Zilliqa Portal
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@zilliqaportal
Journey into the world of builders and creators within the Zilliqa ecosystem.
So I was going through some data on L1s and L2s, and so far, L1s have clearly outclassed L2s. Then I came across $DOT @Polkadot ~ you know, the one that was all over your CT feeds a few weeks ago. Checked the chart, and it's sitting on its most important support, bouncing off it a few times, which is good. ➥ But what narrative will run it? From what I've observed, narratives on a chain and the token go hand in hand. Take $SOL back in November 2023 ~ once the $JTO airdrop dropped, there was a crazy amount of liquidity flowing into Solana's DeFi ecosystem (like marginfi, Kamino, Drift) for the airdrops. Then later, memecoins took over. TVL and the token did multiples. ➥ So, will @Polkadot follow the same route? That key support has to hold, and Polkadot does have some similarities to SOL, like its vast ecosystem of staking-based dApps. Plus, Polkadot is somewhat a Layer 0 blockchain because it serves as the foundation for other blockchains (Layer 1) to be built and operated on. Imo, from an airdrop perspective, many people could get caught off guard if a major airdrop happens on this chain. Here's why: ▸ Friction: It’s a completely new ecosystem for airdrop farmers, with a different setup compared to EVM-based airdrops. A lot of people missed out on Jito because everyone on CT was busy farming Arbitrum-style airdrops, pushing transactions on the EVM side, while TVL-based airdrops on Solana came in clutch. ➥ A potential flywheel for Polkadot could be this: Since other chains are built on Polkadot with their own dApps, but the core is still $DOT, imagine a major airdrop targeting DOT stakers~ many would be caught off guard. ▸ The more $DOT that gets staked, the less is available on the order books, which in turn fuels price momentum. ▸ With around 59% of $DOT's supply already staked, any rotation into DeFi would push the price up even faster. ➥ Final Thoughts and my Play : As Solana was the main hub for NFTs in its first cycle of 2021, which later shifted more to DeFi and memecoins in the 2023-24 cycle, Polkadot was all about parachains and auctions in 2021. But I feel like the DeFi side is still untapped, and it could be the play for Polkadot this cycle. ▸ I’ll be keeping an eye out for more tokenless DeFi projects on Polkadot.
