An absolutely crazy week in crypto, CEOs are resigning, Interpol is still hunting Do Kwon, FTX pies Binance and buys Voyager, ATOM 2.0, DOTs new roadmap and Robinhood launches a (degen) web3 wallet. JFC mass adoption is knocking on the door for crypto…but wen wen wen when will the macro clear itself in order to let us degens do our thing?!
Last Friday we looked at why it’s game over for ETH and highlighted two young punks that are being called The Solana Killers aka Sol 2.0.
Pew pew pew shots fired, let’s take a look and see if we can front-run the news in November.
But before we jump in, and if you’re new around here, then hit that subscribe button. We’ll keep you ahead of the trend, drop you some alpha and so much more.
In Todays Enclosure
• The Big Topic – The Solana Killers aka Sol 2.0
• Bitesized bits – the TwitterChain? Star Atlas demos on Epic Games and The Simpsons?
• Chart of the day – $XRP, bull and bear case
• Hidden Alpha – 🕵️♂️
🔥 The Big Topic – The Solana Killers aka Sol 2.0
Are layer 1’s dead or are they about to reignite with the likes of Sei Network, Bera Chain and the two that Twitter is calling The Solana Killers (yes because Twitter is factual anon!) aka Aptos and Sui.
Aptos & Sui are they something special or just a VC flex?
Aptos and Sui are both fast up-and-coming layers 1s that have taken the spotlight in recent months. Founded by Ex-Meta (Facebook) employees, both use the Move programming language which was developed for Meta’s Diem blockchain with both L1’s receiving outlandish valuations whilst being backed by the likes of FTX Ventures (SBF pump coming?!), Binance Labs, Jump Crypto, Andreessen Horowitz, Multicoin Capital, and Circle Ventures.
Like most things in crypto, they are trying to solve, the issues of scalability, reliability, security and usability to allow the masses to come which, as we all know, Solana has sometimes failed on.
But is this ultimately going to be a code-flexing tech implementing battle of former Meta employees backed by cryptos big boys? Or another SBF vs CZ moment? Let’s have a look, shall we?
Aptos vs Sui
Same same but different. They both use a proof of stake (PoS) consensus mechanism and both use the rust-derived move programming language, they just use slightly different versions. Aptos’ PoS uses BlockSTM for its parallel executions whereas Sui uses Narwhal and Tusk.
Here’s a detailed look:
So they’re same same, but different so why are they pipped to be Solanas’s biggest rivals?
Is part of it because of the growing trend of hyping up former employees from Wall Streets big tech companies? Or the usage of a trendy programming language like move? Or is it because FTX Ventures has aped into everything and hit “wen marketing” hard and fast? Or simply piggybacking off that fact Solana breaks periodically?
Both chains claim to be “fast A*F”, more reliable (not hard when compared to Solana), handle NFT minting and utility better and they’re the new hot cool shiny kid of the block. If it gets wider adoption then from a technological standpoint, MVM could be a good alternative to EVM and if these chains get a lot of adoption they could do really well.
BUT and here comes a big BUT, we are in a bear market with fewer people blindly aping into crypto let alone aping into the new kid on the block that’s unfamiliar and doesn’t have time evolution under its belt.
Compare it to Solana which we all know can be temperamental and have outages and downgrades and its lack of decentralisation and…..no more fud dude! But Solana, whilst still a young chain, does have first mover advantage, they do have a thriving community of builders and die-hard degens, and they also have a real-life Solana store in NYC. Hard to compete with that and Solana devs were also going to implement move virtual machine (MVM) back in Aug’19 when Libra was still in development.
If we see a market rally in Q4 then both Aptos and Sui may have just positioned themselves to take advantage of it and steal a small portion of new users. But that is to be seen.
So far, it’s a lot of hype, a cool narrative, and the founders just so happen to come from a cool company with a cool title. But there are projects building on top of Aptos and Sui in their test nets right now which can’t be ignored but neither will kill off Solana in the short term. Maybe we will see an Aptos Autumn or a Sui Summer in ‘23/’24 which I am personally excited about. When their mainnet comes I’ll be keeping a close eye on which VC firm dumps their bags (sorry…takes profits), how the ecosystem develops and which chain they decide to bridge to and from.
🗞 The Bitesized News Bits
ATOM 2.0 is here and it was a sell the news event but TLDR version is, liquid staking, interchain security, interchain allocator, and interchain scheduler are coming.
Robinhood web3 wallet goes live on Polygon with gasless swaps and 1m people on the waiting list. Wen bullrun?!
TwitterChain? Could this actually be a thing? Jack, Sam, and Elon swapping messages this week throwing the idea out there, after all, Twitter already uses the lightning network.
Epic Games leads the way in crypto-related gaming and supports the release of Star Atlas’s first pre-alpha gameplay demo.
XRP to $589? Bart Simpson seems to think so and we know how many times The Simpsons has made an accurate futuristic price prediction.*
🛡 Chart of the day: $XRP
XRP is hot news right now and it pumped hard last night so it only makes sense to take a look at the chart and where this potential movement may lead us. As you can see on the weekly chart, XRP has formed a W formation off of the 0.886 fib line and is now testing the 0.786 area. XRP is a heavily news-driven coin at the moment and any good news will lead to a pump, dump and potential giga pump IF XRP wins the case so keep your eyes on the news. But be careful of the dump that happens after a big pump.
Bull case, good news could see us continuing to break through each Fibonacci line with a short-term target at $0.65
Bear case, if it’s bad news then the pump will finally just dump and it’s back down into the previous consolidation zone in the $0.31 area or worse.
🤝 Here’s the Deel
and a quick word from our super awesome sponsors who help us make this all possible
If you are a builder in this space and are hiring a remote-first team take a look at one of our partners, Deel. They allow you to hire, manage, onboard, and pay from anywhere in the world without the hassle. Yes, Deel allows you to pay your team in crypto too…
🦧 Updates from the bloc
The latest thread
@Eli5_Defi is back again breaking down Radix in another cracking visual guide.
1/ What is Radix ($XRD)? How does it work? How does it achieve consensus? Today’s in collaboration with will answer all the above questions.
The latest podcast
Grant sat down with the @dYmension team to discuss what RollApps are, The Future of Scaling in DeFi, and the App Chain Thesis.
🎉 Friday Win of the Week
Do Kwons new boyband featuring at Token2049 this year. Maybe we will se this crew in the metaverse performing with Snoop Dogg and Jay-z.
🕵️♂️ Hidden Alpha
Soooo you want a 5-minute head start against the rest of the market, well here are our picks to add to your watchlist:
Long-term bags, the markets are grim right now. Have a look at your long-term bags, and consider asking where are they at? What’s coming up for them? What’s my average cost basis for them? How do I feel about them? Are they worth a DCA or am I a proud community member?
Zero Knowledge, zkSync hits mainnet at the end of October so this could be a catalyst for zk style projects.
EGLD, ok this is an absolute wild card here with more research needed but they have their conference in November around the midterms and they’ve been quietly building.
Stables, We’ve been saying this for a few months now but stables are looking bullish as Circle supports 5 new blockchains, global governments are talking about the acceptance and need for it, and lockdowns favorite trading app Robinhood lists USDC.
🦍 The Ape Enclosure
We’re ready to ape in, at any time. Got a good idea that needs funding? Send us an email with all of the info to [email protected] – Equally, if you would like your project to be featured in our Sponsor Section, contact us and we will see if it is a good fit for our audience!
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