wyck 📴
@wyckoffweb
sharing web3 knowledge since 2018 | founder @originalworkshq.
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Arbitrum gave one project 75,000 ARB for liquidity incentives.
The team swapped the entire grant to USDC, bridged it to Base, then apparently stopped operating.
Arbitrum gave them until yesterday to explain themselves or return the money.
They didn’t reply.
They didn’t return the money either.
Now the DAO is voting to permanently ban them.
Getting a grant from one ecosystem just to bridge the money to another chain and disappear is crazy.
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In 32 days, people created 207,893 coins on Robinhood Chain.
The people creating them collected $9.7M in fees, while only 33% of traders finished with more money than they started with.
Meaning roughly 2 out of every 3 traders are currently at a loss.
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I think this is yet another reason $SOL looks crazily undervalued around $78.
$HYPE currently has a higher FDV than SOL.
Now look at this again.
Hyperliquid is an entire L1, yet 4 individual apps built mainly on Solana are doing more 24h revenue than it.
Of course, one day of revenue doesn’t decide what a chain should be worth.
But if apps sitting on top of Solana can build businesses doing numbers like this while SOL itself has a lower FDV than HYPE, then I genuinely think the market is undervaluing SOL here.
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