Sol Beach Bum

@UnlayeredPod Co-Host | Tokenomics Enjoyoor | Next Gen Blockchain Advocate | Ex @Blackstone

[Sol Beach Bum @SolBeachBum]

Bullish on #Solana’s tech?

But bearish on $Sol the asset?

Myself and @StrategicHash have built a 🎉Solana Economic Model🎉 to put these theories to the test.

TLDR?

Sol can become one of the most expensive assets in the world…

A thread

[Sol Beach Bum @SolBeachBum]

@Dussyme Hawaii

[Sol Beach Bum @SolBeachBum]

@JohnnyBCCB @harrybawlzackk @MattyGramz @Polymarket Do you also ask everyone to shun motor racing, because sometimes people die? At least here it won’t be random spectators or stewards who die as a result of the sport.

[Sol Beach Bum @SolBeachBum]

@aradtski @Abbasshaikh Why not use Futarchy to decide whether to finance a particular investor and then let him report on progress. Futarchy can then decide to later liquidate if performance not good enough. Rather than making decisions on each investment

[Sol Beach Bum @SolBeachBum]

@nftimm Even mining 1 square isn’t a gamble if you do it for long enough

[Sol Beach Bum @SolBeachBum]

@AndrewMayne @ellelledeell @chrisman Right. But the part with the IP is about to IPO at over a trillion. Does that feel like a non profit to you?

[Sol Beach Bum @SolBeachBum]

@Nevergreen911 @toly Drift hack has killed off most of the perp traders on Solana

If the foundation / ecosystem wanted to win at perps they’d have done well to help soften the losses of those users.

[Sol Beach Bum @SolBeachBum]

Difference between Eth’s reaction to a major hack and Sol’s is startling…

[Sol Beach Bum @SolBeachBum]

@connan_james @mikemaccana @Austin_Federa Book is a lot better

[Ariel Givner @GivnerAriel]

The more I sit on this, the more I can’t help but think we’re dealing with a civil negligence issue.

Sorry for how long this rant will be in advance, but I’m just so angry.

Drift Protocol was handling hundreds of millions in user money. They knew crypto is full of hackers - especially North Korean state teams like the ones behind this $285M drain. Yet their team spent months chatting on Telegram, meeting strangers at conferences, opening sketchy code repos, and downloading fake apps on devices tied to multisig controls.

Basic security rules are simple: keep signing keys on completely separate, air-gapped machines. Never mix everyday dev work with access to user funds. Don’t trust people just because you shook hands at an event. Every serious project knows this. Drift didn’t follow it.

This was a straightforward human mistake at the most obvious weak point. Attackers got in, pre-signed transactions, and emptied the vault in minutes. Now everything’s frozen, users lost big, and we’re hearing excuses about “sophisticated actors” instead of clear plans to repay people from treasury or insurance.

In plain terms, civil negligence means they failed their basic duty to protect the money they were managing. You can’t just shrug, say “state hackers did it,” and leave users holding the bag. People trusted Drift with their funds… not with playing risky games against pro attackers.

Fix it. Compensate users properly and transparently or don’t act surprised when the community and lawsuits call this exactly what it looks like: a preventable mess caused by sloppy security.

[Sol Beach Bum @SolBeachBum]

@0xAmol @RobertSagurton Seems to be your first time seeing this guy on your TL.

FYI his ‘Solana killer’ is forked Firedancer with a centralised validator set to get latency down.

[Sol Beach Bum @SolBeachBum]

@joaomendoncaaaa @tamgros @kdotcrypto @vibhu And the idea that bulk is being deprioritised because it doesn’t accrue value to Solana is also a bit of a head scratcher.

Stakers of Sol receive a higher yield. Price of Sol should be directly correlated to the yield it accrues…

And all while Solana is miles behind on perps

[Sol Beach Bum @SolBeachBum]

@BlockEnthusiast @mdudas @vibhu @kdotcrypto @JasonYanowitz @blockworksres This is about staking your sol or Eth to a validator and earning rewards for it. Not about staking your Eth to an app and receiving rewards (eg Aave). In what way do you think REV misses the full picture for Eth?

[Sol Beach Bum @SolBeachBum]

@FabianoSolana @genuinearticles Except that many holders were geo restricted from trading on backpack and so couldn’t benefit from the multiplier on tier points.

[Sol Beach Bum @SolBeachBum]

@vibhu @kdotcrypto Is this any different from Jito?

Its tips are included as REV for Sol stats but that only goes to participating validators. The fact that basically all of them did partake is besides the point - and every chance the same outcome as Bulk.

[Sol Beach Bum @SolBeachBum]

@ClBlockchain @realpeterjm @koeppelmann @CoWSwap This. How can it be an aggregator and only find $50k of liquidity across all exchanges. Let alone allowing him to take the trade in the first place.

[Sol Beach Bum @SolBeachBum]

Second cycle in a row where Bitcoin was being suppressed by current, or former, Jane Street traders…

[shaquille o'atmeal @crypt0e]

If these Jane Street rumors are real, would that essentially mean that paper Bitcoin was actually a thing being leveraged by them and suppressing the price?

[Sol Beach Bum @SolBeachBum]

@joaomendoncaaaa @AnthropicAI Especially when their thing is open sourced vs your closed source. Cry me a river Claude…

[Sol Beach Bum @SolBeachBum]

@metaproph3t To me it’s further evidence to pivot towards the permissionless route. If you have 5 ICOs a day (in a bull) and 3 don’t reach their min target it’s no big deal. When you build up your once a month curated launches and thy flop - it hits Metadao’s image a lot more than it should

[Sol Beach Bum @SolBeachBum]

@zen_llama @zayn4pf Well said Zen.

[Sol Beach Bum @SolBeachBum]

@X_Orthodox Let me in goddamnit