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Bots Exploit Slippage: Users face constant extraction and front-running by bots due to slippage, leading to significant losses.
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Costly Failed Transactions: If users don’t set enough slippage, transactions fail, yet they still have to pay the fees.
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Frequent Outages: Solana’s blockchain has experienced at least 12 major outages, raising concerns about its reliability.
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RPC Endpoint Manipulation: Companies running RPC endpoints can front-run your transactions, compromising user trust.
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Prolonged Beta Phase: Solana has been officially in beta for 4.5 years, far longer than expected for a major network.
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High Barrier to Validation: Becoming a validator requires substantial wealth, making it inaccessible to most users.
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Misleading TPS Claims: Solana markets itself as handling 3000 transactions per second (TPS), but this includes voting and failed transactions, with the actual rate closer to ~250 TPS.
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Inflated Supply: Solana’s circulating supply increased by 59.09 million over the last year, effectively printing $8.5 billion.
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Validator Privilege: A recent vote allows validators (the wealthy) to receive 100% of high-priority transaction fees, furthering the divide.
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FTX Sell-Off and Unlocks: FTX continues to sell off $7.5 billion in SOL, with a major unlock scheduled for March 2025 and continued monthly unlocks until 2028.
TL;DR: If this is what one of the major crypto networks looks like, you might start wondering if crypto is just a scam…
Source: Dave on X