How ya’ going? If you haven’t heard, Solana ran directly into a roadblock last night. The chain seemed to have crashed and forked after hundreds of thousands of transactions caused technical strain within the network. In the meantime, I was earning yields through one of BSV’s first DeFi project.
SOL’s price plummeted following what was a literal meltdown of halted transactions… Ah, just kidding.
Instead of dropping drastically after the news was made public on Solana’s Twitter accounts, price remained relatively stable.
This leads me to believe the large level of price manipulation within Solana. But this is nothing new in contrast to the broader cryptocurrency market. I’ve observed many chains suffering technical faults or attacks (including BSV) to be met with little price action.
I Twetched about this a few weeks back during the Reorg Attack:
‘’ I’m shocked when I see cryptocurrencies experience major technical problems (IOTA last year) or security breaches (POLY hacks last week) - and the price does not react at all. It continues with the rest of the market as if nothing happened.
The same goes for BSV and all the attacks over the month. Hardly a drop in price. On the contrary - reacting accordingly to the overall collective market flows that tend to follow the big staple caps.
As Mr. Andresen cleverly puts it: ‘’…makes me wonder what people are thinking as they speculate on cryptocurrencies. Probably nobody is thinking, and it is all day traders and bots.’’ ‘’
What has got me bullish is the fact that SOL is running into integrated scaling issues whilst BSV continues to chug along. I was beginning to think Solana was shaping up to be the ‘Ethereum Killer’ and direct competitor to BitCoin. I felt a small level of schadenfreude run over me as I heard the bad news. Alas, good luck to them.
What has me even more bullish, is that I can now do what I did on Solana, on BSV! TokenSwap is very simple to mess around with. If you are curious about DeFi and yield farming, I highly recommend you check it out! The Annual Percentage Yield right now is insane (1,500% +).
It is great to be able to have some fun on BSV and put your holdings to good use. Very bullish on the TS team, and I hope the exchange brings more folks into the space.
I made a quick tutorial below for anyone new or needing assistance on how to swap, pool and farm on TokenSwap.