The future of Solana is looking weak

[GEMIN_M4]

I read online about how Layer 2 projects like optimism and Arbitrum have both flipped solana in TVL, are Layer 2 projects going to take over Solana in future? Also solana is the only project that is not EVM chain compatible, how is this not bad for Solana?.

[1714660342]

1714660342

[1714660342]

1714660342

[1714660342]

1714660342

[1714660342]

1714660342

[1714660342]

1714660342

[blockman]

While that is technical jargon, I don't know about them. What makes me think that Solana's future might be affected is due to hacking.
(https://seekingalpha.com/article/4546458-solana-one-hack-too-many)
(https://www.theverge.com/2022/8/3/23290149/solana-ecosystem-blockchain-attack-hack-wallets-phantom-slope-supply-chain)

[cryptomaniac_xxx]

While that is technical jargon, I don't know about them. What makes me think that Solana's future might be affected is due to hacking.
(https://seekingalpha.com/article/4546458-solana-one-hack-too-many)
(https://www.theverge.com/2022/8/3/23290149/solana-ecosystem-blockchain-attack-hack-wallets-phantom-slope-supply-chain)

Yes, this is what enter into my mind when I see Solana in the title.

They have been hack too many times already that investors don't trust them anymore. And most of the team this kind of breach will take a toll on the project itself, the reputation of the dev behind is being question.

And the thing is, it's hard to recover from this news to be honest, not sure what the project will do so that the investors will bring back their money and confidence to Solana because in the beginning, they've even been touted as as ETH killer.

[Ziskinberg]

Well, the truth is that not all the time the project will remain strong due to changing demand and as well as the market situation. However, it was not the end of the project as for sure the team won't let this thing happen but to keep things right and continue develop idea to keep this project even more valuable. But yes, as the market competition, we expect such donwfalls. This is the risk in investing crypto, we are not really sure about its future.

[Baofeng]

Besides the hacks, investors are moving away from alts in general, and maybe going on the traditional stocks and other less riskier investment instrument. So not only Solana but the whole altcoin just to be fair.

And it could have been amplify with the news of the hacks that can be prevented if their devs have just look deeper, not only once that this had happen to them. One of the biggest hacks I would say, almost draining everyone who's wallet are connected to Solana network. Although it is not a direct Solana hack as itrelated to importing accounts to and from Slope Finance. But the damage has been already, many holders have lost their life savings.

[blockman]

While that is technical jargon, I don't know about them. What makes me think that Solana's future might be affected is due to hacking.
(https://seekingalpha.com/article/4546458-solana-one-hack-too-many)
(https://www.theverge.com/2022/8/3/23290149/solana-ecosystem-blockchain-attack-hack-wallets-phantom-slope-supply-chain)

Yes, this is what enter into my mind when I see Solana in the title.

They have been hack too many times already that investors don't trust them anymore. And most of the team this kind of breach will take a toll on the project itself, the reputation of the dev behind is being question.

And the thing is, it's hard to recover from this news to be honest, not sure what the project will do so that the investors will bring back their money and confidence to Solana because in the beginning, they've even been touted as as ETH killer.

True, it's also the first impression that I can think of whenever someone asks about it. No offense but I see a lot of my friends in real life and friends of friends that are still into it because they've entered during the hype of NFT and it's not only Ethereum that have been on the buzz during that time. But also other projects that got their own chains like Solana but while at they are on their top, it can't be avoided that they've been attacked several times and it's worrying even if they've mitigated those situations or not.

[CuriousGeorge]

I read online about how Layer 2 projects like optimism and Arbitrum have both flipped solana in TVL, are Layer 2 projects going to take over Solana in future?

It may be possible for OP and arbitrum. TBH there bunch of new layer 1 and 2 will be launched. The latest layer 1 blockchain is aptos. It's also gaining the momentum. The next one could be SUI. These layer 1 blockchains will become serious competitors for solana.
People are so tired with outages problems that never get solved even when it has been patched so many times. The latest news about hetzner that was blockchain almost one thousand of solana nodes.
This blockchain becomes even worst everyday. I don't know why the price is still remain stable even though so many bad things happened.

Also solana is the only project that is not EVM chain compatible, how is this not bad for Solana?.

EVM doesn't matter a lot. Solana users can use alternative like bridge that already available. Mostly of layer 2 just become EVM compatible but not for layer 1 blockchain.

[Pterosaur]

I am not going anywhere near Solana or any project running on Solana blockchain for now, the issue of this project is scary and the problem is the teams aren't a fan of permanent fixes, is rather wait for a layer 2 project that's more secure than Solana, im looking for the next layer 1 or 2 that can do so well like Matic but right now I haven't seen any yet, maybe Arbitrum will be the one who knows?

[ingiltere]

I read online about how Layer 2 projects like optimism and Arbitrum have both flipped solana in TVL, are Layer 2 projects going to take over Solana in future? Also solana is the only project that is not EVM chain compatible, how is this not bad for Solana?.

The competition is real and obviously Solana lost too many users after latest hacks and problems. The credibility of Solana founders is not the same. When there are better L2 blockchain alternatives it's natural for people to switch. Projects also follow this path and while Solana prides on hosting so many projects, they are losing important developers to their competitors. If they don't take action soon they will also lose their top ten spot.

[Teraboy]

Basically there usability is pretty much the same between layer 1 and layer 2. there are no lots of different. When people didn't feel confidence anymore with it and they might start to leave it as soon as possible. I were active user of solana in the past but since outages was always coming so many times without a good solution to fix it and i were starting to think that if solana can down anytime and my money can be trapped in the blockchain that goes offline.
that's why i were making a decision by moving from solana to the another blockchain that has more capability to store my money in the blockchain that will never goes offline like that.
There were so many complaints when people are seeing solana blockchain goes offline and this has been going on since last year. This is the hottest topic about solana.
If the developers don't fix it and then it's just the matter of time until users will be massively moving to the another blockchain.

[BitSwapNow]

Well a lot of crypto is hype. But also the technology behind it and under the hood. In any bear market the "hype" and glory seems to be lacking. Solana has changed the NFT game and landscape greatly i think. With faster transactions and lower fees ect. I dont think Solana is going anywhere and im sure a lot of development may be on hold for when the bull market comes back. Just my opinion. As far as the hacks this is all crypto recently. A lot of defi and what not it really has to be audited and checked by multiple blockchain security companies i feel.

[sheenshane]

Behind the useful blockchain of Solana still, this altcoin was under hype and that's why there's a huge crush and it might it can't recover.
It's proven until this day that a blockchain that operates using proof-of-work (PoW) or proof-of-stake (PoS) algorithms is still the best than using a proof-of-history (PoH) algorithm, which is on the Solana.  It seems we consider the Solana project as one of Ethereum's killers which is I think they can't compete with the algorithm of Ethereum.  Still, the Ethereum network is the best for a decentralized network, not Solana.

Going weak?  Possible!
It's all about hype not the real utility of the project.

[Jackl87]

I read online about how Layer 2 projects like optimism and Arbitrum have both flipped solana in TVL, are Layer 2 projects going to take over Solana in future? Also solana is the only project that is not EVM chain compatible, how is this not bad for Solana?.

For me it is not only the rise of the layer 2 projects of Ethereum like the ones you have mentioned i also think that Solana slowly but surely gets a lot of rivals that are completely new blockchain solutions. The first one that comes to my mind is Aptos i am not really a fan of Aptos because it had such huge investemens of big VC companies like Binance, FTX and many others. They have invested 400 M € into Aptos which means that those big companies are owning a large portion of all the tokens now and they can dump heavily on small investors like us.
There are many other blockchains coming up too in the future like Radix for example.

[merekamo]

I think,  not being built on EVM, so it is not a concern for Solana. Solana is the only sharding solution that is not EVM compatible, but this isn't a problem for a few reasons.

First, Solana was never meant to be an EVM chain. It was always meant to be a shardable solution.

Second, having an EVM-compatible Layer 2 solution is still important because the primary use of an EVM-compatible solution is as a bridge between blockchains. Solana is focused on being cross blockchain compatible, so it's not a concern for Solana.

[flimo]

I disagree, there's tons of new companies adopting Solana. In terms of infrastructure, pretty recently Google Cloud added Solana Hosted nodes for next year https://cloud.google.com/ and crypto payments platform Poof adding Solana payments https://www.poof.io/.

There's tons of other development going on with new projects launching daily. It's still early on, especially with all the DDOS attacks on the nodes. However, the future is bright.

[JeromeTash]

Yes, this is what enter into my mind when I see Solana in the title.

They have been hack too many times already that investors don't trust them anymore. And most of the team this kind of breach will take a toll on the project itself, the reputation of the dev behind is being question.

And the thing is, it's hard to recover from this news to be honest, not sure what the project will do so that the investors will bring back their money and confidence to Solana because in the beginning, they've even been touted as as ETH killer.

is it the same blockchain that has had a number of outages too?

Solana may not go any higher long term. Its story is going to be similar to the past coins that were touted as Ethereum killers like EOS, NEO, TRX etc. It's even worse now that ETH has gone POS. Their major selling point was the high ETH transaction fees.

[o48o]

I disagree, there's tons of new companies adopting Solana. In terms of infrastructure, pretty recently Google Cloud added Solana Hosted nodes for next year https://cloud.google.com/ and crypto payments platform Poof adding Solana payments https://www.poof.io/.

There's tons of other development going on with new projects launching daily. It's still early on, especially with all the DDOS attacks on the nodes. However, the future is bright.

This doesn't really help if the community moves out. And it doesn't really matter if some platform accepts payments with certain cryptos. Remember verge and pornhub?
There are numerous reasons why someone accepts specific crypto as payment. They could be paid to endorse it, or that they saw that there was potential buyers with it. I mean as long there's enough liquidity and they can easily at the moment of buying convert it to cash, why shouldn't they accept it.

What it comes to Google, they often want to help out and ofter packages for startups, and it's not just only google, microsoft is known to offer their services to startups as well.

I really am hoping that everything works out for Sol and it has a great community, but community can turn toxic and bitter too. There's no loyality in groups when people lose enough money.

[serjent05]

While that is technical jargon, I don't know about them. What makes me think that Solana's future might be affected is due to hacking.
(https://seekingalpha.com/article/4546458-solana-one-hack-too-many)
(https://www.theverge.com/2022/8/3/23290149/solana-ecosystem-blockchain-attack-hack-wallets-phantom-slope-supply-chain)

Aside from that Solana had been popular because of NFTs and now that NFTs loses their hype, Solana's popularity has been affected.  But still, I think it is early to say that Solana's future is weak because developers are still making improvements and developing of Solanas network and its features, besides there still developers who choose Solan for its project.

While that is technical jargon, I don't know about them. What makes me think that Solana's future might be affected is due to hacking.
(https://seekingalpha.com/article/4546458-solana-one-hack-too-many)
(https://www.theverge.com/2022/8/3/23290149/solana-ecosystem-blockchain-attack-hack-wallets-phantom-slope-supply-chain)

Hacking is almost normal in crypto space, even Binance smart chain hub if I am not mistaken is hacked, there are also lots of cases of ETH and BSC Defi hacks, and even many projects of other networks are victims of hacking.  

[bittick]

so many are choosing matic over solana nowadays, because it's as 2nd layer solution is more familiar with bsc and eth, even right now it seems solana is lacking some good new projects already, all of them are either going in eth since the fees is at the very least become low right now and matic that's always having such low fees. the fact that eth has slowly getting better seems already eating up some of the solana share of market capitalization, maybe in the future eth will heavily influence many 2nd layer since it could takes up many of the newer projects into their platform.

[Teraboy]

I mentioned that the hype of the Solana network was waning, but today I saw that google cloud and solana are preparing to cooperate. With this news, solana has already started to rise in price. Although it cannot catch its old hype as a result of such agreements, it may be good to give itself a little more time.

I guess it's all about business. You can count how many nodes got blocked by heztner. The problem was on the blockchain itself and nodes have nothing to do with it. The main problem is hetzner was blockchain around 1 thousand solana nodes caused by unstability. That has been triggered by the solana network caused by outages were always coming. If the outages would never happen and heztner will never try to block those nodes.
I see that google clound was only a hype news. I see that if google cloud sees those nodes who blocked by hetzner could become potential income for the google clound itself.
I do like how google clound was using the golden chance to attract the solana nodes runner to migrated into the google cloud, the hype for google news will not be last long.