Exposing Solana: Everything they don't want you to know!
Summary
TLDRThe 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
🚫 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.
🔢 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.
📉 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.
🕊️ 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.
🏦 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.
⚠️ 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.
Mindmap
Keywords
💡Manipulation
💡Fraud
💡TPS (Transactions Per Second)
💡TVL (Total Value Locked)
💡Stablecoin Volume
💡Inflation
💡Centralization
💡Sandwich Attacks
💡Formal Verification
💡Whales
💡EVM (Ethereum Virtual Machine)
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
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