The grudges behind Solana (SOL) surpassing BNB

Source: Liu Jiaolian

The garden is filled with spring scenery and cannot be contained, and a branch of red apricot comes out of the wall.

Meme is a good strategy, a high-end local dog game, and a great general. Under the public market, Solana, known as the "downtime chain", finally "came out of the wall" due to the unremitting efforts of the local dogs, and bravely climbed to new highs. The fuel token SOL is approaching 200 dollars, and its market value is close to 200 dollars. 90 billion, surpassing BNB, the first “CEX coin”, and ranking fourth in the crypto market.

CEX is not SEX, but the English abbreviation of centralized exchange. BNB was originally a point on the Binance platform. Later, Binance wanted to build its own stand-alone chain, so it created BSC (Binance Smart Chain), which was later renamed the BNB chain, using BNB as the gas token. At that moment, this was the wind of the moment. Jiaolian once described this: "At the end of this small wave of bull market, CEX began to develop public chains and incubators on their own. The so-called public chain is the open source code of Ethereum copied by fork. Why did they change the name? " "It may not be difficult to develop a set of technologies, but the difficulty lies in the ecology. There are so many developers who have learned to develop these things, which is too difficult. Therefore, CEX finally turned around. , why do you have to spend money and time to develop it yourself? Can’t you just copy the code of Ethereum and change it? It’s so sweet.”

But BNB is an important source of empowerment. , or it depends on the business volume of the Binance trading platform. People who hold BNB also go there for the exchange’s handling fee discounts, new activities, burning back profits and other values. Maybe its founder CZ (Changpeng Zhao) had intended to promote the development of the BNB chain before he was involved in lawsuits, but now CZ has been taken hostage by the United States, "Changpeng can hardly fly with its wings" (Jiaolian 2023.11.28 article), this kind of promotion to break the established internal interest pattern may be something no one can do.

BNB is obviously a "company currency", and its value is entirely tied to Binance's success or failure and keeping its promises. To make an analogy, it may be regarded as a virtual dividend stock without voting rights.

The CEX track is the second crypto highland that the Chinese have conquered after BTC (Bitcoin) mining. In the 2017-2021 cycle, the CEX platform with the largest trading volume in the world, with Chinese founders and operators, ranks at the forefront.

Wall Street capital is most worried about two things about entering the crypto market: first, the upstream and downstream BTC mining industry is almost monopolized by the East; second, the crypto trading platform CEX track is overwhelmingly Chinese. Dominance.

In May 2021, by chance, the BTC mining industry was proactively “helped” by the state to “decentralize”. Mining capital flowed out of the East and dispersed throughout the world. Crypto mining farms and mining pools are rapidly emerging in the United States.

At the same time, the trading platform FTX founded by SBF (full name Sam Bankman-Fried) in May 2019, a white American boy with "Afro" (nicknamed because of his appearance), emerged in the spotlight. .

Today, SBF has been in prison for more than 1 year and 3 months . On December 12, 2022, he was arrested in the Bahamas and was immediately extradited to the United States.

It debuted later than CZ and entered earlier than CZ. SBF’s encryption journey was as gorgeous as fireworks. After all, it failed to survive the BTC cycle.

Binance, founded by CZ, started during the bull market in July 2017, two years before FTX. Through the 2021 bull market, it is still the CEX with the largest trading volume in the world, but it has also hastily changed its leadership before the arrival of a new round of crypto bull market. (See Jiaolian’s 2023.11.22 article "The United States swallows up Binance, Changpeng pleads guilty and goes to court" )

The true way is:

The King of Teng has a high pavilion near the river, and he wears jade and sings the Luan while singing and dancing.

The painted building is flying towards Nanpu clouds, and the bead curtain rolls into the west mountain rain at dusk.  

The shadows of Xianyuntan are long and leisurely, and things have changed and the stars have moved several autumns.

Where is the emperor's son in the pavilion now? Outside the threshold, the Yangtze River flows freely!

Back to the collapse of FTX in 2022, this was the direct cause of the fall of the new star of SBF. The direct cause and “culprit” of FTX’s collapse was none other than CZ.

Set the clock back to November 2022. That was the "darkest moment" of the new bear market. At that time, BTC had effectively fallen below the bull-bear dividing line of $30,000, and had broken through the previous high of $20,000 in 2017, falling to the "unfathomable" range of $16,000-$17,000. The entire crypto market has fallen into a huge panic and liquidity crisis.

Looking at the right time, CZ killed FTX, a strong foreign company but a weak one, just through a series of comments on Twitter. This is an amazing business war case. The emotion and scenery are by no means inferior to the classic scene in The Romance of the Three Kingdoms where Zhuge Liang scolds Wang Lang to death in front of the battle array!

At the beginning of November, CZ suddenly took action. Accused that FTX was insolvent and wanted to sell off its FTT (FTX’s platform currency). SBF initially retorted, but one has to be strong in order to forge the iron. FTX, who had actually been hollowed out by his own hands, quickly collapsed in the rush of Leek fleeing after hearing the news.

SBF’s body was not hollowed out by his own hands, but by his little girlfriend. Before FTX, in November 2017, he launched a crypto quantitative trading fund, Alameda Research - words like "quantitative trading" and "research" are obviously a cover-up for high-level vocabulary. Alameda is essentially a currency speculation fund - — and left his little girlfriend, Caroline Ellison, at the helm.

SBF itself is personally responsible for quietly spreading the FTX platform to a large number of users behind the scenes. The "deposits" of currency speculators were misappropriated, and a steady stream of "blood transfusions" were provided to Alameda for his little girlfriend to speculate in coins. Unfortunately, my girlfriend’s skills in speculating in currencies were not good, and she suffered huge losses. Her positions were liquidated one after another, and she lost all the embezzled public funds.

In this case, CZ took action. Decisive, precise, ruthless. A sword seals the throat.

Kill one person in ten steps and leave no trace in a thousand miles.

SBF could not bear the pressure and decided to kneel down and beg for mercy from CZ. On the 8th, CZ said that FTX was seeking Binance to acquire it.

On the 9th, CZ said that after DD (pre-acquisition due diligence), it decided to terminate the acquisition of FTX.

SBF was so angry that he cursed, saying that CZ used the fake acquisition and the opportunity of investigation to further steal FTX’s data and secrets, and then made a backhand, completely destroying FTX, which was still alive.

On the 11th, FTX officially declared bankruptcy. Many users who failed to withdraw their coins and escaped suffered heavy casualties.

SBF panicked and fled in a hurry.

In December, SBF was arrested in the Bahamas.

On the way to the rise of SBF, he was supported by CZ. Binance participated in investment in FTX in its early days and obtained a certain amount of FTT platform coins. Investment in the younger generations of peers actually has two meanings: first, it can be seen as supporting the rising stars and supporting them in terms of capital and experience; second, it can also be seen as taking a first look at potential future competitors. Qiang, accepted him as a disciple and entered the master's door from then on.

But SBF is a white man at heart after all. Being shrewd to every pore of his Jewish heritage, it was impossible for him to be willing to bow down and worship CZ with yellow skin, brown eyes, and black hair from now on.

Around 2021, when the bull market in the crypto market was in full swing, SBF frequently visited Wall Street and Capitol Hill. In the 2022 U.S. election, SBF spent heavily and donated up to US$39.8 million in political donations to the Democratic Party, becoming the second largest individual donor after Soros.

As a junior and younger brother who was supported by CZ, he was in awe. He has made public posts many times, naming and ridiculing CZ as just a nouveau riche who has no chance of reaching the top ranks of American politicians. The implication behind the words is that he, SBF, will definitely use the power of the first hegemony to trample CZ under his feet.

SBF is still too young after all. Or perhaps, he has well inherited the arrogant and self-centered temperament in his bloodline, and does not know how to hide the murderous intent in his eyes or the sharp edge in his mouth.

The Chinese divine power, which uses forbearance as its strong skill, can defeat such impetuous giant babies.

SBF bet on the Democratic Party, but was accurately sniped by CZ and shot in the head.

Although SBF is gone, he has left a large political legacy behind him. Solana (SOL) is one of them. (SHIB is actually the same, so this article will not be expanded on.)

Jiaolian once wrote, "Since the wave of new public chains in the second half of last year, Solana has stood out under the capital operation of SBF. After that, it quickly suffered a famous outage."

From the second half of 2021 to the first half of 2022, Solana continued to be down, but it did not stop the trader SBF at all. Enthusiasm for pulling the plate. Although it was an article on December 21, 2023, it was not inconsistent at all three years ago.

The big guys on Wall Street and the lords on Capitol Hill follow this little brother SBF, eat meat and drink wine, and make a lot of money. SBF suddenly became a good fortune boy who brought them wealth.

But such a fortune-teller that everyone loved was killed by CZ from the East. How can the gentlemen let it go if their financial path is cut off? What's more, he is still the man who holds the most hegemony in the world?

So at the end of 2023, American gentlemen finally "invited" CZ to the United States.

As part of the overall revenge, Solana's pull is absolutely indispensable to relieve the masters.

After all, with the prestige of a new public chain, it is also very consistent with the political correctness of the current empire to overthrow Ethereum, whose founder is from Russia and whose angel investors are from the East.

So we saw the investment research agency Messari sounding the horn for Solana to attack Ethereum at the end of 2022, saw the Solana meme ecological explosion, saw "God Pan 3 days on Binance", and saw Wall Street The venture capital issued an article advocating, "Meme coins are not a zero-sum game, but a new asset class, and its market size may be 10 times larger than the gambling industry."

Pull CZ down, Lock up. Then pull up SBF's legacy Solana, and the local dog bubble will blow up. Then, the clumsy fraud-like "I, Qin Shihuang, transfer money" was put on Binance at the speed of light. The emotion and scenery are like stripping off the white moonlight goddess who is in the hearts of thousands of leeks, and then forcing her to be raped by a homeless man who has been suffering from leprosy, unkempt hair, dirt, and drooling mouth all his life. , and also live broadcast for the leeks all over the world to watch, attracting a group of leeks to follow suit, unleashing their lust, and killing everyone.

Being the world’s number one hegemon is not just a joke, it is all about real skills.

Meme coins and doge coins finally found their way after the rise of Ethereum’s “noble chain” (ERC-20 tokens) and the rebirth of Bitcoin’s “ecology” (BRC-20 inscriptions) Faster, cheaper, pornographic and more violent Solana platform. What a match made in heaven (please use Li Yunlong’s dubbing from "Bright Sword" to read here).

And Solana finally surpassed BNB and secretly completed its revenge on Binance.

Since then, the encryption market has presented an extremely funny and ridiculous arrangement:

In addition to the first place Bitcoin insists on decentralization, the second place In addition to the name Ethereum PoSsemi-centralized, the third oldest USDT is a pure centralized token, and the fourth oldest Solana is a centralized block Chain, Laowu BNB is a centralized trading platform platform currency.

Three-fifths of the crypto assets with the largest market value are purely centralized assets!

This is the current status of the awesome encryption industry.

Since ancient times, those who have lured people with huge profits without changing their aspirations are rare!

In the midst of the noise, who will still remember what Satoshi Nakamoto said:

“Because of all the failed companies since the 1990s Because of that, a lot of people automatically view electronic money as something that's not destined to succeed. It's clear that just the centrally controlled nature of those systems makes them doomed. I think this is the first time we're trying to decentralize A system based on non-trust." (Chapter 10, Chapter 44, "The History of Bitcoin" by Liu Jiaolian)

Poem:

The encryption world is in turmoil , I will appear on stage after you sing.

The reincarnation of grudges and hatreds is painful, but holding on to bits lasts longer.