Here we go again with Solana - halted by another bug yet again. These Eth Cult Copycat Chains are garbage. Sorry to reinforce the uncomfortable reality to you.
Look at the chart above in the context of the chart shown here below:
Many of these "Public Blockchains" are nothing more than ETH white labels with a twist or two with charlatans and VCs holding huge chunks of the outstanding tokens thus highly incentivized to promote aggressive token marketing and borderline pump n dump schemes. They don't care about being patient and prudent and building something important and relevant. That's hard work! Just ask Bitcoin.
VCs and insiders had 48% of the Solana coins at launch. It wouldn't exist without Ethereum. So what happens if Ethereum runs into major problems like it already has and is? Why is Solana valuable if it merely siphons off of Ether? What does it say about the value of Ethereum if so many copycat chains can suck users away with improvements to Ethereum? Even worse, what does it say about Ethereum if the only way these white labels can gain users is by bashing Eth (yet building chains that rely on Eth)? Chains like Solana are merely clones and ironically enough . . . . . . the way they create "efficiencies" when siphoning off users from Ether is by being more centralized!
We keep hearing from the Cult of Vitalik that Ethereum will take over the world, but a look above at the ETH/BTC charts suggests a pretty sharp downward move is in play currently on rising volume. Still waiting on that "Merge" and ETH 2.0 and staking and the upgrade and all the other stuff Ethereum fans keep promising.
Will 2022 finally be the year that the market and users ultimately isolate and converge on the most legitimate and credible Layer 1 protocols? We shall see. When you have your own token created from nothing that is a clone of another chain that siphons off users from the main chain for added benefits like "lower transaction fees" - a funny thing happens. All of your efforts end up going into defending the crapcoin on the exchanges, hyping the coin/token itself rather than the work being done, and putting out fires from hacks and other vulnerabilities. You're not building anything worthwhile but rather working endlessly to pump the bags of VCs and insiders.
