When Twitter is infiltrated by the influence of Solana, does it start by supporting the reading of asset prices?

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6 hours ago

Author: Chloe, ChainCatcher

Yesterday, Solana announced on the X platform that it will collaborate with X, stating, "X is becoming an all-encompassing application, and soon, Solana will be integrated within it."

Previously, Nikita Bier, the product head of the X platform, mentioned that X is currently developing Smart Cashtags, allowing users to specify specific assets (or smart contracts) when posting on X.

Bier explained that Smart Cashtags directly address the ambiguity issues of traditional tags, especially in the cryptocurrency field, where multiple assets or token names may share the same ticker, leading to user confusion and misdirection.

Smart Cashtags features include mainstream cryptocurrencies, stocks, and other financial instruments

When users publish content using Smart Cashtags, X will directly open a dedicated page, allowing users to immediately view real-time price data, market performance charts, key market statistics, and an integrated view of all related discussions and posts about that asset on the X platform.

Users can obtain instant market background information without having to navigate to external websites or applications. Bier particularly emphasized that the underlying API supports near real-time updates, especially for on-chain assets.

The feature's coverage extends beyond mainstream cryptocurrencies. From the mockup shared by Bier, it can be seen that Smart Cashtags also support stocks and other financial instruments, including BRK.B (Berkshire Hathaway Class B shares) and Solana ecosystem tokens like BONK, with real-time prices and posts linked to the dedicated discussion page for the relevant asset.

Bier highlighted X's existing influence in the dissemination of financial information, noting that the platform impacts capital allocation decisions worth hundreds of billions of dollars daily. "Smart Cashtags will further expand X's influence in financial information."

The development of Smart Cashtags builds on the earlier cashtag feature introduced when the platform was still called Twitter, which collaborated with data providers to offer basic real-time charts for certain stocks and cryptocurrencies. Former X CEO Linda Yaccarino announced last June that the X App would support investment and trading, and although she left shortly after, the mockup suggests that plans for integrating financial features are still progressing.

Additionally, Bier's Smart Cashtags mockup even featured buy and sell buttons, sparking market discussions about whether X will introduce trading features for U.S. stocks and cryptocurrencies in the future. However, the current announcement focuses on asset information display and does not confirm any direct trading integration.

Mixed market reactions, with skeptics questioning how X will determine legitimate tokens

The crypto analysis platform Kryll believes that Smart Cashtags will upgrade X into an engine for cryptocurrency market growth, reducing friction for users while allowing projects to convert every mention by users into potential marketing engagement, significantly amplifying community-driven discovery and social interaction.

However, some users have raised concerns. X user @idobn asked how X plans to distinguish between legitimate tokens and fraudulent or malicious tokens, especially in cases where multiple altcoins are launched simultaneously sharing the same ticker.

From a regulatory perspective, when X begins to provide real-time data on financial markets and presents related assets to users through algorithmic mechanisms, does this constitute investment advice? Furthermore, if trading capabilities are integrated in the future, how will regulators define its role? As a financial information service provider, a securities trading platform, or an investment advisory firm?

Nikita Bier, as an advisor to Solana, faces criticism for apparent resource bias

Interestingly, Nikita Bier has previously held a skeptical view of the crypto market. During the prolonged bear market, Bier frequently made sarcastic remarks on social media, joking that cryptocurrencies were dead and mocking the market as a cycle of hype, openly questioning the practical use of the technology in the real world. It wasn't until March of last year that Bier posted a series of tweets announcing a shift in his stance, admitting to having a "complex view" of cryptocurrencies in the past while noting that the entire industry had reached a critical turning point.

He specifically pointed out three major factors that prompted his change of view: first, the U.S. regulatory environment has become more friendly, clearing policy obstacles for industry development; second, Apple has relaxed restrictions on crypto applications in the App Store, allowing more related apps to reach mainstream users; and third, and most importantly, the popularity of meme coins has led to wallets like Phantom, particularly in the Solana ecosystem, being installed on millions of consumers' phones, marking the first time cryptocurrencies have truly achieved large-scale accessible liquidity.

While many X users welcomed this optimistic attitude, some users still mocked him, accusing Bier's early anti-crypto stance of being merely a ploy to generate hype.

Bier joined X around July of last year, just before and after Linda Yaccarino's departure. He is currently an advisor to Solana and a venture partner at Lightspeed Venture Partners. Before joining X, he worked at xAI and Meta, where he was responsible for a department focused on building experimental consumer-facing applications.

Bier's identity has also raised market skepticism. Observers have pointed out that Nikita Bier is both the product head of X and an advisor to Solana, and that BONK's unambiguous appearance in the mockup is not a coincidence. Crypto KOL @cfm_sol also noted that in the Smart Cashtags announcement released by Bier on the 11th, the mockup placed Solana's BONK directly below BTC, complete with prominent buy and sell buttons, leading many to believe that insiders from Solana have infiltrated the core of X's product development, showing a clear resource bias without any disguise.

Additionally, some users inquired whether Smart Cashtags would integrate BNB, to which Binance founder CZ directly responded, "Minor shareholders, let's wait and see."

For Solana, collaborating with X undoubtedly leverages X's vast user base of over 500 million, accelerating its adoption rate in the global crypto market. This includes significantly reducing user friction regarding asset information, injecting liquidity, and even resolving previous confusion over similarly named tokens, which is of great value, especially for Solana, which has a wide variety of tokens.

However, given Bier's identity, will this financial information platform, which should be open, lean towards a specific ecosystem in practice? The answer to this question will inevitably have to wait until Smart Cashtags officially launch to be revealed.

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