Cooki's Corner

"Apps are parasitic to the L1" sounds fucking stupid doesn't it?

The reductio would be that nothing should be built, which just leaves you with Bitcoin I guess

Context:
https://unchainedcrypto.com/whats-a-fair-value-for-crypto-networks-like-btc-eth-and-sol/

While I don't like Solana very much I think this is silly. Pump dot fun is basically the only unique-ish Solana app to hit real pmf. Yes they have other stuff going on but it's either not unique (defi), or lacks traction (depin). 

To argue that it's "parasitic" is, as I say below, confused and needlessly zero-sum. Of course it would be better for Solana if they didn't mercilessly dump their earnings but they're operating under their own incentives, and their presence on the chain makes the whole ecosystem significantly more valuable than the counter-factual where they're somewhere else.

Stop with the zero-sum, parasitic, mindset.

While I don't like Solana very much I think this is silly. Pump dot fun is basically the only unique-ish Solana app to hit real pmf. Yes they have other stuff going on but it's either not unique (defi), or lacks traction (depin). 

To argue that it's "parasitic" is, as I say below, confused and needlessly zero-sum. Of course it would be better for Solana if they didn't mercilessly dump their earnings but they're operating under their own incentives, and their presence on the chain makes the whole ecosystem significantly more valuable than the counter-factual where they're somewhere else.

Stop with the zero-sum, parasitic, mindset.

https://twitter.com/ReshapeTech/status/1866529813734809688

Solidity Engineer | Researcher | Onchain Degen | DMs Open | https://github.com/0xCooki

Chaotic "Sufficiently Decentralised" Network Participant

/clankfuntrades

I mean yeah, part of the reason I dislike Solana is 'cos the culture seems rotten to it's core. Intellectual dishonesty is championed from the top down. 🤮 

I don't think it is -EV for them tho, they've bought so many users onto their chain that wouldn't have otherwise been there. In my opinion it's about network effects rather than short-term price action.

Also, their ethos around SOL the asset is that it isn't money and shouldn't be that valuable. I think this is wrong, but that's how they view it, and so they're right this is fine and good.

bit funny that all the people who cry about ETH foundation selling won't say anything about pump fun selling

it is -EV unless they're working behind the scenes and reinvesting that sol, not sure about that tho I'd assume so