Our guest this week is Austin Federa. Austin is head of strategy and communications at Solana Foundation, responsible for setting the direction of the Solana Foundation and working with projects and developers building in the Solana ecosystem.
Austin discusses Solana's pragmatic engineering culture and the need for developers to focus on building things that are truly only possible on Solana. He also highlights the Foundation's role in supporting infrastructure-level initiatives and turning R&D into stable, standardized solutions. Finally, he stresses the importance for founders to focus on revenue and business models during the bear market and to build outside of the United States.
Show Notes:
0:55 - Starting with Solana
6:42 - Pragmatism at Solana
11:15 - Labs vs. Foundation
17:36 - Exciting new things at Solana
21:52 - Things Austin is personally excited about
26:19 - Contributing to Solana
31:47 - Who is a builder you admire in the Solana ecosystem?
Full Transcript:
Brian Friel (00:00):
Hey everyone, and welcome to the Zeitgeist, the show. We highlight the founders, developers, and designers who are pushing the Web3 space forward. I'm Brian Friel, developer relations at Phantom, and I'm super excited to introduce our guest, Austin Federa, the head of strategy and communications at the Solana Foundation. Austin, welcome to the show.
Austin Federa (00:25):
Hey, thanks for having me.
Brian Friel (00:26):
I'm super excited to talk to you today. As I was saying just before recording, I think this is the first time I'm recording someone who's actually a podcast pro, so I have a lot to learn from you. Thank you for making time. Austin, before we get into everything about Solana today, I'd love to just learn a little bit about you, how you got started at Solana. And I remember when I first joined Solana, you were the head of communications, and I think at the time there wasn't a clear split between labs and foundation. Since then, a lot has changed and maybe you could go in a little bit of that of how your role has evolved as well.
Austin Federa (00:56):
Yeah, definitely. So I originally joined in January of '21 out of Bison Trails. So Bison Trails was getting acquired by Coinbase to become Coinbase Cloud. I'd worked there for a little over a year running a bunch of the product marketing there and those sorts of things. And just with the transition over to Coinbase, it was like, oh, you don't want to go work for Coinbase, do you? And I was like, no, probably not. And so it was one of those things where it was somewhere in between one of the people who didn't make the cut and one of the people who they were like, you're just not going to be successful here. And I was like, that's a fairly accurate read. I got tons of great friends who are still working at Coinbase, but for me it just wasn't really the right spot. So I was talking to a bunch of L1s and L2s about coming over.
(01:41):
And so, one of the big things we'd done at Bison Trails is we had built out almost all of the world's Eth2 staking infrastructure. And I mean almost all the world's Bison Trails infrastructure ran solidly over 50% of the Eth2 network when the Beacon Chain launched, and still at that point in January of '21. Now this didn't matter from a decentralization standpoint because the Beacon Chain wasn't actually a thing. It was just a place you could stake. There wasn't actually user transactions or anything of value on it besides some Eth. But I was pretty heavily in the EVM world at that point. And so I was going around and talking to a bunch of different protocols. I was talking to a bunch of L2s and scaling solutions and these sorts of things, and I was talking to Polkadot as well and some of those type of other L1s.
(02:25):
And a friend of mine who I worked with back at Republic years ago, Ben Sparango was like, "Hey, what are you up to?" And I was like, "Ah, I'm kind of between stuff right now. I'm interviewing a bunch of places. I don't really feel super passionate about it. I was like, maybe I should leave crypto. I kind of like this industry a lot, but I don't know. We'll see." And he is like, "You should talk to Raj and Toly." I was like, "Of Solana?" He goes, "Yeah, yeah, I joined Solana a few months ago. It's great. You should come talk to us." And I was like, "I don't know, man. I worked with 20 different protocols when I was at Bison Trails and none of them were Solana. Solana was the weird thing that was hard to run and no one understood how to build software for it, but we supported it at Bison Trails because there was people who were trying to run infrastructure for it.
(03:04):
And he is like, "No, just come and talk to them." And we just finished up this big project with Masari, which was the state of Eth2 was basically the report that we just helped them write and put out. And I had a lot of questions and I thought the questions were just things that I was getting wrong. I thought it was me who was not understanding the model under which Eth2 was going to work. This is back at the time when you're going to have Parallax, execution shards on the network and all this sorts of thing. And I was like, I don't understand how DeFi is going to work here. The minute you break what now we call the global state, but the minute you start moving data into segregated places, that means the data has to be moved before it can interact.
(03:45):
And if there's one thing we all know about computer science, it's that copying is expensive and takes a lot of time. And so I got on the call with Anatoly, and I was just talking about Eth2 stuff and asking him some questions about what he thought about this stuff. And he's like, "Oh yeah, there's no composability in charting." And I was like, "You're the first person who's told me this. Tell me more." 'Cause I've been talking to a bunch of people who were talking about like, oh, well, it's just harder and it's like... He runs me through the whole thing about like Solana's, a single global state machine, really fast blockchain, what all these advantages were here. And all this stuff, for me, I was like, oh, this makes perfect sense. All of the things that I have been thinking and feeling about the undefined world of what the new state... Now I would sort of call it the cosmofication of Ethereum, what that process was like.
(04:32):
I wasn't an idiot and I wasn't just not smart enough to understand what folks were talking about. Folks just were talking ahead of the problems they'd solved. And this is not to say that we're never going to have composability uncharted ecosystems, but it took video game designers almost a decade to figure out how to program for multi-core processors. And that took a long time to figure. Out for me, this sort of decision to come and join the Solana Labs at that point was really practical. It was like, I don't know if this weird wacky idea is going to work, but I know I'm going to learn a hell of a lot here from these folks who are doing something very different than the rest of the industry. And the very different than the rest of the industry is usually where the cool stuff's happening.
Brian Friel (05:15):
I think that is the most perfect intro for this because it hits on so many themes. I want to dive in with you.
Austin Federa (05:21):
Great.
Brian Friel (05:21):
One theme that you kind of hit on right there, and this is before we even get into what you currently do as your role and everything, which we should definitely hit on, but I think that resonates pretty well with what Phantom saw originally. Because Phantom also coming from EVM background and the founders were all Zero X folks, seeing that, hey, there is this thing, it's maybe the redheaded stepchild of crypto right now, but these people who are marching into their own beat. This is like 2021, very early 2020 at this point. But basically what I would say it was a very non-consensus bet to do things differently and built out its own genuine kernel of developer ecosystem, which has just evolved into all this craziness today we can talk about.
(06:00):
But I think one of the key principles of that that I've noticed in my time in Solana is just the level of pragmatism and the reality of, Hey, these are problems today. We have users today, and how do we ship and iterate on these things and not talk about a problem that might be 10 years from now, which may or may not be solved, but actually addresses the problem today. And I think there's a lot that is going on in Solana about this across just all sorts of stuff. We should dive into all of that.
Austin Federa (06:27):
Oh yeah.
Brian Friel (06:28):
But I love that framing, and I'm curious, is that level of pragmatism... Who do you think that's set by? I feel like that's almost something an Anatoly thing, but is that an explicit choice that Solana Foundation or Solana Labs is choosing to bring into the ecosystem?
Austin Federa (06:42):
So one of the things I think is really important when you're looking at any software system is to look at philosophies that the people building it have. And a lot of the places you see that philosophy is in their background. And so if you look at Anatoly and Stephen Akridge and a bunch of the other early founders of the Solana project, their expertise was all in embedded systems. A bunch of these folks came from Qualcomm or very similar companies to Qualcomm, and they were trying to figure out how you could cram the best user experience possible on a flip phone or a proto smartphone onto a chip. And they had to do all these crazy low level optimizations to get this stuff to work. And Solana's not super, super low level, but one of the major things there was saying, we're going to combine the consensus layer with the virtual machine.
(07:38):
And that's not for some elegant principle of software architecture. That's because it's faster and yes, it's harder. And yes, there's a lot of other problems that come with that, but at the end of the day, the pragmatism comes from the background of folks who actually had to ship chips that companies were going to build software on that would interact in the real world and be the basis of all of this mobile revolution. And so there's other approaches that are very sort of come from the academic computing world where it's as long as we can define the perfect software system, in theory, the problem is just finding the execution place to do it on. And there are some chains that have been more successful than others with that. But I think at the end of the day, the thing Solana has going for it is this sort of ruthless pragmatism. It's a desire to build software in a way that doesn't let perfect [inaudible 00:08:33] of the good, but also keeps its values front and center.
(08:36):
And one of those major values is if you know you have to do the hard thing, do the hard thing first. And that is the thing I will routinely tell people internally is the only way you eat an elephant is one bite at a time. And that is kind of the way we go through all of this stuff. It's so easy to talk yourself into waterfall releases. It's so easy to talk yourself into, well, when this thing comes out, then this and this and this, and this can all come out and then we'll have this end state of this. And it's like you're making assumptions about what the blockchain industry's going to look like 18 months from now. I don't think any human is ever successfully predicted what the blockchain industry would look like six months from now, let alone three times that. So there's all this stuff about not working with entrenched assumptions, picking software architecture systems that feel like they're persistent. I would say that the software philosophy that Solana core engineering builds on is closer to brand philosophy than it is like technical philosophy. It's very interesting.
Brian Friel (09:36):
Yeah, I couldn't agree more. I mean, being [inaudible 00:09:39], I think we have a front seat to that too, as the ecosystem changes as the leadership basically, like you said, just takes the hard challenge first and says, this is something that we have to face. Let's tackle it now. Here's an open proposal, here's how we can do it. I'm looking back at what Solana was even just a year ago, one of the dev advocates on our team on it put out this tweet that said, "Things we didn't have a year ago on Solana Wallet's standard."
Austin Federa (10:02):
Oh, I love it.
Brian Friel (10:03):
Which is like looking at the state of other blockchains trying to be an ejected wallet there, it's a mess. Solana takes that hand on, makes a chain agnostic wallet standard for that version transactions, which like high level, massively refactoring how transactions can be done such that you can just access way more accounts on Solana DeFi doing multi hops exchange. Jupiter, the perfect example of that. Priority fees on the network, I mean elegant state level hotspot fee markets that don't impact the rest. Anyone else on Solana. Programmable NFTs, state compression, quick, stake weighted QoS.
(10:37):
I mean, not to mention Saga, new token programs. There's just so much going on right now. From where you sit, and maybe this can get into a little bit of the labs versus foundation discussion that we want to get into too, is how do all these ideas come to life mean? Some of these are community driven, like Metaplex having their own programmable NFTs. But a lot of these also are Solana engineers who are just on the front lines with their own proposals. Jordan Sexton has an idea he's doing it. How much of that is top down driven? How much of that is bottom up? And how much of this is a labs versus foundation? How do you see all this kind of how it plays out?
Austin Federa (11:16):
So before we even get to that, one of, I think the most interesting examples of pragmatism is how little work wallets have to do on Solana. This is super different. On Ethereum, the wallet has to build the transaction, that is a part of the thing. And on Solana, the DAPs have to build the transactions. Because the DAPs know more about what they're building than the wallet does. So why would the wallet build a transaction? The wallet's role is to verify that the transaction is what the DAP says it is, right? But it's those little tiny things where it's like how do we make it easier for people to build something like Phantom in six months as opposed to nine months?
(11:55):
And that's kind of one component that falls into that. But you were saying these sort of ideas about where do these things come from. A lot of it comes from best practices in other ecosystems about things people are talking about. I think one of the things that Ethereum is far ahead of Solana on is formal verification. And formal verification is not something that we came up with or claimed to have come up with.
(12:20):
It's like, oh, this is a really strong thing in another ecosystem that we should take and bring into this. Proof of history is just time division multiple access. It's TDMA, it's literally what 2G cell phone technology run on. But you've applied that to a blockchain with a leader schedule now and suddenly you have an incredibly fast blockchain. I think one of the best things to think about is Solana is full of out-of-the-box solutions to very conventional problems. And those out-of-the-box solutions will often come from engineers who are working on this stuff. They'll often come from engineers who are not working on this stuff. The number of suggestions that have come from someone's like, oh, I'm trying to build this thing, and someone like over lunch or over a Zoom on something else is like, what if you just do it this way instead? And they're like, okay.
(13:08):
And then they go down that... It's sort of this idea that there's not an intellectual purity test. You don't have to subscribe to a philosophy of how something should be built in order to have an idea here. P NFTs came entirely from community demand for them. That was a direct response to sort of a problem. The wallet standard is again, it's like it's really annoying that developers have to integrate calls for every wallet into their DAP. Wouldn't it be so much easier if there could just be one thing they could call and all the wallets in your Chrome Exchange could be like, hello, here I am. And that was an incredible easy turnkey thing that didn't require creating a whole separate product, a whole separate company to just connect wallets or adapt wallets if we should say it that way. And that's where these kind of things come from.
(13:58):
Now sometimes this leads to suboptimal user experiences too. I would say that we have three excellent explorers on Solana for what you want to do with that explorer. And you don't go to Solscan for the same things you go to Solana FM for and you don't go to the explorer.solana.com for the same things you go to those other ones for. And so there is sometimes this sort of fracturing that occurs because everyone has great ideas and they feel very comfortable building them before we've had a committee meeting or faculty meeting or something to decide what the right path forward is. As much as possible, the goal is to move fast and see what's adopted and the stuff that's adopted then gets tons of resources thrown behind it from the community.
Brian Friel (14:48):
Yeah, I do think that's incredibly refreshing though for crypto. I mean, especially an industry that's still... I think as a whole macro level iterating a lot. The meta is constantly changing. Some pattern that I've noticed is with P NFTs is a lot of times Solana will hit a new meta or figure out a new problem well before other ecosystems because of this rapid iteration and experimentation. And it's almost like, hey, Solana's figured it out. Let's take the learnings from there and tell everyone else and get up to speed on that.
Austin Federa (15:16):
Oh yeah. And tell everyone else we thought of it ourselves. That's also the other thing. And we see this all the time, not in a way that people are like, but all of the tricks that Monad is doing to try and speed up EVM, they're all the things that Solana did. Except they're trying to do it with an underlying architecture that it's a lot harder on because transactions on Solana have to specify their accounts, their instructions, their memory, their compute, before they get accepted and executed. So the work of transaction simulation on Solana is a lot more about just reading what the data says and being like, yes, these things say what they actually say they say, and then you can simulate balance changes and all that sort of stuff. But that is a very different problem than trying to stochastically model what an EVM transaction is going to do.
(16:05):
And if you're trying to do out of order processing of EVM transactions, I'm not going to say it can't work because a lot of people thought Token Ring was the only protocol that could possibly make the internet work. And the idea of just throwing packets randomly at a router and being good luck, well, that sounded insane, and that is exactly how the internet works. You just randomly throw packets at routers and most of them get there somehow. It's pretty astonishing. Like packet collision's super rare nowadays, even though everyone's just screaming at the top of their lungs constantly for bandwidth, and that's wild.
(16:37):
So who knows if the stuff will actually work on that side. But the cool thing I think that's going on in Solana is this lack of ideological purity around how something has to be done, and it's more of a purity around what the outcome has to be. There's so many analogies here, but the United States, we talk about equality of opportunity all the time, and that is actually a much harder thing to do than equality of outcome. And so I think with Solana, it's like if you focus on the outcome that you want and not the process by which you get there, you will find a better way to get there.
Brian Friel (17:12):
I love that. So from where you sit on the foundation side now head of strategy at Foundation, you mentioned that there's all these engineers, some at Solana, some not at Solana, who basically have these problems. They come up with pragmatic solutions. What's the role of the Solana Foundation on all of this? And is there any big bets in particular that you're excited about or you guys are making for this year on Solana?
Austin Federa (17:36):
Yeah, So the Foundation is a Swiss nonprofit foundation that exists to further the adoption and advancement of the Solana blockchain. And so this is the entity that gives grants. This is the entity that if you've ever sort of interacted with a granting apparatus, breakpoint, hacker houses, developer boot camps, those are all run out of the Solana Foundation. That's its role for being in the world. And so the initiatives that we are working on are really infrastructure level. They always have been, and I think they will continue to be throughout this year. So a great example of this are fee markets, like you mentioned, right? Local fee markets. That was technically shipped in September, but I would argue it practically wasn't shipped until December. And that was because there wasn't a method at that point for an RPC, for a wallet, a DAP, anything to hit up an RPC and say, how much do you think I should prioritize a fee if I really want to make sure this transaction gets through?
(18:34):
And without the ability to guesstimate, you don't have anything, right? That is not a functional, usable, shipped thing without developers actually being able to implement it. And that's kind of the difference I would describe between the work that gets done through let's just say Solana Labs and core engineering there and the work the Foundation's supporting. A lot of the work that core engineering does and a bunch of, obviously not all, there's core engineers all over the place, but a number of the core engineers are on Solana Labs' payroll. And those individuals, they're focused on the core engineering, right?
(19:09):
They're like, we shipped fee markets. We're good. At the Foundation, we're like, wait a minute, wait a minute. There's so much work to actually be done to turn this into a standard that every DAP and wallet can use without spending days writing custom code. And so I would say that's kind of the place that the Foundation comes in is it's not directing what work gets done, but it's sort of the process of taking stuff that feels like it's either R&D or it's super hot production engineering. And turning it into something that's more stable, that's more standardized, that's more universally understood, and doing that in a way that there's feedback collected from many people in the ecosystem, in addition to the whole granting apparatus.
Brian Friel (19:47):
So the developer relations team sits at the foundation level no longer at the labs level?
Austin Federa (19:52):
Yes, very much. You were saying earlier like, oh, these things maybe weren't as separate before they actually were just as separate. They were just very few people worked for Foundation. So because most of the work at that point was just sort of kick out as much as you can get out the door. There were folks at Foundation giving grants and stuff like that, but a lot of that sort of work that we do today, it wasn't necessary to do it yet because the thing didn't exist yet, at that stage. When I joined, there were 36 programs on the network that had daily transactions through them.
Brian Friel (20:25):
Wow.
Austin Federa (20:26):
Absolutely nothing. And now we're over like 1200 easily. And I just think that's such an interesting change to see over such a quick period of time.
Brian Friel (20:35):
Oh, for sure. It stood out to me too, that... I think I mentioned the earlier conversation too. It's like this kernel of genuine developer interest that basically no other blockchain ecosystem I think has outside of Ethereum where it's people who are very much specialized, Solana centric as Chase loves to say too in Glass, but really just thinking about what's only possible in Solana? How can I iterate on this and expand on this? That's super invigorating to be a part of, and that's my favorite part of the ecosystem, essentially. Yeah,
Austin Federa (21:04):
We love it.
Brian Friel (21:05):
On that note, there is this meme now, is recording this in April 2023 of only possible on Solana and these things that everything we talked about, this pragmatic engineering culture of basically what's the outcome, what's the end user experience that we really want, and finding ways to ship that. There's a lot going on right now. I mean, I think Saga is an awesome example of this. It's like, how could we take a phone that just is the most kick ass crypto experience you could possibly have on mobile, but there's all sorts of stuff. There's compressed NFTs and state compression, what that means, DPIN is this new thing. There's all existing, DeFi, just normal FTs payments infrastructure. What are you personally most excited about and are any key themes in the year ahead that you think people should look into now that really highlights the strengths of Solana?
Austin Federa (21:52):
So the decentralized physical infrastructure layer is a really interesting story for me personally. And I think there's so much that goes on with that that goes into that, whatever kind of language you want to use to describe that. I am just super excited about what that looks like. And for me personally, the stuff I'm most excited about on Solana is you really don't have a choice to build it anywhere else that you need a fast composable ecosystem that has the capacity to go up to tens of thousands of transactions per second for a base fee of $.000025 and that's rare. You really can't find that in a lot of other places or a lot of other applications. And so for me, that's like some of the coolest stuff on Solana. Now, in terms of what's coming this year, I think we're going to see Fire Dancer rolling out on testnet probably in Q4.
(22:40):
That's going to be really interesting to see how that performs when it's intermingled with the other clients on the network. So that's going to be very interesting. There's a ton of work being done to make custom contracts easier to deploy on Solana. This is a project called Interfaces. This is out of necessity. The Token 22, which is code name, it definitely won't be called that once it's released. Token 22 is this new token program coming to the network. And it brings all sorts of things like interest baresing tokens. You can charge fees to use contracts directly in the contract.
(23:11):
There's a lot of really interesting stuff that comes to it, but it adds a second token program to the network. And that second token program means you need to suddenly have a way that a wallet can instantly say, Hey, which program should I look at for this arbitrary piece of data on chain? And because of that, it means if you've built support for two, you can build support for 20,000. So there's little pieces like that that are coming, but I really think this is going to be another infrastructure year, but instead of it being base level infrastructure, it's going to be something closer to developer tooling. I'm not sure I would call Interface is developer tooling, but it's definitely usability tooling. That means it's easier to develop novel things for the Solana ecosystem.
Brian Friel (23:55):
Yeah, I see that as well. The conversation shift towards interfaces is really exciting too, because Solana's account model and program model has some implicit instruction in that where, okay, this is the canonical token program.
Austin Federa (24:08):
It's perfect. What are you talking about?
Brian Friel (24:09):
Yeah, it's perfect. What are you talking about? And I think that just leans even more into those pragmatic values kind of shipping. And that's like, Hey, if we do have these interfaces where all of a sudden any wallet can take any of these token programs, any NFT exchange you can list on, you can list your NFTs through them. Opening up that design space, a deeper infrastructure level, I think would be really exciting.
Austin Federa (24:31):
Yeah. This will support everything from if you are a... No offense, but if you're a super corporate NFT project and you want to make sure that you have certain protections or certain things or whatever, you might want to deploy your own version of an NFT contract. And right now it's really hard to do that. It's not hard to deploy the contract, it's hard to get the ecosystem on board with the contract you've deployed.
Brian Friel (24:55):
You have to knock on every door to get a custom integration.
Austin Federa (24:59):
And we're seeing this with compression, right? Compression is awesome. It's been picked up by a ton of wallets. There's not an NFT marketplace that supports it yet.
Brian Friel (25:08):
Not yet, but I have heard soon. So maybe, and by the time that this podcast is released.
Austin Federa (25:13):
Who's adding it?
Brian Friel (25:14):
I have heard Tensor.
Austin Federa (25:15):
Interesting.
Brian Friel (25:16):
As an alpha drop.
Austin Federa (25:17):
They've been making moves.
Brian Friel (25:18):
They're making moves, but I would not be surprised if Magic Eden and others would be following suit at some point. But if we can open up an interface, some sort of interface standard where we can get buy-in, do the hard work up front to get all these different companies to buy into some sort of interface together, it's going to unlock a lot of really cool potential on Solana.
Austin Federa (25:38):
Absolutely.
Brian Friel (25:39):
One other thing I want to ask too is, you mentioned a few things kind of implicitly there. One of my questions was going to be like there's all these exciting things happening where we should we be investing now to unlock all this. But I guess there's also... I've noticed on Solana, and particularly Solana Twitter, there's this part of what this pragmatic culture has attracted is a culture of doers and people who show up and they want to contribute and they want to lend their time. And a lot of developers who maybe not even be working in the Solana ecosystem who are just excited and passionate about it. If you could speak to those people, where do you think they should be focusing their time and energy? What is Solana most in need from external contributors at this time?
Austin Federa (26:19):
It's a really good question. I mean, the problem there is I don't think the advice that I would give external contributors is good advice for their project at this point. It's great advice for Solana. The advice for Solana, I'd say is keep building strong open source tooling and foundations so we can make it easier for new developers to get involved. Anything you build that fits into the Lego thesis super strong, please keep doing it. What I would actually give as advice for founders in this space right now is that we're probably in a bear for at least another 12 months, and it's going to be a climb out of this thing. And you should be spending time thinking about revenue. You should be spending time thinking about business models. Not a lot, not enough to go raise a massive series beyond, but enough that you're extending your runway by a few months that if you have to raise a bridge round, you can show, hey, actually we do have revenue.
(27:23):
Here's our revenue numbers. Give us a little bit of money. Because I think this is a really hard time in the capital markets. It's really easy to be like the bear is a great time for building. That's true. The bear is a great time for building. It's a terrible time for payroll though. And that's kind of something they just remember as you kind of go through the process. Now, what does Solana need? I mean, I'm going to tell you my vision of how Solana could not win. And the way Solana doesn't win is if these incremental small scaling solutions for EVM, that 400 transactions per second, you can do an EVM right now if you really try. Maybe we just don't come up with transaction heavy use cases that anyone truly wants for a while. And that's a situation where all this horsepower that's been brought to bear on something like Solana isn't actually needed for what things people want to build on blockchains.
(28:20):
Now, I don't think that's true, but that's the thing to think about. What Solana needs is for people to embrace only possible on Solana and to build more things that are truly only possible to be built on Solana. Because as much as I love NFT projects, very few of them are only possible on Solana. This is the great thing about XNFTs. Those are truly only possible in Solana right now. But let's see teams going out there and saying, okay, a 10,000 drop is cool. What if we do a million, 10 million, a hundred million? Yeah, they're going to be cheaper. Yeah, the dynamics are going to change. Something's going to change, right? But this is the thing that I think is so interesting about this space is everyone has internalized this financialization, Bitcoinification view of all crypto. Like, Bitcoin's value is scarcity, period, end of day.
(29:20):
That's great. Props to Bitcoin, nothing since Bitcoin is Bitcoin. Like Magic The Gathering is not worth less money every time they print a new trading card pack. The Pokemon company is not worth less money every time they sell a new Pikachu plush. There are models here that people just seem emotionally afraid to try. I think Clano is getting pretty close to this and they're doing some very cool stuff with how they're doing some collection expanding. On the NFT side though, I think people need to get away from the idea that their value proposition is scarcity and figure out ways to do like LVMH and Louis Vuitton have done where they have something that is still high end, that is still hard to get but is not fixed cap. And sort of see where that maybe heads from there. On the DeFi side, start building outside of the United States, translate your projects, websites into Vietnamese and Turkish.
(30:18):
Don't think your growth is going to come from the United States in the next year or two because the regulations here are really uncertain right now. And it's a bit of a tricky time for folks to be in the United States. But I went to Turkey and I went to Vietnam, and folks are using crypto, and they're using crypto because in Turkey it's significantly more stable than their actual native currency. And that's a crazy thing to be thinking about, but that's true. So let's embrace that. Let's actually think of this stuff and make sure that the work that's being done truly actually supports this kind of stuff. And I think that's kind of one of the most important things to think about from the perspective of a founder at this point.
Brian Friel (30:57):
Yeah, I think there's been a key theme here throughout this whole conversation of basically going back to first principles and thinking, what's the outcomes that we want? Originally, I think Solana's tagline, even blockchain at Nasdaq speed, we were promised flying cars. We got Twitter, we got the greatest JPEG trading engine in the world on Solana, but how can we continue to iterate on this and what are things we can only do on Solana? All those examples you brought up I think are awesome examples. I really appreciate that you guys are continuing to challenge the ecosystem and to push and to not be afraid to try new things, and that's where the unlocks happen.
Austin Federa (31:30):
Yeah, of course. I think that's incredibly important and powerful here.
Brian Friel (31:34):
Well, Austin, this has been an awesome conversation. Thank you so much. One closing question we ask all our guests. Keeping line with the last question of the things you're excited about is who is a builder that you admire in the Solana ecosystem?
Austin Federa (31:48):
I mean, there's so many, it's hard to pick one. There's the easy answers of Armani and those folks and Mango Max. And I think the truth is that the folks who are doing some of the most interesting work are the ones who are bug fixing, who are going in and saying, ah, I ran into this problem with this tool set that I've seen someone else build. Let me go spend a little time trying to fix this thing up. And I don't have anyone particular to name in that, but it's very easy to be like, holy shit, Armani and X NFTs. Wow. And it's like, that is incredibly important. You know what else is really important? The dude that went in and made RPCs 20% more efficient for certain types of calls. And I think those are equally important things, and I wish we did a little bit more celebrating of the maintenance work in addition to all of our celebrating of the true innovations only possible on Solana.
Brian Friel (32:40):
Mert is going to love that, that you said their call that out, so.
Austin Federa (32:44):
There we go.
Brian Friel (32:44):
Maybe we can put Mert, Triton, all those folks, everyone, all the infrastructure that does the unsexy blocking and tackling that maybe really is the true glass eating on Solana, all of those guys.
Austin Federa (32:56):
Totally. I mean, there's a bunch of devs that work in Mango that are actually part of core engineering now, and they just fix a bunch of stuff because they're just like, we were trying to build our next version of Mango and we kept running into these problems, so we just started fixing stuff.
Brian Friel (33:10):
No one knows it better than them. Yeah.
Austin Federa (33:12):
Exactly. So it's good.
Brian Friel (33:13):
That's amazing. Well, Austin, I'm really excited for the next year Solana, thank you so much for coming on the podcast.
Austin Federa (33:20):
Definitely. Thank you. This is fun.