🛟 Saving the Helium token

hello

Helium’s token price chart might be one of the worst-looking charts in crypto today, considering the company’s success. Now the team is buying back investor allocations to stem selling pressure. 

Also, Jup Lend tops out at $1 billion deposits. Impressive for a three-week-old protocol!

Jup Lend:

Just less than three weeks after launch, the total value of all assets deposited into Jupiter Lend has exceeded $1 billion. As of today, Jupiter Lend has a total supply of $1.16 billion, with $489 million in assets actively borrowed.

If SQL and protocol deep-dives are your playground, this is it.

Join Blockworks as a Data Analyst and help us set the standard for protocol analytics. Build dashboards, shape frameworks, and help the industry see past the noise.

Apply now or pass it along to the Dune wizard in your group chat.

Can HNT pump?

Helium is pulling out all the stops to revive its token price.

Co-founder and CEO Amir Haleem tweeted today that Helium is removing 5.7 million HNT ($15.7 million) of sell pressure by agreeing to repurchase tokens from an early investor currently selling on Coinbase. 

This comes off the back of two recent positive tailwinds for Helium:

• Helium’s announcement on Aug. 18 to spend 100% of Helium mobile subscriber (offchain) revenues on token burns.

• HNT halving its annual emissions to 7.5 million in early August.

On Sept. 6, the circulating supply burn and emission halving combined rendered HNT net deflationary.

Despite multiple favorable catalysts, HNT continues to trade at a modest $514 million market cap, down from its $4.8 billion peaks in 2021. HNT may be finally positioned for an upward re-rating.

Solana's next big catalyst | Brandon Potts

What’s Solana’s next catalyst?

Brandon Potts: It's DATs and ETFs. To look at it plainly, ETH doubled its market cap by way of raising, to date, $15 billion roughly in Ethereum DATs. In addition to roughly $30 billion in Ethereum ETFs, that’s $45 billion in invisible demand for Ethereum’s net new market value. 

When I look at what's happening in Solana, currently there’s ~$2.5 billion in cash raised and ETFs have really yet to launch in a material fashion. If SOL DATs raised $2.5 billion and successfully monetized their premium, let's say they get $5 billion, then ETFs raised double that — that’s $15 billion at the same six-seven multiple in value creation that Ethereum experienced. So that's a ballpark hundred billion in market cap value that could be created over the coming months.

DAT mania and narratives

Brandon Potts: A large part of why Tom Lee chose stablecoins/liquidity as his DAT narrative is that it’s a simple, easy KPI that you can point to in a super high fidelity fashion onchain every single day to base [your] positioning around. If Solana’s maybe going for a more retail or consumer narrative, you would ideally want to point to monthly/daily active users. But the tough part about that is that everything's gamified in terms of the number of wallet transactions, or unique wallet holders, or you name it.