TL;DR
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SOL’s three biggest weaknesses, turned strengths are listed below.
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Firstly, FTX; secondly, VC funding; and thirdly, the stability of SOL.
Full Story
You know that episode of The Office, where Michael interviews for the position at corporate?
And when asked to list his weaknesses, he actually lists his strengths…
(“I care too much, I work too hard, etc.”)
Yeah, well, Solana seems to be ‘pulling a Michael Scott’ right about now.
Here’re SOL’s three biggest weaknesses, turned strengths:
Wait – hold up – before we go any further, it’s worth mentioning…
These are just observations we’ve made from our daily (over)consumption of crypto news over the past 1-2 years (we could be way off in our interpretations).
This is not financial advice – neither is it a vote for/against any competing chains.
(Point is: don’t @ us).
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Weakness: FTX owned a lot of SOL, if it were to be sold off in bankruptcy proceedings, this could crash the price.
Strength: FTX has since locked up a big chunk of its holdings in staking contracts, suggesting it plans to hold it for a while.
Plus: the company even sold a $13M bag of its liquid holdings recently…and not much happened to the price. That’s a big vote of confidence!
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Weakness: A lot of venture capitalists invested in SOL early on, which branded it as a ‘VC coin,’ stoking fears that these investors would cash out and dump the price as the market rose.
Strength: This is all still true – VC’s hold a lot of SOL and they could well cash out/be cashing out.
…but it doesn’t seem to be negatively affecting the price so far – in fact, SOL has ~3x’d in the past month – and now everyone’s getting FOMO.
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Weakness: For a while there, Solana had a habit of going down – as in, ceasing to work – for hours/days at a time. That’s NOT something you want to see in a global monetary network.
Strength: The core development team claimed to have fixed the issue earlier this year…and so far, so good!
Alright, that’s it. That’s what the hell is going on with Solana.
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