ISSUE # 01 | JUNE 2023

M A G A Z I N E .

FOCK
FU
D
George Harrap shares
some interesting stats

Digital Nomad Visa for

degens?!

Even Internet Explorer got caught

in the FUD fire!
 01 02
6,650,000 new wallets in May, Kamino Finance
highest since July 2022 hits $1 billion
all-time volume,
as Solana

THE
records highest
activity this

W
week

INS
OF THE MONTH
03 04 05
Openbook crosses Metaplex lowers Magiceden has
$500M in total protocol fees in open-sourced its
trading volume response to marketplace
community contract
 06 07 08
Solana Token-2022 is Solana ships a
Breakpoint here! ChatGPT plug-in
tickets are live!

09 10
Light Protocol v3 has shipped to Firedancer
testnet. Devs can now build anything reaches a new
without the need for zk-rollups! milestone -
FD_QUIC

11 12 13
ANS domains Phantom ships Ottr Finance
now live in sign-in with ships Bank
Solflare and Solana Connect
Phantom wallets

14 15 16
Drip.Haus Vietnam Creator Candypay is
continues to DAO has powering tax
crush with over launched! payments in
2.5M cNFTs crypto
During the ecosystem call,
we’ve explored some
interesting stats that
caught Step Finance CEO’s
attention.
Famous Fox Federation
(FFF): A Success Case for
NFTs
In a bear market, making
money is crucial for the
longevity of projects, and
Solana seems to be doing
well in this regard. Let’s
take Famous Fox
Federation for example
The FFF team is
capitalizing on
various revenue
streams, including
raffles, flips, and
royalties, booking
their revenue at over
$50K a week. Their
treasury during this
bear market also
stands at an
impressive $1.28
million.
Solana NFT DeFi is
Growing
NFTs have taken center
stage on Solana, and the
volume of NFT lending is
noteworthy. Borrowing
volume has reached
301,000 Solana, indicating
that people are actively
taking loans. Projects like
Sharky.Fi and Citrus are
contributing to this
lending activity, with
Sharky.Fi taking 77% of Locked (TVL), showcases
this market share. the active use of the
network.
Solana vs Polygon
This movement of assets
Comparisons are often signifies a vibrant
made between Solana and ecosystem that is
Polygon, and it's worth continuously evolving and
noting that Solana has thriving.
been outperforming in
terms of (1) average daily A big thanks to George
active addresses, (2) NFT for sharing these insightful
volume in May, and (3) statistics! Go check out
daily gas fees paid by users Step Finance tools for
(despite Solana’s comprehensive data
significantly lower fees) analytics and explore these
numbers further.
DEX Volume Grows 100%
YoY
@George_Harrap
For the DeFi enthusiasts,
the DEX (Decentralized @StepFinance_
Exchange) stats are
encouraging. Volumes have
nearly doubled compared
to six to eight months ago.
Community’s Choice:
FFF’s Revenue Takes the
Spotlight
George's updates
certainly left an impression
on the audience. In a poll
conducted during the
session, participants were
asked which stat amazed
them the most. The
majority voted for the
revenue generated by the
Famous Fox Federation, a
remarkable feat.
Congratulations to the FFF
team and all the other
successful projects on
Solana. The overall
impressive volume on
Solana, despite the
decrease in Total Value
THE STATE OF
SOLANA
WITH
GEORGE HARRAP

CEO of Step Finance,

George Harrap, shared
some interesting
statistics about the
state of Solana
Waka Itagaki Toyohara- transparency in the
san from the Japanese As a testament to growing stablecoin
Ministry of Economy, their commitment, ecosystem.
Trade and Industry, took they published a
comprehensive

W
the stage during the aka Itagaki
Solana ecosystem call to whitepaper Toyohara-
shed light on Japan's san also
ambitious efforts toward shed light
web3 adoption. Get ready outlining their vision and on why Japan is uniquely
to witness how Japan is strategies for web3 positioned to embrace
pushing the boundaries of advancement. This web3 technology.
web3 technology. proactive approach
demonstrates Japan's

S
everal exciting determination to be at the
initiatives forefront of this
spearheaded by transformative technology.
the Japanese Discover How Japan is
government to foster the Entry of Large Japanese Leading the Way in
growth of web3 Companies Embracing Web3 Technology
technologies were shared
during the Ecosystem Call. Notable Japanese
Here are some key
highlights:

Building an Environment
for Web3 Promotion
companies, particularly
those in the IT and
financial sectors, are
joining the web3
revolution. Docomo, a
JAPANʼS
leading
Japan aims to develop an
ecosystem that actively
supports blockchain, NFTs,
and the metaverse. By
creating a conducive
telecommunications
company, has announced a
staggering $5 billion
investment in web3 over
the next five years. This
PLA
environment, the influx of capital will drive
government seeks to innovation and fuel the
encourage innovation and growth of web3 projects in
collaboration in the web3 Japan.
space. Prime
Stablecoin Regulation on Minister
LDP's Web3 Project Team the Horizon Kishida's
and Whitepaper Emphasis on
Japan is taking a proactive Innovation
Japan's ruling party, the approach to regulate
Liberal Democratic Party stablecoins, with new PM Kishida recognizes
(LDP), established a regulations set to take web3 as a driving force
dedicated web3 project effect this June. By behind innovation. His
team. introducing a clear endorsement underscores
regulatory framework, the the government's
government aims to ensure commitment to fostering
stability, security, and technological
 advancements and
leveraging the potential of
web3 to shape the future.
Cultural Compatibility
and Content Creation
Web3 resonates with
Japan's cultural landscape,
with its strong emphasis
on content
creation and
creativity.
The
S WEB3
ANS
country's
robust
intellectual property
(IP) holdings and thriving
gaming industry provide a
solid foundation for web3
integration. Japan's vibrant
creative scene aligns
perfectly with the
decentralized and
interactive nature of web3
technologies.
Welcoming Global promising picture for the
Partnerships and future of Web3 in Japan.
Fostering Web3
Collaboration As the world grapples with
various approaches to
To foster collaboration Web3, Japan stands out as a
between the international shining example of a
community and Japan, the government that
government is actively recognizes its potential
welcoming partnerships. and embraces it
Startups can tap into the wholeheartedly.
vast expertise and
knowledge of Japanese
large corporations, creating @waka08072
a win-win situation for
both parties. Moreover,
certain municipalities such
as Shibuya, Fukuoka,
Kyoto, and Sendai are
offering startup visas to
attract international
entrepreneurs.
Additionally, plans
are underway to
• WORK WITH
JAPANESE
Additionally, plan
CORPORATIONS
are underway to
introduce a digita
nomad visa in the
introduce a digital • MOVE
near future, furthe
TO JAPAN
nomad visa in the TOfacilitating
START A global
near future, further BUSINESS
participation.
facilitating global Startup Visa on
participation. Shibuya, Fukuoka,
Sendaim, Kyoto
Digital Nomad Visa
Japan is also hosting major (TBD)
blockchain and Web3-
oriented conferences,
providing a platform for • JOIN JAPAN
BLOCKCHAIN
global collaboration. GAMING WEEK
CONFERENCE
Toyohara-san’s
participation in the June 18 - July 23, 2023
Tokyo & Kyoto
ecosystem call showcased
Japan's forward-thinking
approach and commitment
to Web3 innovation. The
• JOIN WEBX
CONFERENCE
government's significant
investments, policy July 25-26, 2023
reforms, and collaborative Tokyo
initiatives paint a
During the ecosystem
call, Mert was presented
with a SWOT Analysis
tweet that outlined
concerns with Solana:
FU
(1) constant outages,
(2) susceptibility to mass
spam, and (3) lack of
modularity. Mert
dissected each concern,
offering insights and
debunking the
misconceptions.
On “Constant Outages”
This is definitely one of the
recurring FUDs
surrounding Solana for
quite some time.
Mert clarified that Solana
has experienced a total of
five outages to date,
providing a link to a post
by Richard Patel for further
reference.
“So when people say
constant outages,
people think Solana's
been down like 14
times or in the double
digits, which is
blasphemous. It's not
the case.”
Afterwards, Mert
highlighted the distinction
between outages and
performance degradation
caused by past spam-
related issues. He
emphasized that these
instances were not really
outages but rather
temporary decreases in
transactions per second
(TPS), rather than causing
complete outages
Unlike Ethereum, where
liveness is prioritized over
consistency, Solana follows
a different approach. When
the chain is under threat, it
prioritizes the integrity of
data and halts itself to
prevent malicious activity.
Mert humorously
concludes, "It's not a flaw;
it's more like we do this by
design."
On “Susceptibility to
Mass Spam”
D
Addressing the second
concern, Mert confidently
stated that Solana had
already resolved the issue
of mass spam attacks
approximately six months
prior. He playfully quipped
about the tweet potentially
being sent by Internet
Explorer, indicating that
the problem had been
effectively dealt with. Mert
explained the mechanisms
in place, such as one-fee
markets and connection
priority via quic, which
ensure fair and efficient
transaction processing. He
emphasized that Solana's
approach prevents land
grabs and isolates
instances of spam,
ensuring a smooth user
experience.
On “Lack of Modularity”
The discussion then turned
to the topic of modularity.
Mert expressed his passion
and frustration
surrounding this
misconception. He called
the modularity versus
monolithic arguments on
blockchains "complete
bullshit." Mert clarified that
Solana is actually more
modular at the base layer
than Ethereum, decoupling
state and logic. He
compared Solana's modular
approach to an integrated
system or a modular
operating system like
Linux. Mert emphasized
that Solana's design
provides developers with
the flexibility to build and
innovate.
Mert's insightful address
during the Solana
ecosystem call effectively
dispelled FUD and clarified
misconceptions
surrounding constant
outages, susceptibility to
mass spam, and the alleged
lack of modularity. By
providing technical
explanations and
emphasizing Solana's
strengths, Mert instilled
confidence in the network's
capabilities.
Follow Mert on Twitter for
more valuable insights, and
stay tuned for his
upcoming podcast,
"Lightspeed”.
@0xMert_
 “THIS HAS BEEN SOLVED
FOR, I DON'T KNOW, SIX
MONTHS NOW, I GUESS. SO,
I'M NOT SURE IF THIS
[FUD] WAS SENT BY, LIKE,
INTERNET EXPLORER

MERTʼS
CORNER
Hey,

Photo by Alex Dudar on Unsplash

Alex Albano from Google
shared exciting updates
about Google opening its
doors to Web3 builders,
offering support,
resources, and
opportunities for growth.
Let’s dive into the details
of the program, highlight
the benefits for Web3
startups, and explore the
upcoming hackathon that
promises to bring together
the best in the business.
Google for Web3 Startups
Program
Alex enthusiastically
announced the Google for
Web3 Startups program,
designed to empower and
nurture Web3 startups
from their inception to
scalability. The program
offers two tiers, catering to
startups at different stages
of their journey.
Tier One: Start Tier
For those in the early
stages of setting up their
Web3 venture, Google
provides an excellent
opportunity to kickstart
their journey. Startups can
qualify for free credits up
to $2,000, valid for two
years. Additionally, they
receive a complimentary
Google Workspace
Business Plus subscription
for 12 months. By joining
the program, startups gain
access to a supportive
community, networking
opportunities, and valuable
resources.
Tier Two: Scale Tier projects. The event
culminates in an awards
For startups that have ceremony where $50,000
already raised funding, USD in prizes will be
including NFT token awarded, attracting
fundraising, grants from renowned venture
blockchain foundations, capitalists and influential
equity, or token raises, figures in the Web3 gaming
Google offers expanded community.
support. Qualified startups
can access up to $200,000 As Google goes deeper into
in credits over two years. the Web3 space, the
The credits can be utilized company's commitment to
across various Google supporting Web3 builders
services such as Google becomes evident through
Cloud and Firebase. the Google for Web3
Furthermore, additional Startups program and the
perks from partner upcoming Web3 gaming
platforms like Alchemy and hackathon. By providing
Nansen are available. financial support,
Builders are encouraged to resources, and a platform
explore the details on the for exposure, Google is
Google website and take encouraging builders to
advantage of this valuable embrace the challenge of
opportunity. Web3 and seize the
opportunities it presents.
Web3 Gaming Hackathon With Google's backing, the
future of Web3 innovation
To further demonstrate looks brighter than ever.
their commitment to the
Web3 space, Google and
the Pit are organizing a six-
day hackathon focused on
Web3 gaming. The
hackathon will take place
in Singapore and welcomes
participants from around
the world. Google offers
assistance with visa
applications, ensuring
accessibility for global
participants.
The hackathon promises an
immersive experience for
developers, providing an
opportunity to collaborate
with industry leaders and
showcase their gaming
CONNECT, COLLECT
WITH DIALECT
I
n the fast-paced
world of
decentralized
applications, Dialect
has emerged as a front-
runner, captivating users
with its intuitive interface
and engaging features.
Dialect has been making
waves in the Solana
ecosystem, attracting
crypto-natives and
newcomers alike. With over
1.2 million NFTs and a
rapidly growing user base,
Dialect is revolutionizing
the way we communicate
and collect in the digital
age.
One of the key aspects
that set Dialect apart is its
seamless onboarding
process. While primarily
designed for crypto-
natives, the app has
successfully prioritized
user experience, ensuring a
smooth transition for
newcomers. Dialect
introduced a new NFT
category called NFT chat
stickers, which function as
animated, expressive chat
stickers that users can own
and use within the app.
This unique approach has
resonated with users,
making the onboarding
experience fun and
captivating.
Chris, founder of Dialect,
shared how the community
has embraced the new chat
stickers and the collector's
experience built around
them. These stickers,
created by talented artists
within the Solana
ecosystem and beyond,
have brought joy to users.
Chris also revealed that
Dialect users have
enthusiastically embraced
the trading experience,
resulting in an explosion of
engagement reminiscent of
in-game economies like
RuneScape.
Dialect's ability to
engage a broader audience
has been a pleasant
surprise. Users, including
family members over 50
years old, have eagerly
joined the app, immersing
themselves in the world of
NFT chat stickers and
finding immense
enjoyment in the
collector's experience.
Looking towards the
future, many speculate
whether Dialect has the
potential to become a
super app, akin to the
success of WeChat in the
Web2 era. While the team
is cautious about labeling
themselves as such, they
believe that their smart
message technology, which
powers the in-chat trading
experience, holds
boundless possibilities.
With smart messages, users
can seamlessly send and
receive tokens, trade NFT
chat stickers, and even
engage with other Web3
assets, fostering a rich and
immersive social
experience. Dialect's goal is
to bring Web3 into chat,
allowing users to explore
and experiment within a
social and contextualized
environment.
@aliquotchris
 DEGEN APE
ACADEMY
Nicky Scanz, CEO of
Degen Ape Academy
(DAA), discussed the
importance of
community engagement
and the adoption of a
rewards system in the
Web3 space. As one of the
pioneering NFT collections
on Solana, DAA has been at
the forefront of innovation
since its inception. Let's
dive into the insights
shared by Nicky and how
DAA aims to meet the
desires of its community
while building a thriving
real-life business.
Building a Strong
Community
Having been part of
Solana since its early days,
DAA has nurtured a
dedicated community of
over 5,000 holders who
actively participate in
shaping the project's
future. Nicky highlighted
the company's
commitment to addressing
their community's needs
and wants by investing
time, energy, and resources
into various initiatives.
These include community
building, virtual spaces,
merchandise, and airdrops,
all of which were designed
with the shareholders'
interests in mind.
Striking a Balance
While acknowledging the
community's demands,
Nicky emphasized the
importance of building a
sustainable business
model. DAA aims to give its
holders what they desire
while simultaneously
developing real-life
revenue streams. This
approach has required
careful consideration and a
thoughtful merging of
community desires with a
viable business strategy.
Over the past few years,
DAA has taken the time to
identify this delicate
balance, ensuring that the
company remains focused
on its long-term goals.
Introducing Opals: A
Non-Tokenized Loyalty
Reward
One of DAA's recent
experiments involves a
loyalty rewards system
called Opals. This
innovative approach allows
NFT holders to receive
loyalty rewards without the
complexities and demands
associated with tokenized
rewards. Opals are non-
token loyalty rewards that
can be spent within the
DAA economy, similar to
loyalty reward points from
traditional businesses. By
maintaining control over
Opals, DAA can provide a
unique value proposition
while avoiding potential
pitfalls related to
tokenization.
@NickyScanz