Solana was one of the hottest projects in the last bull run. Today I’m taking a look on what happened to it and its connection with SBF
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0:00 Intro
0:21 Last bull run
1:31 Consequences of centralization
2:51 Solana and SBF
3:47 Tech issues
4:24 Developers leaving
5:27 Layer 1s
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#bitcoin #ethereum #crypto #news #nft #economy #money #blockchain #invest #inflation #cardano #cryptocurrency #solana #ftt #ftx #sbf
Kids you remember when your dad left to Go to the store and get some milk But unfortunately He never came back Well that potentially could be Solana It's time we talk about the dead project And find out if your daddy's ever come Back from the store let's get it Welcome to biblical dope my name is Ben And today we are talking about Solana This is a project that we were in very Early from two dollars on we were Talking about it was a good buy the tech Had some issues over the years but of Course with the fall of Sam Bateman Freed FTX and Alameda everything they're Invested in is troubled now first and Foremost Solano so let's get into it Solano was definitely one of the hottest Projects during the last Bull Run Between early 2020 and late 2021 the Price climbed from a dollar all the way To almost 260 bucks and it seemed like It wasn't just speculation at the time They were adding a ton of developers to The ecosystem they had applications that People were actually using and Solana Was the leader in the house when it Comes to being the new ethereum killer Was this going to be the project that Was going to take eth Al finally sadly First one holders that answer is no you See Solana had an inside track on Ethereum because it was much faster and
The transaction fees were much cheaper And this is why it made it so appealing For developers to come over and build on The platform but see then you get in to When the problems began the reason it Was so fast and so cheap was because the Transactions were pretty centralized Decentralization was not prioritized on The network and this is the tricky thing About blockchains the decentralization Part is what makes the user experience Slow clunky expensive and complicated But yet the decentralization is the Number one thing that makes this Technology valuable it wasn't long Before Solana started reaping what it Sowed when it came to its lack of Prioritization on decentralization the Low costs of fees on the network made it Easy for spam and Bots to infiltrate What they had built and when these bot Attacks occurred the salon developers Likened them to DDOS attacks on Solana In some cases these Bots would manage to Shut down the entire blockchain for Hours something that's obviously Unacceptable in the world of crypto That's supposed to be 24 7. now there Are other rumors for what was going on When the blockchain would go down but Hopefully we'll be able to address that In a later video but shutdowns like this Are extremely dangerous for networks Especially because some people have open
Trades on Leverage on dvive platforms And applications built on the network if The Market's volatile and they're unable To exit their positions they could end Up getting liquidated and this happened All the time during these pause is of Course then we get into the real Connections between Solana and FTX you See despite all these problems the Solana price it kept thriving throughout The entire bull market And now we understand why it was due to Market manipulation from SPF FTX and Alameda which is all basically the same Thing and when the SPF House of Cards Began to crumble things started looking Quite dire for Solana now the real Problems with FTX they start occurring In the last few months obviously but There was a time this year earlier when Solano was doing very well was dancing Around 100 and holding quite steady but Since the real problems began at FTX the Prices crumbled all the way down to 11 At the time of this recording many People including crypto Indio think this Thing's going all the way to three bucks That's right as of now it's down 95 Percent She's forecasting it to go down 98 to 99 And even in the bear Market when the Activity has been low and there hasn't Been a lot of transactions or users the Platform has still struggled to stay
Online with many more pauses coming even In this bear market now the Solana Co-founder Anatoly yakovenko he was Forced to address these concerns at the Break point conference the Solana Conference in Lisbon Portugal these Comments were made just days before FTX Collapsed which very well could end up Being the nail in the coffin for Solano In the month and a half now since FTX Has filed for bankruptcy Solana price has continued to drop Losing 50 of its value in just six weeks Now we're getting reports that Developers are leaving Solana in Exodus A report from token terminal says up to 90 percent of the developers have left Now the official Salon account they hit Back they said that's not true they Claim there's 25 000 unique developers Still working on the platform citing Data from the audit firm SEC 3. although It seems this auditing firm is Specifically focused on the Solana Ecosystem so there might be a potential Conflict of interest If your audit says there's no developers Left and your auditing company is all About auditing Solana platforms then That may not be the best way to get a Lot of business but regardless of the Exact percentage developers are leaving In droves so our projects and this week It was announced the top two nft
Projects Utes and D Gods well they're Both going to be bridging over to Ethereum and polygon not good for Solana As far as tvl or total value locked in Assets on the network is what's down 98 From 215 million all the way down to a Measly 10 million dollars I can't help But think back on the last Bull Run and All the talk was about EOS being the Next big chain or Tron well now nobody Really considers EOS ortron to be Serious if you're in competitors in Every bull run it seems we have layer 1 Projects come out of nowhere offering a Radically different user experience like Now we've got Aptos and sweet but these New layer ones are always making giant Compromises when it comes to Decentralization and that defeats the Purpose and these projects also seem to Spend a ton of money on marketing to Shortcut the system in my opinion these Are red flags of these projects they're Usually not long-term holds but if You're trying to take advantage of pumps Not Financial advice watch for these Layer ones that come out that have all The marketing and are short on Decentralization the height usually Leads to upgrade in price but make sure To get out your positions when Everyone's euphoric because these Projects they don't just fall to the Ground they crash and burn ethereum will
Not be the only layer one network that Makes it but it's the sure BET right now There's a lot of value to capture from Layer 1 Investments when it comes to the Next Bull Run but when it comes to Long-term holds you need to find the Ones that have professional teams strong Development and are actually building Things and gaining users don't get LED Astray for the latest VC toy if you will Right now we're looking at cardano Cosmos algorand hbar ICP is potential Main competitors to ethereum I think the Most sure bet here is cardano but there Are a lot of strong competitors but by The end of the next Bull Run maybe some Of those will have crashed and burned Too but when things are short when it Comes to layer 1 Investments When they crash you don't want to be Left holding the bag that's all I got be Blessed good boy out [Music]
