Bitcoin Forum

Hello! It's great to see another Solana enthusiast in this forum.

I have been using Solana on a regular basis, mostly on its NFT and DeFi applications. I like its fast and cheap transactions, so I continue using it. Regarding wallets, I have been using Phantom since late 2021, and I have to say that it's the best in class UX in my opinion. I haven't tried any other wallet since then because it meets my needs perfectly.

I did have an interest in Backpack last year, unfortunately, they are limiting access at that time with a whitelist, access code, etc. So over time I kinda forget about it. Now I noticed their team also launched an NFT collection called MadLads. It's interesting to know that the developers behind Backpack are some of the top Solana talent, including Armani, the creator of Serum. Considering that, launching an NFT collection does seem to be a bit of a departure from their original focus on wallets. Looking forward to seeing how they develop their platform moving forward.

In terms of Magic Eden, it's currently still the number one marketplace for NFT in Solana in terms of volume. I also prefer it compared to OpenSea for Solana's NFT. I think the main competition for the NFT marketplace in Solana would come from other Solana native projects, like Hyperspace and Tensor instead of OpenSea.

Since we already have 2 SoL fans in here, could you explain me something.

I don't really have a clear understanding why people love Solana. Sure, i have used it and keep using it as i make money from NFT markets, so it serves a purpose but i am not a fan.
So, i wanted to know that what is your take for the Solana network outages and the fact they don't even find reasons for latest shutdown. How can you defend somehing like that as a fan?

And if you love low fees how is solana better then BSC or any other cheap platform that haven't been shutting down randomly?

Personally i am using SOL because it has most active NFT community next to ETH. Oh and the fees. I just spend a 1 rent worth of money to failed transactions in ETH. That's messed up too and i am definitely not a fan of current state of eth. I believe that they can scale it in the future so i am buying it, but i am not that sure of solana fixing their problems. I sure hope they do.

I’ve used the Phantom wallet. I don’t have any complaints about it. As far as software goes it performed as expected with no major drawbacks. I think Solana is a zombie chain though. FTX pumping it was what gave it value and now other chains are paying SOL projects to migrate chains while much of the market won’t be touching SOL again. I personally would avoid it.

Maybe set up a poll for members to vote.

There are still supporters here like dbshck and other high ranking members that I read.

I'm neutral when it comes to the projects launched there but I personally don't like the protocol. The outages as mentioned by o48o and the hype that surrounded it just made me look for other chains.

It's one of the very first coin I warned my peers to avoid when majors news about the FTX collapse broke out.

I'm not going to defend it, I agree it's really concerning that even after three years the mainnet is still having these outages.

Solana has some advantages beyond just low fees. For example, its high trx throughput (TPS) is much higher than other blockchains. This high TPS allows for some unique possibilities that aren't possible on other blockchains, such as the native CLOB on-chain market (Serum/Openbook). Of course, all these advantages are pointless if the network isn't reliable and I hope that the Solana team will be able to address these issues and improve the network's stability in the near future.

Solana is doomed by being exposed big time to SBF money. The current price is still high while the Blockchain performance is on average. There’s a lot of promising blockchain compared to Solana that is still undervalued.

I will not touch again any SBF involved project because they are just pump because of SBF hype. I believe the reason why it’s price is still holding because of user like you that still believe despite this Blockchain is just an average Blockchain. They are not the fastest TPS which they are claiming before when the time this Blockchain is new.

Not often but im still using solana for NFT and meme token trade.

I use phantom.

It's good but not so many users are still using it now. Mostly of people (include me) prefer to use phantom.

For me. ME was even worse than OpenSea and why? It's not friendly user market for me. I don't like how ME was not acting like a true NFT marketplace. It's worst compared with opensea. The volume is also very far compared with opensea https://www.theblock.co/data/nft-non-fungible-tokens/marketplaces/solana-nft-marketplace-volume

There are many features that annoyed me so much like game, launchpad , etc.

I’ve said previously that I own some Solana, I’m going to keep it because I would hate if it mooned & I’d sold it all.
I just don’t think a coin that has had so many problems, so much downtime can ever truly succeed. Trust is eroded, it must be surely.

I just don’t see how it can ever be seen as a serious investment when they can’t even keep it live. It’s a joke to be honest, I’m just glad I don’t have a larger commitment to the project.

I think it's both investable and not investable at the same time. It is looking good because there are so many projects listed right now for that, and it is really looking like growing at exponential rate and doing very well, but at the same time it is looking like there is something that would be reasonable to avoid if you look at all the times it got stuck as well.

I wouldn't be able to say invest into it because it's great, but I wouldn't be able to really say sell it all and run away neither, it's in between both things. We have seen things grow even from these type of problems, and we have seen them get stuck and eventually drop after these troubles too.

I've never used Solana, but I've read a lot about the network facing outages constantly. With NFT creators moving to other platforms, I don't think SOL has a future. FTX was one of the major investors in Solana (if not the only one), and it went bankrupt. That gives bad exposure to the project as a whole. Outages keep happening like there's no tomorrow, while developers don't give a damn about it. Unless they step up to the game, Solana would be nothing but dead in a few years from now.

I'd put my attention on alternative cryptocurrencies that care about decentralization and censorship-resistance. If you want the best of both worlds (decentralization + low costs/fast TXs) why not choose Polygon instead? A lot of NFTs have moved there, making Polygon as popular as ETH. With widespread community support, you can't go wrong investing in MATIC for the long term. The decision is up to you. As long as you diversify your investment, you'll have nothing to worry about. Just my opinion :)

For two reasons, low fees and fast confirmations, but I don't know why they ignore the major flaws in this platform, especially the issue of excessive centralization.
Overall Polygon is a good choice for many but for NFT lovers SOL still has a good reputation.
I stopped using them a few months ago but Magic Eden is a good competitor to OpenSea.

I think it only becomes good to invest here if it is on a short term basis. I mean there's still an effort to pump this coin and I'm pretty sure the many holders that got caught by the FTX collapse would be happy to dump their bags in an attempt to break-even. Some may even be fine with taking a smaller loss.

i am also use solana for a while in a early 2022 becauase i have join good project on solana, if you pay attention maybe you know about STEPN, that aplication performing walk to earn after meta play to earn, and get a very huge respond from many people, and give good price increase for solana at that time.
also before market for stepn popular, some people do trade in magic eden to buy and sold nft stepn there.

People want low fees and fast TXs, but what use would that be if the blockchain in question is centralized? The only reason why SOL is in the top ranks in market cap it's because of the whales. There's so much money invested in this "shitcoin" that they won't let it go no matter what. FTX's collapse negatively affected SOL's price, but something bigger than that needs to happen for the cryptocurrency to die for good. Developers are already moving their NFTs to other platforms, so it should only be a matter of time before SOL becomes worthless.

Instead of Solana, why not consider Polygon (MATIC)? The latter is decentralized, censorship-resistant, and never had an outage since its inception (AFAIK). It could last a lifetime if it continues to succeed. Ultimately, the market will decide what will happen to SOL in the long run. As long as decentralization wins, nothing else matters. Just my thoughts ;D