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.