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- Trading Bitcoin Runes & Ordinals On Solana, Pendle Goes Live On Solana & More
Trading Bitcoin Runes & Ordinals On Solana, Pendle Goes Live On Solana & More
Also: How to spend your crypto with Visa.
Welcome back!
This is J264G and this week I’ve got these titbits for you:
Pendle On Solana: Sandglass brings Pendle’s business model to Solana.
Solana Integration: Solana tokens can now be traded via Coinbase Wallet.
Visa Spending: Spend your crypto with a Spritz Visa card.
Multiple teams are working on enabling a seamless liquidity transfer from Bitcoin — incl. Runes, Ordinals, and other standards — to Solana.
The second order effects?
Well ⬇️
The best DEX for runes might be on Solana.
— FarmerJoe (@FarmerJoe0x)
7:00 AM • Apr 18, 2024
While we wait for the thesis to play out, make sure to watch the Solana remake of The Big Short.
My $WIF quant.
— DubbingWifHat (@DubbingWifHat)
2:20 PM • Apr 21, 2024
Click on any underlined heading/hyperlink to learn more.
Spotlight
Pendle on Solana
Let's talk about yield.
Pendle, one of the largest DeFi protocols on Ethereum, specialises in the tokenization and trading of yield, and currently has a TVL of $5.00B — slightly less than Uniswap at $5.76B.
So the question is: if Pendle is so popular, why is there no Pendle on Solana?
Well, now there is!
Introducing: Sandglass
Say hello to yield trading on Solana! ⏳
Link and launch notes below 👇
— Sandglass ⧖ (@sandglass_so)
1:04 PM • Apr 18, 2024
Similar to Pendle, Sandglass splits yield-bearing tokens into their principal and yield components and enables each to be traded separately.
The protocol was built by the team behind Lifinity, the first oracle-based spot DEX on Solana designed to improve capital efficiency and reduce impermanent loss. Lifinity is both highly profitable and well-funded, and has not needed to raise separate funds to develop Sandglass — mainly due to its veIDO that brought in $10M from the community.
Going further, Sandglass enables three basic strategies:
1. If you're bearish on the yield, you can convert your yield exposure to more principal exposure, giving you a fixed APY.
2. If you're bullish on the yield, you can convert your principal exposure to more yield exposure, which gives you leveraged exposure to the yield but without any liquidation risk.
3. If you think the yield won't change much, you can passively provide liquidity and earn trading fees by depositing a single asset that would otherwise likely just be sitting idle in your wallet.
Sandglass lets you:
・Transform a variable APY into a fixed APY
・Increase exposure to an asset's yield without leverage
・Passively earn trading fees from yield traders by depositing a single assetHow does yield trading on @sandglass_so work?
🧵👇
— Lifinity ∞ (@Lifinity_io)
1:49 PM • Apr 15, 2024
And there is already no shortage of assets whose yield can be traded — LSTs, LP tokens, deposit receipt tokens of lending protocols, tokens with staking yield, tokens with bribing yield, yield-bearing stablecoins, and more.
Having said that, it will likely take a while for users to get educated and become comfortable expressing their views on and with yield.
However, the demand is certainly there, as many have been asking for a “Pendle on Solana” for a while now.
It, therefore, only seems like a matter of time before a vibrant yield trading market is established on Solana.
Time is trickling ⌛
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/5d954e9f-85c2-4218-b343-f6fc32e4192e/Durden_Lifinity_and_Sandglass.png?t=1713854447)
Chart Of The Week
Fiat-backed stablecoins have now passed Norway in US govt debt holdings according to my rough estimate, thanks to an increase in stablecoin issuance combined with a decrease in debt holdings by Norway from Jan-24 to Feb-24.
— Brendan Malone (@brendanpmalone)
5:48 PM • Apr 19, 2024
News Bites
Solana Integration: Coinbase is arguably one of the most important centralised exchanges. Naturally, everything the platform supports is most likely compliant and primed for mass adopted. Just recently, the CEX announced its Solana DEX integration, enabling users to trade Solana tokens with their Coinbase wallets. The significance of this cannot be overstated 😲
Trade 50,000+ tokens on Solana.
With our Solana DEX integration, now you can trade @solana tokens on Coinbase Wallet. twitter.com/i/web/status/1…
— Coinbase Wallet 🛡️ (@CoinbaseWallet)
6:08 PM • Apr 16, 2024
Visa Spending: Spritz enables users to purchase goods and services, as well as pay bills — from credit cards to utilities — with crypto. The Spritz Visa card can now be connected to your Solana wallet, meaning you can spend your on-chain assets everywhere.
HUGE! @spritzfinance comes through - now supports @solana - send $SOL directly to the virtual card on your Apple Pay. Use globally at any Visa merchant.
#Spritz
app.spritz.finance— MartyParty (@martypartymusic)
9:04 PM • Apr 18, 2024
Restaking On Solana: Last week we explored EigenLayer i.e. restaking on Solana — incl. all things bonding and dual staking. If you missed it, catch up on the discussion here.
Stablecoin Utility: Sphere has partnered with Ondo, bringing USDY settlement and payments to merchants and customers. To learn more about USDY — a tokenized note secured by short-term US Treasuries — click here.
Transaction Fees: In the last couple of months, Solana has seen an unprecedented influx of users and liquidity. This has brought transaction fees back on the agenda. If you'd like to take a deep dive into all things gas fees, make sure to bookmark this Flipside dashboard.
Validator Operations: You might have heard that running a validator on Solana can be rather lucrative. In this context, the Solana Foundation has recently revamped its delegation programme and added a way for developers to get onboarded right away, instead of waiting in lengthy queues.
Caught In 4K
will add support for dogwifhat perpetual futures on Coinbase International Exchange and Coinbase Advanced. The opening of our WIF-PERP will begin on or after 9:30am UTC on 25 APR 2024.
— Coinbase International Exchange 🛡️ (@CoinbaseIntExch)
4:00 PM • Apr 18, 2024
Weekly Take
Crypto founder: "We don't need marketing"
My brother in christ, marketing may be all you need.
— Jess 🌱 (@thattallguy)
6:28 PM • Apr 17, 2024
Keks & Giggles
Me double checking the wallet address before I send funds
— alexjm (@alexjmingolla)
8:51 PM • Apr 19, 2024
And that's a wrap!
If you'd like to reach me, respond to this newsletter or reach out to me on 𝕏.
Talk soon!
DISCLAIMER
None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research. Lastly, please be advised that we discuss products and services from our partners from which our team members may hold tokens/equity.