Thread by @ChainLogAnalyst

If you think that #solana #hack is weird you are probably new to #crypto

DeFi is young and has its problems, but some blockchain doesn't handle the concepts of web3 neither the function of a protocol.

Solana is one of them. A thread 🧵

We saw ourself that in the middle of a crysis Solana can manage to shut down the entire chain in a matter of seconds from a centralized "emergency button".

So as far as decentralization goes, we are not gone far, even with 2k validators.

Multiple shut down of the chain in the last months showed that the chain isn't ready to handle the transactions happening on chain + any other problem coming from a code perspective.

Talking about code. Smart contracts on Solana hasn't been the most solid, since it isn't the first time we had an hack on the chain, and this time the hack was quite impressive.

I'm not going into any detail here on the hack but you can read yourself one of the quadrillion threads about it wherever on Twitter.

One thing has to be said anyway

The Solana Foundation never said it had a finished and polished product, claiming since the start it was a beta

So, even if the ecosystem growed immensely last year, reaching FOMO heights that were unthinkable, and that could probably be the reason is not collapsing entirely from a price standpoint, every investor should have known the risks, and not much complains are due

Solana is great, fast, cheap, but is young, unprepared, underdeveloped.

How much time do that blockchain has to halt, been hacked, and have any other kind of problems before someone realize that using it is a bet, a bet that you should carefully consider?

At least as you should do with any other investment you make or product you use?

When you buy a PC you know what could happen, when you are saving your money into your bank account you know the risks you are taking.

This is the same

And here we reach the true point of the argument.

As far as I can tell, the only "not so decentralized" but still "decentralized" blockchain that is safe enought to use on the L1s spectrum is #ethereum.

And if everything goes right in a matter of years its tps could reach 100k

Its fees could be as low as those of the L1s that today tries to steal its userbase.

And the decentralization will be a safe guardian against centralized control, without taking in consideration the relative safety of the smart contracts themself.

The question I would like to make here is another one.

What are the blockchain you use most for DeFi? What would you choose between the following?

Well I know there are more, like cardano, Egld, dot, kusama, cosmos and so on

So you are free to reply with the chain you're using

In the meantime, stay safe out there frens

Cheers