Don’t get me wrong, SOL is still a good project. It’s fast, smart contract compatible and has a thriving DEX and NFT community building on top of it.
However it also has come glaring issues with how centralised the platform is.
On September 11th the SOL network went down due to a glitch which lead to a very high frequency of transactions at once (upwards of 400,000). This was due to excessive memory usage which caused several nodes to go offline. The network stayed offline for over 10 hours whilst they tried to fix the error.
However the issue with this is that together, it would only take a small number of validators (<20) to take down the network again.
The next issue just occurred just a couple of days ago on November 5th. In April 2020, the SOL team stated that the total circulating supply was only 8.2M where in reality it was >20M. Which is a huge difference. A 3d party managed to find the unlocked wallet containing the extra 13M SOL.
Once this was found out, SOL admitted to the fraud and they said they would get back the coins and make sure they were burned to make sure they wouldn’t go back into the market. But they only managed to retrieve 3.3M of the coins and therefore 8M new SOL went into circulation. This doubled the supply from 8M to 16M.
Following this, there was no official announced or anything, they just moved on.
Now with all this, I’m not suggesting that every centralised crypto project is awful. There has just been some shady things going on with SOL recently. Issues that go against what crypto is all about.
Something just doesn’t sit right with me that SOL has a $74,000,000,000 market cap