What is Solana?

Tokenized pre-IPO shares are effectively unenforceable IOUs because private companies like Anthropic can simply void any transfer not approved by their board, leaving token holders with nothing recognized on official books.

“Any sale or transfer of Anthropic stock or any interest in Anthropic stock that has not been approved by our board of directors is void and will not be recognized on our books and records.”

Tokenized pre-IPO shares of private companies carry near-zero legal enforceability because the underlying company retains unilateral power to void all unauthorized transfers, making the tokens worthless as ownership instruments.

“Any sale or transfer of Anthropic stock or any interest in Anthropic stock that has not been approved by our board of directors is void and will not be recognized on our books and records.”

Less than one month after launch, Robinhood Chain became the largest network by tokenized stockholders, surpassing Solana, BNB, Ethereum, and Base.

“Less than a month after launch, Robinhood chain has become the largest network by tokenized stockholders, surpassing Solana, BNB, Ethereum, and base.”

Dan Held contends the Bitcoin community failed to deliver trustless Layer 2 solutions, ceding that ground to Ethereum and Solana.

“I do think Bitcoin, the Bitcoin community has failed in that regard.”

Ethereum's slow block times prevent compliant market-maker price quoting, which is why real-world asset tokenization is launching on Solana and Avalanche before Ethereum.

“The fact that it's not first on Ethereum is very notable to me and I asked Carlos like why not? He was like, "Well, the block times are really slow and that prevents our market makers from being able to compliantly quote the price that it needs to be.”

FOMO, a Solana-based trading app, is adding up to 15,000 non-crypto-native users daily in a bear market by offering on-chain access to real-world assets like pre-IPO shares and leveraged commodities.

“They added, I think it was 12 or 15,000 users the day before. We're we're in a bare market. There's like a 100,000 crypto people who trade crypto probably in the world like and they're adding 15,000 a day. So, who are those users? They're people who want to trade things on chain. They're not crypto natives. They're people coming from like I think as all these assets move on chain, SpaceX preo, you know, 5x levered copper, it all moves onto a blockchain.”

Karl Floersch argues Ethereum competes primarily with Bitcoin as a decentralized store of value, not with L1s or L2s.

“Ethereum, in my mind, hot take, is competitive with Bitcoin. That is its primary competitor.”

OpenAI tokenized pre-IPO tokens on Solana dropped 40% in value after Anthropic voided unauthorized stock transfers.

“OpenAI tokens fell 40%. So evaporating, you know, I guess hundreds of millions in billions, I should say. In perceived value.”

Both Solana and Ethereum currently process fewer than 4,000 transactions per second, a key throughput ceiling for blockchain scalability.

“On both Solana and ETH today, they're still under 4,000 transactions per second.”

The fat protocol thesis ended because abundant block space (enabled by Solana and high-throughput chains) commoditized infrastructure fees, shifting surplus value to the application layer.

“The abundant block space meta took over and all of a sudden that was the end of the fat protocol thesis.”