AMA With BeepCrypto — Recap
In SolRazr’s first Ask Me Anything session, our co-founders Sreekanth Kalapur and Vijay Kalangi interact with the blockchain and crypto enthusiasts from China. Read the complete details of the AMA below.
It’s really nice to have SolRazr team here with us today. Welcome to BeepCrypto Live. Before we jump right straight into the topics, could you please introduce yourself, how do you enter the blockchain industry and how do you decide to start the SolRazr project?
1. My name is Sreekanth. I am Ex-VP Engineering at Polymorph acquired by Walmart Labs. I have 15+ years of experience building highly scalable products and I am an Alumnus of Birla Institute of Technology & Science, Pilani (BITS-Pilani).
2. My name is Vijay. I was the Co-founder & CTO of an edu-tech firm with multi-million dollar revenue. I have 14+ years of experience building products in learning and edu-tech. I am also an Alumnus of BITS-Pilani.
How did we start SolRazr?
Both of us have been passive investors in crypto since 2017 but we became serious about the use cases of crypto in 2020 when DeFi came into the foray. We started building a launchpad on Ethereum first back in Feb this year but quickly realised that it won’t scale to our needs and transaction costs are extremely high in order to support millions of retail investors. We quickly pivoted to building on Solana. That’s how we became SolRazr.
We also realised along the way that Solana doesn’t have enough developer support and tools. Building on Solana is much harder than Ethereum too. Since we are already helping projects raise capital, we also decided to help them build faster on Solana with developer tools.
Could you share with us what value SolRazr is bringing to Solona, why do you choose Solona？
Why choose Solana?
Solana is the fastest blockchain and is also the fastest-growing network. Solana can support up to 75k qps at negligible transaction costs and block time is sub-second. Building a launchpad powered by Solana will help projects raise capital at lightning speed and help the community contribute to projects without expensive transaction fees. We also noticed that a lot of developers building DeFi and NFTs have started moving to Solana bringing massive network effects. We believe Solana will become the closest competitor to Ethereum in the next few years and we will be one of the early builders in this space.
What value does SolRazr bring?
SolRazr solves the following problems
1. Retail investors today face a growing challenge when it comes to supporting and becoming a part of the early growth phase of the next-gen ideas and projects built on the fastest growing network — Solana. SolRazr solves this problem by providing access to projects through fair and decentralised allocations.
2. For the projects & developers, SolRazr provides the ability to raise capital at lightning speeds in a truly decentralised manner, helping them forge strong communities for long-term support
3. In addition to helping projects raise capital, SolRazr also provides access to a host of developer tools to help them build fast on Solana and go to market early.
What’s the status of SolRazr right now and what’s the competitive value of SolRazr as a launchpad compared with other projects?
Status of SolRazr?
Our first product, Launchpad, is ready to go live very very soon. We recently announced the closure of $1.5m funding as well from prominent VCs who were behind the success of Polkastarter, who were early investors of FTX and Solana itself.
Competitive value of SolRazr Launchpad
First of all, compared to all launchpads out there, SolRazr will be one of the fastest and inexpensive to use because it is powered by Solana. Additionally, we are also innovating on the allocation models using NFTs which no one launchpad is doing today. Using NFTs, we allow fair and truly decentralised allocations but more importantly, NFTs can be tradable so your allocation can be gifted or transferred to anyone. Additionally, with NFTs, we are creating a secondary market for allocations.
How does SolRazr help deploy fast-building tools for developers? What’s the standards for the fundraising projects on the platform?
Yes. Great question. The developer tools space is going to explode soon on Solana. We are betting very big on it. It is a set of developer tools to manage your entire dApp development lifecycle on Solana. It will help you build, test, monitor, debug, document and publish your Solana dApps.
Does the SolRazr platform have its own tokens for projects developed so far? What is the token economy like? Are there any fundraising plans or public offering plans? How could we participate?
Yes, we will have our own token. Our token is SOLR，More information on token economics is available at this link — https://solrazr.gitbook.io/solrazr/solr-token/token-economics. We will announce public sale details soon and how to register/participate.
We know that the Solana public chain and its token SOL have performed amazingly this year, what are SolRazr’s operational goals/ targets for this year?
Good question. Our target is simple.
- Help very good Solana projects launch on our platform.
- Create a good set of developer tools for projects to build quickly and go to market.
We will progress according to the product roadmap on the website.
How do you see the difference between ETH and Solana ecosystems? What’s the relationship between them in your perspective? What are the advantages of each DeFi or any other related ecosystem?
Ethereum is currently the market leader for programmable transactions (through smart contracts). Most blockchain developers today know how to build on Ethereum, so it has network effects. However, as we have been multiple times over the years, whenever on-chain activity increases on ethereum, transactions get pooled and transaction costs are extremely high. We have seen hundreds, sometimes thousands of dollars to transact on Ethereum lately during the DeFi and NFT mania. In the meantime, other L1 blockchains, mainly Solana, have been making massive strides with nearly 1000x faster and 1000x cheaper transactions. Solana has managed to lock close to $5B in TVL in less than 1 year, indicating stellar growth and a promising future. If we were to bet on any L1 blockchain to compete or even overtake Ethereum, it will be Solana.
How do you see the solution of eth+layer2 compared with another layer 1 like Solana?
In the long term, we need to see how L2s play out. For now, I think there is space for both ETH+L2 and a few promising L1 chains to be grabbing the market share. Solana is definitely on the list.
NFT is a top topic of the year, people are raging into NFTs every day. Some people are claiming that Solona is a platform suitable for DeFi but not NFTs and the first batch of NFTs did not launch very well. What’s your response to this kind of perspective?
NFT launches failed on Solana mainly because of RPC endpoint throttling, not due to the Solana cluster becoming slow. As we see more validators running nodes and more entities hosting RPC endpoints, Solana will become the de-facto platform for not just NFTs but for any scalable application.
Also, no it is now very easy to do NFTs on Solana. There are command-line utilities like candy machine and metaplex to deploy NFTs on Solana in a matter of minutes.