Is Solana really the ETH killer?

Is this the ideal resume of a highly-acclaimed Eth Killer?

Solana is problematic.

It is as problematic as the naughtiest kid in class who always promised to behave, and then turn around and start standing on tables chanting war cries from Game of Thrones.

Let’s take a closer look at what Sol promised us to be.

It was supposed to a mighty layer one that uses proof-of-stake mechanism and was designed to be lightning quick.

Reportedly, it can handle up to 65,000 transactions per second.

Eth is at 30 per second.

BTC is at 4.6 and Visa is around 1,700.

And Sol transactions are dirt cheap, at around $0.00025 per transaction.

That’s why people dubbed it the Eth killer.

But then all kinds of problems started surfacing.

The wormhole bridge hack waltz away with $320M of stolen funds.

Ouch.

That really puts a dent in users’ confidence towards Solana.

Till Jump Crypto literally jumped in and donated $320M to cover up the gaping hole entirely.

Just like that.

Not to mention Sol goes down more often than soccer players on a football field.

It went down 12 times just in 2022 so far.

Blockchains aren’t reliable if they keep going down.

No matter how fast or cheap your blockchain is, if it unreliable, it cannot be sustainable.

Then there was the controversial episode about how Solana’s blockchain slowed down drastically due to spam and bots overloading its system.

There was a few videos circulating about how early investors in Sol reaped billions of dollars and how Sol really belonged to the VCs.

While not entirely unusual, Sol did allocate a disproportionately huge chunk of its token to VCs in the early days, prompting questions and suspicions.

As reported by Messari, 48% of Sol tokens are owned by insiders: the team, company and VCs.

Not the ideal narrative if you really want more users to believe in Sol and propagate its use cases.

Multicoin made unbelievable amounts of money from their initial investments in Solana.

Multicoin Capital made so much, the numbers look surreal.

“Modest seed-stage investments have been the driver of Multicoin’s growth since it was founded in 2017; The Austin, Texas-based manager was an early investor in Solana, which rose over 20,000% at its peak of over $250 per token before falling to its current value of just over $30, still more than a 13,000% gain from its initial coin offering price.”

Now Sol investors are suing Solana Labs and Multicoin for dumping on retail investors and profiteering illegally from it.

The Sol team had multiple outages to deal with, delayed their timelines numerous times and seem to attract more controversies each passing day.

Is this really the makings of a highly anticipated Eth killer?

Which will survive and thrive in the long run?

Now, there is hack.

8,000 Sol hot wallets were attacked and $5M haven already been stolen.

The scariest part is that the source is still unknown and the hack is still ongoing.

Operating a blockchain as big as Sol is a monumental task.

Sol is the 5th largest blockchain by TVL and still holds considerable power in the ecosystem.

What they do next could be the key to either saving an empire or pushing the disaster dominos further.

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Will Solana beat Ethereum?

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#startups #business #startupx #growth #success #socialmedia #culture #web3 #strategy #hacks #ronin #horizon #harmony #solana #bridges #eth #btc #crypto #hackers #wallets

Is Solana really the ETH killer?

Is this the ideal resume of a highly-acclaimed Eth Killer?

Solana is problematic.

It is as problematic as the naughtiest kid in class who always promised to behave, and then turn around and start standing on tables chanting war cries from Game of Thrones.

Let’s take a closer look at what Sol promised us to be.

It was supposed to a mighty layer one that uses proof-of-stake mechanism and was designed to be lightning quick.

Reportedly, it can handle up to 65,000 transactions per second.

Eth is at 30 per second.

BTC is at 4.6 and Visa is around 1,700.

And Sol transactions are dirt cheap, at around $0.00025 per transaction.

That’s why people dubbed it the Eth killer.

But then all kinds of problems started surfacing.

The wormhole bridge hack waltz away with $320M of stolen funds.

Ouch.

That really puts a dent in users’ confidence towards Solana.

Till Jump Crypto literally jumped in and donated $320M to cover up the gaping hole entirely.

Just like that.

Not to mention Sol goes down more often than soccer players on a football field.

It went down 12 times just in 2022 so far.

Blockchains aren’t reliable if they keep going down.

No matter how fast or cheap your blockchain is, if it unreliable, it cannot be sustainable.

Then there was the controversial episode about how Solana’s blockchain slowed down drastically due to spam and bots overloading its system.

There was a few videos circulating about how early investors in Sol reaped billions of dollars and how Sol really belonged to the VCs.

While not entirely unusual, Sol did allocate a disproportionately huge chunk of its token to VCs in the early days, prompting questions and suspicions.

As reported by Messari, 48% of Sol tokens are owned by insiders: the team, company and VCs.

Not the ideal narrative if you really want more users to believe in Sol and propagate its use cases.

Multicoin made unbelievable amounts of money from their initial investments in Solana.

Multicoin Capital made so much, the numbers look surreal.

“Modest seed-stage investments have been the driver of Multicoin’s growth since it was founded in 2017; The Austin, Texas-based manager was an early investor in Solana, which rose over 20,000% at its peak of over $250 per token before falling to its current value of just over $30, still more than a 13,000% gain from its initial coin offering price.”

Now Sol investors are suing Solana Labs and Multicoin for dumping on retail investors and profiteering illegally from it.

The Sol team had multiple outages to deal with, delayed their timelines numerous times and seem to attract more controversies each passing day.

Is this really the makings of a highly anticipated Eth killer?

Which will survive and thrive in the long run?

Now, there is hack.

8,000 Sol hot wallets were attacked and $5M haven already been stolen.

The scariest part is that the source is still unknown and the hack is still ongoing.

Operating a blockchain as big as Sol is a monumental task.

Sol is the 5th largest blockchain by TVL and still holds considerable power in the ecosystem.

What they do next could be the key to either saving an empire or pushing the disaster dominos further.

-

Will Solana beat Ethereum?

-

#startups #business #startupx #growth #success #socialmedia #culture #web3 #strategy #hacks #ronin #horizon #harmony #solana #bridges #eth #btc #crypto #hackers #wallets