Pro Macro: Ethereum Merge & Solana

Published on: August 26th, 2022

“The Big One”. Ethereum’s pending Merge will establish the benchmark for institutional investors to pour money into a secure, liquid, yield-bearing crypto protocol. The watershed should not be underestimated and will usher in the next big episode (even era) of crypto adoption. Meanwhile, Solana’s price trajectory should not distract from its ground-breaking operational transformation.


  • JJ
    Jay J.
    30 August 2022 @ 14:41
    Great work yet again
  • AH
    Anthony H.
    1 September 2022 @ 01:29
    Weird all the previous comments got deleted
  • AH
    Anthony H.
    2 September 2022 @ 07:36
    Hey Raoul, question got deleted last time but posting again if you see it: Great report, reminds me of your 2020 report on BTC at 9K and its potential. Curious about your time horizon and exit plan with your 98% spot crypto position, do you plan to have an exit plan with established dates / price targets, or are you holding not just for 1-2 years but 5+ years (end of decade?!)
  • BT
    Boris T.
    2 September 2022 @ 08:10
    Interesting report although I shall say I dont quite share the entousiasm about Solana. Whether they can fix the issues without compromising on the percieved benefits of their blockchain remains to be seen. And there are many other Eth challengers with similarily ambitious roadmaps (it is a guessing game and Solana might end-up beeig successful, but I am not sure why they’d be the best positioned). Lastly I think we’d need some considerations about the ownership structure and tokenomics. I could be wrong but i have concerns there might be funders/VCs who have very large bags acquired at much lower price points and are waiting to dump on retail (which could limit the upside). With all those things said, it king of gives me a taste of XRP back in the days it was super hyped as the future of international remittance.
  • KH
    Kevin H.
    3 September 2022 @ 01:47
    What are some of the concerns about solana?
    • JW
      JW2 W.
      5 September 2022 @ 13:58
      The usual :-) : security, stability, governance (that whole Solend nonsense) & ownership (50% of SOL was allocated to Solana Labs, Venture Capital investors (Alameda has very high stake) and developers), VC backing, centralization (Solana Foundation only entity developing core nodes on the blockchain = central control point), etc etc. You can make these points about other L1's as well. will it matter? WTFK. Network adoption is impressive. None of the alts have really decoupled from ₿. ₿ has not decoupled from the macro and global liquidity. Will the macro change? Sure, at some point. Opinion differs. RP thinks it will be relatively soon (I find him somewhat unclear on his timeframe but he talked about this a few times), other voices disagree and think we'll be stuck in a two year recession or at a min. stagflationary period. So, should you buy now ? Again, WTFK :-) and if you like the story - and there is much to like, as there much to doubt - at these price levels you can buy a small amount and just wait and see, At least you are in the game. Or just wait and see :-) ....just my two cents, fwiw etc. Personally, I am in wait and see mode for now (that can change of course).
  • JW
    JW2 W.
    5 September 2022 @ 14:58
    It would be interesting to hear the reasons why Solana is being singled out as the next big thing. Polygon has 37K apps and high scalability (I think it has the fastest transaction speed @65K transactions/s). Algorand is scalable and secure and has broad applicability. Cosmos has its proponents and so do Polkadot and Cardano (arguably both lag behind Solana re network effects).
    • AH
      Andrew H.
      12 September 2022 @ 19:50
      have you seen the amount of NFT activity on MagicEden vs Opensea?
    • JW
      JW2 W.
      5 September 2022 @ 15:04
      Maybe I should re-phase my question a little, given the fact that the report covers a lot of reasons why Solana has an advantage ;-) - I guess what I meant to say is why in relative terms Solana has been given the nod over the others and whether the team thinks the others have merit and if so what impact they might have.
  • JW
    JW2 W.
    7 September 2022 @ 14:20
    Crickets and tumbleweeds (again). RV team asleep at the wheel :-) ? We are talking to ourselves. Anyway - here is an idea. Stop the comments section, but have every report or video comments section auto-link to a section in The Exchange ("our internal social network" remember :-) , so that the discussion can move the instantly and make it more interactive and broader plus hopefully easier to manage by the apparently sleeping RV marketing teams.... or just replace the comment section with that appropriate section on TE - just a few lines of code should do the trick. Note, I am not just critizing here...I am offering suggestions...I know this takes an effort especially when the numbers grow....
  • cb
    curtis b.
    9 September 2022 @ 15:44