Solana’s Anatoly Yakovenko Thinks His Phone Is the Tool for a Mobile Web3 Experience

Good morning Here’s what happens:

Prices: Bitcoin was so flat that crypto analysts had little to discuss other than the largest cryptocurrency’s extremely low volatility.

Insights: Solana faces a major challenge when it comes to convincing people to use his cell phone.

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CoinDesk Market Index (CMI): 925.95 −0.7%

Bitcoin (BTC): $19,043 −0.4%

Ether (ETH): $1,283 −0.0%

S&P 500 daily close: 3,665.78 −0.8%

Gold: $1,630 per troy ounce +0.2%

Ten-Year Treasury Yield Daily Closing: 4.23% +0.1

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It probably doesn’t bode well that an asset is considered one of the safest in the world – the US Treasury – suddenly looks shaky. The yield on the 10-year benchmark bond rose to 4.2%, a level not seen since 2008. Liquidity for triple-A-rated government bonds has “deteriorated due to weak demand and investor risk aversion,” Bank of America analysts warned in a research note. “The US Treasury market is fragile and prone to shocks.”

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Axe Infinitythe play-to-earn crypto gaming platform, already a big loser in digital asset markets this year, is facing additional selling pressure big “Unlock‘ is characterized by millions of native AXS tokens. The concern is that early investors who have been locked out of the sale due to lockup periods could now choose to sell the token.

Do you really need a Solana phone to experience a mobile version of web3? Anatoly Yakovenko seems to think so.

In June, Solana announced that, among other things, it would be launching a Web3 phone called “Saga”. At the TechCrunch Disrupt Summit yesterday, Yakovenko called this an “opportunity” against Google and Apple and a way for developers to avoid the “tax” those companies levy on sales through the App Store.

“They are based on a rent-seeking model, where all content is owned by the creator and you, the user, rent it. When you buy a video from Amazon, you don’t actually own it; Everyone realizes it’s not yours,” Techcrunch quoted Yakovenko as saying. “I don’t know what needs to change internally for them to give up the 30 percent tax on apps.”

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Yakovenko’s solution is Saga loaded with the Solana Mobile Stack (SMS) software development kit for Web3.

According to Solana, SMS is a “framework for Android that enables developers to build rich mobile experiences for wallets and apps on Solana.”

The buzzword here is Android, the operating system that powers around 70% of existing mobile phones. Everything Solana develops you can also easily install on your existing Android phone.

The Saga phone isn’t that proprietary at all. Solana didn’t specifically design it; Rather, it commissioned Osom, made up of former smartphone engineers from Google and another boutique smartphone maker called Essential, to rebrand one of their phones and call it Saga. In return, Osom hired an original design manufacturer — who makes white-label phones and allows others to brand them — to manufacture the handset. This practice isn’t controversial, but it’s common given that only a handful of companies are capable of mass-producing a smartphone.

In a way, yesterday’s failed blockchain phones were more proprietary than Solana’s saga. HTC’s crypto-themed Exodus 1 phone allowed users to store their private crypto keys in a walled garden of the phone’s processor called Trust Zone, which stores other encryption keys and biometric data. Samsung is now doing the same via its Knox encryption app and first made it available on the Galaxy S10 in 2019. HTC’s Exodus has been forgotten, and no market data is available on how many people are using the Galaxy’s Knox feature.

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So for Solana, convincing people to buy his phone to do things you can already do with existing phones will be a big challenge. There are already alternative app stores that don’t have the “30 percent tax” that Yakovenko complains about – but they don’t have the app library.

Perhaps the market for the phone isn’t made up of builders and power users, but rather those who want to be part of the tribe and show their status symbol of inclusion.

How will the crypto markets react to the news that UK Prime Minister Liz Truss abruptly resigned? Regulatory Reporter Amitoj Singh joins ‘First Mover’ with the latest details. Also joining the conversation is Bruno Ramos de Sousa of crypto asset manager Hashdex. And former FBI Special Agent and NAXO co-founder Chris Tarbell discusses the latest Mango and other DeFi exploits.


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