$SKR / @solanamobile
hmmm SKR/SOL showing weakness here, but I'm still going to hold it.
It's a real high-risk / high-reward bet.
Current Seeker's phone parc = approx. 200K device
The real upside may come from the Solana Mobile Stack (SMS): the SMS can now be integrated by other Android phone manufacturers.
The SMS is a toolkit that can turn any Android phone into a crypto-native device:
→ Seed Vault: Connects the phone’s security chip to the blockchain. Securely hold assets and approve transactions with biometrics (Face/Fingerprint) instead of seed phrases.
→ Seeker Wallet: The native interface for the Seed Vault. Send money globally for near-zero cost or buy/sell assets directly on the device.
→ Solana App Store: Access to 500+ crypto apps (DeFi, games, social) without the 30% fees or restrictions of Google/Apple.
→ Earn & Yield: One-tap staking and interest on your holdings. Manufacturers also get a cut of these fees, which is their incentive to build with SMS.
Unclear if there's demand for it from manufacturers.
Very unlikely from top brands, but even smaller regional actors would move the needle imo.
And this can be a way for brands to differentiate themselves.
If you're bullish on crypto long-term, SMS integration with a few actors isn't unreasonable.
Another upside for Seeker I see is the network effects.
While having 200K+ users is nothing in the mobile world, those users are crypto-native.
There's a real interest for crypto apps to launch their product on the Solana store: test appetite for your app, get feedback, iterate.
Unsure about LTV in crypto but I bet it's on the high side: if Seeker can boast, one day, a few million active users, then this would be a major feat.
This would be a 10x-15x growth from here (80K active users atm).
Seeker whitepaper opens the room for more value capture in the future.
Right now, there is no capture to maximize onboarding and growth.
If maturity is reached, Seeker will have more room for charging fees across the flow.
Last point, Seeker's a Solana Labs subsidiary.
Solana can pull a few strings: hardware is tough but if there's one chain that can pull it off, it's probably Solana.
Also, my optimistic side thinks Seeker already has some major partnerships and integrations in the pipeline.
MC = $100M / FDV = $200M
Unlocks start in 10 months. Beta play against SOL that gives more direct exposure to the Solana consumer narrative.
Obviously, if SKR keeps underperforming against SOL, I will have to rethink my position.
