Solana has been fondly referred to by community members as the ‘Ethereum killer’ but as time has passed, it seems the network has failed in its mission to become the leading smart contracts platform. Its proximity to the likes of FTX crypto exchange and Alameda Research have also dented its reputation. And even now, as the network struggles to return to its previous glory, one analyst has presented multiple reasons why the Solana network, for lack of a better term, is ‘f**ked’.
Reasons Why Solana Is Doomed
A commodities and crypto trader known as Jonah on X (formerly Twitter) took to the social media platform to give reasons why he thinks that the Solana network is doomed. The lengthy and two-part X post touched on a number of issues that the network is facing, as well as its affiliations to entities that have ended up costing crypto investors money over the years.
The first thing that Jonah points out is the pitch used by the likes of FTX, Jump Crypto, and Multicoin in what was seemingly the branding for Solana. As the analyst points out, these entities being able to see people’s transactions and then front-run them to make money would only work when investors have no other alternatives. However, with a number of better options, Solana is having a hard time keeping up.
Jonah also points out that the network is centralized and in the current climate, only decentralized networks will be able to survive. Additionally, developers are not really incentivized to build on Solana. As the analyst points out, even if developers are incentivized to use SOL tokens, t
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Author: Scott Matherson
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