Over the course of its life, Solana was forced to show its colors as claims of scalability were put to the test. In 2022, transactions per second dropped to new, consistent lows and outages have become commonplace - not an obscure and exotic event.
Needless to say, things did not look good for Solana, the scalable and nearly fee-less blockchain. But wait, it got worse for SOL.
As of 6/19/22 Solana, through a proposal just passed, has died.
Here's the scoop:
Solend Labs is, as I understand, the main DAO for Solana development team(s). Solana devs determined some whale hodling a sizeable leveraged position would wipe out the ecosystem through what I'd describe as liquidation DDOS'ing.
-- So Solend Labs proposed "doing something" was necessary. That something, they determined, is to take control of the whale's account.
That's right, you heard right: a so called decentralized blockchain modifying its smart contracts in order to allow custody of an address.
Correct me if I'm wrong, but isn't that the system blockchain was supposed to alleviate -- centralized powers taking custody of your account, your sovereign right to p2p finance?
Isn't that what Satoshi wrote about in his paper, regarding centralized finance having the ability to control your ability to transact, to set in place a middle-man power to decide whether you can or cannot exchange value or vote, etc?
Anyway, I'm outraged and here's the link for the full, juicy demise of Solana:
PS: The most farcical aspect to me is that they proposed the measure and passed it themselves. It's like Congress voting on a bill and passing it in an hour, then inviting people to vote on it after its been passed. Democracy! Cefi!