Author: @ZKwifgut
This is a short essay on BreakPoint observations and reflections, assisting investment research. The specific viewpoints are as follows:
PayFi and DeFi are the two pillars of Solana's vast encrypted ecosystem. We have not yet seen any ecosystem with such a clear strategy: relying on DeFi to establish an On-chain Economy and using PayFi to move towards Mass-adoption.
A review of PayFi-related projects at the BP site can give a sense of the density and quality:
- Stablecoins and payments: PayPal PYUSD (available for purchase on-site); SOL debit card by Sanctum; Fusewallet virtual Visa card; Kast bank card; MakerDAO bridging stablecoins to Solana through the Wormhole.
- E-commerce: Shopping with stablecoins using Shopify Blinks, accepting Solana stablecoin payments for hotel reservations based on Helio Pay/Solana Pa.
- Payment hardware: Solana's official second-generation Seeker phone; Showtime sports watch.
- Solana's Consumer Crypto sector is already a coordinated operation, with construction reserves far exceeding other public chains:
- Blockchain friendly for payments: high throughput, low gas, fast settlement, and further performance improvements brought by the Firedancer upgrade.
- Payment infrastructure: stablecoins, mobile wallets, on/off-ramps, Solana Pay, Web2 payment integration (bank cards, payment software PayPal), Cex/Dex, Blinks, payment hardware.
- Payment scenarios: online shopping, social e-commerce, offline activities, games.
- Supply side of goods: consumer-level hardware such as phones/SIM cards/watches, exhibition tickets, peripherals, e-commerce products (integrating with Shopify), game props.
Compared to Ethereum's "asset chain" positioning, Solana is solidifying its "payment chain" positioning. Currently, it seems to be the best solution for blockchain-based consumer retail and payment products and services.
Developing "payment scenarios" and "supply side of goods" is more challenging than infrastructure development. It requires investment in business development resources and effort, such as integrating e-commerce and payment media, and some involve extremely complex supply chain management, such as manufacturing phones. The implementation of all these businesses requires a very high level of management complexity and resource investment.
The dirty work involved in the above is far removed from "asset issuance" and "liquidity," so it's normal for some people to be indifferent to PayFi. What's happening in the Solana ecosystem is somewhat related to "long-termism."
Solana represents a type of L1 - a corporate blockchain. Its governance model is a foundation, its organizational capacity model is a company, with a clear vision, clear values, focused resources, clear division of labor, and accountability for results.
Solana's organizational capacity is probably top-notch in the industry, with only top-tier exchanges able to match it (Solana's products still have the flavor of FTX). From strategic planning, ecosystem expansion, community building, resource allocation, internal collaboration, to the production of promotional videos and creative level, slogans, promotional rhythm, and BreakPoint offline activities, they all have the temperament of a top technology company.
The term "Solana Killer" is becoming popular in the market, while "Ethereum Killer" is rarely mentioned, after all, Solana and Ethereum are completely different species now. Solana can leave behind Ethereum as a reference frame, becoming a reference frame itself.
SVM is beginning to show its potential. The advanced nature of SVM is being discovered like a hidden treasure, and we will see more projects emerging around SVM, which is worth paying attention to.
Memecoin is not in the mainstream of Solana's strategic direction. In my opinion, it is just a game of interest and investment for the ecosystem users. Meme has been chosen by capital to become Solana's calling card, and the chapter of Solana's regular army tactics may have just begun.
The atmosphere of Solana's community is very engaging, interesting, passionate, intelligent, and direct. Good products will stand out, and it is also a community that respects user experience the most.
How to view "there is nothing new in the market"? We must accept that there may not be another level of on-chain innovation like DeFi, and we must accept that the upcoming on-chain innovations will be micro-innovations and model innovations. Consumer Crypto no longer has any fancy decorations, it all depends on resources and execution.
Investment Strategy Considerations (NFA):
- Ethereum is irreplaceable. So, the more it resembles Ethereum, the less worthy of investment (such as most L2s that overlap with the Ethereum ecosystem), it's better to allocate to Ethereum.
- The more it resembles Solana, the more worth considering betting on, because the success factors of Solana can be replicated, even though it's difficult. You can start investing in the next Solana Killer.
- Solana's consensus has moved towards global consensus. Although the opportunities for non-consensus have passed, global consensus ensures a more solid foundation for Solana, capable of carrying larger funds and positions.
- Memecoin transcends emotions and culture, it is the ideological product of this round of the cycle, and ideology is on par with technological innovation in any historical period. Investors and institutions who understand this point will know how to correctly view Memecoin.
- Pay attention to Solana's unlock in 24/25.
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