SHILL Issue 145

Solana ecosystem magazine.

Solana ecosystem magazine.


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Editor<br />

Art:Tech<br />

$CWIF<br />

Jup Deepdive<br />

Fluxbeam<br />

ExchgART NFTs<br />

Dev Talk<br />

McDegens<br />

p5js<br />

Solarplex<br />

Mallow NFTs<br />

Populus<br />

Studio Captain<br />

Uke Uke<br />

Solarplex<br />

Pyth Thesis<br />

Poetry's Not Dead


Navigating the Crypto Frontier: #<strong>SHILL</strong>zine <strong>Issue</strong> <strong>145</strong><br />

Welcome to <strong>Issue</strong> <strong>145</strong> of #<strong>SHILL</strong>zine, marking the conclusion of an eventful January in 2024 in the ever-evolving<br />

blockchain landscape. It's been a rollercoaster ride, with surprises and disruptions that remind us why the world of<br />

cryptocurrency is often compared to the wild west.<br />

Crypto World's Rollercoaster Ride: Hopes and Shocks<br />

The year began with high hopes pinned on the approval of a Bitcoin ETF in the United States. However, the crypto space<br />

never fails to keep us on our toes. Just when anticipation was at its peak, a couple of billion dollars worth of BTC held<br />

by FTX were abruptly sold off, sending shockwaves through the market. It's a stark reminder that, in this unpredictable<br />

frontier, even the most anticipated events can be overshadowed by unforeseen developments.<br />

SolarPlex: A Growing Oasis in the Blockchain Desert<br />

Amidst the turbulence, the blockchain community over on SolarPlex has been thriving. It's becoming a vibrant hub worth<br />

visiting daily. Our SolarPlex NFT section within #<strong>SHILL</strong>zine is a testament to the wealth of activity taking place there.<br />

Notably, many NFTs are being offered for FREE, mirroring the spirit of this issue of #<strong>SHILL</strong>zine, which you can enjoy at no<br />

cost. With a simple click, you can mint these NFTs directly to your wallet while immersing yourself in the content.<br />

Shifting Narratives: From Memes to Airdrops and Staking Rewards<br />

The narrative across the crypto space is gradually moving away from meme coins, although they still enjoy their moment<br />

in the spotlight. As we near the end of January, the focus has shifted towards airdrops and staking rewards. The highly<br />

anticipated Jupiter airdrop has captured the attention of many, while Pyth recently unlocked staking options with the<br />

potential for rewards. Additionally, Fluxbot is offering a piece of the action to those holding 1000+ of their tokens – you<br />

can find more details in this issue.<br />

A Bounty of Solana Insights: 150 Pages, 100 NFTs, and Alpha Galore<br />

<strong>Issue</strong> <strong>145</strong> packs over 150 pages brimming with Solana goodness. Explore more than 100 NFTs, each with its unique story<br />

to discover. Dive into nine engaging articles, and yes, there's alpha to be found within these pages!<br />

Our journey begins with an enlightening interview by DAMzine with Art:tech, providing insights into the creative process,<br />

thoughts, and reasoning behind their captivating creations. We also uncover the story of Studio Captain, a prominent<br />

figure in the Solana community. And don't forget P5js, carried over from the last issue – we're eager to see our readers<br />

harness the power of this tool to create something truly remarkable.<br />

A Farewell Poetry's Not Dead<br />

SentientShapes returns to grace us with her final piece in the "Poetry's Not Dead" series. Having contributed to<br />

#<strong>SHILL</strong>zine for nearly a year, SentientShapes is a true talent in the Solana space, deserving of more accolades than we<br />

can give.<br />

Unlocking Alpha: A Deeper Dive into Promising Tokens<br />

Curious about alpha? AndrewSaul provides an in-depth analysis of $CWIF. This token stands out with its unique plan to<br />

increase the rate of total supply burn as it sees more usage and purchases. Let Andrew guide you through the intricacies.<br />

We also provide a comprehensive Jupiter deep dive and a thesis on Pyth, empowering you with the knowledge needed<br />

to make informed investment decisions.<br />

Enjoy the Journey and Explore SolarPlex<br />

There you have it – a comprehensive exploration of the Solana ecosystem that you may have missed during the week's<br />

whirlwind events. Now, it's time to flip through the pages, soak it all in, and discover the gems within. We hope you<br />

thoroughly enjoy this issue.<br />

And if you're looking for a little extra dose of Solana goodness, make sure to drop by SolarPlex. It's a flourishing<br />

community that truly makes the journey worthwhile. Here's to navigating the crypto frontier together – exciting times<br />

ahead!<br />


DRiP codes:<br />

EuRxC7Lb<br />

7qPDFx7s<br />

EMYnY49X<br />

Solarplex codes:<br />

https://www.solarplex.xyz/creator/pixeltoy<br />

Floor codes:<br />

SSFJ84<br />


DowngrApes 111Anons<br />


@dam_zine w/ @arttech_nft<br />

How did your journey in digital fine art begin?<br />

“I remember attending an Adobe graphic design short<br />

course back in 2000 and got introduced to Macs, Photoshop,<br />

and Illustrator. However, it wasn’t until 2003,<br />

during my college years studying Interactive Multimedia,<br />

that I began posting my work on design forums<br />

and Myspace. This marks the start of my journey as an<br />

‘artist/designer.’ Initially, I used the computer primarily<br />

for design-based artworks, while my ‘arts’ remained<br />

hand-drawn with pencil and pen on paper. It wasn’t<br />

until I purchased a scanner around the same year that<br />

I started combining traditional and digital elements.<br />

I continued this method until 2021 when my scanner<br />

broke down, leading me to switch to a drawing tablet.<br />

With the shift to NFTs, most of my works are now<br />

100% digital, aligning with the digital-native space.<br />

Over the years, my art style and purpose matured. But<br />

struggling to fit the traditional gallery definition of fine<br />

art, which often requires physical creations, so I coined<br />

the term “Digital Fine Art” to describe my work.”<br />

As a filmmaker, how does your approach differ when<br />

working on digital projects compared to traditional<br />

film?<br />

“I think video/film production is more rigid in terms<br />

of workflow and creative freedom. I am restricted by<br />

various factors, mainly time and budget. While there is<br />

freedom in conceptualizing and conveying messages,<br />

it’s limited in terms of production quality and flexibility<br />

to changes. Unlike drawing, where I can always refine<br />

or add more details, video production binds me to<br />

what we managed to shoot within the limited time and<br />

budget for post-production. Therefore, in video/film, I<br />

tend to be more organized and make decisions earlier<br />

in the pre-production stage. On the other hand, producing<br />

art allows me total freedom to create whenever<br />

and whatever. The commonality between both lies in<br />

the initial creative process, requiring a mind map and a<br />

defined purpose to begin.”<br />

scene<br />

Exchange Art<br />

Being a musician as well, how do you find that synergy<br />

between your music and visual art? Does one influence<br />

the other?<br />

“This is one of the things I’ve been struggling with. In<br />

a perfect reality, I would be in a band that sounds like<br />

the soundtrack to my art pieces. But so far, I haven’t<br />

found any musicians, that I know of, that have the<br />

same vision and soul as my visual arts. So for now, I<br />

would say that they are a separate thing, and they<br />

don’t influence each other. I’d like to think that I am<br />

playing a few alter-egos. One as an anonymous visual<br />

artist, one as a film director/designer, one as a drummer<br />

in a post-hardcore band, and one as a father.<br />

The good thing is, I enjoy having many options to express<br />

my creative flow. I enjoy doing intricate visual art<br />

pieces. And I enjoy playing drums and doing the whole<br />

branding and design work for the band.”<br />

8 <strong>SHILL</strong> <strong>Issue</strong> #<strong>145</strong>

Exchange Art<br />

You’ve mentioned influence by artist @MarkRyden, who I’m hoping most are familiar with, who else has been a big influence<br />

on your work, and in what ways do you incorporate their influence into you?<br />

“I believe that originality only means a good remix of influences. For me, I don’t really have a specific artist to be cited as<br />

my main influence (I actively avoid having any, and I am bad with remembering names anyway). I would put it like this; I<br />

have a vast visual library in my mind, and Mark Ryden is only one of the few that I can remember vividly. But as you can<br />

see, my art looks nothing like his stuff. If I were to make a list, I would say aesthetically, it’s a visual remix of master painters<br />

(Bosch, Michelangelo, Fra Angelico, Dali, etc.), pop-surrealist artists (Mark Ryden, Alex Gross, Interesnikazki brothers,<br />

etc.), religious arts/traditional cultures (Christian Iconography, old Islamic arts, Hinduism, Chinese, Japanese, Malay,

Arab, etc.), Films (Holy Mountain, The Imaginarium Of<br />

Doctor Parnasus, The Fall, etc.) and Dragon Ball. I think the<br />

main drive of my work is actually the content. The visual<br />

aesthetic is just a means to a goal.”<br />

You’ve worked on moulding projects based on characters<br />

from your digital art. Can you delve into this a bit more?<br />

“It’s been a dream of mine to turn the characters in my art<br />

into physical sculptures or designer toys. Due to budget<br />

constraints, I’m crowdfunding this through NFTs. After consulting<br />

with the 3D sculptor and printer, I chose NARATU<br />

for its simple design as a starter—a proof of concept to<br />

assess the quality. I listed 20 editions of NARATU at 1 sol<br />

each, needing to sell at least half for production. Final<br />

costs may vary based on complexity, and shipping costs<br />

depend on the collector’s location. The total cost will be<br />

known once production is complete, but 1 sol should cover<br />

the sculpture, with collectors covering shipping.”<br />

With the intersection of art and technology, how do you<br />

envision the future of your work both on and off the blockchain?<br />

“I’ve been questioning this as well: What does the future<br />

mean for us artists? I got into NFTs because I want my<br />

art to live beyond my lifetime; physicals might get lost or<br />

damaged over the decades. But I have a problem figuring<br />

out how people from the future will discover my art.<br />

Considering the vast amount of information added to the<br />

internet every second, I can’t help but think my art might<br />

get buried and forgotten under the massive mountain of<br />

algorithm-driven digital junk. We are already struggling to<br />

keep our presence in today’s algorithm war; how will it be<br />

in 100 years? It feels like we need a centralized organization<br />

for digital arts.<br />

Another inevitable thing to consider is Artificial Intelligence.<br />

Although I have not utilized AI in my visual process,<br />

I tend to embrace it. We’ve been offloading human brain<br />

functions to external devices for decades (think calculator,<br />

word search, phone books, etc.). So I look at AI as<br />

my brainstorming partner, offloading and enhancing part<br />

of the creative process. It’s like having a super-efficient<br />

assistant who can bounce ideas with me in seconds and<br />

take visual ideas to a whole new level. I see a future where<br />

physical art will be a luxury; true artisans will be scarce.<br />

Even physical arts might be created with the assistance of<br />

AI, either in the initial creative process or the post-process<br />

(e.g., descriptions and essays - As a non-native English<br />

speaker, I’m using ChatGPT to help with this interview.).<br />

What I’m trying to say is, I think AI will be a norm in the future,<br />

just like the internet. And I believe it’s a crucial tool,<br />

especially for those who are disabled; it will give them

the much needed ability to express their imagination and<br />

creativity.”<br />

Lastly, what advice would you give anyone coming into the<br />

space?<br />

“Get involved with the community. Be ready to get disappointed.<br />

And keep pushing through.<br />

It’s a super-fast space; attention switches almost every<br />

second. It’s not for everyone. Build good relationships with<br />

people, find your tribe, and it’ll be easier to ride. Most<br />

importantly, be true to yourself, and have fun while at it!”

The Hattest of Cats<br />

andrewsaul<br />

https://www.solarplex.xyz/profile/andrewsaul.live.solarplex.xyz<br />

Let’s get started with some background on this token.<br />

12 <strong>SHILL</strong> <strong>Issue</strong> #<strong>145</strong>

Dogs + Hats<br />

By now you should’ve all seen the memecoin $WIF (dogwifhat).<br />

https://coinmarketcap.com/currencies/dogwifhat/<br />

https://dogwifcoin.org/<br />

Much like we saw with $BONK before, the Solana ecosystem<br />

has embraced the $WIF as one of their own.<br />

Even at the highest levels.<br />

https://x.com/_ilmoi/status/1747780102484525243?s=20<br />

https://x.com/DriftProtocol/status/1747725482446201153?s=20<br />

https://x.com/aeyakovenko/status/1748057126269055077?s=20<br />

Hats for Everyone!<br />

So, with all this hat meme-coin-ery the inevitable onslaught<br />

of copycats has emerged...

Burn Burn Burn<br />

The mechanism here is simple at heart. There’s a 4% token<br />

burn on every transaction $CWIF is part of.<br />

Sell, Buy, or Transfer all incur this fee.<br />

https://t.me/catwifhatonsol<br />

In some senses, $CWIF is just another of these.<br />

But not entirely.<br />

$CWIF is a token2022 standard. That enables a host of new<br />

functionality to be built into the token as defaults.<br />

https://www.catwifhatsolana.com/<br />

$BERN was the first token2022 token on Solana. This<br />

blog post from Helius is a great explainer of how this<br />

token standard works https://www.helius.dev/blog/<br />

what-is-token-2022<br />

Over time this results in the supply of $CWIF decreasing.<br />

https://x.com/catwifhatsolana/status/1748385557317582918?s=20<br />

Which has a lot of meme-potential as you can imagine<br />

(and cats with hats was already a deep well of<br />


The $CWIF team<br />

The team behind the project is small but has been really<br />

active in using airdrops and contests to help drive more<br />

awareness of the token and its unique properties.<br />

https://x.com/catwifhatsolana/status/1748060659495944571?s=20<br />

https://x.com/catwifhatsolana/status/1747706571197395393?s=20<br />

$CWIF Links<br />

Twitter: https://twitter.com/catwifhatsolana - @catwifhatsolana<br />

Website https://catwifhatsolana.com<br />

Chart https://birdeye.so/token/7atgF8KQo4wJrD5ATGX7t-<br />

1V2zVvykPJbFfNeVf1icFv1?chain=solana<br />

Swap on Jupiter https://jup.ag/swap/SOL-7atgF8KQo4wJr-<br />

D5ATGX7t1V2zVvykPJbFfNeVf1icFv1<br />

Swap on Raydium https://raydium.io/swap/?inputCurrency=sol&outputCurrency=7atgF8KQo4wJrD5ATGX7t1V2zVvykPJbFfNeVf1icFv1&fixed=in<br />

https://x.com/catwifhatsolana/status/1747792393393344574?s=20<br />

Add 1:1 $SOL to #CWIF liquidity on FluxBeam DEX: https://<br />

fluxbeam.xyz/app/liquidity<br />

Telegram https://t.me/catwifhatonsol

Aylo<br />

https://substack.com/@alphapls<br />

https://twitter.com/alpha_pls<br />

Following the tremendous success of the last Jito airdrop,<br />

valued at more than $450 million at its peak, the<br />

next one on the list is JUP, the token behind Jupiter - a<br />

key DeFi aggregator on Solana.<br />

Scheduled for January 31st, this airdrop is the most<br />

highly anticipated one in Solana’s history.<br />

What sets Jupiter apart? Will JUP live up to its promises?<br />

At what price should we sell? Or when should we<br />

buy more?<br />

In this report, I’ll delve into everything you need to<br />

know about Jupiter’s product line, future plans and the<br />

potential opportunities presented by the JUP airdrop.<br />

Source: Jupiter Exchange<br />

Jupiter’s growth was exceptional in 2023, with monthly<br />

volume surging approximately tenfold (10x) - from<br />

$650M in January to an impressive $7.1B in December.<br />

Notably, November marked an all time high with<br />

monthly volume exceeding $16 billion following the<br />

announcement of the JUP token at Breakpoint.<br />

This research was done in collaboration with Swissborg<br />

Jupiter - The One Stop Shop for DeFi on Solana<br />

Since its inception in October 2021, Jupiter has consistently<br />

pursued its vision of building the best decentralized<br />

trading experience on Solana. The platform<br />

achieves this by aggregating various DeFi features into<br />

a single app, and with the most seamless user experience<br />

possible.<br />

Though Jupiter was initially conceived as a swap engine,<br />

the protocol has evolved significantly to include<br />

several different products for different kinds of users<br />

such as: Dollar-Cost Averaging (DCA), limit orders, perpetual<br />

trading, and, most recently, a launchpad.<br />

In my opinion, the DCA tool is probably the best product<br />

in DeFi right now.<br />

For context Uniswap’s monthly volume in the same<br />

time fluctuated from $17.4 billion in its lowest month<br />

to over $70 billion in its highest month.<br />

Now, with over $66.5 billion in trading volume and<br />

over 1.2 million transactions processed to date, Jupiter<br />

has become a critical layer of the Solana ecosystem.<br />

It accounts for over 70% of organic volume among all<br />

Solana DEX, establishing itself as the platform of reference<br />

for retail traders on Solana.<br />

16 <strong>SHILL</strong> <strong>Issue</strong> #<strong>145</strong>

JUP - The symbol of DeFi 2.0<br />

The JUP token marks a significant milestone in Jupiter’s<br />

development and ethos. Much like UNI, the governance<br />

token of Uniswap, symbolized the first wave of DeFi on<br />

Ethereum, JUP aspires to embody the essence of DeFi 2.0<br />

on Solana.<br />

Designed as a governance token, JUP will allow holders to<br />

influence crucial aspects of the ecosystem. This includes<br />

voting on the critical aspects of the token itself, such as<br />

the timing of initial liquidity provision, future emissions<br />

beyond the initial mint, and key ecosystem initiatives.<br />

Source: Dune Analytics<br />

Nonetheless, Jupiter remains dedicated to continuous<br />

innovation, aiming to improve existing features and introduce<br />

new products aligned with its three main business<br />

model anchors:<br />

• Delivering the best UX possible<br />

• Maximizing the potential of Solana’s technical<br />

capabilities<br />

• Improving Solana’s liquidity landscape as a whole<br />

Given its unique position, I believe that Jupiter is a bet on<br />

two things:<br />

1. Solana’s long-term adoption: 2023 was a year of<br />

rebirth for Solana as network activity picked up. I<br />

believe that it is well-positioned to continue growing<br />

and take a larger share of the L1 market. This<br />

could benefit Jupiter.<br />

2. DeFi going mainstream: The future of trading<br />

is on-chain, and even CEOs of large traditional<br />

finance institutions, like Larry Fink, are beginning<br />

to talk about the “tokenization of every financial<br />

asset.” Hence, it doesn’t seem too far-fetched to<br />

think that Jupiter could facilitate this transition.<br />

Source: Jupiter exchange<br />

The key objectives of the token are:<br />

• Energizing the Solana ecosystem by attracting new<br />

capital flows and users.<br />

• Generating momentum for the launch of new ecosystem<br />

tokens: JUP is poised to act as a catalyst for<br />

the introduction of more ecosystem tokens.<br />

• Build a Strong and Distributed JUP Community.<br />

As outlined by the pseudonymous co-founder Meow, JUP<br />

aspires to establish “the most effective, forward looking,<br />

decentralized, non-insider voting DAO in [the] history of<br />

DAOs.”<br />

Furthermore, the utility of JUP will evolve over time depending<br />

on the direction taken by the community. Potential<br />

future utility for the token could include:<br />

• Fee reduction on the perpetual exchange.<br />

• Improved access and allocation to the launchpad.<br />

• Fee sharing on the Automated Market Maker<br />

(AMM).<br />

However, Meow has made it clear they won’t be turning<br />

on revenue sharing until they have 10x their user base at<br />

least.<br />

The recent announcement of the JUP token further exemplifies<br />

Jupiter’s strategic step in that direction.<br />

Tokenomics<br />

Tokenomics reflect the ethos of a project and Jupiter vision<br />

is to make it as simple as possible. With a max. supply of<br />

10 billion JUP, the token distribution is equally split between<br />

2 cold wallets - the team wallet, and the community<br />

wallet. The team wallet will be used for allocations for the<br />

current team, treasury, and liquidity provision, while the<br />

community wallet is geared towards airdrops and various<br />

early contributors.

Using the reference price (Ref Price) of the first quoted<br />

price on Binance (after the initial market volatility) of<br />

$2.13, this is a summary of the price action of JTO upon<br />

launch:<br />

Airdrop Breakdown<br />

The first round of airdrop is scheduled for January 31st,<br />

with 10% of the total supply initially distributed among<br />

the community. The breakdown of the airdrop will be as<br />

follows:<br />

1. Even distribution for all wallets (2%):<br />

200 million tokens will be evenly distributed among all<br />

users who used Jupiter before November 2nd 2023 This<br />

equates to approximately 200 JUP per user.<br />

2. Tiered score-based distribution, with score based<br />

on non-adjusted volume (7%):<br />

The distribution will look approximately like this:<br />

• Tier 1: Top 2,000 users, 100,000 tokens each (estimated<br />

>1M trading vol)<br />

• Tier 2: Next 10,000 users, 20,000 tokens each (estimated<br />

> 100K trading vol)<br />

• Tier 3: Next 50,000 users, 3,000 tokens each (estimated<br />

> 10K trading vol)<br />

• Tier 4: Next 150,000 users, 1,000 tokens each (estimated<br />

>1K trading vol)<br />

3. Community members on discord, twitter, developers<br />

(1%):<br />

100 million tokens will be allocated to the most valuable<br />

contributors and community members.<br />

There will be three more rounds of airdrops in the future.<br />

JUP Token Valuation - Comparison with JTO<br />

One common question that arises with new airdrops is<br />

determining the fair value of the token.<br />

While there are no straightforward ways to answer this<br />

question for JUP, one approach could be to conduct a<br />

comparative analysis based on the last recent airdrop on<br />

Solana: the JTO token.<br />

JTO serves as the governance token of Jito lab, a liquid<br />

staking platform built on Solana. This airdrop distributed<br />

10% of JTO supply to approximately 10,000 users. At its<br />

peak the value of the airdrop exceeded $450 million.<br />

JTO price analysis<br />

Source: Binance<br />

A few trends from this table:<br />

• Initially, during the first trading day, the token<br />

price exhibited strong volatility fluctuation from<br />

$1.74 to $3.77. Moreover, the price spent 83% of<br />

its time trading higher than the initial quoted price<br />

of $2.13<br />

• Additionally, it is worth noting that the first week<br />

of trading was positive for JTO. The token traded<br />

over 97% of the time above its reference price and<br />

reached an all-time high (ATH) of $4.45.<br />

Now looking at the percentage of time spent in different<br />

price zones, we see that JTO did not spend a lot of time on<br />

its ATH level as only 0.18x of time was spent above a 2x<br />

from the reference price of $2.13.<br />

Moreover, we also see that JTO didn’t experience any<br />

drawdown of more than 50% with respect to the first<br />

quoted price. Further it only spent around 8.6% of its time<br />

at a drawdown superior to 25%.

While the price action of JUP may not necessarily mirror<br />

the path of JTO, you can draw some assumptions:<br />

• The initial trading day of JUP is expected to be<br />

highly volatile, potentially providing opportunities<br />

for short-term traders.<br />

• The launch of JUP could generate significant<br />

excitement with a potential local peak in the first<br />

week of trading. A rapid increase, surpassing twice<br />

the initial quoted price, might signal a selling opportunity.<br />

• Conversely, a drawdown exceeding 50% from its<br />

initial quoted price could be interpreted as a buying<br />

opportunity.<br />

An “Overbought” Indicator - The JTO FDV / LDO FDV ratio<br />

Jito is like the Lido protocol. Their key distinction is that<br />

Jito is on Solana whereas Lido is on Ethereum. Therefore,<br />

when JTO was launched, a sound approach to pricing the<br />

token involved looking at the relationship between JTO<br />

Fully Diluted Valuation (FDV) and LDO’s (the governance<br />

token of Lido) FDV. This comparison allowed us to gauge<br />

how the market was valuing JTO in relation to its counterpart<br />

on Ethereum.<br />

This is the JTO FDV / LDO FDV ratio over time since the<br />

inception of JTO:<br />

Given that Jupiter operates as the largest decentralized<br />

exchange (DEX) on Solana, with features such as Automated<br />

Market Maker (AMM), DCA, perpetual trading,<br />

and launchpad opportunities, finding a single project on<br />

Ethereum with a comparable scope is challenging. Consequently,<br />

I decided the combination of Uniswap, dYdX, and<br />

DAO Maker can be interpreted as the closest peers for JUP.<br />

Hence, their Fully Diluted Valuations (FDV) can be summed<br />

for comparison. At the time of writing, the combined FDV<br />

of their respective tokens: UNI, dYdX, and MKR is around<br />

$10,04 billion.<br />

We can utilize this combined FDV figure, along with various<br />

key levels of the JTO/LDO FDV ratio, to estimate the JUP<br />

price in different scenarios.<br />

Source: Binance<br />

By employing this same relative valuation analysis, we can<br />

have these key price levels to improve decision making<br />

upon the airdrop:<br />

However, it is important to note that the daily Beta of JTO<br />

to Solana is relatively high at 0.86. Hence, JTO price movement<br />

closely follows that of Solana, and it is likely that<br />

JUP will follow the same pattern. Therefore, the current<br />

market conditions can significantly influence the hype<br />

generated by this airdrop.<br />

At the time of writing, Solana is trading at $80-82, down<br />

from the $120-130 levels. This represents a dip of more<br />

than 30%, signalling that the market conditions may not be<br />

as bullish as during the JTO airdrop.<br />

We observe that upon its launch, JTO quickly traded above<br />

LDO FDV, reaching a ratio of nearly 1.9, indicating double<br />

the FDV of LDO. However, this spike likely reflected a peak<br />

of euphoria and the market quickly repriced JTO to lower<br />

levels. In the subsequent weeks, the JTO to LDO FDV ratio<br />

trended downward until the 0.4 mark where it rebounded<br />

strongly to the 0.7-0.8 levels. By now, it seems that the<br />

market has finally settled on a fair value around this range.<br />

This aligns closely with its average over the past months,<br />

which stood at 0.9.<br />

We can conclude that for JTO, a ratio of over 1.6 represented<br />

a clear overbought signal whereas 0.4 represented a<br />

strong oversold signal.<br />

Applying this Valuation to JUP<br />

In the same way that LDO served as a relative peer for<br />

JTO, we need to find an anchor of comparison for JUP on<br />

Ethereum.<br />

When comparing the month prior to the JTO airdrop to the<br />

recent SOL price, it is evident that the market conditions<br />

have changed. Therefore, it seems reasonable to argue<br />

that this could have a negative effect on the price of JUP.<br />

Potential Airdrop Reward

Can this airdrop be as big as the JTO one? Let’s analyse this together.<br />

If we refer ourselves to the different reward given to each tier, we can derive the potential airdrop potential of JUP for a<br />

given price:<br />

Source: Jupiter Exchange<br />

In contrast, this is what JTO reward looked like for the different tier and at different key prices:<br />

Source: Jito Labs<br />

Even at an all-time-low price of $1.323, the size of the JTO airdrop for each respective tiers was consequently higher<br />

than the potential reward for the JUP airdrop, even at a price of $2, which surpasses our valuation for JUP ($20,000 v/s<br />

$2,000).<br />

To illustrate, for the lowest JUP tiers to match the reward of the lowest JTO tiers at its historic low price, JUP would need<br />

to trade at over $20. This would imply a FDV of $200 billion, a figure which is totally unrealistic.<br />

However, it is essential to highlight that the JTO airdrop was concentrated among only 10,000 users, whereas JUP is<br />

distributing its token to nearly 1 million users. This also meant that there were many buyers on the sidelines for JTO that<br />

wanted exposure, whereas JUP is being distributed far and wide, so there may be less buyers initially.<br />

The market was also not anticipating JTO would end up at such a large market cap, and it seems the expectations around<br />

JUP are very large, so that is also a key difference that should be considered. When everyone is expecting the same<br />

thing, it rarely plays out that way.<br />

Consequently, although the JUP airdrop might not offer as substantial rewards to individual users as the JTO airdrop, its<br />

broader impact on a larger user base makes it a crucial and potentially one of the most significant airdrops in Solana to<br />

date.<br />

It is very likely that we see a significant increase in on-chain activity post JUP. It will act as a stimulus check for many, and<br />

it is very common behaviour for degens to move further out on the risk curve to chase higher returns with what they<br />

deem “free money” from JUP.<br />

Finally, SOL should also likely benefit from the increased buying pressure as people take profit from JUP into SOL, but it’s<br />

clear the market is much less bullish in the short term, so it’s hard to gauge how well SOL may do on lower time frames<br />

as a result.



famous letters

famous letters





eaperz society

eaperz society




phantom society








ett colby




degens art by finito









mine evren ertugrul



maxuga miller

maxuga miller



secret sol society

secret sol society

the black budget

the black budget



Mike Hale<br />

Speedrun 2 Game Jam and Shyft GraphQL<br />

Speedrun 2 Game Jam<br />

Back in <strong>Issue</strong> #12 I shared the first Solana Speedrun Game Jam hosted by Magicblock and LamportDAO.<br />

Well get ready for another chance to build the next great on-chain game with Speedrun 2 running from Dec 12th<br />

to Dec 17th with $10k in prizes.<br />

Once again developers will have a limited time to create a game from scratch based on a given theme that is<br />

Solana integrated or fully on-chain.<br />

If you’re going to participate here’s Your Playbook to Win Solana Speedrun.<br />

Solana Speedrun 2 Game Jam<br />

Solana Developer News<br />

Shyft GraphQL Program APIs<br />

Getting program data with getProgramAccounts() isn’t ideal due to performance issues, no pagination, and limited<br />

filters. Shyft GraphQL Program APIs let you query mainnet and devnet program using GraphQL.<br />

SPL & Token22 support for Helius DAS API<br />

The Helius DAS API now works with all tokens on Solana (NFTs, cNFTs, pNFTs, SPL Tokens, and Token22) with a<br />

single, unified API. The API calls also return USDC prices for tokens without additional price API calls, filter by<br />

token types, and automatically parse Token22 extensions.<br />

Quick Hits<br />

Create a Flutter app using Solana (Series) - YouTube<br />

Updated guide to getting started on Solana - @therealchaseeb<br />

UMI: A Solana Framework for TypeScript - YouTube<br />

Gib.Work GitHub issue bounty platform in private beta - Apply<br />

Tutorial: How to create an on-chain game in 10 minutes - YouTube<br />

76 <strong>SHILL</strong> <strong>Issue</strong> #<strong>145</strong>

Listen to This<br />

Solfate Podcast<br />

Dean’s List is a services DAO, meaning their members offer various services to the broader Solana community including<br />

detailed product feedback and marketing services.<br />

Dimitris (aka Takisoul), contributing member of Dean’s List DAO and AthensDAOx, shares the overarching visions that<br />

the Dean’s List DAO is perusing, progressing towards a network state of citizens that are able to earn a living wage. With<br />

their current members of about 55 people, each is earning an average of +$2k a month this year.<br />

Also discussed are the logistical concerns for managing various aspects of a DAO in the current world. Including who<br />

handles payments for non-crypto payments and who manages the social media accounts for a DAO.<br />

Dean’s List DAO: Services DAO that hosts AthensDAO (feat. Takisoul)<br />

Lightspeed<br />

Emon Motamedi joins us to discuss how Solana Labs hopes to find the next killer app. Emon leads product at Solana Labs<br />

and is the founder of Reddit’s Digital Currency team. In this episode, we discuss Solana Labs’ new incubator, finding the<br />

next killer app, multichain strategies, what crypto teams get wrong and more!<br />

Finding Solana’s Next Killer App | Emon Motamedi (Solana Labs)<br />

“Grow The Pie”: Jupiter Start<br />

One of the biggest challenges faced by new projects is gaining visibility and trust in the crowded and competitive Solana<br />

ecosystem.<br />

Jupiter Start provides these projects with a platform to showcase their ideas, tokenomics, and other project information<br />

to foster growth, trust, community engagement, and education within the Solana ecosystem with the community playing<br />

a crucial role in proposing and vetting projects.<br />

The five aspects of Jupiter Start are:<br />

1. Jup Community Introductions: A platform for new projects to be introduced to the Jupiter community, where<br />

they can share key information about their project, including tokenomics and distribution of ownership.<br />

2. Jup Prelisting: Allows new tokens to be safely traded on Jupiter. This feature includes early token listing on the<br />

platform, with necessary user warnings due to potential low liquidity of new tokens.<br />

3. Jup Educate: Focuses on educating traders and users about significant projects in the Solana ecosystem. It<br />

includes featuring projects on Jupiter’s social media and website, and rewarding users for engaging with educational<br />

content.<br />

4. Jup Launchpad: A future initiative to help projects launch their tokens and gain community support. This aspect<br />

is more funding-oriented.<br />

5. Jup Atlas: Another future component related to funding, aimed at allowing the community to participate in seed<br />

funding for early-stage projects, akin to VC-style investments.<br />

This program not only helps projects overcome the challenges of visibility and trust, but also contributes to the sustainability<br />

of the Solana ecosystem.<br />

“Grow The Pie” Update 2: Jupiter Start

https://twitter.com/CoinCrafty<br />

My first thread is about an interesting project I came across. Let’s dive in and see what it’s all about. Fluxbeam/<br />

Fluxbot $FLUXB<br />

@FluxBeamDEX<br />

What is Fluxbeam/Fluxbot?<br />

Fluxbot is Solana’s #1 Telegram trading bot. It facilitates the next generation trading with lightning-fast swaps<br />

and snipers allowing users to buy and sell tokens across Solana, including for Token 2022/SPL+ Tokens. Fluxbot<br />

features advanced algorithms and robust infrastructure with a built in AI assistant and rug check.<br />

Any cool Features?<br />

- Token Swap Instantly buy & sell tokens across Solana including Token22. Utilizing Jup. Ag for optimal swap<br />

routes ensuring you always get the best price.<br />

- Al Assistant Simply type your request & let our Al build the optimal set of transactions. - Token Sniper Snipe<br />

tokens as soon as they launch across FluxBeam & Raydium (Including Token22), backed by RugCheck token verification.<br />

- Limit Orders Buy & Sell tokens at a specific price, executed with precision across all of Solana. - Dollar Cost Averaging<br />

Buy & Sell tokens over a period of time.<br />

- Copy Trader Copy trade other wallets in real-time as they make trades across the Solana ecosystem. - Lending &<br />

Borrowing Lend or borrow to earn passive APR with the power of MarginFi.<br />

- Real-time Notifications Receive instant notifications around any on-chain activity on your wallet.<br />

How to get started? (see screenshots on the bottom)<br />

1. Open your Telegram<br />

2. Search for “@fluxbeam_bot”<br />

3. Press “start”<br />

Alternatively, you can join via my referral link: https://t.me/fluxbeam_bot?start=TTime12…<br />

Note: Beware of fake groups and make sure you typed it in correctly.<br />

For further instructions please watch the video below: https://youtu.be/nAa3IOLQg-A<br />

Tokenomics<br />

- Total Supply - 500,000,000 (500m) - Initial Circulating Supply - 400,000,000 (400m) - Tax - 3% Solana - Tax - 3% -<br />

Hold 1,000 $FLUXB tokens or more to be entitled to Reflections.<br />

Reflections<br />

3% tax on $FLUXB token is reflected as follows: - 50% to Holders - 25% to LP - 25% to team & operating expenses.<br />

- 40% of FluxBot service fees to Holders.<br />

Where can the $FLUXB token be purchased?<br />

Centralised exchange (CEX): BingX, BitMart, Toobit Decentralised exchange (DEX): Jupiter DEX via Phantom wallet.<br />

Telegram via newly created wallet or via linked existing Solana wallet.<br />

78 <strong>SHILL</strong> <strong>Issue</strong> #<strong>145</strong>

Any additional infos?<br />

Fluxbot was the winner of the Hyperdrive Hackathon at Solana Breakpoint 2023 and is backed by the Solana Foundation.<br />

Closing thoughts<br />

It’s a great concept and one of the first of its kind that’s seamless integrated into Telegram. I wouldn’t use the platform<br />

myself but it makes it much easier for newbies to interact with a DEX. At ~$20M Market cap, it has some short-term<br />

upside potential and could gain some decent traction for a big pump but besides that there is no real utility for the token<br />

itself which means, it would most certainly dump hard once it has pumped. I want to see the team coming up with some<br />

great token utility and bigger incentive to hold before even considering this token for a medium-term holding position.<br />

Disclaimer<br />

Nevertheless, don’t risk a lot of money and only invest money you can afford to lose. I’m not a financial advisor and<br />

therefore everything from my side is strictly no financial advice (NFA). Do your own research (DYOR) before investing in<br />

any project. This article is for educational and entertainment purpose only.<br />

Links https://fluxbot.xyz https://t.me/fluxbeam_bot?start=TTime12…




















saki gang





McSwap 1.4 (beta) was just pushed live!<br />

Now supports SPL Tokens and both cNFT & NFT trades.<br />

When you need trustless, private, p2p asset trades, you McSwap.<br />

108 <strong>SHILL</strong> <strong>Issue</strong> #<strong>145</strong>

Use ours, or host and brand your own. https://mcswap.xyz #Trustless #NFT #CNFT $SOL #Solana By<br />


@subaruimpreza09<br />

I had so much fun creating this generative algorithm in #p5js It’s blockchain and AI inspired, with each NFT representing<br />

the block it was minted in. Read on for the story behind my submission or skim through to see some<br />

outputs.<br />

I started with the mental image of a motherboard as my inspiration. A motherboard is the central circuit within a<br />

computer, and the idea itself sort of acts as the motherboard of this algorithm.<br />

110 <strong>SHILL</strong> <strong>Issue</strong> #<strong>145</strong>

The overlapping shapes represent the way that data are integrated<br />

in a computational model. For example, a model<br />

like ChatGPT uses learned relationships between words to<br />

dictate its attention to variables. These relationships can<br />

be represented in a 2D space as distance.<br />

The vote authority keypair and its sum determine the<br />

amount and size of vertical and horizontal glitch. It represents<br />

the challenges of receiving a bombardment of<br />

inputs, just like a voting authority, and can be extended to<br />

humans living in this age of big data.<br />

The first character of a blockhash determines the number<br />

and placement of shapes. The sum of characters determines<br />

color properties. These two variables dictate the<br />

overall look and feel of the piece, like how a blockchain<br />

describes a general sequence of events.<br />

Overall, the collection is unified in its color scheme, making<br />

it a cohesive ONE whole: it could depict one community,<br />

one transaction, one set of mints (as is the case here),<br />

one idea, one network, one blockchain.

I loved reflecting on the prompt and collaborating with my machine to make the final product.



























@0xGumshoe<br />

PYTH THESIS Celestia, Chainlink...and now Pyth? Why I’m increasingly confident<br />

that PYTH will have its moment:<br />

Airdrop Narrative Meta<br />

It is clear by now that incentivising users through airdrops works and attracts<br />

Billions of $ There’s no better narrative for Oracles than the airdrop narrative,<br />

otherwise, they are not interesting enough for Retail<br />

Chainlink<br />

Chainlink is an oracle network that facilitates smart contracts on blockchain<br />

platforms to securely interact with real-world data, external APIs, and payment<br />

systems. LINK has confirmed to be providing incentives for its Stakers PYTH will<br />

have to do the same IMO<br />

140 <strong>SHILL</strong> <strong>Issue</strong> #<strong>145</strong>

Pyth vs Chainlink<br />

Pyth uses first-party data that comes from exchanges, trading firms and financial institutions, while Chainlink sources<br />

some data from third-party data aggregators. It is also available in way more blockchains than LINK, which opens up<br />

more opportunities<br />

Why PYTH is a better play than LINK<br />

- LINK staking is capped and fully allocated<br />

- No window for when caps will rise which means<br />

- No one can stake LINK atm<br />

This opens up another opportunity for PYTH to take the lead in the airdrop race h/t @alpha_pls for the insight!<br />

PYTH Airdrops<br />

No airdrops have been confirmed although the speculation alone is giving it a lot of strength Stakers have increased from<br />

9K to over 60K in just a week.<br />

Gumshoe @0xGumshoe<br />

Rumour spreading that staking PYTH might be a good play to farm airdrops from other chains Why does it make<br />

sense? - Pyth is an oracle for dozens of blockchains - $PYTH airdrop was given to users of different chains Potential Airdrops<br />

- PYTH partners - ETH L2s - Things like…<br />

Show more<br />

Potential Airdrops<br />

- Tokenless SOL projects with confirmed Airdrops<br />

- New L1s & L2s<br />

- Any tokenless/new protocol that is launched in supported chains<br />

PYTH Price Target<br />

Not thinking about this until we have the first airdrop confirmed, that’s when things reprice quickly. This is obviously a<br />

RISKY trade so don’t just buy at any price, be strict.

https://twitter.com/StudioCaptain1<br />

A little bit about me, Studio Captain.<br />

My name is Stefan and I’m from the Netherlands.<br />

Living here with my 2 kids, their lovely mother, and a cat. I have a bachelor’s degree in design at the Academy for<br />

Popculture and have been a freelancer for about 14 years now.<br />

My background is in prints, designing & printing them. I designed a lot of gigposters for bands and venues and<br />

then also screenprinted them myself. The idea of someone buying a design and/or having a print on their wall<br />

designed by me is what motivates me.<br />

That’s also why I try to sell most of my NFT’s with a fine art print. My working process is all about finding that<br />

right balance in a piece. I give myself some borders/rules to start with and then experiment a lot within those<br />

rules. Trying to find the right balance, the right amount of minimalism and the right amount of calm.<br />

I don’t sell big stories or concepts; my work is not about anything bigger than what you see or feel yourself. I just<br />

work on what I want, ‘unknowingly’ inspired by my studio and the music I listen to.<br />

Thanks for reading and remember never stop finding new shapes where no one else is looking!<br />

142 <strong>SHILL</strong> <strong>Issue</strong> #<strong>145</strong>

@ukeukenft<br />

As we get closer to fully minting out, let’s take a deep dive into what Uke Uke is as an ecosystem and our plans for<br />

the future.<br />

What is Uke Uke?<br />

Uke Uke is a brand; essentially focused in GameFi and 3D animation. We aim to deliver a series of minigames<br />

while also allowing users to enjoy 3d animated PFPs. With a profound understanding of storytelling and emotion<br />

we intend to breathe life into the Uke Uke universe through widely appealing animations. The artists behind Uke<br />

Uke In Uke Uke, we have an in-house art and animation studio. Our business scope includes 3D animation production,<br />

project planning, concept art, and motion graphics. Our studio started working on Uke Uke in January 2023,<br />

it has been a year since the idea came to life.<br />

@barismotion: VFX/ NFT animations/ Rigging<br />

@pivboi: Concept art/ Modelling/ Texturing<br />

@PolygonGhost3D: Animation/ Environment art/ Rigging/ Texturing (Previous work in the replies)<br />

What is your vision?<br />

Contrary to the common trend in WEB3 of neglecting either artistic design or functional longevity in games, our<br />

vision is distinct. We aim to create a lasting and visually captivating gaming experience through multiple game<br />

modes, appealing to a broader audience. Simultaneously, we acknowledge the challenge of branding and marketing.<br />

We are committed to addressing this by ensuring a strategic approach, that fits WEB3 in order to promote our<br />

games effectively while maintaining a strong focus on the IP development.<br />

What is your mission?<br />

We intend to build a successful IP, mainly by keeping users engaged with regular releases of content and Uke<br />

themed mini-games. The core aspects we intend to focus on for a successful delivery of the mission are<br />

- Story telling - Visual appeal - Brand consistency - Emotional connection - Entertainment - Community Building<br />

We mainly use animations and content to convey our brand and make a significant impact on our audience. Uke<br />

Uke? The name was specifically chosen for brand recognition. Establishing an emotional connection is crucial for<br />

building a strong brand, and animation is an excellent tool for eliciting emotions. Our goal is to have our animations<br />

evoke a meaningful emotional response. Brand consistency is paramount in delivering a brand message. We<br />

ensure that our animation style, tone, and visuals align consistently with our brand identity and the overarching<br />

theme of the Uke Uke universe.<br />

$SOUL Economic model<br />

We decided to sacrifice the short-term profitability for long term sustainability, How? Treasure chests. They are<br />

the foundation of all rewards in the Uke Uke ecosystem. One of the main problems of other gaming ecosystems,<br />

are the constant token emissions that eventually lead to a death spiral of the token, instead of releasing tokens<br />

directly to the users, we decided to try something new, give players NFTs which release tokens at a constant rate.<br />

Giving these NFTs intrinsic value and also fixing liquidity draining issues with the constant token emissions seen<br />

traditionally.<br />

Game progress<br />

Web socket server for the multiplayer map movement tracking has been completed, this was the most time<br />

consuming part of the game. We have moved on to the game mechanics and logic, testing will start February. We<br />

recently partnered with<br />

@PixelCoveStudio a pixel-based art studio set to provide assets for our upcoming game. They specialize in crafting<br />

a variety of visuals, from 1/1s to personalized banners and collections.<br />

144 <strong>SHILL</strong> <strong>Issue</strong> #<strong>145</strong>


Poetry is the mechanism that makes it possible<br />

to turn language into art. The moment we<br />

capture through language paints a thousand<br />

pictures in the reader’s mind…poetry cannot be<br />

dead.<br />

Today we will be looking at The End. Yes, I know<br />

you remember the end of many things and as<br />

you begin to think about that time something<br />

ended you will likely feel the same feelings you<br />

had back then, with a cloudy look over your<br />

eyes, your mind’s eye will travel a distance<br />

unknown through space and time. As humans<br />

we are highly sensitive creatures that are<br />

connected to endings and beginnings all at once<br />

all of the time. And it’s quite in our nature to be as much as part of the end as we are a part of<br />

the beginning.<br />

The End<br />

it’s round &<br />

how it’s watching<br />

watching broken promises<br />

& to who<br />

as you lay aneath<br />

your death rattle<br />

you were too busy for your dreams<br />

coins on your eyes<br />

for your fare on the River Styx<br />

little circles<br />

reminding you<br />

that the current timeline has ended<br />

——be sure you write your<br />

story before you arrive<br />

at the ending<br />

As life changes so do the beginnings and endings that we experience. It’s much like the riddle of<br />

Sphinx…In the early morning of our lives we walk on 4 legs, and for many of our lives we will

walk on 2 legs, then as we age we will finally walk on 3 legs as at the end we will need<br />

something to lean on.<br />

Now–the riddle that the Sphinx gave Oedipus doesn’t always apply to everyone but the concept<br />

of the riddle applies to the ending (of course)...throughout life we change or we hopefully<br />

change. We become different things as we evolve & hopefully for the better.<br />

The riddle of the Sphinx always reminded me that one day things will end. And it wasn’t until<br />

much later I would learn the quote from Dr. Seuss “Don’t cry because it’s over. Smile because it<br />

happened.” Which is just another look into the poem you have read “The End”.<br />

As the writer I am heavily influenced by the work of The Suess but also influenced by many<br />

things in which I do not understand. As I travel along this artistic path, I hope the endeavor finds<br />

me on not only new beginnings but appreciated endings.<br />

Let the circles remind you that the end is merely another beginning…and from the words of The<br />

Pan…”To die will be an awfully big adventure.” and to rebound and quote other words from The<br />

Pan hisself…”To live will be an awfully big adventure”...<br />

Life is a choose your adventure book, choose wisely and choose with care. Take caution with<br />

your precious life, you matter and the endings are just a way to prepare you for your new<br />

beginnings. Don’t be afraid of what living means for you.<br />

Don’t get to the end and wish your life had been different. Do the things you’ve promised<br />

yourself today, and let these circles remind you that The End is coming–but it’s absolutely<br />

nothing to be scared of!<br />

Thank you humans (or cyborgs) for reading.<br />

If you vibe with this poetic jam you can catch me on X Spaces @sentientshapes talking about<br />

the living breathing mechanism of poetry every other Thursday afternoon at 2pm est.<br />

Remember to go forth and be great, the greatness is already inside of you, let it free.<br />


Populus by _DreamCult_

Populus by _DreamCult_

Populus by _DreamCult_

Populus by _DreamCult_

create your own mix


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