Layer 1s. Why does anyone invest in any other than Solona?

[billyd7]

Genuine question as per the title.

Firstly im not a Solona maxi. I will gladly move over to something else if it appears better (and im always looking).

Solona is just so far ahead of everything else right now and so undervalued. It looks like the only thing that could even get close to doing an Ethereum style run.


Really want to know what L1s do people go for over Solona as it makes no sense to me.

[Beerwizzard]

1. Solana have a history of long slowdowns an crashes which makes it technically unreliable.
2. There is a lot of competitors within DeFi sphere that perform better.
3. The huge amount of coins comparing to Solana total supply was in FTX portfolio and it is possible that these coins gonna be sold on spot in order to provide compensation for FTX users.
4. Solana got shitty tokenomics. A large amount of supply was initially concentrated among a small number of users. They can easily dump the price because they bought it cheaper than it was sold on a public sale.

To be honest, it does not seem to be a safe and reliable investment.

[billyd7]

1. Solana have a history of long slowdowns an crashes which makes it technically unreliable.
2. There is a lot of competitors within DeFi sphere that perform better.
3. The huge amount of coins comparing to Solana total supply was in FTX portfolio and it is possible that these coins gonna be sold on spot in order to provide compensation for FTX users.
4. Solana got shitty tokenomics. A large amount of supply was initially concentrated among a small number of users. They can easily dump the price because they bought it cheaper than it was sold on a public sale.

To be honest, it does not seem to be a safe and reliable investment.

Are you on about the same Solona as me?

1. Must be 2 years since the last one? and been massively upgraded since then.
2. Is there? what does that amount of transactions and so cheaply?
3. Wont make an ounce a  difference and next one is 2025
4. It hasnt at all.

[Beerwizzard]

1. Must be 2 years since the last one? and been massively upgraded since then.

A quick google search shows that Solana had an outage on January 7, 2023. But for Solana having only 1 issue for this year is a great achievement.
Considering the current low TVL and weak activity I'm not sure if anything happens once it becomes more popular.

2. Is there? what does that amount of transactions and so cheaply?

As per DefiLama it have only 0.88% of total DeFi TVL. Which is not surprising since most of the top Dapps are not running on SOL blockchain.

3. Wont make an ounce a  difference and next one is 2025

It is a doubtful investment when you know that FTX is about to dump 10% of coin's total supply.

4. It hasnt at all.

No shit.
About 43% of supply was allocated for team and various private rounds with a price from 0,04$ to 0,25$ while only 1,43% went to CoinList public sale.

[livingfree]

A quick google search shows that Solana had an outage on January 7, 2023. But for Solana having only 1 issue for this year is a great achievement.
Considering the current low TVL and weak activity I'm not sure if anything happens once it becomes more popular.

It's like an achievement already for Solana that it has only 1 outage for the Q1 of this year.

News ~ Solana records 1 outage in first half of 2023, 100% uptime in Q2

And for the past Q2, it's said that there's no downtime so it means that it's been up and running 100% which is a good thing for Sol. I've known people that are also sol maxis and I have no problem with you guys.

You seem to have a strong belief on it and I'd like to say good luck with it because you likely all know what you're saying about it and why you're a maxi of it.

[bluebit25]

In contrast to OP, I evaluate SOL as just like many other L1s that have appeared and they received hype to get their current valuation. Looking back at the process of its appearance, its positive features, limitations, internal controversies,... in general, altcoins can easily increase sharply but can also easily decrease sharply through the example of the SOL chart.

Although there are currently many new L1 appearing and competing for market share in this market, SOL is still a name that has brought great positions so they will still be noticed. But as for optimal selection, it is not suitable for me, some new products that I believe will have greater hype will bring good profits.

[cryptoaddictchie]

Solona is just so far ahead of everything else right now and so undervalued. It looks like the only thing that could even get close to doing an Ethereum style run.

The reason it still on the top L1 is because majority of holders of solana are the top whales and only few retailers. How can you move it down if almost all are being hold by few people while others are totally different. They can really maintain their high valuation in contrast to others. So I think thats a good way to say they are on top of L1. But in terms of technical or product there are far way more greater than solana. Remember how they network got off many times before? Isnt that a bad sign in security aspect hence they arent go down that massively? Well you can tell why (my first reason).

[Husires]

If you can mention 5 unique features of Solona that are not found in any other cryptocurrency and it has a good amount of decentralization, then I will believe that it is not a dead currency and that it is undervalued.
Solona is one of the simple networks that has a good record of stopping during the last two years. The network is completely centralized, there is no real development compared to the L2 projects on Ethereum, which have become faster and cheaper POS and its reliance on a decentralized network. All of these are reasons that make token developers use different blockchains, and therefore Solona disappears with time.

[edmundduke]

Genuine question as per the title.

Firstly im not a Solona maxi. I will gladly move over to something else if it appears better (and im always looking).

Solona is just so far ahead of everything else right now and so undervalued. It looks like the only thing that could even get close to doing an Ethereum style run.


Really want to know what L1s do people go for over Solona as it makes no sense to me.

Well people tend to use L1s they are comfortable with, so mostly the older ones. Poly, Avax, BSC etc. Not that they differ/offer anything revolutionary over SOL but its the power of first movers. This also means most of the action/volume is on those chains so traders stay there aswell.
A huge problem for SOL will always be the FTX/Sam factor. Its considered a pet project of a scammer. You can argue if its true or not, that doesnt even matter, its how people preceive it.

[billyd7]

there is no real development compared to the L2 projects on Ethereum, which have become faster and cheaper POS and its reliance on a decentralized network. All of these are reasons that make token developers use different blockchains, and therefore Solona disappears with time.

This is all plainly untrue.

They arent faster or cheaper.  And certainly doesn't have more developers....

[zasad@]

Genuine question as per the title.

Firstly im not a Solona maxi. I will gladly move over to something else if it appears better (and im always looking).

Solona is just so far ahead of everything else right now and so undervalued. It looks like the only thing that could even get close to doing an Ethereum style run.


Really want to know what L1s do people go for over Solona as it makes no sense to me.

Solana has a very informative story about how market makers manipulate the price of a coin and sell the coin to hamsters at very high prices. A classic story that is described in the famous book by Edwin Lefebvre: "Memoirs of a Stock Operator". Ethereum looks more fundamental, but I have some Solana just in case.

[BlockaFett]

Genuine question as per the title.

Firstly im not a Solona maxi. I will gladly move over to something else if it appears better (and im always looking).

Solona is just so far ahead of everything else right now and so undervalued. It looks like the only thing that could even get close to doing an Ethereum style run.


Really want to know what L1s do people go for over Solona as it makes no sense to me.

Please explain why is Solana far ahead, I cannot agree on this.
Solana is everything bitcoin is fighting against!!!! Remember, the bitcoin, the one we are here because.

1. Solana is so centralized that in last few years network STOPPED more than few times!
2. When Solana network stops, you cannot even login to your wallet (had this issue, twice)
3. Solana has fake bitcoins made by Sam Bankman not backed by anything, that's why price crashed
4. Solana has fake other currencies not backed by anything
5. Solana is just another solution like many others

Bro, I can write like this whole night but, I believe there is many better projects, this one is fishy, smells like fish. You know that... if it looks like a duck...

[JeffBrad12]

I don't know. maybe because there are many L1 coins out there that simply better than solana?
not to mention there's rumour that solana will get massively dumped by ftx for the sake of reviving the platform itself.
therefore its no brainer to choose other L1 thats just better in term of technology and also kinda normal.
now solana is off so much from its all time high I don't think it could ever get back to that point of all time high again. i personally would never gonna invest in solana ever again its just mediocre coin at this point.

[bittick]

many have elaborated their reason for not investing in solana.
I personally after solana get dumped hard when ftx was collapsed, its a big obvious sign not to invest in solana ever again doesn't matter how good it is, its just simply worst investment for me personally therefore i prefer other coin at this point.

[Yogee]

[....]
Bro, I can write like this whole night but, I believe there is many better projects, this one is fishy, smells like fish. You know that... if it looks like a duck...

Hehe. Waiting for him to make counter arguments or at least explain to us why Solana is so far ahead of everything as he claims in the OP. It's probably the one with the biggest marketing team I give them that. Who knows if OP is one of them boys trying to shill so he could dump his heavy SOL bag.

[billyd7]

[....]
Bro, I can write like this whole night but, I believe there is many better projects, this one is fishy, smells like fish. You know that... if it looks like a duck...

Hehe. Waiting for him to make counter arguments or at least explain to us why Solana is so far ahead of everything as he claims in the OP. It's probably the one with the biggest marketing team I give them that. Who knows if OP is one of them boys trying to shill so he could dump his heavy SOL bag.

Not at all. My biggest bag is Bitcoin, followed by Eth and then Solona.

I have responded to many arguments put forward (I dont need to respond to everyone - especially those who feel the need to advertise dodgy crpyto casinos nobody has heard of or uses). I can prove some of the claims against Solona are absolute nonsense. The only one that is of any note is the centralisation one.

I haven't see one single L1 put forward as an alternative yet....

[Yogee]

[...]
Not at all. My biggest bag is Bitcoin, followed by Eth and then Solona.

Good on the first two.

I have responded to many arguments put forward (I dont need to respond to everyone - especially those who feel the need to advertise dodgy crpyto casinos nobody has heard of or uses). I can prove some of the claims against Solona are absolute nonsense. The only one that is of any note is the centralisation one.

I'm also waiting for your counter-arguments to Beerwizzard's response. You dismiss them as nonsense? Those seems valid to me. The 1 outage this year for example is already an improvement compared to 2022 but that still poses questions on network security.

I haven't see one single L1 put forward as an alternative yet....

I'm looking more and more into privacy coins nowadays with all the Government overreach that's happening around the world so Monero is the "OG" on that. It doesn't have the convenience of fast confirmation and cheap fees but I'm good with that.

I've heard of other L1s with smart contracts offering both privacy and scalability but I'm yet to read on them.

[bounceback]

Solona is just so far ahead of everything else right now and so undervalued. It looks like the only thing that could even get close to doing an Ethereum style run.

Since it was first launched, many people have considered Solana to be one of Ethereum's killer coins, but the fact is that so far Solana has not been able to match the advantages of ETH, basically Solana also has its own advantages such as much cheaper transactions and transaction speed.
At the end of last year, the Solana project developers experienced several network outages due to congestion, so this is one of the reasons why some investors turned to other alternative coins because they considered the Solana developers not to be very solid.

[huu78]

Solana had a bad history in 2022 when FTX was rumored to have gone bankrupt and one of their biggest investors held a large amount of Solana, that's why this project still has doubts from various parties, especially those who witnessed this.
and prefer new projects that have a good reputation

[Blitzboy]

I agree that Solana has its advantages, but the crypto world is huge and ever-changing. People choose Layer 1 for various reasons. Ethereum has own DeFi ecosystem and strong developer community. Why would someone choose another L1 over Solana? They may perceive worth, utility, or promise in that endeavor that others miss.

If everyone jumped on the Solana train because it's trendy, wouldnt we risk a blockchain monoculture? Shouldnt diversity boost robustness and innovation? Just something to chew on. Its good to have multiple perspectives, even if one seems promising.