Solana’s future looks bleak after a series of network scandals and major centralization problems
The whole story, with whales “discounting” on the Soland platform, shook the entire cryptocurrency industry and raised big questions about the decentralized nature of DeFi as a whole. industry,
The main rationale that Soland chose to take control of a wallet was the large-scale liquidations that could happen and put the entire network at risk as Solana is notorious for its constant downtime and network outages whenever there is a slight load. appears.
The anonymous whale that voted in SLND1 and again in SLND2 has this to say publicly at Soland Discord. pic.twitter.com/k2JMnWLwLO
— soland (we’re hiring!) (@solendprotocol) June 20, 2022
To avoid this, Soland launched a vote on the network, proposing to forcibly liquidate its position in order to keep control of whale wallets and avoid risk if Soland’s price drops. That was the moment when everything started to look suspicious.
According to on-chain data, a single user issued more than 90% of the votes on the proposal. Essentially, the fate of $270 million of users’ funds was controlled by a single wallet, which goes against every principle of decentralization to which the entire DeFi industry is rooted.
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Later, the new voting began with a proposal to dismiss the previous results and remove the previous voter’s contribution, which was also spoken in the Discord channel, saying that it would rather invest $120 million in retail dollars than the entire industry. will give up Only risk following the decentralization narrative and letting someone “gamble”.
The whole situation once again illustrates Solana’s problem with centralization that could ruin the network’s future and growth potential, with even its biggest backer, SBF, telling its Twitter followers that the entire The situation is unacceptable, while being accused of “saving your bag”.
