Easy@NotSoEasyMoney5D
bullishPeople keep asking which Solana DeFi tokens are actually investable.
Here is where my head is at from a trade perspective.
First you have to define what "investable" means for you. Revenue-generating? Momentum? Surviving a bear market? The answer is different for each one.
Let me run through the three that matter the most in my opinion right now.
Raydium (solana:4k3Dyjzvzp8eMZWUXbBCjEvwSkkk59S5iCNLY3QrkX6R): the OG Solana AMM.
Almost every stock paired memecoin on Solana launches through it or routes through it, up until Pump as released their own iteration of it. When volume is high, revenue is real && fees accumulate to holders. Very clear path forward, especially with their highest buy back number to date just this last month.
The risk: Raydium's revenue is highly correlated to memecoin season. When that dries up, so does the income. You're not buying "Solana DeFi infrastructure," you're buying "Solana memecoin activity, tokenized."
Meteora ($MET): newer, dynamic AMM.
Fees adjust based on volatility, which means more revenue when markets are active and less bleed when they're not. More sophisticated architecture. Lower profile.
The argument is that it's built to survive cycles better than Raydium because it's not purely dependent on launch volume.
Backpack ($BP): full stack play.
Exchange + wallet. Real revenue from the exchange side. The question is whether they can hold market share as Hyperliquid continues taking perps volume from everyone. As well as can they get the US market exposure they are greatly hoping for. Their ability to tokenize equities as of late with the demand for that market is a HUGE catalyst and positive driver for them.
The risk is fairly clear, if they are unable to get the US markets thats a massive liquidity / volume gap they have.
My honest thoughts on the potential trades...
If you think Solana memecoin activity stays elevated, Raydium (solana:4k3Dyjzvzp8eMZWUXbBCjEvwSkkk59S5iCNLY3QrkX6R) is the straightforward winner. It captures fees from almost everything.
If you think real DeFi infrastructure wins over multiple cycles, Meteora ($MET) has the better design even if it has less narrative right now. But their tech / infra / LP capabilities, have longevity, and dont fully depend on an increased volume cycle.
Backpack ($BP) is the "bet on Solana as a whole" token because they touch multiple parts of the ecosystem, and truthfully, feels the most undervalued, given its comparables.
None of these are guaranteed. All of them are real protocols with real revenue. That already separates them from most of what's in this space.
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