Can NUTS become ORDI on the Solana chain?

Author: 0xLeoDeng, LK Venture Partner Source: X, @leodeng08

Recently, I am paying attention to the new protocol Tiny SPL on Solana and the protocol’s first token $NUTS. The last time I felt such excitement was probably when I saw Ordi in April last year.

Let me talk about the conclusion first - if you open your imagination, $NUTS has the potential to become Solana's $ORDI.

Some people say that $NUTS is just a MEME token. Some people say that the Tiny SPL protocol only reduces rental costs and cannot be called a huge improvement. I think the above statements are slightly one-sided. There are many ideas that I don’t want to express.

Here's everything I know so far about the Peanut$NUTS and Tiny SPL protocols:

1. Introducing "state compression" to Solana

Unlike Ethereum, Solana will charge fees on its network There is a fee for storing the data state on the account, that is, rent. If an account cannot pay rent, the system will delete the account to reduce storage costs for data that is no longer maintained. With SOL prices rising rapidly, rental costs are becoming more expensive. Tiny SPL leverages state compression on Solana to allow users to own tokens without paying rent.

Compression is a fundamental need for Solana, and "state compression" is also a technical hotspot in the Solana ecosystem in 2023. Therefore, the Tiny SPL protocol is an improvement at the "standard level" and has similar historical significance to Ordinals and Stacks.

2. Provide perfect technical support for the Solana project’s large-scale airdrops

Solana airdrop craze is coming, and many top projects are preparing for large-scale airdrops.

Through the Tiny SPL protocol, the cost of deploying NFT on Solana is greatly reduced, or even negligible, which can perfectly realize the maximum cost savings of NFT fragmentation and meme airdrops.

For example, @wenwencoin WEN needs to airdrop one million users. Direct airdrop will waste tens of thousands of fees, so WEN chooses to let users apply, but If you use the Tiny SPL protocol, the airdrop cost is almost zero.

3. The first two-way free flow of cNFT (compressed non-fungible token) and Token (NFT<->FT)

Now, through the Tiny SPL protocol, peanut tokens ($NUTS) and cNFT (DEEZ NUTS) can be exchanged at equal prices. On the newly opened AMM swap (the founder did not use traditional dex such as Ray/Orca/etc.), if you observe from the chain, you will find that when you sell peanut cNFT, the mint peanut token will enter the pool through routing and be exchanged for sol. . When you buy peanuts through his dex, the tokens in the pool will be automatically destroyed, and a mint cNFT of the same number of peanuts will be given to you.

This change is of great significance and solves the liquidity problem that has plagued NFT for a long time. All cNFT project parties can use the Tiny SPL standard to turn them into tokens and Cnfts that can do LP and can be directly swapped. Therefore, the Tiny SPL protocol creates a new infrastructure for Solana. NFT-FT is just one of the applications, the tip of the iceberg.

4. About the Protocol Founder

Protocol Founder @sol_idity was previously a full-stack engineer for Web3 payment infrastructure Sphere. He worked on payment concept projects and has strong coding skills. Peanut's github was first prepared in November 2023, and the project took two months to prepare.

Furthermore, the founder didn’t have many coins in his hands, so he proposed to issue more coins, but the community didn’t allow it, so he didn’t issue more coins. This is really a case of generating electricity for love... typical Technical Man

5. About the value of peanut $NUTS

$NUTS is the first token of the Tiny SPL protocol. The official launched the swap function on January 27th to set up a liquidity pool and AMM to automatically make markets.

The start uses fair and random distribution of freemint, random function mint, 100-1000, focusing on randomness and fairness

The total supply of $NUTS is 21 million, the current price is $0.37, and the market value is about 750 million

In comparison, the market value of $ORDI is about 170 times that of $NUTS

6. MEME that I have to say (although I personally think that Tiny SPL has higher practical value)

Three days after being retweeted by solana co-founder Anatoly @aeyakovenko on January 3, 2024, the solana community has repeatedly expressed its expectations for compressed tokens.

Solana jointly created Anatoly. Needless to say, the effect of "making money by calling for orders" is obvious. The community is most familiar with Anatoly's tweets and its dinosaur appearance. The meme coin SILLY was the most popular meme on Solana earlier, with the highest profit among its holders being 27,000 times. So, could $NUTS be the next SILLY?

Last and last, a few easter eggs:

--Musk has been doing this for two consecutive days recently , replying to comments with peanut emoji expression pack, just echoing $NUTS;

--The founder released an acrostic poem "NFT SOON", which may correspond to It was his project that originally said that peanuts holding >99DN may have surprises...

--The community atmosphere is very good and strong, and there was no such thing when starting the transaction The community drew the chart by itself. If Birdeye could not be contacted, the community went to Birdeye...

--There is news that Tiny SPL has contacted OK wallet members In communication business collaboration...

Hey Peanuts$NUTS, this looks so cool! Today we are all peanuts 

--If you are optimistic about the new narrative and development of Solana ecology in the next new bull market,

--If you are sure of the historical significance of the "legitimacy + practicality" innovative technology agreement,

--If you I'm still envious of those diamond traders who bought Ordi at 1u/2u...

--Peanut, $NUTS, is definitely worth your in-depth understanding.

I am very happy to see that the Solana ecosystem has more and more contributions from technology developers.