Geopolitical and a risk off move is why they are tanking. Will be the first to some back when the rally comes
OT: Bitcoin, Altcoins, NFT's & All Things Crypto
- Thread starter bob-loblaw
- Start date
I guess it might not be digital gold, which it was called when it was determined that Bitcoin would not be efficient as a currency. Gold is up… and over the last 5 month it has trended up 14% during this inflationary geopolitical risk period, while crypto is down big.
I think it still could be a "digital gold" but it's still so early in the process.
Based on Russia’s recent position on BTC, does anyone think Russia’s cyber warfare campaign will include disrupting digital currencies since they are much easier to exploit than high-jacking a Swiss vault filled with tons of physical gold? Makes you wonder if Putin will target the digital currency market, especially if Russian assets are frozen.
And not only is it easier then attacking a Swiss bank, the fact that crtypo is decentralized, he wouldn't be attacking another sovereign nation if he were to go after digital currency.
Interesting article:
www.cnbc.com
Ukrainian central bank suspends electronic cash transfers, bolstering the use case for crypto
Ukraine's central bank is cracking down on digital money transfers in connection with a nationwide declaration of martial law.
I think everything is on the table right now; digital warfare-wise. Infrastructure, tadeonal banking, digital currencies.
Did you ever watch the video I posted the other week w Strike CEO Jack Mallers? You really should watch it. Jack Mallers on the What Bitcoin Did Podcast
Yeah, I watched the video when you first posted and remembered Mallers from Zap/cannabis. I probably need to spend more time researching Strike because it’s intriguing (especially when I’ve read it could become the Amazon for payments)…although I don’t fully understand why it’s that much different from something like Zelle other than using the Lightning Network.
Stocks in general are down today, but growth is getting hammered. Growth and crypto have been running together for a while. Not sure you can point to this specific instance as to why crypto is down today. Also, with how volatile crypto is, I wouldn't call a 4-5% decline tanking either.
Powell roasted on crypto although not entirely his domain. The biggest argument against enforcing sanctions through crypto exchanges is that the amounts Russia may be moving around rather insignificant. However, that’s a pretty piss-poor argument for anyone that expects crypto to play a major role in global finance in the future.
Normally I'd agree, but I found it notable though that the drop coincided with Binance's press release.
As someone mentioned, Crypto has been running in tandem with Growth Tech Stocks form a charting perspective. I am trying to figure out if people are looking at Crypto as a store of value(a currency) or more about technology(ie blockchain/utility). Seems to me the latter in how it is charting so would explain why it is down today more than any other reason
You don't need an exchange (which is a private business) to trade crypto. It just makes it much easier.
Fascinating article:
Algorithmic stablecoins elicit intellectual curiosity from people across disciplines. Whether you are coming from the technology industry, finance, or academia, creating a digital currency that holds stable value without being pegged to another asset is a fascinating problem. The value of this type of asset is obvious, but no one has been able to figure it out.
In November, Ryan Clements published a paper tilted Built to Fail: The Inherent Fragility of Algorithmic Stablecoins, where he argued:
“Algorithmic stablecoins are inherently fragile. These uncollateralized digital assets, which attempt to peg the price of a reference asset using financial engineering, algorithms, and market incentives, are not stable at all but exist in a state of perpetual vulnerability. Iterations to date have struggled to maintain a stable peg, and some have failed catastrophically. This Article argues that algorithmic stablecoins are fundamentally flawed because they rely on three factors which history has shown to be impossible to control.
First, they require a support level of demand for operational stability. Second, they rely on independent actors with market incentives to perform price-stabilizing arbitrage. Finally, they require reliable price information at all times. None of these factors are certain, and all of them have proven to be historically tenuous in the context of financial crises or periods of extreme volatility.”
This is important context because there is an experiment underway in crypto that is worth paying attention to.
Terra is undergoing a transition from a dollar-pegged stablecoin to a bitcoin-backed stablecoin. There is a lot to unpack here, so let’s start from the top. Terra is described as a public blockchain protocol deploying a suite of algorithmic decentralized stablecoins which underpin a thriving ecosystem that brings DeFi to the masses. The stablecoin at the heart of this ecosystem, TerraUSD (known as UST), sits at more than $15 billion in market cap.
This is the fourth largest stablecoin in the market behind Tether, USDC, and BinanceUSD. Based on a recent conversation with members of the Terra community, there is approximately $100 million to $200 million of new demand for UST per day. Not only is UST large, but it is growing quickly too.
The other asset that you need to know about is LUNA. This is the native staking token to the Terra ecosystem. The purpose for LUNA is to absorb the price volatility of the fiat-pegged stablecoins, along with use in governance, mining, and staking. A simple framework to evaluate LUNA with is that “the more Terra is used, the more LUNA is worth.”
So here is how UST gets created today — if someone wants UST, they have to burn LUNA. For every $1 of UST that the person seeks, they have to burn $1 of LUNA. This burn mechanism is similar to a stock buyback. It contracts the supply of LUNA and is used as mechanism to keep UST pegged to the US dollar at the preset value of $1.
This is obviously not a simple mechanism though and the complexity can create significant challenges. Many of these challenges were highlighted in Ryan Clements paper that we talked about at the start of this letter.
So what is Terra going to do differently with UST moving forward? They are going to back UST with bitcoin.
There is approximately $3 billion in bitcoin, Tether, and LUNA sitting in the Luna Foundation reserves today. They are slowly converting the majority of this into bitcoin. As for new issuance, the Terra team will refrain from having market participants burn 100% of their LUNA when they seek UST.
Instead, Terra may burn 60% of the LUNA and use 40% to purchase bitcoin. Here is an example — I want $10 of UST. Instead of burning $10 of LUNA, I may have $6 of LUNA burned and $4 would be used to purchase bitcoin. This dual strategy begins to slowly add a bitcoin-backing to the UST stablecoin that is in circulation.
The math shows that UST won’t be 100% backed by bitcoin initially. The idea is that over time, bitcoin’s price will continue to rise and will eventually pull in-line with the outstanding value of UST. There is a strong likelihood that the bitcoin-backing will actually exceed the UST value over a long enough timeline.
So what are the ramifications of this decision by Terra?
First, Terra is becoming a persistent buyer of bitcoin. They are slowly purchasing $3 billion of bitcoin from the Luna Foundation reserves. This is being done via aggressive buying on price dips. Terra will then be a daily, persistent buyer of bitcoin based on the new issuance mechanism that I just described. You can think of Terra as new demand for bitcoin that will be measured in tens of millions of dollars per day to start.
Second, Terra is highlighting the opportunity for bitcoin-backed assets. Terra’s Do Kwon has discussed at length his belief that bitcoin is pristine collateral. It is the hardest, most decentralized asset in the world. The move to back UST with bitcoin creates a symbiotic relationship, which allows UST to have confidence that the asset is backed by the most superior collateral.
Third, bitcoin gets a credible layer two in Terra, one of the largest smart contract platforms in the world. There is a lot of conversation around what bitcoin can and can not do, but now it is becoming obvious that bitcoin’s role as pristine collateral opens a world of possibilities.
Now this evolution of Terra, and bitcoin’s role as collateral, doesn’t come without risk. The team at Terra has identified the biggest risk being a successful bridge between bitcoin and their ecosystem. The security model for bridging bitcoin to a large system with lots of users is still unproven. Many people will point to wrapped bitcoin as a successful answer, but the process of wrapping bitcoin in its current form eliminates the decentralized elements of bitcoin, so this isn’t a true bridge from bitcoin to a decentralized ecosystem.
Lastly, Terra is pioneering an idea of bitcoin-backed currencies that bitcoiners have long discussed. If you think of the US dollar, there has been no underlying commodity backing the currency once we went off the gold standard. The gold bugs think we will return to the gold standard, but that seems hard to fathom. Some bitcoiners believe we will use bitcoin as the next global reserve currency, including bitcoin denominated goods and services, bitcoin as the only currency, and failure of all existing fiat currencies.
While the bitcoiners may or may not be right about hyperbitcoinization, it is easy to see a world where fiat currencies continue to exist but they are simply backed by bitcoin. This would be a replication of the gold standard, but using digital gold instead of the analog version.
Regardless of how this situation unfolds, Terra’s move to back UST with bitcoin is worth paying attention to. There are lots of risk, but if they successfully pull this off then they will be creating a playbook for other stablecoins and/or central banks to follow. Bitcoin is a decentralized, digital currency that has successfully achieved the properties necessary to serve as superior collateral.
As more people recognize this achievement, I would anticipate many other assets to adopt the bitcoin standard. Bitcoin-backed assets are coming. It just may not be in the form that you previously thought
Algorithmic stablecoins elicit intellectual curiosity from people across disciplines. Whether you are coming from the technology industry, finance, or academia, creating a digital currency that holds stable value without being pegged to another asset is a fascinating problem. The value of this type of asset is obvious, but no one has been able to figure it out.
In November, Ryan Clements published a paper tilted Built to Fail: The Inherent Fragility of Algorithmic Stablecoins, where he argued:
“Algorithmic stablecoins are inherently fragile. These uncollateralized digital assets, which attempt to peg the price of a reference asset using financial engineering, algorithms, and market incentives, are not stable at all but exist in a state of perpetual vulnerability. Iterations to date have struggled to maintain a stable peg, and some have failed catastrophically. This Article argues that algorithmic stablecoins are fundamentally flawed because they rely on three factors which history has shown to be impossible to control.
First, they require a support level of demand for operational stability. Second, they rely on independent actors with market incentives to perform price-stabilizing arbitrage. Finally, they require reliable price information at all times. None of these factors are certain, and all of them have proven to be historically tenuous in the context of financial crises or periods of extreme volatility.”
This is important context because there is an experiment underway in crypto that is worth paying attention to.
Terra is undergoing a transition from a dollar-pegged stablecoin to a bitcoin-backed stablecoin. There is a lot to unpack here, so let’s start from the top. Terra is described as a public blockchain protocol deploying a suite of algorithmic decentralized stablecoins which underpin a thriving ecosystem that brings DeFi to the masses. The stablecoin at the heart of this ecosystem, TerraUSD (known as UST), sits at more than $15 billion in market cap.
This is the fourth largest stablecoin in the market behind Tether, USDC, and BinanceUSD. Based on a recent conversation with members of the Terra community, there is approximately $100 million to $200 million of new demand for UST per day. Not only is UST large, but it is growing quickly too.
The other asset that you need to know about is LUNA. This is the native staking token to the Terra ecosystem. The purpose for LUNA is to absorb the price volatility of the fiat-pegged stablecoins, along with use in governance, mining, and staking. A simple framework to evaluate LUNA with is that “the more Terra is used, the more LUNA is worth.”
So here is how UST gets created today — if someone wants UST, they have to burn LUNA. For every $1 of UST that the person seeks, they have to burn $1 of LUNA. This burn mechanism is similar to a stock buyback. It contracts the supply of LUNA and is used as mechanism to keep UST pegged to the US dollar at the preset value of $1.
This is obviously not a simple mechanism though and the complexity can create significant challenges. Many of these challenges were highlighted in Ryan Clements paper that we talked about at the start of this letter.
So what is Terra going to do differently with UST moving forward? They are going to back UST with bitcoin.
There is approximately $3 billion in bitcoin, Tether, and LUNA sitting in the Luna Foundation reserves today. They are slowly converting the majority of this into bitcoin. As for new issuance, the Terra team will refrain from having market participants burn 100% of their LUNA when they seek UST.
Instead, Terra may burn 60% of the LUNA and use 40% to purchase bitcoin. Here is an example — I want $10 of UST. Instead of burning $10 of LUNA, I may have $6 of LUNA burned and $4 would be used to purchase bitcoin. This dual strategy begins to slowly add a bitcoin-backing to the UST stablecoin that is in circulation.
The math shows that UST won’t be 100% backed by bitcoin initially. The idea is that over time, bitcoin’s price will continue to rise and will eventually pull in-line with the outstanding value of UST. There is a strong likelihood that the bitcoin-backing will actually exceed the UST value over a long enough timeline.
So what are the ramifications of this decision by Terra?
First, Terra is becoming a persistent buyer of bitcoin. They are slowly purchasing $3 billion of bitcoin from the Luna Foundation reserves. This is being done via aggressive buying on price dips. Terra will then be a daily, persistent buyer of bitcoin based on the new issuance mechanism that I just described. You can think of Terra as new demand for bitcoin that will be measured in tens of millions of dollars per day to start.
Second, Terra is highlighting the opportunity for bitcoin-backed assets. Terra’s Do Kwon has discussed at length his belief that bitcoin is pristine collateral. It is the hardest, most decentralized asset in the world. The move to back UST with bitcoin creates a symbiotic relationship, which allows UST to have confidence that the asset is backed by the most superior collateral.
Third, bitcoin gets a credible layer two in Terra, one of the largest smart contract platforms in the world. There is a lot of conversation around what bitcoin can and can not do, but now it is becoming obvious that bitcoin’s role as pristine collateral opens a world of possibilities.
Now this evolution of Terra, and bitcoin’s role as collateral, doesn’t come without risk. The team at Terra has identified the biggest risk being a successful bridge between bitcoin and their ecosystem. The security model for bridging bitcoin to a large system with lots of users is still unproven. Many people will point to wrapped bitcoin as a successful answer, but the process of wrapping bitcoin in its current form eliminates the decentralized elements of bitcoin, so this isn’t a true bridge from bitcoin to a decentralized ecosystem.
Lastly, Terra is pioneering an idea of bitcoin-backed currencies that bitcoiners have long discussed. If you think of the US dollar, there has been no underlying commodity backing the currency once we went off the gold standard. The gold bugs think we will return to the gold standard, but that seems hard to fathom. Some bitcoiners believe we will use bitcoin as the next global reserve currency, including bitcoin denominated goods and services, bitcoin as the only currency, and failure of all existing fiat currencies.
While the bitcoiners may or may not be right about hyperbitcoinization, it is easy to see a world where fiat currencies continue to exist but they are simply backed by bitcoin. This would be a replication of the gold standard, but using digital gold instead of the analog version.
Regardless of how this situation unfolds, Terra’s move to back UST with bitcoin is worth paying attention to. There are lots of risk, but if they successfully pull this off then they will be creating a playbook for other stablecoins and/or central banks to follow. Bitcoin is a decentralized, digital currency that has successfully achieved the properties necessary to serve as superior collateral.
As more people recognize this achievement, I would anticipate many other assets to adopt the bitcoin standard. Bitcoin-backed assets are coming. It just may not be in the form that you previously thought
Very interesting article about bitcoin-backed UST. I believe this also highlights the potential value of LUNA (which I hope starts trading on COIN soon!). I am not an economist to this level, so what would the benefit be is US dollars become backed by BTC as well?
I'm not an economist either but in the past, the USD was backed by gold. Sounds to me like this would go back to backing the USD with a finite store of value. I would this this would only drive up the price of BTC.
+1
If this actually happened, forget the moon, BTC would go to Mars!
The gold standard intensified volatility and exacerbated economic downturns. Gold, or any other standard, renders monetary policy undoable. FDR Ana downed the gold standard in ‘33, other countries did so too for the same reasons and I think mostly in a similar timeframe. Not to digress off Bitcoin but this article (and the referenced MIT a study) about the gold standard is, in my view, applicable to digital gold.
What Would Happen If We Returned to the Gold Standard?
A fervent minority of Americans are obsessed with the idea of the United States returning to the gold standard. Why would this be a bad idea?
Well, one crypto talking head thinks 350k by 2023 and a couple others say a million by 2027. Take that for what it’s worth since 100k by end of 2021 was off target.
Yeah, the 100k predication was based on a flawed model S2F, that a lot of people (myself included) bought into. My boy Checkmate from Glassnode has ripped apart this model pretty aggressively in the last few mos.
For anyone truly looking to learn more about onchain and what is happening w BTC, I highly recommend you watch his weekly updates from Glassnode that come out every Tues. Here is yesterdays
@bob-loblaw , do you follow Mike Pompleano? I subscribe to his newsletter that he sends daily and he has some very interesting points of view as noted in my previous post. He really makes you think and after reading him, I almost always say "why didn't I think of that?".
BlackRock Looks to Offer Crypto Services as Client Demand Rises: CEO
The Russia-Ukraine conflict will push countries to reassess currency dependencies, Fink said in a letter to shareholders.
Assuming you mean Anthony Pompliano, as the Luna notes look what he wrote a few days ago. If so, yes. I've been listening to his podcasts since mid 2020. His podcast with Cramer is what got me really believing in BTC and investing more.
He's done a tremendous job in the space. His transition from just hte Pomp Podcast to the Best Business Show has been great to see. He's probably the best interviewer in the BTC space. He does his research and asks the right questions, and more importantly, followup questions. His brothers arent as good, but the dynamic reminds me of the Gronkowski brothers and their "bro"-esque mentality, which makes for an easier listen. I've been sharing his videos on here for some time now.
Good to hear. Yes I meant Anthony, I’m terrible with names. His daily newsletter is excellent, always brings up observances that on the surface I wouldn’t have considered. For those interested, it’s dirt cheap at about $75 a year!
It's starting to feel like crypto may be preparing for another run. Been seeing a lot of positive BTC and ETH news. Perhaps I should start accumulating again? :)
Good article. I just started staking UST on Anchor Protocol. They have a 19.5% APY. I only put a small amount to test the waters and because I wasn’t sure about UST as a stable coin.
Does not surprise me that the gold standard is being repeated. Anyone who follows the defi space knows that the entire financial system is being duplicated in front of our eyes.
You missed a pretty solid 3 month period to accumulate. Get some conviction man :)
BTC has been trading sideways for 3 mos now. I could easily see volatility pushing btc as low as 25k or to ATh at $75k in the next few months. The environment favors a run to the upside, but we shall see.
I made some big moves a few months ago. 100% out of Grayscale. Recreated my entire BTC position in COIN and about 75% of my ETH position (buying whenever it dipped below $2500). I new moves were to load up on ADA when it went below $0.90 and for the first time bought DOT around $14.
I added to my bitcoin and ether positions near their lows but what I am thrilled about is getting back into GBTC and MARA near their lows too. GBTC was selling at a huge discount to NAV and is making quite the comeback, mirrored by MARA. I fully expect GBTC to have a spot etf this year which will give the price a big bump.
@RUBlackout7 , I bought some ANKR on Coinbase based on its utility. Based on my reading, ANKR has a 10-20x potential over the next 12-24 months. Also, Coinbase has now automatically staked my ADA holdings starting at 3.75% (unless you opt out).
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I was thinking about getting out of Galaxy and moving fully to coins, but didn't! Good move by me.....Galaxy has been pumping lately. :)
They are still working on their move to the US and Nasdaq listing.
Who knew that Exxon and Conoco were using excess natural gas to mine BTC?? Read below:BlackRock Looks to Offer Crypto Services as Client Demand Rises: CEO
The Russia-Ukraine conflict will push countries to reassess currency dependencies, Fink said in a letter to shareholders.www.coindesk.com
The bitcoin community has been fascinated with the oil and gas industry for years. Some of the interest was driven by bitcoin miners providing one of the most profitable monetization opportunities for energy producers, but another aspect was the long-term belief that various countries would eventually sell their oil and natural gas denominated in bitcoin.
These ideas seemed like outrageous, delusional dreams to bitcoin critics.
We got a fairly decisive answer to the debate yesterday though. There were two separate milestones that are worth mentioning. First, Exxon Mobil - the largest US oil producer - has confirmed that they are mining bitcoin with excess natural gas to mine bitcoin. Without getting into too much detail, the company is taking natural gas that normally would be flared at their North Dakota facilities and diverting it to their partner Crusoe Energy to mine the digital currency.
The reports that surfaced in the last 24 hours explained that these Exxon pilots started in January 2021, expanded in the summer of last year, and the oil producer is now evaluating plans to bring bitcoin mining to their international operations. This news follows the revelation last month that ConocoPhillips was conducting a similar project to monetize their excess natural gas.
My read on this situation is that we have officially crossed over to a new world. Every oil and gas company is going to pursue bitcoin mining as a revenue stream. The economic incentive is too strong, especially since these companies can turn a previous waste stream into a profit center. Additionally, politicians and regulators will have a hard time attacking bitcoin and/or oil and gas companies for this initiative, because it is clear that the diversion of excess natural gas from flaring to mining is preventing environmental damage.
History is going to be kind to the bitcoin community who saw this milestone as an inevitability. This was not the only development yesterday though.
According to MacKenzie Sigalos of CNBC, Russia is considering accepting bitcoin as payment for their oil and natural gas. Here is an excerpt from Sigalos’ coverage:
“The chair of Russia’s Duma committee on energy said in translated remarks that when it comes to “friendly” countries such as China or Turkey, Russia is willing to be more flexible with payment options.
Chair Pavel Zavalny said that the national fiat currency of the buyer — as well as bitcoin — were being considered as alternative ways to pay for Russia’s energy exports.
“We have been proposing to China for a long time to switch to settlements in national currencies for rubles and yuan,” Zavalny said in translated comments. “With Turkey, it will be lira and rubles.”
He didn’t stop with traditional currencies.
“You can also trade bitcoins,” he said.”
This is not the first time that countries have floated the idea of bitcoin-denominated bi-lateral trade, but it is definitely the first time that a major player has suggested it. There is a high degree of complexity with Russia’s current financial system given the sanctions that have been levied by the United States and NATO allies over the last few weeks.
No one knows how the future will play out, but in my opinion it is unlikely that Russia will transition their economy to the bitcoin standard any time soon. The higher probability outcome is that they will settle some transactions in bitcoin, either as a way to antagonize the United States or to successfully complete trade without feeling the pain of the economic sanctions.
Regardless of how and why Russia starts using bitcoin, the genie is out of the bottle. It was easy for the United States and other superpowers to ignore El Salvador’s foray into the digital currency. The central American country only has 6.5 million citizens and the GDP is small in comparison. Russia is a different game. They have nuclear weapons. They produce a lot of oil, natural gas, fertilizer, and other commodities.
The geopolitical game theory is underway. The United States and our allies can’t stop Russia from using bitcoin, nor can we shut down the network. Our best strategy is to compete, rather than complain.
The United States must get in the game immediately. Our largest oil producer is now mining bitcoin. That is not enough though. The United States must immediately start mining bitcoin, acquiring bitcoin, and ensuring that if anyone benefits from the bitcoin network, the United States benefits the most.
Bitcoin is a neutral technology. It doesn’t react to politics. The network simply executes software code and produces block after block of transactions. The country that becomes the leader in this new world will benefit greatly, just as the United States benefitted from being the leader in the Internet Age.
The Bitcoin Age is upon us. We must act. Our future prosperity likely depends on it.
-Pomp
Yeah, GBTC was trading at a super discount for a period there, it was a great oppo for the crypto hesitant (cough, Aldo) to have gotten a little skin in the game. I havent seen what its up to now. The spot ETF's will be here eventually. My guess is Q1 2023. The intiial talks of regulations from the Biden admin is laying the groundwork for this to happen.
I touched on this a while ago, but after the next halving, spot ETF's (if approved) will be purchasing roughly 50% of all new btc that gets mined, essentially causing a double halving. Supply squeeze is going to get real in 2024.
Yeah, this is amazing news. I touched on this a while ago as well. Crypto leaders and energy producers had a big meeting last year down in Houston, laying the foundation for this.
Bitcoin miners and oil and gas execs mingled at a secretive meetup in Houston – here's what they talked about
On a residential back street of Houston, 200 oil and gas execs and bitcoin miners mingled, drank beer, and talked shop on a recent Wednesday night in August.
Still bullish as ever long term.
Ironically, even though I moved out of Grayscale, I have been thinking about adding some new money back into it. I have read from a few sources that once GBTC becomes an ETF, that discount will close automatically and investors will get a nice pop.Yeah, GBTC was trading at a super discount for a period there, it was a great oppo for the crypto hesitant (cough, Aldo) to have gotten a little skin in the game. I havent seen what its up to now. The spot ETF's will be here eventually. My guess is Q1 2023. The intiial talks of regulations from the Biden admin is laying the groundwork for this to happen.
I touched on this a while ago, but after the next halving, spot ETF's (if approved) will be purchasing roughly 50% of all new btc that gets mined, essentially causing a double halving. Supply squeeze is going to get real in 2024.
Yeah, this is amazing news. I touched on this a while ago as well. Crypto leaders and energy producers had a big meeting last year down in Houston, laying the foundation for this.
Bitcoin miners and oil and gas execs mingled at a secretive meetup in Houston – here's what they talked about
On a residential back street of Houston, 200 oil and gas execs and bitcoin miners mingled, drank beer, and talked shop on a recent Wednesday night in August.
Still bullish as ever long term.
UK may lead the way on regs:
www.cnbc.com
Britain will reveal crypto regulation plans in coming weeks, sources say
British Finance Minister Rishi Sunak is expected to announce a new regulatory regime for crypto in the coming weeks, sources tell CNBC.
I live more on the Solana side of things, but some of the work being done on these projects, the two you mention, Portals and Suites on Solana, etc is nothing short of amazing.
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