A Twitter Thread that was too big for Twitter
I was writing a Twitter thread and then quickly discovered that even Twitter threads have a maximum number of Tweets that can be attached to them. So for the sake of not having to start over and reformat and take a bunch of time with rewrites to make my Twitter thread into a full blown Medium article, I instead just copied/pasted all the tweets over into one document.
So, here are some thoughts about the state of crypto, Solana, and SHDW from the past 60 days!
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It’s been eight weeks since $SHDW dropped on #Solana . Obviously a lot has happened not just in the world of crypto over the past two months, but in the world overall.
Here are some thoughts around $SHDW, the Shadow Drive, and crypto as a whole.
Fair warning, I can’t promise I won’t get on a soap box once or twice throughout… but I think it’s important the ecosystem start to understand and appreciate a few things…
In the world of #cryptocurrency… a lot of what we’re experiencing is the double edged sword of crypto and #blockchain becoming more and more mainstream.
Crypto is in the process of becoming a risk asset just like equities are. Which means, the macro economic environment matters
Now, you can disagree with me all you want and rail about how $BTC is the hedge against inflation or whatever… if that’s the case, then it’s a bad hedge… it isn’t a hedge when it drops 40–50% in an inflationary environment… that’s a risk asset.
Additionally, we love to celebrate the fact that bigger and bigger financial institutions are going deep into crypto bc it means that crypto is gaining legitimacy.
However, those financial institutions have risk controls. They have compliance departments to answer to.
Compliance doesn’t care about crypto bros screaming that crypto is the new hedge against this or that… compliance cares about capital at risk versus the amount of liquidity required to hold certain positions as dictated by securities regulation.
I mean, I get it… crypto going mainstream means more liquidity enters the crypto markets which means crypto markets hopefully go pampy.
However, it also means that when the Fed starts tightening or the broad markets catch a cold crypto will sneeze too.
Let’s zoom in though and talk about #Solana as a whole. Obviously, the network has had some real issues over the past two months. Txn failures, huge congestion… that’s likely to have an impact on the price. What’s interesting though is when you dig in…
The screenshot below is of the dashboard which monitors the pending txn requests sent to #Solana validators and awaiting processing. Now, Solana is theoretically capable of producing 50k TPS. Does that mean it does now? No. As the network scales will it get there? Of course!
So, what does that screenshot show? It shows an NFT drop in which #Solana #NFT botters are spamming the network with hundreds of thousands of identical txn requests… this is basically a DDoS attack.
No sh*t this will cause congestion issues…
We follow some of these #NFT bot communities and easily 1/3 of these NFT drops are rugs btw.
NFT rugs have become a business of their own… you create a collection, do a drop, hope to entice a NFT bot community to spam 5–10% of your supply, rug, make a new one.
Now, the #Solana team is working very very hard to address this issue. I know bc we’ve been working directly with them.
Does that mean it gets solved overnight? No.
Why not? Bc they have work items that they’ve invested time and resources into finishing.
So, this gets added to the list.
You also don’t just suddenly blast out network changes that could potentially have a massive ripple effect without first doing some serious testing.
I’d be very very worried if they did drop a fix to murder bot spammers overnight… why?
Bc it means they didn’t test it!
All that said, make no mistake… all the NFT bot projects currently on #Solana… their days are numbered. They’re numbered bc that’s what happens when you abuse network resources to the detriment of all the other users. Sorry, not sorry. gtfo.
This is also an amazing thing for #SolanaNFTs on the whole. When 1/3rd of the #NFT drops on #Solana start to become rugs that is just awful for the brand of the chain (disclaimer, this is not a scientific study. This is just our personal observations).
That said, Solana still has dropped THREE NEW SOFTWARE ROLLUPS in the last 60 days… why does this matter?
As I said… ripple effects are important. They matter.
We have a network of 300 or so RPC servers… we serve a billion or so requests per day…
When #Solana does a software rollup the imapct on us is huge. We first roll up a small portion of our network and then watch and monitor for errors and issues. Each individual issue requires time and effort to chase down. We want to ensure high QoS even during these times.
Our responsibility for strong QoS means we need to take a staggered and deliberate approach. One roll up every other month (their previous cadence) was one thing… three roll ups in 60 days is huge and massively takes away from our bandwidth for other things.
This leads me into the final area… which is related directly to GenesysGo, $SHDW, the #SSC #NFT, and what we’re building on #Solana .
Excuse me while I go grab my soapbox real quick… might as well get this part over with early…
We’ve had more than a few people b*tch and moan saying that we should have done more to make use of the hype when $SHDW released.
To which I ask, what specifically would you have liked to see?
Or, is this your typical, “WHY AREN’T THE DEVS DOING MORE???”
Post-IDO we were clear that we would be going heads down into hardcore BUIDL mode.
There was ZERO ambiguity there.
To the people whining… go create an #NFT on #Solana, get it to the top 3 of all NFTs on Solana, then have a successful #IDO and do it all in less than 3 months.
Once you’ve done that, come back and let me know if you’re just a tiny bit burnt out and maybe need to back off from the 20 hour a day, 7 day a week work weeks.
But, this isn’t constructive so instead let’s talk about the whole, “they let the hype die” nonsense.
Maybe you wish more communication was happening?
Communication about what exactly?
Should we have been yet another voice in the crowd promising over and over again that we’re still building?
Or, perhaps you would prefer it if we were dropping ss’s of every breakthrough?
We’re building storage in a very unique and innovative way that we’re rly excited about and proud of.
But yes… let’s blast it everywhere so that way it can be stolen by someone else…
I’m all for open sourcing (I think we’ve shown that by open sourcing our machine configs and publishing how-to guides for the community) but come on… at least give us a chance to launch before we start enabling copy cat projects.
I dunno… I could go on at length about the various why the “HYPE WAS WASTED” crowd are short sighted fools… so, let me sum it up this way…
Why in the name of all that is good and holy would we waste marketing ammo in a crypto bear market???
To do so shows just how clearly some people don’t understand the importance of timing when it comes to delivering information.
When crypto is trying to carve out a bottom you will get a heavily reduced “bang for your buck” trying to prop up price with marketing tweets.
It’s the marketing equivalent of pissing in the wind.
Sorry, but no amount of crying on Twitter is going to push us into making a bad decision. If you can’t see why that would have been a bad decision then you clearly can’t see the forest for the trees.
The exciting news is that there actually are all kinds of really exciting updates about the Shadow Drive that we absolutely cannot wait to share with you all!
As an added bonus, we’ll be launching changes to our RPC network’s performance that are literally game changing.
It won’t be long now folks but you’re gonna need to step back and attempt to see the bigger picture.
We’ve been super clear from the beginning that $SHDW is a very long term utility token. We’ve never once suggested anything different.
If you don’t understand that or thought we were just saying it because it sounded cool then that’s not our problem. That’s on you.
We’re not that kind of project. Utility and high QoS is all that matters to us bc we know that those 2 things will drive $SHDW’s success.
Everything else is just noise to us.
We only care about helping #Solana be successful and we’re playing the long game here bc we are building a direct correlation between $SOL and $SHDW .
Don’t forget that we have a little over 100 projects that use our network at the same time.