Created on January 1, 2018 by a team of ambitious developers, the cryptocurrency Solana (SOL) has always been positioned as extremely fast, secure and scalable blockchain network.
However, even though crypto has seen some rapid development and evolution, it is also good victim of some criticism from players in the cryptocurrency industry. Recently, it was the founder of CyberCapital, Justin Bons, who spoke out in a rather strong criticism of Solana on Twitter.
Solana again in the spotlight
Justin Bons is the latest industry player to tackle cryptocurrency. CyberCapital’s founder and chief information officer posted a lengthy message on Twitter when he did alarming comments on the Solana blockchain and its native cryptocurrency SOL.
1/25) Solana has been controversial since its inception
With frequent downtime, failures, hacks & scandals!
That’s why I’ve put together a brief and incomplete history of SOL skeletons
Working on a colorful history of lies, fraud and dangerous trade-offs:
— Justin Bons (@Justin_Bons) October 3, 2022
In this series of tweets posted on October 3, he details the bad project record regarding downtime, failures, hacks and scandals. According to him, the problems faced by Solana have been rooted since its creation.
In fact, he believes that a significant fraud was committed during the birth of SOL and he says that false statements were made regarding the total tokens in circulation of the cryptocurrency to encourage investors to buy only.
Justin Bons’ post strongly criticized Solana and his operations, especially regarding the total locked value of his SOL token as well as the best offer.
For the researcher, most of the the absolute blocking value declared on the SOL signal was false. He goes further to claim that two developers outnumbered 10 developers and counted the same TVL over and over.
In one of his tweets, Bons clarifies that the team stated an estimated SOL token supply of around 8.2 million in April 2020, which was not entirely true. In fact, there were over 20 million SOLs in circulation at the time. He also referred to a third party who came across an unlocked SOL wallet. containing more than 13 million properties.
Crypto-assets are a risky investment.
There is a long list of charges
Of the allegations that the SOL team was quick to respond to stating that these signs were for a loan. She took the opportunity to promise him to burn them within 30 days.
Far from just launching a tirade against cryptocurrency, Bons provided a source where all information can be confirmed he mentioned. He concludes his comments by saying that the project’s tainted history reflects a succession of bad behaviour.
He accuses the project leaders of lying about the supply and circulation transactions in terms of SOL vouchers. The latter also inspired a misleading designwith the aim of falsely increasing the use of the blockchain network and the complicity of the SOL ecosystem in falsifying TVL peaks.
Solana affected by numerous operational failures
For a blockchain network to develop a strong user base, it must always be able to serve them. However, there was always Solana hit by various network outages, who questioned its functionality and practicality.
Recently, the network was interrupt for more than three hours on October 1, due to an invalid block being created by one validator. In addition to this problem, its solution method did not fail to affect some players in the world of cryptocurrencies since a centralized decision had to be made.
This is an event that only critics who believe that the network is not decentralized enough declare. This was also one of Justin Bons’ talking points. In fact, he confirmed that the breakdown suffered by Solana’s network was also on June 1st due to centering problems.
Issues that do not seem to affect the project as a whole
Although it is true that Solana is not only the victim of outages and criticism for years, its ecosystem always growing and developing.
The network recently launched an NFT store which managed to occupy a market share of around 24% in September. In the same month, the sales platform recorded over $135 million in transactions, with MagicEden leading the amount with more than 90% of the market.
Note that these numbers are when Solana reached an all-time low in terms of NFT sales volume in July 2022. So, it is clearly possible confirm that the SOL token ecosystem has successfully evolved, although it remains to be seen if he can live up to these new allegations.
The price of the token is SOL $34.17 at the time of writing these lines. An increase of about 4% in the last 24 hours for a volume up of more than 20%.
How to explain Solana’s continued development?
Since its creation, Solana has always played the role of a rival of Ethereum. Fans of the blockchain network often use terms like “Ethereum killer”, as in the case of the Cardano or Polygon blockchain.
The network offers its users faster speed, low transaction fees and an easy-to-use user interface. Furthermore, while Ethereum can process about 15 transactions per second (TPS), Solana can process about 2600 in the same time. So, if Solana sees so much support from its users, it’s mostly because of that its many benefits.
Epic Games recently announced the addition of Star Atlas, an NFT game powered by the Solana blockchain to its game library. Epic Store. A piece of news that could revive interest in SOL.