Posts about Solana
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?
Solana network is currently down yet again and is not producing blocks.
According to Solscan, the last block was produced 5 hours ago. This is the 4th or 5th time the network is going down in recent months.
Solscan - 5 hours agoAccording to Solana users, there were 5 NFT drops on Solana today which is being blamed for crashing the network.
Solana have officially confirmed its down yet again, and that all operators should prepare for a restart. According to them assets are "safe" though they cannot be accessed.
Restart plzAs usual, the Solana devs are online more than the network itself.
Yesterday, the Wormhole bridge one of Solana's biggest bridges lost $320m in a hack. Within hours, a trading desk Jump Capital agreed to replenish the entire amount so that the liquidations calamity is avoided. The loss of the peg due to the hack could have sent the network into cascading liquidations arising out of leveraged positions. In stepped a VC to save the day.
Lost $320m? Thats fine.. we got you covered.
The fact that VCs are ready to cover these kind of losses shows that the entire Solana "ecosystem" is just one big sham propped up by these same VCs. They dont want their baby to die just yet. Apparently Jump Capital owns a significant stake in Wormhole and is ready to sink such a huge amount to cover losses.
In Solana, the top 1.34% of addresses owns 99% of the circulating supply. Most of the supply was sold to early VCs and insiders at a massive discount to retail. Insiders and bad actors like Chamath have publicly joked about using Solana as a vehicle to play their pumps and dumps out, leaving retail to hold the bags when the sham unfolds.
VCs dont just sink in $300m to save the day, unless they have already taken out 50x that amount - that is what Solana has enabled them to do already.
So a buncha SOL Shills be like hurr durr even ehtirium had hacks and was saved by fork. Well the DAO hack was solved by cryptography solutions (forking), not by VCs stepping into save the day. If you think both are the same, you clearly understand NOTHING about crypto whatsoever. The DAO hack and the hard fork took over a month to assess, propose solutions and resolve. It wasnt an overnight fix, like what solana is known for.
When Solana goes down - over night fix.
When bridge hacked? - overnight fix.
How long will Solana depend on overnight fixes to bail the network out?
Edit: The mental gymnastics of SOlshills is just incredible. They have clearly consumed all the kool aid in the world to be supportive of this kind of institution manipulation. Yes, other projects also have VCs, and Eth projects have also been hacked. Yet none of the ETH projects have been bailed out in this manner by VCs and institutions. I have been extremely critical of ETH too. There is virtually a hack a day on Eth due to poor code or implementation or bugs, but none of the ETH project hacks have been "replenished" by institutions. If an ETH projects gets hacked and people lose money, well you are shit out of luck. As evidenced by hundreds of hacks and scams before.
The first major Solana hack, and less than 24 hours later the institutions propping up solana claim they are bailing everyone out. If this is not the least bit suspicious to you, then you are just being slow boiled alive.
Solana itself is a long term pump and dump that is devoid of any decentralisation and fundamentals except a bunch of whales propping it up. The tokenomics of every single Solana "ecosystem" project is puke worthy - from Serum to Raydium, Bonfida, Saber etc all have massive supply in the hands of a few, an incredibly high FDV and a low float and funny unlock mechanisms - perfect conditions for institutions to keep dumping on hapless retail investors like the ones supporting Solana in the comments here who dont understand anything about crypto or finance.
Another year.. and another episode of Solana going down.
Today it went down for a few hours in the early morning Asia time, and it took almost 4 hours to bring it back up.
The Solana community blames it on a DDOS attack. Lol
As the meme goes, the D in Solana stands for decentralisation.
A network that goes down this often will never be able to attract serious traders.
Imagine you are trading on margin and get liquidated because the network was down.. this happens in centralised exchanges. Solana now natively brings this kind of user experience to the blockchain where you can experience network failure on the chain. What a wonderful innovation.
Blaming it on attackers is just dishonesty. A well designed blockchain is not supposed to have attackers, its supposed to keep producing blocks based on the parameters of the network, not take a break because someone spammed transactions.
Edit: So Sol shills have attacked this post, here is some more "proof"
Coinbase blocked withdrawals as a result of Solana network going down
https://status.coinbase.com/incidents/clt85xbsqc1n
status (dot) solana.. LOL at using Solana's own status page to say the network didnt go down. I guess SOL shills love to remain in their centralised fairyland
Edit 2:
Turns out status dot solana page is lying to its own users. If you go into the Solana official groups, you can see dozens of people complaining about failing transactions, missing balances, transactions not being processed etc.
Users are repeatedly questioning the validity of the status dot solana page that shows 100% uptime even when the network was down, and even Coinbase flagged it as down.
This is why you dont use a service's own status page to come to conclusions especially if it masquerades as a decentralised blockchain, but in reality is just a glorified database.
Edit 3: This post is brigaded from the Solana sub. Hundreds of Sol shills are trying to pretend the network wasnt down. Ironically, on Sol sub itself, someone agrees that not only did the network go down, but had to be rebooted too. This is hilarious lol, the network was rebooted but status dot solana shows 100% uptime. Well played, centralised tricksters.
From Solana's own sub - user there agrees the network went down and had to be rebooted.Many more LOLs if you go tough the Solana forums especially the validators groups
TL,dr? Not only did the network go down, as shown by Coinbase status and many complaints on Solana groups, the Solana devs and community managers also tried to suppress whats going on and the Solana status page flat out lies to users.
I would honestly have not bothered going deep into Solana territory, but thanks to the 100 shills who attacked this post, we have all the juicy skeletons coming out of a SOL closet.. what a joke of a database.