Posts about Solana
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DeFi on Solana is being wiped out, so to speak.
At the start of the month, TVL on the chain was close to $1bn. Now it has crashed to $280m and is out of top 10.
Top chains by TVLAt the peak of the bull run, Solana boasted close to $10 BN in TVL. Now it down to 2.8% of that. Absolute carnage.
Solana has been plagued with one disaster after another - first the numerous chain halts, then the revelation that one team was responsible for most of TVL by creating double entries, now the final nail in the coffin has been the implosion of Sam, brining with it the downfall of the chain he shilled so much. Many exchanges are cutting down on exposure to Solana, Even stablecoins are migrating liquidity to other chains
Do you think this chain can pull itself together after all the fiascos?
Yes, basically what the title said.
As if things weren't already shitty enough, if you're holding soBtc on Solana i hope you're ok....also: get the fuck out of Solana, seriously.
How many warnings and red flags do you need?
I know it's hard and i don't ask you to trust "ME", a rando on the web, trust all of the signs.
Between the doctored stats, the outages, the "let's stop the unstaking till the market is favourable" and all the other things that put this project at the antithesis of what crypto should be.
EDIT: screenshot https://pbs.twimg.com/media/FhXMgpCWQAEsd0d?format=png&name=small
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On Aug. 16th 2021, Solana flipped Uniswap (now rank 17) to become a top 10 crypto. Below is an image of the top 10 at the time the flip occurred.
https://i.redd.it/gznz567mxky91.pngSince then, Solana shot up in value, skyrocketing from $63.86 to over $250 (and becoming the number 4 crypto) just under 3 months later on Nov. 05, 2021. However the 2022 bear market has been particularly hard on SOL as it's currently down ~88% since the ATH. Outage after Outage over the last year has caused this novel Proof of History blockchain to bleed out its market cap.
Now just 448 days after becoming a top 10 crypto SOL has officially been flipped by MATIC and fallen out of the top 10. How long the flip lasts is another question, but for now SOL is out of the top 10.