PayPal USD (PYUSD) has found a home on Solana, with nearly half ($378m) of its current total market cap ($791m as of 17 Aug 2024 on coingecko.com) currently swirling in the Solana ecosystem, generating up to 20% yields on popular lending protocols such as Kamino Finance.
Where have we seen those tantalizing 20% yields before? I'm smelling me some Anchor, and not the butter.
To make a food analogy to economics, I like to think of the dollar as Snickers bars. You can find Snickers on every corner convenience store anywhere in the world, just like you can find dollars.
Who's behind the dollar? That part is obvious. The United States, of course, in all of its impending doom and collapsing glory. To zoom in further, the dollar-printing, dollar-gathering, dollar-hoarding institutions that have risen on the backs of both hard-working and heavily corrupted humans and their various forms of made-up entities anywhere.
BlackRock.
PayPal. PayPal is to the dollar as Seven-Eleven is to the Snickers bar.
Now PayPal has found a home in Solana, the crackhouse of the city that is called Web3.
Don't get me wrong. I love Solana. I love the speed and the price at which I can get my fix there. I've also been burned by the smug curly-haired fat-boy that gave it its start. Sam is his name, in case you were wondering. He's in jail now.
The powers that be want THE DOLLAR to maintain its "Top Drug" status in the world. Whether it's the U.S. government, BlackRock, or PayPal, I file all of them into one bucket: The Dollar Cartel.
So, get your PYUSD people, and drink in that sweet nectar of 20% yield.
As much as I like what Elon's doing, I'm just as skeptical of what he's doing. He was, and still is, one of the OGs (that's Original Gangstas) of the digitization of the dollar, i.e., PayPal.
Tread lightly and carefully. Walk into the shiny, glitzy PYUSD casino, sit down at your favorite table, whether it's BlackJack (Rock), Craps, PaiGao, or the all-time favorite Slots, play a while, and LEAVE.
I know, it's hard to LEAVE. I love Snickers too, but I know, and I should not, eat 20 of them a day. I know, and I should not, eat ANY of them ANY day.
But I enjoy visiting the crackhouse every once in a while. As a matter of fact, I went to the nearest Seven-Eleven for a pudding treat the other day. It was fast, it was cheap, and it tasted like heaven.
Until the next one.
Source: https://solanafloor.com/news/solana-pyusd-supply-flips-ethereum-whats-next-paypal-usd Show Less