firedancer Has under test conditions; 120 V TPS The potential to make... Solana It is one step closer to becoming a state machine that processes transactions at the speed of light.
Firedancer It will also be developed in C/C++ to improve network reliability by reducing shared dependencies on existing verifier clients. It also reduces hardware requirements while making nodes cheaper and easier to run through performance improvements.
Blockchain infrastructure, developer tools, and programmability are also improving to help developers develop on Solana.
Google Cloud
Google Cloud made a series of announcements during Solana Breakpoint aimed at improving existing node and data query infrastructure. Google Cloud has been running a block production validator on Solana to participate in the network, and will use its experience to bring the blockchain node engine to Solana in 2023. This enables one-click deployment in the cloud. Solana Node, previously due to high hardware requirements (128 GB RAM, 2.8 & have spent GHz cpus and 24 cores /24 threads), the price of deploying nodes is very expensive.
Google Cloud will also start indexing. Solana's historical data, and in 2023 BigQuery was enabled in the first quarter of 2010 so that the developer ecosystem on Solana could access historical data. Given the high cost of maintaining archive nodes and the complexity associated with the data on the interpret chain, this plan makes it difficult to use. Solana data developers are a big driver. Google Cloud will also be able to accept all kinds of things. USDC This makes sense for projects where cryptocurrency is the main form of revenue.
Account compression
With the vision of a synchronous global state at the speed of light, the amount of storage on the chain will only grow over time. To proactively address this potential problem, Solana Labs and Metaplex Studios have been working closely on account compression technology as a way to reduce the amount of data stored on the chain. Compressed NFT The on-chain state will be stored in the Merkel tree, and detailed account data can be found in RPC Retrieved in a vendor-managed data store.
This will also ensure that developers are familiar with the existing. RPC Infrastructure case can easily achieve account compression. The first use case will extend to NFT Field, Solana Lab Concurrent Merkle Tree program (Gummyroll) and Metaplex Foundation Compressed NFT program (Bubblegum) are available. This means that storage costs no longer increase linearly and can lead to significant savings, as shown below:
Looking ahead, account compression will extend to... NFT Beyond that, move into social media applications, games, ticketing, metacomes, enterprise use cases, etc., and expect developers to come up with more interesting usage scenarios.
xNFTs
xNFT Is a revolutionary new standard that tokenizes ownership. In its first iteration Backpack It innovates Web3.0. The way wallets are constructed. Like other wallets, it manages your private key and connects to applications, but unlike other wallets, it is asset - and protocol-independent, allowing developers to build permissionless asset management tools on a single interface. It is also open source, which means that anyone can implement the new core functionality by requesting an interface, which provides a test bed for new functionality and applications. Eg. In essence, Will promote more mobile clients to get a more user-friendly user experience.
Token 2022
Now a new program is being developed to add new token capabilities. Previously, adding composability to a token required adding a new program to an existing token standard, which could be cumbersome. Use Token 2022 , available at 165 The byte standard token account can then include extensions to support many new use cases, such as:
- Confidential transactions, which provide more privacy to users by masking the amount being transferred, it is important to note that the parties to the transaction can still see the relevant information on the chain
- Interest/replacement tokens to provide more functionality for applications such as equity pools and credit agreements
- Memo of transactions requires that the customer-facing application that processes consumer payments only accept transactions with the specified memo, which helps classify payment types more easily
CPI protection extended, mandatory dApp Transact by delegation, which means that the user allocates only a specific number or type of tokens that can be used by the program. This will reduce the chances of the wallet running out when interacting with "bad dApps"
clickhereRead a lot. Token 2022 Available extension and implementation resources.
This makes it possible to Solana A hotbed of innovation for a variety of applications that can be adopted by the mass market
While there are many applications currently being built on Solana, we want to highlight projects in different verticals that have great potential to attract the next wave of non-encrypted local users.
Dialect
Dialect And Solana On 50 Several projects have collaborated on their own smart messaging specification, which supports actionable link previews. Users will be able to use the wallet-to-wallet mobile messaging layer to send money, mint, and buy. NFT, pair DAO Voting on bills, playing games, all of that. Dialect Complete in the application. They've also launched an initiative. 10 $10,000 incentive program to encourage developers to build applications on top of their smart messaging layer. Our view is that messaging is a core communication component that Web3 currently lacks, and Dialect Can help bridge that gap while protecting users' privacy.
Teleport
Solana That's also true. Teleport Teleport Is a ridesharing company that aims to provide a ride through TRIP Eliminate centralized matching between passengers and drivers, TRIP Is a decentralized marketplace where various ride-sharing apps can be embedded. Passengers will be able to use USDC Eg. Pay by credit card, while drivers pay directly through their bank accounts or through USDC Get paid. Ridesharing has become intertwined with urban life around the world, and we want to see that. Teleport Disrupt existing carriers and attract new Web3 users through real-world utility.
Helium
Helium And apps that can appeal to millions of people through real-world utility. Helium Originally a network for Internet of Things devices, it has branched out into wireless mobile networks and recently opted to migrate to them. Solana.
The project attempts to achieve this goal by working with T-mobile Cooperation to cover Helium Any blind spots in the network, they will provide users with as low as. 5 Dollar mobile plans, and every mobile plan subscriber will have immediate access. Solana A wallet. This is a low-key starter tool that allows new Web3 users to use those applications while still using them. Solana Composability between applications must also be promoted.
With Saga and the mobile dApp Store, Solana is trying to show what Web3 means for mobile.
Mobile phones are carried with us whether we are using them or not. Mobile experiences enrich the daily lives of billions of users, and Trying to demonstrate the benefits of Web3 through mobile devices. Saga Will provide everyone with a familiar mobile experience, with the ability to notify asynchronously when you mint your coins or when someone has asked you for payment.
Saga It can also be a digital gateway where users can make payments using Solana Pay, biometric authentication, and the ability to play encrypted games anytime, anywhere, seamlessly integrating with our daily work.
Saga The main function of a mobile phone is. Seed Vault And Solana dApp The store. Seed Vault Is a key storage function deeply integrated in the mobile phone hardware and software stack, always protect the private key security. This is a trusted user interface, Android The operating system cannot see the password you entered for the mnemonic, nor can it take a screen shot or take advantage of keylogging. This enables users to sign transactions freely, anytime, anywhere, knowing that their keys are secure.
Solana dApp The store will become a free application hub for DeFi, Game, wallet and NFT App offers cryptocurrency-friendly policies. This allows developers to focus on building products that billions of users can access anytime, anywhere. Solana dApp The store will be open at 2023 Year Submissions will open in January, and we're looking forward to the innovative applications we'll be building.
Our view is that this is bringing in the next wave of users. Solana The right way to chain. While most other blockchains focus solely on improving the underlying blockchain technology, Solana Always improve while solving user experience problems.
Community-driven efforts like Solana Spaces, SuperteamDAO, and Metacamp are understated but impressive, and have helped countless aspiring developers and new users join the network
Solana Spaces is an experiential space that allows people to recognize and experience Solana in real life. The experience space is set up. Phantom Can let customers learn about the self-care wallet, then they can scan the QR code to complete the tutorial, such as using Orca Learning DeFi, use Aurory Learn about chain travel through JustApe Understanding NFT, and in Formfunction Experience 1/1 Art etc. These experiences are all in-store. Implemented in the Phantom Wallet, customers receive NFT rewards for each successful completion, allowing for a deeper relationship with the end user.
Self 3 They've had 30 since launching a month ago. 000 Multiple clients and two brick-and-mortar locations in New York and Miami. 10, 000 Multiple tutorials. They are now extending this plan via SpacesDAO to anyone interested in running their own. Solana The people in the store. It is an open source retailer model, all designed or built. IP, from building plans to fixtures drawings, software, merchandise, is available to anyone wishing to set up their own store.
Interested parties can go through the coordinates of stores on the chain. GeoNFT Join, and give the holder the right to redeem it, via DAO Enter into contracts that give the store real-world legal protection and territorial exclusivity. To get the initiative off the ground, the SpacesDAO and Solana Foundation is offering top tips to shop owners looking to open new stores. 50, A $000 loan or grant.
SuperteamDAO is a basic resource center that is community-led and geared toward aspiring developers who want to build on the Solana ecosystem. The organization is made up of four local super teams in India, Germany, Turkey and Vietnamlearning,earnanddevelopThe three pillars of the organization. Aspiring developers will be able to learn more about Solana Core and find opportunities to make money through project rewards, and members will find inspiration to build content through the creative library and in the 48 Apply within hoursNon-equity financing.
Metacamp is a Singapore based company. The membership-based joint Maker space brings together investors, startups and talent from the Web3 industry in Southeast Asia. This company focuses on Solana The company offers educational programs, community events and corporate seminars to its members to further enhance the skills of professionals in the Web3 field.
For the above reasons, Solana The web has made huge improvements and has the right infrastructure and tools to help developers create new applications that have the potential to appeal to the next billion users. Saga It will also increase the number of developers who can reach a new group of untapped users in Web3.
How can Solana reverse the negative public perception?
Despite the technical shortcomings, the buzz around Solana and the public impact is still negative and pessimistic. Here are a few ways we think we can change that and shift the focus back to inclusive communities and the technological advances that have been made.
Remove the relationship with FTX/Alameda
According to the latest report, Solana The foundation has $1 million in cash exposure to FTX, less than 1 percent of its funds. , and none of the assets are managed by FTX. The Solana Foundation also holds approximately 324 Ten thousand shares of FTX Trading and approximately 3.43 million FTT Tokens and 134.54 million SRM Tokens, in which most assets are left with only a fraction of their value. Solana Labs, on the other hand, has no pairs. Exposure to FTX.
Among the SOLs held by Alameda, the SOLs held by Alameda are not circulated, and the earliest unlocking time is 2025 Years, all the way across. 2028 Years. Alameda Currently holding 4860 Ten thousand SOL, total locked-in equity. 65% All are now locked and pledged. In addition, even if the pledged tokens begin to unlock, given the nature of their Chapter 11 bankruptcy proceedings this could take years to complete. You may not be able to use it.
Source:https://solanacompass.com/tokenomics
While these tokens will eventually make it to market, our view is that Will build a new thriving ecosystem through its vibrant developer community and then drive high user activity, which translates into demand for tokens. With Alameda Go into liquidation, they hold. Solana Assets are also likely to be distributed more evenly among investors and creditors.
Address devolution/review resistance
Public opinion Solana The view remains a centralized chain. Anatoly To describe decentralization as the number of available independent copies of state history, as of today, the Bitcoin network has more than.15, 000 A full node, while Ethereum and Solana have about respectively;8, 000 A peace treaty.3, 000 A complete copy of the status. By this definition, Solana It is currently the third largest decentralized blockchain.
Solana Still in its approximately 2. 000 There is an impressive diversity among the verifiers participating in the consensus, and the pledge is distributed in 230 Unique data centers, and no more than a percentage of any data center. 9 %. It also has 31 theMedian coefficient(Nakamoto Coefficient), ahead of AVAX And Thorchain (29 and 28 respectively) .
Looking ahead, Solana Also committed to Diet (lightweight) client to reduce validation costs. Through these clients, most consensus participants' trust minimization assumptions will be improved. So, if most people are not to be trusted, A user-activated soft fork similar to the one proposed by Ethereum could be adopted. If you are right. POS Censorship resistance in the network is of interest and we will be inhereGive a broad introduction.
Solve "business development" problems
Eg. Despite what is often said, Solana Has "great technology", but with Polygon The achievements made by Solana Business development is lacking. Ben Sparango, head of business development, recently mentioned in a podcast that while existing Web2/ Fortune 500 companies are still interested partners, they will do so gradually, as some of these companies are performing other tasks that are not helping to increase blockchain use or activity. A successful example is the recent one.ASICS-StepN and Solana The establishment of partnership, wherein ASICS Integrated Solana Pay, sold out. 3, 000 Each device was obtained by USDC Denominated 600, 000 Dollar revenue, and no credit card transaction fees. The relevance that accompanies each sale. NFT The price on the secondary market is around. 1, 000 SOL.
Instead, the foundation's priority is to attract more low-level developers to build more leverage. Solana Technical advantage for unique applications. These applications that match products to the market will naturally become. Solana New business growth points, and attract the next wave of users. When Stripe This was demonstrated when it was announced to facilitate payments from fiat to cryptocurrency. Among the 16 pilot apps are 11 Three are from Solana (Magic Eden, Audius, Orca Etc.).
conclusion
To sum up the above discussion, Solana And FTX & Alameda The relationship is like a roller coaster of ups and downs. Although Solana The future looks bleak right now, but if we peel back the layers, we will continue to see a promising community and high-performance, scalable blockchain. Solana Is innovating in many ways, such as becoming. Dialect, Helium, teleport. Dialect, helium, teleport. Such as a choice of applications for potential consumers, and through its flagship. Saga Mobile phones have opened up a whole new customer base in the mobile space.
We think that Solana Can move on from this setback and change public attitudes. FTX/Alameda Negative and negative perceptions of relationships, lack of decentralization, and slow business growth pave the way for new applications that can attract the next billion users.
If you are Builder on Solana, please feel free to contact us and we'll be happy to support you in any way we can.
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