The title is quite self explanatory, so let’s jump straight into it 👇
Our story starts with a well-known and previously successful character, called Sam Bankman-Fried. Yes, that is the person, who was the reason for both - creation and failure of FTX and Alameda Research. Throughout his whole career he has been slowly building a crypto empire, which started off as the Alameda Research hedge fund, which then used its billions of dollars (Earned in a very controversial way by trading assets against private investors) to evolve into FTX. The latter allowed Bankman-Fried to launch even more products, giving him uncontrolled influence over the whole crypto world 🌐
This is where we get to Solana
He eventually became one of the biggest Solana investors and got a place in the project. The image he had was used to promote the project and, according to rumors, manipulate the whole market and remove competitors. He gave multiple interviews where he mentioned how scalable, quick and Web3 oriented Solana was, ensuring the engagement of users and what’s most important developers 💻
What is actually happening
Solana, which claims to be one of the leading blockchains in terms of speed and scalability, hence creating the perfect platform for any Web3 application is essentially a bunch of cloud corporate services blocks all combined with a single net. The only proper Web3 element, Solana has, is tokens.
But the developers…
Yes, the developers are building on the net, positively reacting to every change and event Solana makes. The ugly truth is that those people are now trapped inside the blockchain and its regulations. The generous grants and lovely parties that Solana offered were a way of attracting developers’ attention and persuading them to join the project.
They haven’t done any sufficient research, ending up as part of this fake Web3 campaign. Now, when the alternatives are clearly visible they have no choice, but to continue expanding Solana 😬
Even the limitless has limits
The constant development of the net with more and more products added will not last forever. As it was already said, Solana is anything but scalable and the bubble will eventually pop. We can already see the interruptions in work, indicating the workload being greater than the network’s capabilities. Oh and how about the 89% price decrease? Doesn’t look like the newly released are being properly curated by the team, does it?
What is most likely to happen?
The coin has been dumping ever since few weeks after the launch, so the further scenario is quite obvious. Developers will start abandoning the project, since Bankman-Fried has lost his authority after the FTX declared its bankruptcy. We would advise to stay away from anything Solana related unless you want to become a victim of Fried’s syndicate 😵💫
Stay tuned 📻
Is Solana still worth buying?
The token has depreciated significantly and there are no signs of it’s value increasing anytime soon. Th project lacks decentralisation and speed, making it just a very well advertised scam.