📖 Founder Playbook #10 What would a Solana founder do if she was just a user? 🎙 @BilyanaChristov Co-founder of @NolusProtocol 💡 On his own protocol Billy would keep SOL as her core position and open a small leveraged long on top. Her approach: • Leverage: around 1.5–2x, rather than maxing it out • Fixed borrowing rate for the life of the position • No margin calls • If the price drops sharply, liquidation trims the position first instead of wiping it out Her reasoning is straightforward: “I'd size so a deep drawdown doesn't take me out, sit through the volatility and take partial profits on the way up.” Low leverage. Long horizon. Known cost. 🔄 Highest conviction outside Nolus Billy is bullish on Solana's evolution into an onchain capital market. Three pieces of the stack stand out: • @JupiterExchange → Access and execution • @MeteoraAG → Liquidity • @kamino → Putting assets to work as collateral 🏢 Tokenized stocks This is the area she's particularly excited about. “Now we can trade a stock onchain right after it lists, 24/7, and use it across DeFi.” Her view is that access previously reserved for insiders and institutions is opening up to anyone with a wallet. 🧠 Builder Principle “Your liquidation price matters more than your entry price.” People spend too much time trying to time an entry and too little thinking about what happens afterwards. You can be right about the direction and still lose everything if you can't survive the drawdown. Billy's advice: “Size so that being wrong is survivable. Survival is the edge, and compounding only works if you're still in the game.” 💬 Your turn When opening a leveraged position, what matters most to you? Your entry price, your liquidation price, or your position size? 🤝 Building on Solana? If you'd like to share how you think about capital, risk and conviction in a future Founder Playbook, my DMs are open.