What the Hell Is Going On With Solana?
TL;DR
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SOL’s three greatest weaknesses, turned strengths are listed under.
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Firstly, FTX; secondly, VC funding; and thirdly, the steadiness of SOL.
Full Story
You recognize that episode of The Workplace, the place Michael interviews for the place at company?
And when requested to checklist his weaknesses, he truly lists his strengths…
(“I care an excessive amount of, I work too exhausting, and many others.”)
Yeah, properly, Solana appears to be ‘pulling a Michael Scott’ proper about now.
Right here’re SOL’s three greatest weaknesses, turned strengths:
Wait – maintain up – earlier than we go any additional, it is price mentioning…
These are simply observations we have comprised of our each day (over)consumption of crypto information over the previous 1-2 years (we may very well be manner off in our interpretations).
This isn’t monetary recommendation – neither is it a vote for/towards any competing chains.
(Level is: do not @ us).
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Weak point: FTX owned a variety of SOL, if it have been to be bought off in chapter proceedings, this might crash the value.
Power: FTX has since locked up an enormous chunk of its holdings in staking contracts, suggesting it plans to carry it for some time.
Plus: the corporate even bought a $13M bag of its liquid holdings not too long ago…and never a lot occurred to the value. That is an enormous vote of confidence!
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Weak point: Loads of enterprise capitalists invested in SOL early on, which branded it as a ‘VC coin,’ stoking fears that these traders would money out and dump the value because the market rose.
Power: That is all nonetheless true – VC’s maintain a variety of SOL and so they might properly money out/be cashing out.
…nevertheless it does not appear to be negatively affecting the value up to now – in reality, SOL has ~3x’d prior to now month – and now everybody’s getting FOMO.
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Weak point: For some time there, Solana had a behavior of happening – as in, ceasing to work – for hours/days at a time. That is NOT one thing you wish to see in a worldwide financial community.
Power: The core growth staff claimed to have mounted the problem earlier this 12 months…and up to now, so good!
Alright, that is it. That is what the hell is occurring with Solana.
