Kash Dhanda 5.0 5 ideas

The speaker explicitly states Solana is in "a category of its own" as the credible infrastructure for 24/7 internet capital markets, with "never been more adoption" and "real today" businesses generating significant revenue. There is a noted "divergence" between this massive, growing fundamental usage (2B transactions, $100M+ monthly ecosystem revenue) and the current token price, suggesting a mispricing. The speaker is a "permanent Solana bull" based on the belief in its utility and superior infrastructure, positioning it to capture value as the foundation for the next financial system. The thesis weakens if crypto adoption stalls or remains purely speculative ("get-rich quick") rather than utility-driven, or if a competitor achieves superior scalability and adoption.

I think the most surprising thing is how much divergence there is between Salana's usage and Salana's price as a token. Two billion transactions in February. Salana made like $26 million in network revenue. The market is currently pricing the asset based on macro fear and past cycle biases, ignoring its transition into a cash-flowing, high-utility infrastructure layer. Once global macro headwinds clear, the valuation will re-rate to reflect its fundamental revenue and stablecoin dominance. LONG because the fundamental business metrics are growing rapidly while the token price remains artificially depressed by external macro factors. A prolonged global macro downturn or escalating war could keep all risk assets depressed regardless of strong on-chain fundamentals.

We are one of the very few tokens that does not have any kind of net new emissions coming to market for the foreseeable future. 50% of our revenues, our onchain revenues go to buybacks right now. Crypto tokens typically suffer from constant downward price pressure due to VC unlocks and airdrop emissions. By eliminating new emissions and using actual protocol revenue to aggressively buy back tokens, Jupiter is creating a deflationary supply shock that will drive the price up as retail demand returns. LONG due to a massive structural shift in tokenomics, combining high protocol revenue with aggressive buybacks and zero new supply. The complexity of adding too many products to their super-app model could alienate users, reducing overall platform volume and buyback revenue.

If the economy starts to go bad then the Fed has to print, then monetary policy has to loosen which actually means more capital flowing to risk on assets like crypto. Geopolitical conflict and economic instability act as a forcing function for central bank liquidity injections. This fiat debasement directly benefits hard, capped-supply assets as investors seek hedges against inflation and currency devaluation. LONG as a macro play on inevitable central bank easing and global liquidity expansion. The Fed could choose to keep rates elevated if the war causes a severe spike in oil prices, reigniting inflation and delaying rate cuts.

Hyperliquid, absolute killers. But we have Jupet coming up in the very near future, an omni chain liquidity hub that is purpose-built for order book trading of spot perps. Hyperliquid has enjoyed a dominant, uncontested position in the on-chain perpetuals market, but Jupiter is launching a direct, well-resourced competitor aimed at the exact same sophisticated trader demographic. This will likely fragment market share and compress fee revenues. WATCH to see if Hyperliquid's market share and volume take a hit once Jupiter's competing order book product goes live. Hyperliquid's user base and liquidity network effects may be too sticky, rendering Jupiter's new product unable to capture meaningful market share.