Solana in companies, a strategic investment or a vacuum jump?

The Michael Saylor Manual, CEO of Strategy, begins to replicate in different business directories. However, as if it were a story that goes from mouth to mouth, each new interpreter adds its own turn. And that is why what started with Bitcoin (BTC) now ends with other Altcoins such as Solana (Sol).

Before continuing, it is key to make a clarification to understand what this manual that Saylor wrote, which is defined as a Bitcoiner maximalist. From 2020 to date, Strategy has implemented An aggressive Bitcoin accumulation model as a value reserve.

It consists of issuing debt through convertible bonds to increase your reserves without relying on your operational income. With the funds acquired, Strategy accumulates currency units created by Satoshi Nakamoto. At present, it is the company that lies in the stock market with the largest amount of BTC in its treasury.

But in this new version of the Saylor Manual, companies such as Development Corp (formerly Janover), Classover Holdings, Sol Strategies or UPEXI replaced BTC with Solana. And what was previously a strategy Hodl in the long term, Now he muttered in a much more complex and risky bet.

The Token Dispatch site analysts They point In its latest report that the main difference between the BTC and Sol accumulation model is the generation of income. However, the most important thing to highlight is the hurry that these companies are showing to increase their holdings in Solana.

This hurry of companies by accumulating Sol is because they seek to make the most of the opportunities offered by the infrastructure of the Solana Red. Unlike BTC, strategies such as staffing and validated operation can be implemented, which allow to generate constant income and maintain the liquidity of their assets.

Here it is necessary to clarify an issue. Currently, those who make sunset receive rewards of 8.3% per year, on average. This performance that is attractive, hides a structural risk of the sixth most valuable asset in the market: its inflation.

The fact that it has an inflationary model implies that new sun units are issued every year. This is important for investors because the benefits obtained by staffing are not such, especially if demand does not grow enough to absorb the new offer available in the market. Taking into account that current inflation is 5.3% annual, real net performance per staking is, on average, about 3%.

Some companies are actively participating in network infrastructure as validators. Such is the case of Development Corp (DFDV), which was associated with the team behind the Memecoin Bonk to launch a joint validator and create bonksol, a liquid staking token that allows you to obtain rewards without sacrificing liquidity.

Thus, companies such as DFDV and Sol Strategies configure servers, provide sun as initial stake and attract additional delegations to increase their weight within the network. This allows them to generate annual yields from 7% to 9%, obtain constant income, participate in governance and establish links within the ecosystem.

At first glance, it seems an ideal strategy. However, it has important risks. It is that if more companies decide to become validators, the total stake will increase in the network, which will dilute the rewards for node. In addition, operating a validator entails relevant technical costs – as servers, electricity and maintenance -, so a drop in income could make the model unfeasible from the financial point of view.

Vacuum jump

The institutional adoption of Sol represents a vacuum leap, in the first place, due to the impact of the macroeconomic context on this digital asset. As cryptootics has reported, Cryptocurrencies are considered risk assets For most investors. For this reason, every time financial speculators perceive that there is no stability in the macroeconomic context, they choose to place their holdings in financial instruments that generate less yields but with less exposure to price fluctuations, such as treasure bonds. It is worth clarifying that BTC is also negatively impacted by tensions at macroeconomic or international level, but has the virtue of recovering very quickly.

“These strategies take advantage of cheap capital. Most sun buyers capture funds through convertible bonds or capital lines. When liquidity runs out – and it always occurs over time – music goes out,” explain the analysts of The Token Dispatch.

The term “cheap capital” refers to a low interest rates environment. When this occurs, the cost of indebtedness also decreases and there is more liquidity in the system. It is so when the interest of investors for assets considered risk, such as cryptocurrencies.

The second factor is called “the risk of playing to be Michael Saylor”, since many managers are replicating the narrative of the “saylorization” to capture funds, but instead of accumulating BTC they do it by betting on other digital assets such as Sol or Ethher (eth), the native cryptocurrency of Ethereum.

And this is essential to point out because BTC has proven to be the strongest long -term investment (it is enough to see in the following graph the performance throughout its history), surpassing all cryptocurrencies so far. Not for nothing, BTC is considered by many investors as “digital gold”, due to the characteristics that it shares with precious metal: its decentralization and resistance to the censorship of governments and banks.

It is also important to note that BTC has a characteristic that differentiates it from the altcoins: Bitcoin represents absolute digital shortage.

When talking about shortage not only refers to the supply limited to 21 million units but also to the social and global consensus that recognizes and values ​​that limitation. In addition, it has The advantage of being the first digital asset to establish itself as a referenceconsolidating a solid user base and a reputation that gives it a dominant position.

The bitcoiner lewis parker lo Explain as follows: “The credibility of the shortage of Bitcoin (and its monetary policy) only exists because it is decentralized and resistant to censorship, which, in itself, has very little to do with the software. Together, this drives the incremental adoption and liquidity, which reinforces and strengthens the value of the Bitcoin network. As part of this process, the individuals, the individuals, the individuals, at the same time. lower monetary ”. That is, that credibility does not arise from the code, but from consensus.

That is why Parker states that Bitcoin cannot be copied because its history is not replicableas well as its genuine decentralization and the feeling of the global community that recognizes it as “the original.” That unique combination is what gives it an authentic and unrepeatable value.

Third, it is worth noting that the Bitcoin Network is neutral, open and without owners, just like the Internet. Cryptocurrencies, meanwhile, are controlled by specific equipment, with defined permits and objectives. This resembles traditional companies with market shares, which implies that its success depends largely on the management and decisions of these teams.

Why is it important to point out this difference? Because this centralization brings additional risks such as changes in governance, possible conflicts of interest or technical vulnerabilities. To give an example, it is worth remembering the recent internal crisis that crossed the Ethereum Foundation for the bad performance of the network and the repeated Sales of ETH to finance operating expenses, as reported by cryptootics.

These conflicts can affect the confidence of long -term investors, especially if the network fails to maintain sustainable growth or faces problems such as the multiple interruptions that Solana suffered in its history.

Michael Saylor wrote a clear and precise manual that today has become a fragmented story, where each interpreter adds his own turn, as is the case with the institutional adoption of Sol. Although it is still early to know if it will be the next great story, for now There are more reasons to think that it is a bad copy of the original libretto.

And be careful, because many times an investor jumps into a vacuum driven by euphoria, but as well as jumps, he can also crash against the harsh reality of risk and uncertainty.

Discharge of responsibility: The views and opinions expressed in this article belong to its author and do not necessarily reflect those of cryptootics. The author’s opinion is informatively and under no circumstances constitutes an investment recommendation or financial advice.