Bringing Solana Back from the Dead: An Interview with Bonk Founder Nom

In a captivating episode of the Midcurve podcast, host Justin sits down with Nom, the founder of Bonk, to discuss the revival of the Solana ecosystem, community building, and the future of blockchain adoption. This in-depth conversation sheds light on the strategies employed by Bonk to inject new life into Solana following the FTX collapse and offers valuable insights into the challenges and opportunities facing the cryptocurrency space.

Who is Nom?

Nom introduces himself as a Solana developer and DJN (decentralized journalist) who has been active in the ecosystem for about three and a half years. He entered the Solana space in February 2021 and quickly became involved in various projects. Notably, Nom played a significant role in building out Monkey Dao, an organization centered around the Solana Monkey Business NFTs. This experience provided him with valuable leadership skills and connections within the early Solana NFT community.

The Birth of Bonk

Bonk was conceived as a response to the devastating FTX collapse in late 2022. Nom explains, "Bonk was designed to be a Christmas gift in a couple of different ways. We launched it on December 25th. Bonk was really designed to be a shot in the arm." The project aimed to address the loss of strength, trust, and capital that often follows such black swan events in cryptocurrency ecosystems.

The founders recognized that despite having talented developers, artists, and content creators, an ecosystem struggles without sufficient liquidity and trading activity. Bonk was created to stimulate engagement and provide a fun, integrated meme coin that could be used across the Solana ecosystem.

Integration and Growth

From its inception, Bonk focused on widespread integration. Nom proudly states, "We've gone from 40 integrations on day one. Now, we're up to something like 350 that are seeing significant weekly active users." This strategy has paid off, with projects like Bonk Bot now handling more trading volume than many Layer 1 blockchains.

The Bonk team has also expanded its focus to include charitable initiatives, merchandising, and brand building. Nom emphasizes the importance of creating something that people can identify with and get excited about, beyond just financial applications.

Lessons from the FTX Collapse

The conversation touches on the dark days following the FTX collapse, with Nom and Justin sharing their experiences of that tumultuous time. Justin recalls being on a plane with other teams when the news broke, describing the atmosphere as if "the plane was going down."

Nom highlights the resilience of the Solana community during this period. While many projects went dormant or disappeared, teams like Bonk decided to push forward. "A lot of teams made the bet of, like, well, if it's going to zero already, you might as well try to do something right there," Nom explains. This attitude of perseverance in the face of adversity has been a defining characteristic of the Solana ecosystem's recovery.

Building the Solana Community

When asked about strategies for continuing to grow the Solana community, Nom offers a nuanced perspective. He emphasizes the need to look beyond simple metrics like transaction counts or holder numbers and instead focus on creating compelling use cases that excite users.

Nom argues that the crypto space hasn't yet seen a significant uptick in mainstream adoption, stating, "We really haven't seen the upticks in social media presence around things like crypto or Solana in general." He sees this as both a challenge and an opportunity for growth.

The Importance of User Experience

A key point Nom makes is the need to improve user experience and marketing strategies. He states, "If people aren't using a product, it's not their fault, it's yours. It's either on the marketing side of needing to get it out there in front of them, 'cause they don't know about it, or it needs to get improved to the point where it's easier."

Nom draws comparisons to popular mobile apps and games, noting that people spend hours on their phones not because they're trying to make money, but because the apps provide compelling experiences. He argues that crypto projects need to create similarly engaging products to drive adoption.

Onboarding New Users

The conversation shifts to strategies for onboarding new users to the crypto space. Nom shares his approach of talking to family members to understand what might interest them in cryptocurrency. He emphasizes the importance of creating products that people would actually use, rather than focusing solely on the speculative aspects of crypto.

Nom suggests that the path forward may lie in NFTs, content creation, gaming, and social apps. He stresses the need for experimentation and a willingness to try new approaches, even if they don't always succeed.

The Role of Traditional Finance

The podcast touches on the increasing involvement of traditional financial institutions in the crypto space. Nom points to recent developments such as PayPal's launch of PYUSD and the involvement of companies like Visa and Stripe in blockchain projects. He sees these moves as validation of the potential of cryptocurrency and blockchain technology.

The Future of Gaming in Crypto

An interesting discussion emerges around the potential for blockchain gaming to drive adoption. Nom and Justin agree that the key may be to create games where the blockchain aspect is not front and center in the marketing. Justin suggests, "I kind of think the path forward is to build games that are not like, it's not crypto, like crypto's not forward facing for the game itself. It's just like, it's a part of the game, but it's not part of the marketing."

This approach could help overcome the skepticism many people have towards "crypto games" while still introducing them to the benefits of blockchain technology.

Embracing Failure and Iteration

Nom makes a compelling argument for the importance of experimentation and embracing failure in the crypto space. He notes, "I think for an industry that prides itself on being like cutting edge innovation, we're really quick to shit on teams that just try something that doesn't work out."

He argues that if current strategies were working perfectly, everyone would already be using Solana-based apps and games. The fact that mass adoption hasn't occurred yet indicates the need for continued innovation and iteration.

Bonk's Latest Initiatives

Towards the end of the interview, Nom highlights some of Bonk's recent projects, particularly Bonkmark. This initiative, powered by Tip Link, aims to simplify the onboarding process for new Solana users. Nom explains, "It's basically designed so that anybody that you know, just an email address, they can become a Solana wallet owner."

The project demonstrates Bonk's commitment to reducing barriers to entry and making the Solana ecosystem more accessible to a broader audience.

The Importance of Community in Solana

Throughout the conversation, the theme of community repeatedly emerges as a crucial factor in Solana's resilience and growth. Nom and Justin discuss how the strong sense of camaraderie and shared purpose among Solana developers and users has helped the ecosystem weather challenging times.

Justin observes, "Solana has kind of captured internet culture on chain," highlighting how the playful and community-driven nature of many Solana projects has created a unique and engaging environment for users.

Challenges in Marketing Crypto

The discussion touches on the challenges of marketing cryptocurrency projects to a mainstream audience. Nom points out that many current marketing strategies are still targeted at existing crypto enthusiasts rather than newcomers. He suggests that to achieve true mass adoption, projects need to rethink their approach and focus on creating products that appeal to everyday users.

The Role of Meme Coins in Ecosystem Growth

While some may dismiss meme coins as frivolous, the conversation highlights how projects like Bonk can play a crucial role in ecosystem growth. By creating engaging, fun experiences that encourage users to interact with the blockchain, meme coins can serve as an entry point for new users and help maintain enthusiasm during market downturns.

Balancing Innovation and Accessibility

A recurring theme in the discussion is the need to balance cutting-edge innovation with user-friendly experiences. Nom emphasizes that while Solana is known for its technical capabilities, the focus should be on creating applications that are easy and enjoyable for average users to interact with.

The Importance of Persistence

Both Nom and Justin share experiences that underscore the importance of persistence in the crypto space. From weathering market crashes to continually iterating on products, the ability to keep pushing forward emerges as a key trait for success in blockchain development.

Learning from Other Industries

Nom draws interesting parallels between the crypto space and other industries, particularly gaming and social media. He suggests that blockchain projects could learn valuable lessons from how these sectors have successfully engaged and retained users over time.

The Future of Decentralized Finance

While the conversation doesn't delve deeply into decentralized finance (DeFi), the implications for this sector are clear. As Solana's ecosystem grows and becomes more user-friendly, it could pave the way for more accessible and widely adopted DeFi applications.

Fostering a Global Community

The interview touches on the global nature of the Solana community. Nom's experiences working with developers and users from around the world highlight the potential for blockchain technology to create truly international, collaborative ecosystems.

The Role of Education in Crypto Adoption

Education emerges as a crucial factor in driving cryptocurrency adoption. Nom's approach of explaining crypto concepts to family members underscores the need for clear, relatable explanations of blockchain technology and its potential benefits.

Balancing Speculation and Utility

While speculation has been a significant driver of interest in cryptocurrencies, the conversation emphasizes the importance of creating real utility. Nom argues that long-term success will come from building products that people want to use regularly, not just for potential financial gain.

The Importance of User Feedback

Nom's willingness to seek feedback on Bonk's projects, such as Bonkmark, highlights the importance of user input in refining blockchain applications. This iterative, user-centered approach could be key to creating products that resonate with a broader audience.

Collaboration in the Solana Ecosystem

The conversation reveals a strong spirit of collaboration within the Solana ecosystem. From cross-project integrations to shared learning experiences, this collaborative approach appears to be a significant strength of the Solana community.

The Potential of Blockchain Beyond Finance

While much of the discussion focuses on financial applications, there are hints at the broader potential of blockchain technology. The mentions of content creation, gaming, and social applications suggest a future where blockchain underpins a wide range of digital experiences.

The Role of Fun in Crypto Adoption

A key takeaway from the interview is the importance of fun and enjoyment in driving crypto adoption. Nom's emphasis on creating engaging experiences suggests that the path to mainstream adoption may be paved with enjoyable, rather than purely utilitarian, applications.

Looking to the Future

As the interview concludes, there's a sense of optimism about the future of Solana and the broader crypto ecosystem. Despite past challenges, both Nom and Justin express excitement about the potential for continued growth and innovation in the space.

In conclusion, this engaging conversation with Bonk founder Nom provides valuable insights into the strategies and philosophies driving growth in the Solana ecosystem. From the importance of community and persistence to the need for user-friendly experiences and continuous innovation, the interview offers a comprehensive look at the current state and future potential of Solana and projects like Bonk. As the crypto space continues to evolve, the lessons and approaches discussed here may well prove crucial in shaping the next wave of blockchain adoption and development.

Facts + Figures

• Nom has been a Solana developer and DJN for approximately 3.5 years, entering the space in February 2021.
• Bonk was launched on December 25th, 2022, as a response to the FTX collapse in late 2022.
• Bonk started with 40 integrations on day one and has grown to around 350 integrations with significant weekly active users.
• Bonk Bot is now handling more trading volume than many Layer 1 blockchains.
• The FTX collapse occurred in October/November 2022, shortly after a major Google announcement about Solana.
• Bonk was designed as a "Christmas gift" to inject life back into the Solana ecosystem following the FTX collapse.
• Nom suggests that the crypto space hasn't yet seen significant upticks in mainstream social media presence or adoption.
• Traditional finance companies like PayPal, Visa, and Stripe are increasingly getting involved in blockchain projects.
• Bonkmark, a new Bonk initiative, aims to simplify the onboarding process for new Solana users, allowing wallet creation with just an email address.
• Nom emphasizes the need for crypto projects to create compelling user experiences similar to popular mobile apps and games.
• The interview suggests that the path to mainstream adoption may lie in gaming, NFTs, content creation, and social apps.
• Nom argues that if current strategies were working perfectly, mass adoption of Solana-based apps would have already occurred.

Questions Answered

Who is Nom and what is his background in the Solana ecosystem?

Nom is a Solana developer and DJN (decentralized journalist) who has been active in the ecosystem for about 3.5 years. He entered the Solana space in February 2021 and quickly became involved in various projects, notably playing a significant role in building out Monkey Dao, an organization centered around the Solana Monkey Business NFTs. This experience provided him with valuable leadership skills and connections within the early Solana NFT community.

What is Bonk and why was it created?

Bonk is a meme coin created on the Solana blockchain, launched on December 25th, 2022. It was designed as a response to the FTX collapse, aiming to inject new life and enthusiasm into the Solana ecosystem. Bonk was created to stimulate engagement and provide a fun, integrated meme coin that could be used across the Solana ecosystem, addressing the loss of strength, trust, and capital that often follows black swan events in cryptocurrency ecosystems.

How has Bonk grown since its launch?

Bonk has experienced significant growth since its launch. Starting with 40 integrations on day one, it has now expanded to around 350 integrations that see significant weekly active users. Projects like Bonk Bot are now handling more trading volume than many Layer 1 blockchains. The team has also expanded its focus to include charitable initiatives, merchandising, and brand building.

What strategies does Nom suggest for growing the Solana community?

Nom emphasizes the need to look beyond simple metrics like transaction counts or holder numbers and instead focus on creating compelling use cases that excite users. He suggests improving user experience and marketing strategies, creating products that people would actually use regularly, and drawing inspiration from popular mobile apps and games. Nom also stresses the importance of experimentation and a willingness to try new approaches in onboarding new users.

What role does Nom see for traditional finance in the crypto space?

Nom sees the increasing involvement of traditional financial institutions as validation of the potential of cryptocurrency and blockchain technology. He points to recent developments such as PayPal's launch of PYUSD and the involvement of companies like Visa and Stripe in blockchain projects as positive signs for the industry's growth and mainstream acceptance.

How does Nom view the potential of blockchain gaming?

Nom sees significant potential in blockchain gaming as a driver of crypto adoption. He agrees with the idea that successful blockchain games may be those where the crypto aspect is not front and center in the marketing. Instead, the focus should be on creating engaging gameplay experiences, with blockchain technology serving as an underlying feature rather than the main selling point.

What is Bonkmark and how does it aim to simplify user onboarding?

Bonkmark is a recent initiative by the Bonk team, powered by Tip Link. It aims to simplify the onboarding process for new Solana users by allowing anyone to become a Solana wallet owner using just an email address. This project demonstrates Bonk's commitment to reducing barriers to entry and making the Solana ecosystem more accessible to a broader audience.

How does Nom view the importance of community in the Solana ecosystem?

Nom sees community as a crucial factor in Solana's resilience and growth. Throughout the interview, he emphasizes how the strong sense of camaraderie and shared purpose among Solana developers and users has helped the ecosystem weather challenging times. He views Solana as having captured "internet culture on chain," creating a unique and engaging environment for users.

What challenges does Nom identify in marketing crypto projects to mainstream audiences?

Nom points out that many current marketing strategies are still targeted at existing crypto enthusiasts rather than newcomers. He suggests that to achieve true mass adoption, projects need to rethink their approach and focus on creating products that appeal to everyday users. This includes creating user-friendly experiences, focusing on real utility, and potentially learning from other industries like gaming and social media.

How does Nom balance innovation with accessibility in blockchain development?

Nom emphasizes the need to balance cutting-edge innovation with user-friendly experiences. While Solana is known for its technical capabilities, Nom stresses that the focus should be on creating applications that are easy and enjoyable for average users to interact with. He advocates for an iterative, user-centered approach to refining blockchain applications, highlighting the importance of user feedback in creating products that resonate with a broader audience.