- Justin Bons, Founder and CIO of CyberCapital, posted a Twitter thread calling out Solana.
- He elaborated on the issues of total value locked and circulating supply in relation to SOL.
- Bons warned investors against the Solana blockchain because of its “abysmal history.”
Cyber Capital CEO and chief information officer Justin Bons has called attention to the flaws in the Solana blockchain, which suffered its seventh major network outage over the weekend.
Bons, who calls himself a full-time crypto researcher, claimed in a thread that Solana’s frequent crashes are the product of poor design. In his opinion, the proof-of-history (PoH) blockchain is not novel and was developed primarily to lure short-term investors.
1/25) Solana has been marred in controversy since its founding
With frequent downtime, failures, hacks & scandals!
This is why I have put together a short & incomplete history of SOL’s skeletons
Working our way down a colorful history of lies, fraud & dangerous trade-offs:
— Justin Bons (@Justin_Bons) October 3, 2022
Bons was quite critical of Solana throughout the entirety of their Twitter thread, citing “frequent downtime, failures, hacks & scandals.” Bons elaborated extensively on the issues of total value locked (TVL) and circulating supply in relation to SOL.
The information Bons presented came from a single, cited source. According to him, the project’s past indicates unethical conduct. According to Bons, the Solana team estimated 8.2 million SOL would be in circulation in April 2020, but there would really be over 20 million SOL in circulation.
According to him, “the majority of SOL TVL was fake” when “two devs pretended to be 10+ devs and counting the same TVL over and over,” accounting for “70% of SOL’s $10B TVL at its peak.”
He also mentioned a third party who stumbled across a SOL wallet containing over 13 million coins that had been left unlocked. The SOL team stated that the assets had been lent to a market maker and that they would be burned within 30 days.
Bons continued by warning investors against the Solana blockchain because of its “abysmal history.” He went on to explain that the backing the network and its native coin SOL have received so far, particularly from VCs, “says much about the maturity of the ecosystem.”
Solana’s network outages have made headlines and questioned its usability. Most recently, the network was down for about three hours on Oct. 1 because a single validator created an invalid block. The issue’s resolution garnered attention since it was centralized.
Then again, on June 1, a transaction bug halted the Solana network for four hours. Bons said this was also due to centralization issues.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
