1/23 Bear Market Must-Read Series: The Rise and Fall of the Solana Dynasty 🔥🔥🔥 A narrative woven of lies, various indicators that were madly inflated, and subsequent developments based on this until the collapse... I also saw too many familiar shadows in this story, so will $SOL become the next $EOS? @CharlieXYZ_ wrote this thread, and I made some translations and modifications. Let's review the rise and fall of $SOL together.

2/23 I'm usually a positive person, but Solana somehow hit the writer's nerves. Many people don't know the story behind the whole process, so please read this Thread. The authors will cover these topics: - The lie that pushed SOL dollars to the top - Solana's exaggerated data indicators - Solana ecological status and its future development direction

3/23 Let's start with the part about lies. The Solana team stated that the total circulating supply for April 2020 was 8.2 million tokens - but an independent third party discovered a wallet containing 13 million $SOL tokens! If you think there's nothing wrong with this, it's time to stop reading.

4/23 According to Solana, 11.3 million of these tokens were lent to a "market maker." Now we know that this market maker must be Alameda Research & FTX, namely Sam and Caroline. medium.com/solana-labs/solana-...

6/23 The second lie, which I call the 'biggest DeFi scam', happened in 2021. Long story short - $SOL's dramatic rise is due to 'Fugayzi, fugazi'...or 'fakes' as well. All of this was carefully planned by the two brothers.

7/23 It's no big deal, you might say, but let me explain. At the beginning of the rise of $SOL, the main Solana ecological agreement was the Saber agreement. With the popularity of DeFi last year, TVL became a key indicator for investors. Knowing this, the Macalinao brothers decided to play around with $SOL's TVL numbers.

8/23 What did these "masterminds" do? They made up the identities of 11 independent developers, making it seem like they were working on different projects. These projects take advantage of the Lego attributes of the DeFi ecosystem to double-calculate a large amount of funds, resulting in billions of double-calculated values appearing on Solana. Accounted for 70% of the TVL of the SOL ecology at the peak 🤯

9/23 Well--the DeFi track, including the author himself, is actually not very understanding before the summer of 2022. But mix this scam with great marketing, some extra CT hype, top VC involvement, and famous market makers -- What is its result? 🚀The price of $SOL will rise above $250 in November 2021.

10/23 But not all investors care about TVL, do they? Well - Solana is even known for inflating other key metrics to the point of being pretty "remarkable". -TPS - Number of transfers (TXS) - Developer activity

11/23 Do You Know How Some Traditional Companies Use Adjusted EBITDA? We all hate it, right? Well, Solana is using the adjusted TPS metric. The pink ones in the chart below are the real TPS, and the rest are validator votes.

12/23 The same applies to transaction quantities. Somehow, Solana decided that inflating the numbers was a good strategy. In this case, validator votes (approximately 90%) are included.

13/23 Finally, the recently discovered "problem" - developer activity. You can see @tokenterminal updating their chart and acknowledging their mistake. Kudos to them here, because those previous numbers simply don't make sense. The updated version states that $SOL only has 72 active developers.

14/23 But to be honest, Solana's reaction surprised me. They claim that Solana has a total of 2,053 active developers on projects integrated with Solana, of which 1,654 are solely dedicated to Solana, and 120 full-time active developers. The conclusion is left to you to judge. solana.com/news/measuring-deve...

Other factors listed below on 15/23 are also part of the reason for Solana's collapse. I can dig deeper and cover these topics: -SBF and Caroline -Serum - USDT mysterious coinage - Censorship - Network interruption" But let's focus on the current status quo. Solana has been struggling, with a current TVL of about $200 million.

16/23 I often read on CT that $SOL is going to have an uptick...   Oh boy - let me tell you something. Your $SOL tokens are already overpriced since the watery TVL and people's perception of them changed. The results of it? Over the past year, $SOL has the highest MC/TVL. And it’s at its peak right now🤔.

19/23 This post is for the $SOL leadership. The $SOL community is one of the strongest and it's time to get back to work. Please prove to everyone, including the author, that $SOL is truly a top team. Start by presenting honest and real data.