The Kimchi Premium #1: Solana Breakpoint have Koreans wet

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Disclaimer: The contents of this report reflect the opinions of the author and are provided for informational purposes only. It is not written with the intent to recommend the purchase or sale of tokens or the use of protocols. Nothing contained in this report is investment advice and should not be construed as such.

The Kimchi Premium is a weekly series that looks back at the hottest topics in the Korean crypto community.

Top 10 Keywords

Solana
Claim
Rate Cut
Listing
50bp
Interest Rate
Klay
Sonic
FOMC
Neiro

1. Solana

Last week, hot on the heels of Token2049 in Singapore, Solana Breakpoint 2024 kicked off with a bang.

The highlight was the mainnet launch of Solana's Firedancer, which showcased a staggering TPS exceeding one million. This milestone signals that Solana's beta phase is coming to an end.

Big institutional moves also made waves, including cbBTC's entry into Solana and Franklin Templeton's plans to launch a mutual fund.

Crypto hardware announcements turned heads too. Solana unveiled its second mobile device, Seeker, and a portable gaming console, Playsolana.

The Korean community's Solana fever was evident in a post by Ryot, affectionately known as "Mr. Solana" in Korea, which garnered over 200 likes.

Solana's token price surged by about 20%, making it a week of pure joy for Solana enthusiasts' eyes, ears, and wallets.

Renowned trader dontak00 commented, "When Solana shows relative strength, it's a bull market... When Solana shows relative weakness, it's a bear market," suggesting that a bull run has begun.

2. Claims

EigenLayer (EIGEN) launched its Season 2 stakedrop, while LayerZero (ZRO) opened claims for unclaimed tokens.

The EIGEN claim was particularly popular, indicating a high interest in staking ETH for potential airdrops.

ZRO's unclaimed token distribution inadvertently rewarded those who had attempted to game the airdrop system with multiple accounts.

3. Rate Cut, 50bp, Interest Rate, FOMC

The U.S. Federal Reserve's decision to a 50 basis point rate cut has captured widespread attention. Some crypto enthusiasts are even setting alarms to catch the FOMC announcements in the wee hours. It's fascinating to see Koreans so tuned into U.S. economic policy.

A running joke in the Korean crypto community goes, "To get into crypto, you end up studying U.S. economics, politics, memes, geopolitics, philosophy, traditional finance, computer science, and even AI." This quip underscores the multidisciplinary nature of crypto and its steep learning curve.

4. Nerio, Listing

The Binance spot listing of Nerio, dubbed Dogecoin's little sister, caused quite a stir. The Korean community expressed skepticism about this listing decision.

WeCryptoTogether shared insights on the listing's background, referencing a tweet by Binance co-founder He Yi.

Personally, I noticed that this incident has helped the Korean community better understand the concept of CTO (Community Takeover).