Solana, as a public chain that has experienced ups and downs, how will its ecosystem builders express their views on this event?
Author: Pzai, Foresight News
Recently, the LIBRA token promoted by Argentine President Milei has caused market frenzy. However, within a few hours of the token's launch, the project team withdrew $87 million in USDC and SOL from the liquidity pool, causing the price to plummet by more than 80%. Milei subsequently deleted the tweet and launched an anti-corruption investigation, but this has resulted in huge losses for investors.
At this critical juncture, the narrative of the meme market also seems to be waning. As a public chain that has experienced ups and downs, how will its ecosystem builders express their views on this event? Foresight News interviewed several outstanding ecosystem builders at the Solana Hongkong Summit to analyze the impact of this event.
The Value Behind MEME
"The LIBRA event is a response to the depletion of MEME liquidity, and the market cannot support such a high price," said Chris Zhu, founder of Sonic SVM, to Foresight News. Since Trump's issuance of the coin, the market's pricing seems to have directly produced an insurmountable ceiling, and the team's withdrawal from the pool has further exacerbated the rapid collapse of LIBRA.
Solar community member Alex also said directly, "The current MEME is a bit too much, and I think the Libra incident is a clearing of the risks of meme. I think in the long run (the clearing) is good, because it has gone too far, and this bubble will eventually burst."
As an important part of the on-chain economy, another Solar community member Han positively affirmed the role of MEME: "The first is that for Meme, as an entry point for traffic, it can actually attract a lot of incremental users, or speculative users to come in. For example, some of the AI memecoin in the past, people actually had some heat and interest, which can promote the development of the industry. But from TRUMP all the way to LIBRA, it has already appeared as a double-edged sword."
Regarding the current state of the market, Solar community member Tron said, "Since TRUMP, the speed of capital seeking profits in the entire market has been getting faster and faster. Until the subsequent series of celebrity coins, it has actually reached the point where everyone can't play anymore. Then I think LIBRA is actually a very good time point, to let the market calm down for a while, to truly discover some valuable projects, and to return to the state where we invest together in some valuable projects."
Value Reversion and Redevelopment
"The market is experiencing a value reversion, and those who truly do applications will gradually return to the focus of the market," Chris Zhu said, "Sonic will play a distribution role in the Solana ecosystem in the future, helping ecosystem builders build attention systems."
Clearly, the token issuance of several Solana projects in the past few months has further fueled the enthusiasm of the community, and Solar community leader Vesper also told Foresight News: "The (LIBRA event) has both good and bad. The good thing is that it shows that Solana is prominent enough in the world to attract the attention of these politicians, such as Trump and Argentine Milei, which shows that Solana's influence has become more internationalized. The second is that it shows that after it becomes big enough, there will be a lot of positive or negative things that will come, and it will also become more decentralized. Because Solana is now also weakening the concept of the foundation, hoping that the DApps above and the tokens issued, etc., can be issued by everyone themselves, and try to intervene as little as possible. And also hope that when people are rushing to on-chain meme, they can distinguish more clearly, that is, DYOR."
In the possible "post-MEME era" in the future, Vesper also introduced to Foresight News the focus of Solana's future strategic layout: "In fact, the focus or strategic layout of the Solana Foundation has little to do with meme. We prefer projects that can bring real utility to Solana, and can bring more innovation. For example, we really like DeFi, and DePIN is also a relatively large track for Solana. Although the development is relatively slow now, there are many good projects. And projects like Rome, an eSIM project, can be used by everyone when traveling abroad. In addition, AI is also a track that Solana has been focusing on recently, and they even held a special AI hackathon, which has also produced many projects. In fact, we hope that through AI, we can endow these real consumer-class DApps with more practical applications, so that everyone can play more conveniently, and also make the Solana ecosystem stronger."
