Aside from the full brunt of the crypto market winter that Solana has had to endure for about a year since 2021, all doesn’t seem to be well just yet.
As of October 2021, Solana traded for $260 and was ranked the 5th largest cryptocurrency in the world by market cap. However, in a seemingly endless rain of challenges all year long, Solana has crashed from its highs in terms of popularity, price, and statistics.
After a series of downtimes, hacks, failures, and scandals, Solana is now worth about $35, has a market cap of about $12 billion, and is now ranked 11th cryptocurrency by market cap.
Lately, Justin Bons, CIO and founder of CyberCapital, published a long thread containing some harsh remarks about Solana and why he thinks the network and its native cryptocurrency are all part of a huge scam.
Justin Bons’ Twitter Thread
Justin Bons published a lengthy twitter thread, stating that the birth and prominence of SOL were centered around “blatant fraud.” He also mentioned how the cryptocurrency’s circulating supply figure is currently a lie.
Remarks about Solana’s creation and circulating supply weren’t all Bons had to say. He also included sections in the thread detailing how he thinks Solana’s Total Value Locked (TVL) is “completely fake.”
According to Bons, “two developers pretended to be more than ten developers and counted the same TVL repeatedly.” He also alleges that this is one factor that accounts for Solana’s $10 billion TVL at its peak.
As with the circulating supply of its tokens, Bons states that in April 2020, the Solana team created an illusion that there was a circulating supply of 8.2 million Solana tokens. In reality, Bons says there were well over 20 million SOL tokens.
Coupled with that, all of these factors were “deceptive designs” by the developers and the Solana team to “falsely inflate usage.” Bons even provided a source in which he claims the Solana ecosystem knowingly conspires to “fake” their TVL numbers.
Solana over the past Year
The Solana network has been the target of several hacks, scandals, and outages for what seems to have been one whole year.
It would not be far-fetched to say that most users of the Solana network have lost faith in its abilities due to the frequent crashes that have severally rendered the network unusable.
The most recent of these outages even happened a few days ago, on October 1st, when the entire network crashed for hours after a single validator added an invalid block to the chain.
Bons pointed out that it was shocking how the SOL network recovered from this failure. He adds that the October 1st bug on the SOL chain was fixed via checkpointing, indicating that a “centralized decision” was made.
Before the crash on October 1st was the crash that happened on the first day of June this year. Similar to the most recent crash, the network also went down for hours before the issue was fixed
Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)