Building a Startup on Solana: Insights from Forma Co-Founder Faraj Mayan

In the ever-evolving world of blockchain and cryptocurrency, Solana has emerged as a powerhouse platform for developers and entrepreneurs. This episode of the Midcurve podcast features an enlightening conversation with Faraj Mayan, co-founder of Forma, as he shares his experiences and insights on building startups within the Solana ecosystem.

The Journey to Forma

Faraj Mayan's journey in the startup world began long before his current venture. As a member of the founding team at BuildSpace, the world's largest tuition-free school for entrepreneurs, Mayan gained valuable experience in nurturing talent across various fields, from manga artists to Web3 and AI builders. This background provided him with a unique perspective on the challenges and opportunities facing entrepreneurs in the digital age.

BuildSpace's philosophy of turning "side quests into full-time quests" resonates strongly with the ethos of the crypto community, where passion projects often evolve into groundbreaking innovations. Although BuildSpace has since shut down, its spirit lives on through the numerous projects and startups it helped incubate.

The Birth of Forma

Mayan's current project, Forma, emerged from his experiences at BuildSpace and his deep involvement in the Solana ecosystem. He explains the genesis of Forma:

"While I was at BuildSpace, I was doing a lot of government BD, where BuildSpace got big enough, you know, we're having thousands of companies or projects get launched, a lot of them going on to raise venture funding and stuff. And internally, we hadn't figured out a revenue model. So it's just like crazy idea, where we were like, wow, you know, people starting out in the internet building, they're going and then creating jobs and hiring people and starting to do payroll and doing all this interesting stuff, IRL, after they raise money, or their product makes enough revenue."

This realization led Mayan to explore partnerships with governments to drive economic development. However, he found that it was challenging to work with countries that had fewer resources than developed nations. This is where the idea for Forma took shape.

Solana as an Internet-Native Country

Mayan's vision for Forma is ambitious and innovative. He describes it as if "Solana was like an internet native country that work with these countries." The goal is to create strategic partnerships that drive economic development by helping people land jobs on the internet, essentially building a "first digital and eventually physical home for internet talent."

This concept of Solana as an internet-native country is particularly intriguing. It suggests a future where blockchain networks like Solana could function as digital jurisdictions, offering unique opportunities and infrastructure for global talent.

Digital Passports and Restaking

One of the most fascinating ideas discussed in the podcast is the concept of digital passports tied to staking on the Solana network. Mayan shares an example from the Philippines:

"There's a free zone called the free port area of baton in the Philippines. And it's just like, you know, for people who are not familiar with free zones is a piece of land where they have special laws and regulations and incentives. They make it very easy for people to set up businesses. And oftentimes it comes with tax concessions too."

In this free zone, they are exploring a unique proposition: if you stake for one year, you get a PR (Permanent Residency), and if you keep your stake in their validator for five years, you could potentially get a passport. This innovative approach to citizenship and residency through blockchain participation showcases the potential for restaking mechanisms to create real-world value and opportunities.

The Advantages of Building on Solana

Throughout the conversation, Mayan emphasizes the benefits of building on Solana. He compares the Solana ecosystem to San Francisco, describing it as the most fun place to build in the crypto space. The community's supportiveness and the platform's technical capabilities make it an attractive choice for developers and entrepreneurs.

Mayan states, "Solana is definitely the most fun place to build. It's like San Francisco on the internet, you know." This sentiment is echoed by many in the Solana community, who appreciate the platform's speed, low fees, and vibrant ecosystem.

Advice for New Builders

For those looking to start building on Solana, Mayan offers valuable advice:

1. Build Fast and Ugly: Instead of spending too much time perfecting a product, Mayan advises builders to create the "ugliest version possible" that's still usable and safe. This approach allows for faster iteration and user feedback.

2. Build in Public: Mayan strongly encourages builders to share their progress openly. "Build like the ugliest version possible of your idea that's usable and safe since we're really in crypto and help people interact with it, you know, and build in public," he advises.

3. Leverage Social Media: By sharing updates and demos on platforms like Twitter (now X), builders can tap into the supportive Solana community and gain valuable exposure.

4. Focus on Core Functionality: Mayan suggests focusing on the "one interesting thing you would like to showcase that your product can help achieve" rather than building too many features at once.

5. Embrace the "Cringe": Don't be afraid to put your work out there, even if it feels uncomfortable. As Mayan puts it, "greatness exists in the cringe."

The Power of Content Creation

The podcast also touches on the importance of content creation for startup founders. Mayan and the host discuss the potential of platforms like Instagram Reels, YouTube Shorts, and TikTok for reaching a wider audience. They emphasize that algorithms reward consistent posting, and there's little downside to sharing frequent updates about your project.

The example of Marcus Milioni, who built a successful running company primarily through YouTube vlogs, is cited as inspiration for founder-led marketing. This approach of documenting the founder's journey can be particularly effective in the crypto space, where personal stories and behind-the-scenes glimpses can help build trust and community engagement.

Future Goals for Forma

Looking ahead, Mayan outlines ambitious goals for Forma:

1. Accelerating the Network State Concept: Forma aims to "speedrun the process of going from network state to owning land" by collaborating with governments and contributing to economic growth.

2. Simplifying Business Setup: With the increasing number of crypto-friendly jurisdictions, Forma wants to help companies navigate the complex landscape of where to establish their operations.

3. Bridging the Gap for Fast-Growing Projects: As tokens and projects on Solana experience rapid growth, Forma hopes to assist them in setting up in safe jurisdictions and accessing necessary banking services.

4. Community Building: Forma plans to host events that bring together "nomadic high skilled, high potential internet talent" and infuse elements of music and culture.

The Intersection of Music and Blockchain

An interesting tangent in the conversation explores the potential for blockchain technology in the music industry. Mayan suggests a novel approach:

"I think that could be interesting is like individual songs or EPs, right? Um, I think those, because, you know, like the memetics, the song going viral. Now it's like, you know, the artists can actually work really hard with their community to make songs go viral and get appreciated and have, you know, some sort of longevity and reach."

This idea of tokenizing or fractionalizing individual songs could provide new avenues for artists to engage with fans and monetize their work, especially for lesser-known artists from developing nations.

The Grid: A Catalyst for Solana Development

The podcast also highlights "The Grid," a hackathon-like initiative run by Jito to encourage development on Solana and specifically on Jito's restaking platform. This event creates what Mayan calls an "attention vacuum," focusing the community's attention on builders and their projects.

For those participating in The Grid or similar events, Mayan reiterates the importance of shipping quickly and sharing progress publicly. He encourages builders to tag relevant community members and projects when sharing updates, leveraging the supportive nature of the Solana ecosystem.

Conclusion: The Future of Building on Solana

As the conversation wraps up, it's clear that the Solana ecosystem offers immense potential for innovators and entrepreneurs. From novel concepts like digital passports tied to staking, to reimagining how artists can monetize their work, the possibilities are vast.

Faraj Mayan's journey from BuildSpace to Forma exemplifies the dynamic nature of the crypto space, where ideas can quickly evolve into impactful projects. His advice to build fast, share openly, and engage with the community serves as a valuable guide for anyone looking to make their mark in the Solana ecosystem.

As Solana continues to grow and mature, initiatives like The Grid and projects like Forma are paving the way for a new generation of Web3 innovations. The future of building on Solana looks bright, with a supportive community, powerful technology, and visionary entrepreneurs leading the charge.

Facts + Figures

• Faraj Mayan was part of the founding team of BuildSpace, the world's largest tuition-free school for entrepreneurs.
• Forma is building Solana economic zones, aiming to create a digital and physical home for internet talent.
• The Freeport Area of Bataan in the Philippines is exploring a program where staking for one year could lead to PR status, and staking for five years could potentially result in a passport.
• Solana is described as "San Francisco on the internet" due to its vibrant and supportive community.
• The Grid, a hackathon-like initiative run by Jito, is encouraging development on Solana and Jito's restaking platform.
• Mayan advises builders to create minimum viable products quickly and share progress publicly on social media.
• Content creation, especially through platforms like YouTube Shorts and TikTok, is emphasized as a powerful marketing tool for startups.
• Forma aims to help bridge the gap for fast-growing crypto projects by assisting with jurisdiction setup and banking access.
• The podcast suggests potential for tokenizing or fractionalizing individual songs as a new model for music industry monetization.
• Mayan mentions seeing tokens launching on Solana and reaching $100 million market cap within 48 hours.

Questions Answered

What is Forma and what is its mission?

Forma is a startup co-founded by Faraj Mayan that is building Solana economic zones. Its mission is to create a digital and eventually physical home for internet talent, acting as a bridge between the Solana ecosystem and real-world governments. Forma aims to drive economic development by helping people land jobs on the internet and facilitating easier business setups for crypto projects.

How can new builders get started on Solana?

New builders on Solana should focus on creating a minimum viable product as quickly as possible, even if it's not perfect. Mayan advises to "build like the ugliest version possible of your idea that's usable and safe." Once you have a workable version, share it publicly, tweet about it, and engage with the Solana community. Don't spend too much time perfecting the product before getting user feedback.

What is the concept of digital passports tied to staking?

The concept of digital passports tied to staking is an innovative idea being explored in some jurisdictions, such as the Freeport Area of Bataan in the Philippines. The idea is that by staking cryptocurrency (in this case, likely SOL) for a certain period, users could gain benefits like permanent residency or even citizenship. For example, staking for one year might lead to PR status, while staking for five years could potentially result in a passport.

How important is content creation for crypto startups?

Content creation is extremely important for crypto startups. Mayan emphasizes the power of "building in public" by sharing regular updates, demos, and behind-the-scenes glimpses of the startup journey. Platforms like YouTube Shorts, Instagram Reels, and TikTok can be powerful tools for reaching a wider audience. Consistent posting is key, as algorithms tend to reward frequent content creation. Founder-led marketing, where the founder documents their journey, can be particularly effective in building trust and community engagement in the crypto space.

What are some potential use cases for restaking on Solana?

Restaking on Solana opens up various potential use cases. One interesting application discussed is the creation of digital passports or residency rights tied to staking. Another potential use case is in the development of new insurance products for the crypto ecosystem. Restaking could also be used to create more sophisticated financial products or to provide additional security and guarantees for transactions in decentralized finance (DeFi) applications.

How can music industry benefit from blockchain technology?

Blockchain technology, particularly on platforms like Solana, could revolutionize the music industry by enabling new monetization models. One idea proposed by Mayan is the tokenization or fractionalization of individual songs or EPs. This could allow artists, especially lesser-known ones from developing nations, to engage directly with their fans and potentially earn more from their work. By tokenizing songs, artists could create new incentives for fans to promote and share their music, potentially making the process of a song going viral more community-driven.

What is The Grid and why is it important for Solana developers?

The Grid is a hackathon-like initiative run by Jito to encourage development on Solana and specifically on Jito's restaking platform. It creates what Mayan calls an "attention vacuum," focusing the community's attention on builders and their projects. The Grid is important because it provides a structured opportunity for developers to showcase their ideas, get feedback from the community, and potentially gain support and resources to turn their projects into successful startups within the Solana ecosystem.