After the Spring Festival, major projects are intensively issuing tokens, airdrops are tragic, and the opening price peaks. Two facts are clearly felt: the project landscape is getting smaller; and the difficulty of making profits is increasing.
In contrast, Solayer's landscape is still considered okay, at least it hasn't let down the earliest stakers. I stored several accounts with 10 Sol at the moment Binance officially announced the investment (because you need to store 10S to generate an invitation code). Due to frequent withdrawals and deposits for chasing meme coins, the final single account profit was several hundred tokens, plus the rise of SOL, this wave was actually quite comfortable.
In addition to early stakers, the following two groups also benefited:
① BNB Holders
Solayer allocated 3% of the total token supply to Binance HODLers, making it comfortable for large holders, as they not only benefited from the rise of BNB but also got $LAYER for free.
Many group members previously held BNB but did not receive the airdrop. To clarify: By using BNB to subscribe to regular or flexible products on the platform, they automatically qualify for HODLer airdrop eligibility, along with additional rewards from Launchpool and Megadrop.
② Public Offering Participants
Although Solayer's public offering on Buidlpad had its ups and downs, the outcome was positive, allowing many real users to taste the benefits: FDV was only 350 million, with 100% unlocked at TGE, peaking at 4 times the opening price, and now still over 2 times.
It is commendable that Solayer empowered early users in the subscription rules, showing that the official team values the community, which is much better than some projects that only claim "Community First."
Of course, there were some FUD voices when Solayer opened airdrop queries, mainly focusing on the low yield of large stakes in the later stages. This is not hard to understand; the project team needs to take care of early supporters. If everyone could imitate the aggressive money-grabbing tactics, early users would inevitably rise up against it.
Finally, I want to talk about the token price.
Solayer launched on most top exchanges at TGE, proving their capability. Although the token price is not particularly impressive, it is already commendable given the current market conditions.
Personally, I feel that the market's valuation of Solayer is still based on staking logic. In fact, they have crossed into the SVM track, which is a very hot narrative this year and has yet to explode.
Referring to the 2025 roadmap, Solayer will launch the SVM blockchain InfiniSVM, enhancing Solana's network performance and scalability through hardware acceleration and an infinitely scalable architecture, while also introducing native yield assets like sSOL and sUSD, allowing users to stake, re-stake, and consume through on-chain applications.
In simple terms, Solayer aims to compete with a bunch of star projects in the SVM track. Compared to other competitors, Solayer was the first to TGE and gained a good reputation, still holding a TVL of 300 million dollars after issuing tokens, which gives them an advantage on the asset side, especially with top institutions like Binance, Polychain, and Hack VC supporting them.
Due to my optimism about the SVM track, I have hardly sold my $LAYER, waiting for their SVM chain to go live and for on-chain gold mining, hoping this time we can reach the other side.
As I analyzed before, in the SVM track, what defeats you may not necessarily be your peers, but could be cross-industry competitors. Solayer is a typical example of cross-industry competition, and despite the recent unfavorable market conditions, their TGE performance was overall acceptable.
If the full score is 100, I would give them a 70, with the remaining points depending on their future performance in the SVM track.
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