Lightspeed Newsletter: Building a ‘Solana Economic Zone’ in Argentina

The Lightspeed newsletter recently covered an interesting initiative by Forma to establish a “Solana Economic Zone” in Buenos Aires, Argentina. The concept is akin to the Ethereum-led pop-up city, Zuzalu, and aims to leverage Solana’s internet economy to stimulate economic growth in the region. The program, funded by the Solana Foundation, seeks to partner with developing countries to attract foreign investment and talent through crypto initiatives.

Forma’s co-founders, Farhaj Mayan and Babak Ahmadzadeh, envision the Solana Economic Zone as a platform to empower crypto builders and foster innovation. Argentina was chosen as the inaugural location due to its widespread crypto adoption amidst economic challenges and progressive immigration policies catering to digital nomads. The initiative aligns with the broader “crecimiento” movement in Argentina, driven by crypto leaders and government stakeholders.

The vision for Forma extends beyond Buenos Aires, with plans to create year-round hubs for crypto builders and potentially establish a crypto-centric ecosystem akin to Zug, Switzerland. As Forma looks to expand its Solana Economic Zones globally, regions in the Middle East, Asia-Pacific, and Africa are under consideration. The focus remains on local engagement and collaboration with institutions to facilitate easier immigration pathways for crypto talent.

While Solana recently recorded significant network activity, including over 2.6 million active addresses, concerns have been raised about wallet-to-wallet transfers potentially inflating usage figures. This highlights the importance of monitoring network activity and gas fees to assess the underlying trends accurately.

In other industry news, Sanctum’s CLOUD token launch faced challenges with airdrop allocations favoring larger investors, sparking criticism from smaller participants. The incident underscores the complexities of token distribution and the need for transparent and inclusive practices in the crypto space.

As Forma paves the way for the Solana Economic Zone in Argentina, the crypto community eagerly awaits the outcomes of this innovative project and its potential to drive economic development and technological advancement in the region.The recent airdrop by Sanctum faced criticism from users, with some calling it a scam and criticizing the team’s decisions. Despite the negative feedback, the Sanctum team has been actively responding and addressing concerns. They even hosted an AMA on July 17 to interact with the community and address the issues faced.

Co-founder of Sanctum, @soleconomist, expressed gratitude towards the community for their support during the challenging times. The team acknowledged the feedback received and pledged to make improvements in their future endeavors. Users appreciated the team’s communication efforts and appeared grateful for the updates provided.

In a message from Farhaj Mayan, co-founder of Forma, we are reminded of the importance of staying informed in the crypto space. Subscribing to newsletters like Empire, On the Margin, and Lightspeed can provide valuable insights into the intersection of crypto, macroeconomics, policy, and finance.

It is crucial for projects in the crypto space to listen to community feedback, address concerns promptly, and strive for continuous improvement. Transparency and open communication remain key factors in maintaining trust and credibility within the blockchain and cryptocurrency community.