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fiskantes in his true form ⭐️🩸
@Fiskantes
1/ Follow up: SRM: $2
@ProjectSerum
Serum fully diluted val: $20b valuation. SOL: $4
@solana
fully diluted val to $2b valuation. This is obviously result of heavily restricted supply and hype, but it still show interesting dynamics (as I predicted).
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fiskantes in his true form ⭐️🩸
@Fiskantes
1/ IEO of @ProjectSerum SRM ended oversubscribed. SRM price: $0.11 Total SRM supply: 10B Implied valuation: $1.1B Instant unicorn, before mainnet. Last time we have seen such numbers? 2017 Eth killers. But is it justified? twitter.com/SBF_FTX/status…
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fiskantes in his true form ⭐️🩸
@Fiskantes
3/ Another adjacent claim going for fat protocol is security: I will paraphrase: In order for economic activity on top of chain to be secure, layer one value must > value of applications on top of it. Let's call it hard fat protocol:
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fiskantes in his true form ⭐️🩸
@Fiskantes
4/ Clearly, this hard fat protocol thesis is being invalidated. Its happening already on Ethereum, where aggregate mcap of ERC-20 tokens and their economic activity > ETH mcap. But thats fine, its impractical to attack many apps at the same time. Enter soft fat protocol:
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fiskantes in his true form ⭐️🩸
@Fiskantes
4/ But now, SRM token/app value is much higher than value of layer 1 (Solana) it stands on. If this will hold true in practice after Serum launches, it will mean that even soft version of fat protocol thesis is broken!
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fiskantes in his true form ⭐️🩸
@Fiskantes
5/ I am reducing the argument to pure value of L1 vs "bounty" in the form of economic value on top of it. If SRM:SOL value ratio remains 10:1, could SOL stakers profitably attack SRM with good risk:reward?
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