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1/ $ETH holding up remarkably well, while $SOL is forging its soul, purging all but the most committed.
2/ To me, $SOL's price action sub $20 feels like when $ETH dropped sub $100 in the last bear -- terrifyingly bottomless. Interestingly, the two times are similar ranges of network value (sub $10B).

But it is when things feel bottomless, that they tend to bottom.
3/ In conversations I'm having with @solana builders, there's a strong solidarity emerging right now. Breakpoint was an emotional high, full of bonding and excitement, and now that a high priest is in the midst of falling, those that remain are coming together to survive.
4/ My view? The @solana ecosystem emerges from this just as @ethereum emerged from 2018-19: purged of opportunists, with a hardened focus, tightly bonded community, and unstoppable commitment to the cause.

More antifragile than when it entered this bear.
5/ As someone who’s often identified as an $ETH OG with a keen interest in the ethics of crypto, some of you might be surprised to see me support $SOL as it has been demonized by incumbent Ethereum Maximalists.
6/ I understand the desire for $ETH OGs to demonize @solana given some of its early backers, Silicon Valley sheen, and creativity around structuring a warchest for itself.
6/ There's risk to me doing this; I could be wrong, and ostracized later, but I take the risk because I believe it's worth supporting genuine teams that are doing all they can to move #crypto forward. If they're under duress, all the more reason to lend a hand.
7/ Yes, @placeholdervc has established a $SOL position in 2022, as anyone else could, and we're doing that because of a conviction in @solana’s pursuit of “consensus at the speed of light," a proven ability to execute, and aim to onboard a billion+ to blockchain systems.
8/ There are problematic components to @solana’s founding story. #Bitcoin, #Ethereum, #Cosmos and other pillars of crypto are not without their warts either, as anyone who's intellectually honest and has been around for long enough will tell you.
9/ @solana shifted cultural norms around “how to launch a major cryptonetwork” to a more pragmatic place, not too dissimilar from how pragmatic Ethereum appeared relative to Bitcoin at the time of ETH’s founding.
10/ It pains me to see some of crypto's idealism go, but I’ve also come to accept that as the space "mainstreams," we are best off supporting those pragmatists with the strongest value set. The core of Solana is a standout in that regard.
11/ If you get to know @aeyakovenko @rajgokal and the engineers & builders sticking around Solana, you’ll come to see they aren't soul-sucking demons: these are clear-eyed adults building an admirable system at a breakneck pace.
fin/ So I stand alongside $SOL here, just as I stood alongside $BTC in 2014-15, and alongside $ETH in 2018-19, and continue to stand by those networks.

Godspeed to all ✌️

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Totally agree, great thread.