Crypto Tribalism, NFT Perpetual Futures, Tokenisation & More

Welcome back!

This is J264G and this week we’ve got these titbits for you:

• Anticlimactic: Crypto tribalism continues to wreak havoc.

• NFT PERPs: Blue-chip NFT trading with as little as $1 on Sujiko.

• RWA Tokenisation: Homebase sells tokenised home on Solana.

In the last couple of days, one of Solana’s most successful NFT projects — y00ts — started migrating to Polygon.

In this context, many seem to experience Polygon’s high network fees for the first time — leading some clever clogs to believe that the migration might be Frank playing 4D chess to highlight the benefits of Solana.

Let’s get into it!

Click on any underlined heading / hyperlink to learn more.

Spotlight

Crypto Tribalism

Tribalism can be an effective way to build strong social ties and a sense of belonging.

In the technology sector, tribalism can take many forms, such as the tendency to favour one programming language, framework, or platform over another.

As such, tribalism can be a destructive force.

When people become too invested in their preferred technology or methodology, they may become closed-minded and resistant to learning new things or exploring alternative approaches — creating barriers to collaboration and knowledge sharing.

Another reason why tribalism is detrimental is that it can lead to a lack of diversity in ideas and perspectives. When people only interact with others who share their views, they may miss out on the benefits of different backgrounds, experiences, and ways of thinking. This can limit creativity and lead to a narrow-minded approach to problem-solving.

Moreover, when people become too attached to their preferred technology or methodology, they may resist changes or developments that could otherwise improve systems or address emerging challenges. This resistance to change can, ultimately, lead to a lack/stagnation of innovation.

Having said that, tribalism is especially rampant in web3/crypto.

First, Bitcoin maxis dunked on the Ethereum ecosystem.

Next, Ethereum maxis consistently went out of their way to shape a false narrative for everything non-EVM.

An example of this is the scalability trilemma introduced by Vitaly Buterin, co-founder of Ethereum.

The concept describes the challenge of simultaneously achieving high levels of scalability, security, and decentralisation in blockchains. The trilemma suggests that it is difficult, if not impossible, to achieve all three goals at the same time. As a result, blockchain developers must make trade-offs between these three factors when designing their networks.

The thing is, the concept appears to be more of a theoretical framework than actual reality.

Regardless, many armchair pundits have used the scalability trilemma to argue that Solana chose to optimise for scalability — to the detriment of both security and decentralisation.

If you’d like to get a feeling for how this narrative reads, i.e. sounds, do yourself a favour and browse through Evan Van Ness’s or Justin Bons’s Twitter profile.

But to be blunt, none of this really matters.

Hot take: To bring self custody, censorship resistance, and permissionlesssness to the masses we’ll need multiple avenues — L1s, L2s, and everything else tinkerers can come up with.

Instead of all the web3/crypto infighting, let's promote an open-minded and inclusive culture instead.

When we build each other up, root for each other, achieving our shared goals will become orders of magnitude more likely.

I'm confident that this something we can all unequivocally get behind 🫡

Charts Of The Week

News Bites

Real World Assets: The tokenisation of real world assets is taking flight. Recently, Homebase sold its first tokenised home on Solana in less than 2 weeks and investors will receive their allocated USDC rent share directly to their crypto wallet.

NFT Perpetual Futures: By leveraging perpetual futures, Sujiko enables users to trade blue-chip NFTs on Solana, Ethereum, and Polygon with as little as $1. Paper trading on the platform has now been enabled.

Cross-Border Transactions: The Decaf Wallet now allows users to convert USDC to cash at MoneyGram in 75+ countries for 0 fees.

Trading Delight: Jupiter announced its v2 which has been rewritten in Rust, comes with advanced routing, and allows for better pricing.

Builders Build: If you'd like to become a Solana developer or upskill, the lectures from Winter School of Solana are now publicly available.

Weekly Take

Keks & Giggles

And that's a wrap!

If you'd like to reach us, respond to this newsletter or reach out to me on Twitter.

Talk to you soon!

J264G