Exposing Solana: Everything they don't want you to know!

Summary

The video script accuses Solana of being built on lies, manipulation, and fraud, arguing that its blockchain has no future. It alleges historical and ongoing data manipulation, including token supply, transaction per second (TPS) metrics, and total value locked (TVL). The script discusses Solana's economic sustainability issues, potential centralization, security risks with SPL tokens, and the likelihood of major token holders dumping their holdings. It concludes by emphasizing the importance of due diligence and questioning Solana's ability to scale securely and sustainably.

Takeaways

• 🚫 Salana's foundation is built on lies, manipulation, scams, and fraud, casting doubt on its future prospects.
• 📉 The speaker, a former Salana adopter, shares data suggesting that Salana's metrics, including TVL, volume, TPS, and user numbers, are manipulated to appear more impressive than they are in reality.
• 🔢 Salana's token supply was initially misrepresented; the team claimed 8.2 million in circulation when there were actually over 20 million, betraying early investors' trust.
• 📉 Salana's blockchain has experienced 11 outages in 3 years, which are dismissed by the team as normal occurrences, indicating potential instability.
• 💡 The speaker alleges that Salana faked its TPS counts by including consensus messages, which are not counted by other blockchains, inflating their performance metrics.
• 💸 A Coindesk article exposed that over 70% of Salana's TVL was fake, created by two developers pretending to be multiple devs and double-counting the same TVL.
• 📊 Current data suggests ongoing manipulation with 'junk coins' making up a significant portion of reported TVL and volume, indicating continued dishonest practices.
• 💔 Salana's daily transfer volume has drastically dropped, suggesting that previous stablecoin transfer volumes were highly overstated and potentially manipulated.
• 📈 Despite the issues, some individuals within the Salana ecosystem continue to make false claims about user numbers and transaction volumes, misleading the community.
• 🛑 The video script emphasizes the importance of due diligence for investors, warning against taking claims at face value and highlighting the prevalence of manipulation within the Salana blockchain.

Q & A

What is the main argument presented in the video script about Solana?

The main argument is that Solana is built on a foundation of lies, manipulation, scams, and fraud, and due to these issues, it has no future. The script alleges that various metrics of Solana, including TVL, volume, TPS, and user numbers, are constantly manipulated to appear more impressive than they are in reality.

What does the script claim about Solana's token supply in early April 2020?

The script claims that Solana's team initially stated the total circulating supply was 8.2 million tokens, but in reality, it was above 20 million, which was a betrayal of the original investment terms. The team later tried to cover this up, but evidence from Telegram and Twitter proved otherwise.

How does the script describe Solana's claim of achieving 400,000 TPS?

The script states that Solana's claim of achieving 400,000 TPS is false and was used to make the network appear better than it is. It argues that most of the transactions counted towards this number were not real and did not make it into the blockchain, inflating the TPS metric by over 100 times.

What is the 'fake TVL' issue mentioned in the script in relation to Solana?

The script refers to an incident where it was revealed that the majority of Solana's TVL was fake. Two developers pretending to be multiple developers counted the same TVL repeatedly, which accounted for more than 70% of Solana's claimed 10 billion TVL at its peak.

What is the 'sandwich attack' mentioned in the script, and how does it relate to Solana?

A 'sandwich attack' is a type of malicious trading strategy where a transaction is placed to take advantage of another user's transaction, often resulting in the victim paying more or receiving less than they should. The script claims that Solana promotes this kind of activity due to its cheap transaction costs, leading to frequent sandwich attacks that steal from users.

What does the script suggest about the future of Solana's token and its economic sustainability?

The script suggests that Solana's token is not economically sustainable due to its low fees by design and the high costs for node providers. It relies on token inflation and speculative buying to sustain the network, and without mass adoption generating substantial fees, the network may face major issues.

How does the script describe the potential centralization of Solana's block production?

The script suggests that Solana is moving towards centralization, with a prediction that roughly five block builders will end up creating 100% of the blocks on Solana. This centralization is seen as problematic due to the deterministic nature of staking and block building on Solana.

What is the 'Fire Dancer' project mentioned in the script, and what issues does it face?

Fire Dancer is a project aimed at improving Solana's performance to achieve 1 million TPS. However, the script mentions that its launch has been delayed, and there are doubts about whether it will ever achieve its goals due to the experimental nature of Solana's system and the potential for unforeseen issues.

What are the security risks associated with SPL tokens on Solana, as mentioned in the script?

The script highlights that SPL tokens on Solana, being smart contract-based assets, carry the risk of being wiped from accounts by signing malicious transactions. This is similar to issues faced by Ethereum and other EVM chains and can lead to significant losses for users.

What does the script suggest about the potential impact of major investors on Solana's future?

The script suggests that major investors, including some billionaires, are likely to sell their Solana holdings at the right opportunity, creating significant selling pressure on the token. This could negatively impact Solana's market performance and its future prospects.

Outlines

00:00

🚫 Foundational Issues of Salana Blockchain

The video script begins by highlighting the foundational issues of the Salana blockchain, focusing on claims of lies, manipulation, scams, and fraud. The speaker asserts that Salana has no future due to these issues and promises to provide hard data to support this claim. The speaker was an early adopter but disengaged upon discovering the alleged manipulations. The script mentions past issues such as the discrepancy in the initial token supply reported by the Salana team, which was later found to be significantly higher than stated, leading to a betrayal of investment terms. The team's attempts to cover up this discrepancy are discussed, along with evidence from Telegram and Twitter messages.

05:01

🔢 Questioning Salana's Performance Metrics

This paragraph delves into the alleged manipulation of Salana's performance metrics, such as transaction per second (TPS) and total value locked (TVL). The speaker criticizes how Salana's TPS is calculated, arguing that it includes consensus messages not counted by other blockchains, thus inflating the numbers. The script also addresses a claim made by the Salana team about achieving 400,000 TPS, which is refuted as false and part of a pattern of deception. Furthermore, the paragraph discusses the revelation that a significant portion of Salana's TVL was fake, orchestrated by a single developer using multiple profiles to create an illusion of a thriving ecosystem.

10:01

📉 Ongoing TVL and Volume Manipulation

The speaker continues to discuss ongoing issues with Salana's reported metrics, focusing on the manipulation of TVL and trading volume. Examples of 'junk coins' with high volume but low TVL are presented as evidence of manipulation. The paragraph also mentions the drastic drop in Salana's transfer volume following scrutiny, suggesting that previous figures were highly overstated. The role of bots and specific protocols in inflating volume is highlighted, along with the network's susceptibility to wash trading and other manipulative practices.

15:03

🕊️ The Reality of Salana's User Activity and Transactions

This section presents an analysis of Salana's user activity and transaction types, challenging the blockchain's claims of high user engagement. The speaker points out that a significant majority of transactions on Salana are not user-driven but are instead consensus messages and bot activities. The paragraph includes data from various sources to illustrate the low percentage of actual user transactions and the high percentage of bot transactions, suggesting that Salana's network is not as widely used by humans as it may appear.

20:03

🏦 Economic Sustainability and Centralization Concerns

The economic sustainability of the Salana network is questioned in this paragraph, with the speaker suggesting that the network's low fees and high inflation rates are not sustainable in the long term. The reliance on token speculation rather than network usage for economic support is criticized. Additionally, concerns about centralization are raised, with the potential for a few block builders to dominate the network's block production, leading to a loss of decentralization, which is a core principle of blockchain technology.

25:05

⚠️ Security Risks and the Future of Salana

The final paragraph addresses the security risks associated with Salana's token system, drawing parallels with Ethereum's ERC tokens, which are also smart contract-based and vulnerable to malicious transactions. The speaker warns of the potential for significant losses due to these security issues. Furthermore, the paragraph discusses the uncertain future of Salana, considering the challenges of achieving widespread adoption with its current issues and the skepticism of major investors, who are reportedly looking to sell their holdings.

Keywords

💡Manipulation

Manipulation refers to the act of altering or distorting data or information to deceive or mislead others. In the context of the video, it is used to describe the alleged fraudulent activities within the Solana blockchain, such as faking transaction per second (TPS) counts and total value locked (TVL). The script mentions that 'everything from their tvl to volume to TPS to users is constantly being manipulated to make things look so much better than they truly are.'

💡Fraud

Fraud is the intentional deception to secure unfair or unlawful gain. The video script claims that the Solana blockchain has been built on a foundation of 'lies, manipulation, scams, fraud,' suggesting that the blockchain's success is due to dishonest practices rather than genuine technological merit.

💡TPS (Transactions Per Second)

TPS stands for Transactions Per Second and is a metric used to measure the number of transactions a blockchain can process in a second. The script alleges that Solana has been 'faking their TPS numbers' by including consensus messages in their count, which is not a standard practice among other blockchains, thus inflating their performance metrics.

💡TVL (Total Value Locked)

TVL is a term used in decentralized finance (DeFi) to represent the total amount of cryptocurrency locked in smart contracts. The video claims that Solana's TVL was 'fake,' suggesting that the reported value was artificially inflated through deceptive practices, such as developers creating multiple profiles to double-count the same funds.

💡Stablecoin Volume

Stablecoin Volume refers to the total amount of stablecoin transactions occurring on a blockchain network. The script discusses how Solana's 'daily stablecoin volume' has drastically decreased, indicating that previous figures may have been overstated and potentially manipulated.

💡Inflation

In the context of cryptocurrencies, inflation refers to the increase in the supply of a token over time. The video mentions that Solana is 'not very economically sustainable' with a high rate of token inflation, which is used to pay validators but may not be covered by the network's fee revenue, leading to a potential 'death spiral' for the token's value.

💡Centralization

Centralization in a blockchain context refers to the concentration of control or power, which is contrary to the decentralized nature of most blockchain systems. The script warns that Solana is moving towards centralization, with a few block builders potentially controlling the majority of block production, which could lead to security and reliability issues.

💡Sandwich Attacks

A Sandwich Attack is a type of front-running attack in DeFi where a malicious actor takes advantage of a user's transaction to execute their own transaction for profit. The video claims that Solana 'promotes' such attacks, which can lead to users losing money on transactions, highlighting a security risk associated with the blockchain.

💡Formal Verification

Formal Verification is a method used in computer science to mathematically prove the correctness of systems, such as consensus mechanisms in blockchains. The script points out that Solana lacks formal verification, which means there are no guarantees against future failures or points of failure in the system.

💡Whales

In the context of financial markets, 'whales' refer to entities or individuals with large holdings that can significantly influence the market. The video suggests that major investors or 'whales' holding large amounts of Solana tokens may be ready to sell, creating selling pressure that could negatively impact the token's price.

💡EVM (Ethereum Virtual Machine)

EVM is the virtual machine that runs on the Ethereum blockchain and allows for the execution of smart contracts. The script mentions that Solana, like Ethereum and other EVM-compatible chains, has security risks associated with smart contract-based tokens, which can be vulnerable to exploits that lead to the loss of funds.

Highlights

Salana blockchain has no future due to a history of lies, manipulation, scams, and fraud.

Investors are warned about the manipulated data of Salana, including TVL, volume, TPS, and user numbers.

Salana's token supply was falsely reported, with the actual circulating supply being significantly higher than initially stated.

The Salana team attempted to cover up discrepancies in token supply, which were later exposed by community members.

Salana's TPS claims are misleading due to counting consensus messages, which are not counted by other blockchains.

A large portion of Salana's reported TVL was found to be fake, with one developer manipulating the numbers to appear higher.

Salana's daily transfer volume has drastically decreased, indicating potential manipulation and overstatement of previous metrics.

The Salana network has faced multiple outages, with 11 instances reported over a three-year period.

Current issues include the continued manipulation of TVL and trading volumes, with certain tokens and pools dominating and inflating the numbers.

Salana's economic model is unsustainable, relying heavily on token inflation to cover network costs.

Major investors and stakeholders in Salana are preparing to sell their holdings, creating significant selling pressure.

Salana's design is complex and experimental, lacking formal verification and leading to unpredictable points of failure.

The network is becoming increasingly centralized, with a few block builders potentially controlling the majority of block production.

Smart contract-based tokens on Salana, like SPL tokens, pose security risks to users, similar to ERC tokens on Ethereum.

Salana's future is bleak due to its inability to handle mass adoption and the potential for network congestion and failure.

The upcoming Fire Dancer project, aimed at increasing TPS, is not expected to solve Salana's core issues and may be delayed.

The Salana Foundation and its ecosystem are under scrutiny, with key supporters like Jump Crypto facing legal troubles.

Transcripts

lies manipulation scams fraud this is

the foundation that salana is built off

of and because of this salana has no

future what did you say Yes you heard me

right salana blockchain has no future

and I'm going to share with you exactly

why that is the case if you are an

investor in Soul or maybe you've just

been looking into it recently then this

is a video you definitely don't want to

miss I'm going to provide hard data too

not just opinions data that myself as

well as others have been compiling for

years data showing how nearly everything

about salana has been faked or

manipulated and much of it is still

happening today everything from their

tvl to volume to TPS to users is

constantly being manipulated to make

things look so much better than they

truly are salana is really the ultimate

fake it till you make it chain that

worked its way towards the top but the

house of cards will collapse when truly

put to the test so let's dive into some

hard data and you'll see why Sal has no

future I'm going to go over about 20

different metrics data points and

situations that highlight not only the

issues salana will face but also showing

many of the lies and manipulation that

have occurred over the years I'm not

talking about the basics most no too

such as how the chain has gone down 11

times in 3 years yes 11 times in 3 years

and Maxis brush it off as if it is

completely normal so I'm going to break

this down into four sections past lies

current lies and manipulation the

reality of things and the future or lack

thereof of Solana stick around to the

end since I'm saving some of the biggest

ones till then but before I begin I do

want to say that I was an early salana

adopter and I used the chain a lot back

in the early radium and step days so I

get the appeal but as soon as I began

learning much of what I'm going to share

in this video I ran away fast you're

going to see why too let's begin by

going over some of sana's shady past

some of which you may know some you may

not first to Supply and I'm going to

start off going over an article from

Justin bonds it's a little over a year

old as you see here a salonic critique

lies fraud and dangerous trade-offs he's

got some great content in here and for

you that are watching I will link

everything that I share down below

starting with their token Supply which

they lied about their initial token

Supply in early April 2020 the salon

team stated that the total circula

Supply was 8.2 million however in

reality the total circulating Supply was

actually above 20 million betraying the

promises of the original investment

terms and as you can see there is

documentation from Telegram and Twitter

all that is here and it's provable they

actually have all this information

showing that this is the case and the

team T tried to completely cover it up

as you can see here it was also

especially difficult to verify these

claims as there were no explorers

capable of checking what was really

happening when the salon team was

confronted by this they simply claimed

it was up to the community to build out

this functionality yes this is is a

message from Anatoli the founder saying

that if you want to find out this

information basically you have to dig

for it yourself because we're not going

to build an Explorer and well that's

what some people did so by the end of

the month a third party found an

unlocked solono wallet containing 13

million tokens so someone was able to

dig through and find 13 million tokens

and the team first they brushed it off

and then they ultimately tried to

explain it saying that 11 million tokens

were loaned out to a market maker while

promising to get these coins back and

burn them within 30 days This Promise

was made on numerous occasions in the

following weeks and here is the article

that the salana foundation put out

showing how they initially put out 8.2

million tokens and they explained how

they broke it down loaning out

11.36 million tokens for liquidity

provisioning and then they go on to say

we plan to reduce the circulating Supply

by removing the 11 million Supply from

the market within the next 30 days after

removing the supply they plan to burn

the tokens well that didn't happen on

May 23rd the salana team announced that

they were only able to retrieve 3.3

million coins out of the 11.3 that they

had loaned out deciding to instead

release 8 million new salana tokens into

circulation to meet their commitment to

burn without any announcement beforehand

so this basically doubled the

circulating Supply to 16 million and

basically just brushed It Off from there

so as you can see they lied about the

token Supply this was early on in the

days and they probably never would have

fessed up to it if people wouldn't come

forward this is part of their shady past

but there is so much more than that as

well so we're also going to go into how

they faked their TPS you may know some

of this and you probably even are aware

of it going on right now so for the

longest time they were faking their TPS

numbers and the reason why is because

they count all consensus messages in

their TPS and this is something that no

other blockchain does and for the

longest time they wouldn't fess up to it

again it was something that the

community and people had to dig into to

find out and here is a graph showing

their TPS and see the tiny pink bars at

the very top that is actual true TPS

that most blockchains count actually

it's even less than that and I'll go

over more of that why in just a little

bit but the teal bar here those are

consensus messages that other

blockchains don't have and don't count

so when they were saying that they did

4,45 5,000 TPS they were inflating that

by over 10 a and the crazy thing here as

you can see from Justin's article is

that there's no good reason for this

design Choice as the problem with this

design is that validators still have to

process these transactions validators

have to pay the transaction fee for

these consensus transactions unlike

almost all other blockchains on top of

that on September 4th salana was

experienced a large amount of

transaction failures and the official

salana Twitter account came out and

claimed the network was brought down by

doing 400,000 TPS and this was an

objectively false claim designed to make

salana look better than it really is

here is the actual tweet that they put

out showing that the transaction load

peaked at 400,000 TPS the problem with

this is it was completely fake most of

it was not real this claim of achieving

over 400,000 TPS over the time period

was categorically false this is because

if transactions do not make it into the

blockchain they cannot be counted

towards the TPS limit and these were not

making it into the blockchain so it was

heavily inflated by over 100x next is

their fake tvl this was also something

that happened early on in salon's

history and this one is crazy and a lot

of people don't know about this on the

5th of August 2022 a bombshell coindesk

article exposed that the majority of

salana tvl was fake This was later

confirmed to be an Open Secret within

salana as two two developers pretended

to be 10 plus devs and counted the same

tvl over and over this accounted for

More than 70% of sana's 10 billion tvl

at its peak and I've got the article

here as well from coind Des that they

mention master of n how a crypto

developer faked a defi ecosystem check

this out this is absolutely wild and it

would have gone again unnoticed if

wasn't called out so this guy named Ian

as you can see here devised a scheme to

maximize Solana's tvl he would build

protocols that stack on top of each

other such that a dollar could be

counted several times he did this over

and over again so by counting sabber and

sunny two protocols comprised 7.5

billion of sana's 10.5 billion tvl at

their Peak billions of these dollars

were double counted between his two

protocols and he knew this he did it on

purpose I believe it contributed to a

dramatic rise of Soul Ian wrote at the

time when it traded at

$188 like I said they faked their way to

the top with various things like this

not only with their TPS but tvl and

you've got someone here admitting it

that he believes that what he did

drastically helped push salana up

further and get where it was higher up

in the list so they truly are the fake

it till you make it chain and I'm going

to show you why later they still haven't

made it continuing on he wrote that it B

bothered me that ethereum tvl was so

much higher than sana's crazy so he

wanted to create a system very similar

to what was going on in other protocols

but he took it to another level thus

what he did is he created more Anonymous

profiles he created profiles over and

over again and double stacked this

liquidity which is crazy so this goes to

show how their tvl was so incredibly

manipulated and as you can see it helped

push salana up the list and help it gain

recognition all by cheating and lying

and this is part of their past now we're

going to go into the current stuff

that's happening and the current lies

because trust me this has not ended it

is still going on so let's go check out

some of their tvl lies that are

currently going on here here we've got a

screenshot of basically two junk coins

put in a protocol that are consisting of

about 70% of the total value locked in

this protocol as you can see here 251

Mill ion locked between two tokens that

were complete garbage completely

manipulated so 251 out of this 32

million locked total completely faked

and look at the volume here

$314 but tvl 251 again completely

manipulated here we've got something

from W who likes to point out a lot of

this stuff he's been all over this so

Medora on salana is reporting a 20

billion daily trading volume but one

problem two pools accounting for 99

99.9% of volume are again garbage junk

pools look at this you can see the

volume right here two garbage pools swi

Chads swi mmm that account for almost

600 million of their 24-hour volume and

look at the tvl $365 $188 yet they're

somehow doing 410 million volume on

$365 come on this this is just

absolutely insane and then You' got an

article here from bitcoin.com newws and

this is just one of dozens salana stab

coin transfer volume drops drastically a

mid scrutiny Solana's daily transfer

volume has decreased from a range of 75

billion to 100 billion daily to around 7

billion daily this happened overnight

additionally a crypto Advocate expressed

doubts at about the legitimacy of sana's

previous stable coin transfer volumes

indicating the metrics were highly

overstated and this is something that

again that was brought to the attention

of everyone Solana's daily stable coin

volume surged from 200 to 300 million to

an astounding 30 billion within 6 months

come on 200 to 300 million to 30 billion

in 6 months a figure that appears highly

dubious the primary culprit behind this

inflated volume is the Phoenix Dex where

all orders filled or unfilled are

recorded on chain how ridiculous is that

even if the CH the order is not filled

it's still recorded as volume which is

absolutely ridiculous so this led to an

artificial boost in transfer volumes

much of the overall volume was driven by

two sources too an me bot and also

Phoenix Dex which accounted for roughly

one trillion of total transfer volume

over the last month one trillion all

from an me bot that was stealing from

you and then Phoenix Dex that was doing

all manipulated trading everything was

completely manipulated here it is from

coin stats salana faces crisis stable

coin volume plummets amid wash trading

allegations astonishingly Solana's daily

stable coin volume plummets from 75 to

100 billion to just 7 billion in a

single day could this suggest the prior

data was manipulated this has been a

concern for months even with the new 7

billion figure which is down 90% there's

speculation that up to 90% of even that

volume could still be inflated so how

crazy is that their volume drops 90% and

it's still mostly manipulated and fake

because of the fact that Sal's

transactions are so cheap to perform

that people could just buy and sell over

and over and really fake all the volume

and tvl on the entire network it's crazy

and it is designed to do this so let's

go back and look over here something

else from was four addresses two Bots

and two Phoenix vaults account for 150

billion out of the 160 billion of usdc

volume on salana the past days 150

billion out of 160 from four addresses

two Bots and two Phoenix vaults

absolutely insane and you can see all

this is here like I said all this is

detailed you can see this not only in

the Explorers but also in these

protocols none of this is made up this

is all hard data and facts all

manipulations and lies and this is still

going on this happened just a few months

ago here is from Artemis terminal that

shows exactly the time when the volume

completely plummeted as you can see

right around early June when they were

doing 70ish 75 billion 65 billion in

this is USD volume a day and then

overnight it drops down to six five six

billion volume just completely plummets

and so the reason why this happened is

because and it's actually a good reason

salano Foundation decided at this point

to remove their support from nodes that

were performing in malicious sandwich

meev attacks basically stealing from

users and the main address that was

accounting for over 90% of their volume

well they were supported by the salana

foundation so once they lost all their

stake they weren't able to perform all

these sandwich attacks any longer and

push these transactions through that is

why the usdc volume plummeted went off

the face of the Earth just showing that

the numbers were completely manipulated

beforehand and are still being

manipulated even at the current levels

this happened just a couple days ago

July 24th so Victor boin here posts can

someone explain to me what's going on

with radium protocol seeing a bunch of

very low tvl but very high volume pools

100 million daily volume with 100 tvl

and this again can be viewed in Radium

look at this we've got all of these

pools this is the liquidity right here

the tvl and this is the volume that

they're doing on a daily basis 7.9

million that's why it says over here

they're doing over a th% of their TV and

these are happening on a daily basis all

completely faked and manipulated because

people are just buying and selling over

and over again big amounts or even small

amounts because the transaction costs

are so cheap to do so they're able to

drive up ridiculous amounts of volume

and completely manipulate the numbers to

make it look so much better than they

truly are this was also something from

just a few days ago probably one of

sana's biggest grifters Marty party he

posted salana monthly unique users hit

30 million worldwide with user median 16

transactions a day both new

records salana monthly unique users as

he is sharing a chart of monthly active

addresses and we all know that it is

nowhere near 30 million in fact I've got

an another chart that I'll show you in

just a bit that it shows that it is not

even 10% of that it's not even 5% of

that and these are addresses and that's

because there's all these Bots people

have multiple accounts I have multiple

accounts I have multiple wallets as well

you probably do as well so these are

monthly active addresses and here's this

guy salana monthly unique

users so you need to be careful who you

follow in this ecosystem he is just one

of the worst for sure another thing from

W here three of the seven of the top

volume tokens on salana are honeypots

totaling 77 million volume for the three

tokens look at this chart again three of

the top seven in volume 77 million and

they're completely faked and they're

basically scams to take your money so

you got to be careful of these as well

and this is just a tiny portion of what

is still going on today the one that I

just showed you was just from a couple

days ago there are multiples that come

out every single day if I went over

every single one of them that I had this

video would take hours it's not hard to

find all this manipulation but

unfortunately people don't really see it

or they don't understand it because they

don't look into it and they just see all

these grifters and these people such as

mert who makes false claims and then

people just believe him because well it

it sounds good saying 2,000 TPS 4,000

TPS 10 billion volume without realizing

that 99% of it is fake and this is why

doing your own due diligence is so

important and we've got so much more

that we're still going to dive into as

well now if you're getting anything out

of this video and you enjoy it please go

ahead and like And subscribe as that

would be super helpful as these videos

take a lot of time especially to put

together all the content and if you're

not getting anything out of it well

you're probably Salona Maxi and you may

have tuned out long ago anyways so next

we're going to jump over and discuss the

reality of the situation and what is

really going on so here is a chart a

breakdown that Dave invalid utxo did

what he did is he took four blocks and

he broke them down he looked at them in

depth and here's the block number so you

can verify these for yourself and here's

the transactions that happened in this

block right here

2,292 here is the breakdown of what

happened vote these are consensus

messages between validators 19 89 of

2292 are vote transactions that's over

95% and then you have stuff like compute

budget systems update price BPF Oracle

scan unknown most of these things that

other typical blockchains don't count

and they shouldn't be counted for the

most part the only thing that's really

counted are actual transactions from

users or even Bots that hit the

blockchain you want to know how many of

is five five out of

2,292 are actual transactions less than

2% are actual transactions and here is

four different blocks that he broke this

down to show exactly what is going on

and the numbers are consistent here

we've got eight

seven8 the heavy majority of all these

are vote so when you hear again salana

claiming that they're doing 1651

transactions you have to realize that

80% or more of those are consensus

messages that most blockchains do not

count on top of that many of them fail

and look at how many fail here 188 1 183

11 so they also have a lot of fail

transactions too which most other

blockchains don't have or at least not

nearly to this extent here's an article

too why does salana have so many

transactions salana boasts more than six

times as many transactions as polygon

18.9 million non-vote transactions to

only 2.9 Million transactions so at

first glance it would seem that salana

is processing a lot more volume and is

thus a lot more popular but the answer

lies in the source of the transactions

only a small portion roughly 7% of

salon's non- voting transactions can be

traced to transactions related to Divi

and nft usage read that again 7% of non

voting transactions so this doesn't

include all transactions since they

count voting trans transactions if you

count voting transactions it's less than

1% that are actually related to Defi and

nft and here's the breakdown of what a

lot of the transactions are here's

another this is a graphic that shows the

exact breakdown this here's the block

number here's the transactions 3351

transactions in this

block 38% are actual useful transactions

that you would see on another blockchain

now .3% cute budget almost 1% update

price

88.7% protocol voting

2,971 transactions and then 66% that is

other random crap so only 38% are actual

useful transactions 13 out of

3351 let's go check out this from Dune

this breaks down Bots vers non bots on

average there are 9 90% bot transactions

compared to non- bot and I know a lot of

people say that it doesn't really matter

and I get it a lot of transactions are

Bots they always will be even in web 2

in our current lives but the funny thing

is roughly around 60% of all web 2

transactions today are Bots yet on

average salana has over

90% so their bot usage is far higher

than even today's metrics in the stock

market and everything else that we do

today in web 2 so again most of the

chain is completely run by Bots 90% on

average of their transactions 89.4

90.3

92% it's crazy here's something that

after discussing with toally for a while

we finally were able to kind of back him

into a corner and get him to admit

something you're conflating a bunch of

things no one is saying more

transactions equal more users which is

crap because I don't know how many times

I've seen him mert or Marty say that

more trans transactions equals more

users because that's how they like to

twist things most of the transactions

are generated by oracles and market

makers and Arbitrage Bots all those are

machine generated which is expected

because salana is the only chain cheap

enough to support that kind of load the

users are tracked as daily unique

signers and then you have these two

protocols that you can do to check these

two do a decent job tracking these so

seven TPS from humans tracks considering

that eth Matic and Salon have a similar

number of daily actives now this was

about a year ago when salano was doing

around 20 million transactions a day and

I think they were recording around 5 or

600 but as you can see only seven TPS

came from actual users like you and me

the rest all consensus messages or Bots

or Garbage transactions so again less

than 3% are actual transactions that

most other blockchain count and I know

they'll fight this because they'll talk

about this happening on other chains but

it doesn't happen to nearly the same

degree on other chains because of the

fact that salana transactions are so

cheap that it promotes doing this plus

they promote doing me which is theft it

is truly theft and I'm going to show you

a little bit more on that in just a

second here so here we've got a really

cool tool called sandwiched. me this

shows you live sandwich transaction I'm

actually going to go ahead and pause

this right here so you can see every

couple seconds a transaction is

sandwiched and it shows you exactly what

happens and how much the the person made

or how much the the bot basically made

and these are transactions in which you

as a user are having your money stolen

and this happens every couple seconds it

is nonstop if it's not a sandwich attack

it is a front run and salana promotes

this and I'll again I'll put all these

links down below so you can check these

out this is wild you'll see in real time

how many people are being sandwiched and

how much money they are losing and this

happens to you all the time this happens

on pretty much every sing s Le

transaction you do on salana so while

they say it is cheap maybe costs 100

Thum a cent that could be the case but

if you're swapping $100 of Soul into

usdc and you only get $ 9950 well the

transaction really cost you 50 cents and

that whole 50 cents wasn't from platform

fees it part of it was due to being

sandwiched or front run so this is

outright theft and this is actually part

of Micah in the EU where they finally

are coming out and saying that me is

theft and they're trying to crack down

on this this shows a sandwich bot on

salana that pocketed over $30 million

over the past 1 to two months $30

million doing nothing but sandwich

attacks and this was not long ago June

15th 2024 so this one person $30 million

basically stolen from users probably

like yourself if you use salana

frequently here's something that salana

floor or Jupiter exchange actually

launched not too long ago which is I

find really comical they launch this uh

of April this tool allows you to tip

during a transaction so you don't get

screwed basically as you can see from

their message it says so you could hide

their transaction from Searchers looking

for me opportunities and then I just

love this comment down below so you got

to pay to not get mugged basically yeah

that's that's basically what you're

doing you're you're tipping the protocol

a little bit of money so they hide your

transaction and malicious actors can't

steal from you how ridiculous is that is

is that really a solution no it's crazy

this is great too so you guys might be

familiar with this podcast we've got

xano here which I believe is the

co-founder and C of jto talking to mert

number one salonic grifter everyone

knows he's got me blocked to be honest

I've got an entire folder of crap that

Mt has said or done over the years but

he blocked me so I can't even show it

anymore unfortunately and then you got

Dan Smith from blockworks but let's I'm

going to go ahead and play this so you

can listen to it this is

wild uh what do you think the end game

of MB on salana starts looking like I

think in general you have a few you have

a few block Builders um that sort of

compete on whether it's through auctions

or whatever like uh you know for example

you could have let's say you have five

Builders um the way they can the way you

determine who gets to build what block

is they bid ahead of time maybe let's

say 100 slots and they get they get the

next 100 slots um or whatever they get

the 100 consecutive slots that they had

won the bid for um but in general I

think it just boils down to like a few

sophisticated builders that basically bu

build 100% of the blocks in salana so

he's basically saying there that he

believes in the future that roughly five

Builders are going to build 100% of the

blocks on salana and this is clearly an

issue that shows how salana is leading

more and more towards a centralized

protocol and this is not a good thing at

all the reason why is how their staking

works and how their block building works

for one it's deterministic so you know

exactly who's going to build a block

well in advance so it can attack the

leader and take them down this has been

done before but that person also knows

well in advance and they're the ones

that are creating all the blocks so even

the co-founder of jeto who is heavily

involved in this ecosystem believes that

there's going to be roughly five

builders that build 100% of the blocks

in the future how crazy is that and so

that is the reality of what is currently

going on so much is still being faked

and manipulated every single day and

I've got dozens more pieces and

documents showing this happening on a

daily basis for the salana ecosystem

this is easy enough to find if you just

look for it yourself or you could ask me

I've got plenty more to share now I'm

going to go into the future and I'm

going to show you exactly why I'm

telling you salana has no future here's

a video I'm going to show a couple clips

from this because he's got some great

stuff so I'm just going to let him go

right into it and I'm going to talk

about it doesn't work out for them their

fee revenue is less than the cost of

maintaining their Network which is

basically the token inflation that's

used to pay their Network validators so

until that math changes salana relies on

people buying their token for

speculation in order to sustain their

Network and keep them from getting into

a death spiral also keep in mind that

salana has low fees by Design so they

can't just jack up their fees to solve

this problem as that would ruin the

value proposition so the only way to

solve it is for salana to get Mass

adoption on their Network like millions

of transactions per day so that

collectively they can generate enough

fees even though the per transaction

amount is small now so basically what he

is saying there is that salana is not

very economically sustainable there's

super cheap transaction costs coupled

with all the unnecessary transactions

validators have to pay and high cost for

node providers will likely lead to major

issues in the future currently the

network is almost entirely sustained by

inflation and I'm talking a lot of it to

the tune of around 10 million a day of

new salana minted every single day as

inflation decreases over the years too

the network has to do hundreds of

thousands of TPS just in order to

sustain the network or continue to steal

from the users and here is their

financial statement that you could find

in token terminal so this goes and shows

the the tokens that are minted and it

shows them as an expense as you can see

and again this is totally in token

terminal you could find this they are in

the red losing over 200 million

sometimes 300 million every single month

because that's how much is being printed

in salana tokens and diluting the value

because their fees and their revenue

aren't anywhere near able to cover the

cost of the network as you can see here

21.4 million

is the revenue for July of this year but

they're printing over 274 million just

to keep their Network

afloat and here is from misari that

shows their their growth on average over

70,000 tokens enter circulation every

single day which is just absolutely

insane this is where I came up with a

number of over 10 million and you could

see how it

grows again you can view this all in

misari on average 70 million to or sorry

70,000 tokens enter circulation every

single day and here's a chart of their

unlocks too which gets even Wilder

especially if you look into 2025 you can

see how much is unlocked every single

month we just had a big unlock 1.97

million Soul was unlocked and it's going

to continue through the year but next

year is going to be wild next year in

March almost 10 million salana tokens

are unlocked and this is on top of the

inflation that all so happens so over

the course of 2025 there's going to be

over 19 million salana unlocked over the

course of 2025 now take that and add it

on top of their daily inflation and that

is an insane amount of sell pressure so

without massive continued buy pressure

the soul token will really struggle and

I'm going to show you in just a bit why

that's not going to come so next up we

got another clip from the same guy here

jump crypto also used to flex their

massive war chest to support salana and

bail out its ecosystem project when

needed but now that their leaders are

potentially facing legal trouble I'm

betting that their parent company jump

Capital will reain in the crypto

Department as it's not worth

jeopardizing the parent company over one

of its smaller subsidiaries so jump

crypto is one of the biggest supporters

and investors in salana heavily tied to

FTX and Alama as well and stuff that

doesn't put any of them in a good light

and in fact jump crypto is actually

under investigation right now and

they're the ones who was also building

fire dancer which you probably heard of

and that has been pushed out even a

little bit further

a lot of people were expecting it to

come out in the next couple months or

later this year you're not going to see

it until early to mid next year at the

absolute earliest we're going to go into

some of the stuff that jump crypto is

looking at right now and again this is

one of the biggest supporters of salana

salana foundation and salana team is

heavily in bed with these guys as well

as FTX and Alama if you really dig hard

enough you could see and I could do

another video on it because I've got

plenty more on this but here's an

article from coin Telegraph president of

jump crypto steps down canav Korea

announced his resignation amid reports

of a pending investigation into drum

drump crypto's activities and several

incidents dating back to 2022 so in May

2022 the Infinite infamous collapse of

the Tera ecosystem impacted the trading

firm spotting an investor lawsuit

alleging that jump crypto reaped 1.3

billion in profits by coordinating with

Tera founder Doan to manipulate the

price of tera's us with the goal of

maintaining the algorithmic stable coins

US dollar Peg and if you recall there

was a lot of information about this

being tied to salana and FTX a lot of

funds used to try and take down Tera and

they're all tied together here Alam

salana FTX jump crypto later that same

year concerns surrounding jump crypto's

exposure to FTX began to surface so

they're currently under investigation

for some of the stuff that was going on

here's another reason why salana has no

future sana's complex and experimental

design I think vanck puts it best in

their salana deep dive report when they

say that salana system is experimental

at the end of the day like there's no

formal verification of their consensus

mechanism and it's hard to predict

potential points of failure because of

the massive amounts of data flowing

through the system so while they have

added several fixes to address those

problems it's still difficult to ensure

that no new problems will pop up in the

future and this is a big problem because

no one's going to build a mission

critical Financial app on a network that

doesn't give you some sort of

performance guarantees right and he

brings up such a great Point here too

without having formal verification you

cannot prove really that what you're

trying to do is going to happen and that

you you're not going to run into issues

in the future and a lot of other

protocols do have some form of formal

verification and the point that he makes

that is so powerful here is no major

institution is going to build on top of

something they're not sure is going to

have issues in the future and that's

exactly what is going to happen here

because salana without formal

verification major things can happen at

any given time as we've seen happen with

11 outages in the past three years and

they're going to continue to happen

maybe at a slower rate but do you think

major institutions really want to take

that risk and have the entire platform

go down or even have data lost no I'm

telling you they definitely don't next

we've got a great video some really big

investors some billionaires here these

are going to be the whales that are

going to be dumping on you guys and this

was posted about seven months ago you

might know chamath palatia he's part of

this as well as two other guys and just

just listening to this this says it all

you better clear that Salon position

what's your 24 months no he's

trying to sell it to me on text message

yeah of we're negotiating discounts I

just had the hey you're the

whole thing up bro you you don't think

I'm holding I'm hling you think I buy

millions of do of anything without a

discount everything is a discount

everything's discounted you want to

clear that position in an LLC are you

saying I got a billion dollars to saana

no bro saying I have one but you know I

brought it at a discount but you're

holding correct ish yes okay yeah me

too I'm holding is yeah these guys are

just waiting to dump on you and

completely wreck you and these are some

massive players that still hold a ton of

tokens and then there's other big

players that just bought from the FTX

estate sale so there are some major

whales out there with huge amounts of

tokens that are ready to take profit at

any sign of a good pump and that is more

selling pressure on the salana token

next we've got a great write up here

from cardano Yoda explaining basically

one of the biggest issues with salana

and how they lead kind of towards

centralization and as you can see here

all blockchain networks can in principle

be flooded with transactions there's no

difference between Bitcoin cardano

salana or ethereum the point is that the

goal of a distributed network is to

remain operational and available to

users even if a few nodes become

suddenly unavailable for any reason in

the case of client server AR

architecture if the only available

server is flooded with transaction

requests it can become unavailable or

only provide services to a limited

number of users if all clients connect

to a single server the server represents

a single point of failure and this is

exactly how salana operates salana

behaves similarly in that transactions

are constantly pushed to leader

validators you remember how we were

talking earlier about potentially five

block Builders creating 100% of the

blocks well that's centralization five

block Builders the network does not

distinguish between transactions

initiated by Bots and those initiated by

users that is okay a problem is that all

users regardless of the geographical

location or the wallets they use may

have a small chance of success in

submitting a transaction when salana is

congested the reason is that although

the validators alternate according to

the schedule and the production of

blocks they're constantly flooded with

new transactions from RPC nodes so these

primary centralized players that are

building most of the blocks are getting

spammed all the time next up is about

their token and how it is a security

risk for users and this is something

that I talk about a lot with ethereum

and their ERC token well the SPL tokens

on salana operate in a similar fashion

they're smart contract based assets that

you could have completely wiped from

your account by just signing a malicious

transaction something that can't happen

on a lot of other blockchains that have

what's called native assets and I could

share some information on this down

below but this is a major risk with

ethereum and evm chains as well as

salana because of how their tokens are

designed and they have no way of

securely telling you exactly what's

going to happen with the transaction and

this is a major risk this is why over a

million dollars is lost or drain from

wallets every single day on ethereum and

even on salana and it's going to only

ramp up as time continues and these

networks as well as most l2s and evm

compatible chains are the ones that are

heavily affected by this While others

are not because they have native assets

that are much more secure now I've got

so much more I can go into too is from

lies manipulations hacks and things that

have happened in the past that are

currently going on but all I can say is

is do your own due diligence really look

into this stuff don't believe me don't

believe anyone else look into it for

yourself but I'm going to provide all

the data that I shared in this video

down below so you can verify it for

yourself because this is not just an

opinion these are numbers that are

backed up by the blockchain and by tools

such as misari emis defi llama you name

it it's all available data you just have

to dig for it some of it you have to dig

a little bit harder than others but in

the end you'll see that salana is is not

only completely faked and manipulated

but they also have a really really rocky

road ahead of them because of their

unstable Economic Security and

everything else that's going on such as

the whales that are just ready to dump

at a moment's notice and their security

issues with their tokens and everything

else and I wouldn't be surprised at all

to see salana go down at least once more

in 2024 if not more definitely once we

start getting more users and volume I

think the chain is going to crumble and

that is because the numbers that they

say that they're doing is nowhere near

what they're actually doing so imagine

what happens when they actually get a

million users 10 million users 50

million users if it ever does get there

the chain will absolutely crumble it

will not be able to handle the weight of

it and there's many reasons for that

such as their consensus messages that

are always going to take up a large

percentage of their total transactions

let's look at fire dancer for example

they're claiming that they're going to

help salana do 1 million TPS which is

great first off there's a video you

should watch I could also link that

below where the creator of it is saying

that it's not going to happen anytime

soon and it still may not ever happen

but anyways out of this 1 million TPS

the overwhelming majority of it is still

going to be consensus messages as well

as bot transactions probably over 80 if

not 90% of that leaving less than a

100,000 probably half of that 50,000 for

actual user transactions do you believe

that 50,000 TPS is going to be

sufficient in the future I certainly

don't and once we truly get Mass

adoption I think we're going to need far

more than that because currently we have

less than half a percent of the world

population involved in crypto on a daily

basis not even 40 million users active

on a daily basis in crypto and if you

believe that we're going in the right

direction and crypto is going to get

adoption then like me you probably

believe that we're going to see hundreds

of millions if not a billion two billion

three billion people come in in the next

5 to 10 years and that's another reason

why salana has zero chance of making it

in the future because they're not going

to be able to handle the volume or any

of it because everything they're doing

and showing right now is completely fake

and if you think they're going to be

able to 100x that well good luck to you

I certainly don't many others don't and

if you have any questions hit me up but

be careful