This is a proposal to the NEAR Foundation directly, I hope this is the correct place to post. This proposal came about as I was doing some research to write a Twitter thread on how to easily bridge from Solana → NEAR and it turned out that there was no easy way
We are entering a bull market and it is absolutely vital that NEAR captures as much value as possible from this in every way. Anyone active in the space will know that Solana has been the leader of this bull market so far, not only in price growth but TVL, wallets created and on chain activity has grown massively (I know NEAR’s has too, but not really among crypto native users).
Like the last bull market, we are seeing people start to branch out from Ethereum and try out new chains, Solana, NEAR, Cosmos eco etc. We see huge rotations of capital and users during a bull market from chain to chain and it is SO important that NEAR is ready for the inevitable influx of people wanting to create wallets, bridge and play around on chain. It’s vital that users can really easily set up a wallet, add NEAR to it and interact with dapps seamlessly. Right now, a huge pain point is bridging, I have seen many Solana users take interest in NEAR but they have no idea how to get their funds from Solana → NEAR without using a CEX or without going through Aurora which is not a great experience. We need to make this experience as seamless as possible so that Solana users can effortlessly bridge to NEAR.
Currently, both Allbridge and Wormhole support Solana ↔ NEAR transfers… Allbridge has created a wrapped NEAR token on Solana, this means if user swaps to wrapped NEAR on Solana, they can easily bridge this to their NEAR wallet and they can start using NEAR straight away as they can pay gas. I think this is a really smooth way to onboard from Solana → NEAR. The problem is there is one liquidity pool on Solana for wrapped NEAR and it has only $3k of liquidity (NEAR-USDC), making it impossible for anyone to swap any sort of size to wrapped NEAR.
I am proposing NEAR Foundation add more NEAR liquidity on Solana so that Solana users have an easy way to bridge to NEAR. I would like to initiate a discussion around what amount to add and to what liquidity pool (I do not recommend using the current Aldrin pool). I would recommend creating a NEAR ↔ SOL or NEAR ↔ USDC pool on Meteora, Radium or Orca.
NEAR Foundation would generate fees from being a liquidity provider and impermanent loss is a cost that is well worth paying for new users onboarded imo. NEAR Foundation has over $1bn in it’s treasury so I think providing an amount in the region of $100k-$500k (more?) initially is viable, this amount can be increased depending on activity.
I hope NEAR Foundation see the value in making sure users can seamlessly onboard from Solana to NEAR!
Feel free to discuss and ask questions
If you want to reach out to me directly you can DM me on X @camchis_