Topic: The rate of abandoned projects on solana (Read 414 times)

For me it doesn't matter because currently meme coins are really hype and the more meme coins that are on the Solana network, the better impact it will have on the price of Solana. a while ago the price of Solana went up drastically and I thought maybe it was because of the many meme coins that were hype on the Solana network.

Yeah we all wanted decentralisation so this is pretty much what it entails. While I do agree with you that it's not the best we could have hoped for, fact still remains that it is better than having only centralised structures and systems all around us

You should learn more about crypto and how it works. Solana won't prevent anyone from creating a token on their blockchain. Any blockchain that allows for the deployment of smart contracts won't prevent scams or rug projects. There are a lot of scam projects rugged investors on Binance Smart Chain; were they able to prevent them? So you have to do your own research before investing in a project. Solana doesn't have any business with them; they just allow them to deploy the tokens. 

With how easy it is to make meme coins? It's no surprise why in the first place countless scam projects or rugpulled projects exist. I'd imagine trying to verify each and every one of them to be a massive money sink since the manpower needed to do so would be enormous and there's no real way to determine whether a project is a scam or not before it scams others most of the time, so it'd just be wasted manpower. It's also no surprise since the Solana network has cheaper fees, so those who'd be mass spamming the creation of meme coins would naturally go to the place where there's less cost to start their scam up.

In the first place, I think you knew you were investing in meme coins, so the idea of being rug-pulled should've been in your mind already. The meaning is pretty synonymous already with meme coins imo.

Solana Blockchain has been a faster network with a strong community support which many projects has been created under Solana Blockchain and being successful, which some bad egg in the cryptocurrency market has intention of scamming people because of the good move of the project. Hence have to make a good research before investing on any new project under Solana Blockchain.

What do you expect the Solana developers to do? What we are seeing here is the same we have seen on the ethereum network for years, ethereum is a good enough coin for short term investment, but if you invest in any of the coins running above it you are taking a massive risk.

And the same holds true for solana, so if you did not wanted to be scammed by meme coins, maybe it would have been a good idea to avoid them completely, which is what a great deal of the members of the community do already.

IMO Solona borders being a Ponzi-sceme or is a Ponzi-sceme. The answer to this lies in the future.

One should see Solona as a shop which sells paper. They are not responable for what people write on all that paper and they also can't delete any text as long as the Solona blockchain keeps running. After it stopped running, most likely the chain will still be downloadable from some museum-alike website, but this wont happen soon.

Solona does not have a maximum supply or at least something similar, this puts the project in great risk of going down big time in the next bearmarket, in the last bearmarket they also dived deep.

Regarding all these tokens on Solona - on Solona and not only on Solona it's very easy to start a token. Just copy/paste another token and some other things - and you have a token.

Solona has a lot of hype now, yet it might have the same future as Rally (RLY) has. Rally is a Layer 2 coin, on Ethereum, and it's about being able to create tokens. It has had succes at first, but once the developers don't get paid anymore, such projects collapse.

Plenty of exchanges still offer Rally. Even though as far as I know it failed a long time ago. The coin lost 99% if compared to 2021. Far most kind of decent exchanges have delisted the coin.

Now here is the problem with Solona: it sells new SOL all the time to pay the developers. (Or does something which comes down to the same thing). With such tokenomics, a Rally-alike total collapse is an accident waiting to happen, the project is superrisky.

So with new meme-coins which only run on Solona, there is a double problem: these coins themselves will far most likely fail and Solona might also fail.

Because the Solana development team are focused on working on Solana — the network, not DeFi protocols?

My brother in Christ Ethereum has been up and running since 2014, whereas Solana has only been up since 2020; and add the fact that Ethereum is the first smart contract platform, of course Solana won't be able to have more projects than Ethereum this quick.

It was suppose to happens now or later. Solana has become the ecosystem of meme project. The number of meme project is greater than utility focused projects in solana. This is really alarming for long term solana holder. Why the dev is not finding any utility focused project on solana? Something is not right in it. The only thing that gives solana most of the hype is its parallel blockchain. But it still failed to overtake ETH network that means speed is not the key factor in the industry.

It's just a place for their new place to feed, there is nothing spectacular about been a fast network and meme going there. We once had meme of Ethereum and that faded away after some time and we still have Shiba Inu and then BNB became the new place where floki Inu and many came and faded away and now Solana is just another one that will soon fade away.


This is nothing new, rug pulls and exit scams happen in many projects, just that people are too greedy to.lool beyond what they see from profits that's why they get scammed. If they had learn form onset, Solana had many rug projects when FTX collapsed but I'm surprised how they were bullish on Solana all of a sudden.


Solana is a open network, they don't control what people launch on the network and they don't control the scams. Their activities even make sol price to increase, anything that happen is on who buy and who wish to invest. It's better you run your own research before you throw money on any shot coin.

That is true but most people still refuse to stop saying to avoid certain coins. I mean yes you should definitely avoid projects that are obviously scams since there is literally no chance for you to gain profit from there. But some legitimate coins can actually give you profits if you were smart and decisive enough.

I’m not saying you should invest in all altcoins you see but I am saying that everyone should give altcoins a chance instead of sticking with the top coins provided that you have enough knowledge and understanding of the project.

It's a harsh reality that no one wants to believe that actually whenever we lose in trading it's not because of a coin it's because of our lack of research. When we place a trade without analyzing the market, there are high chances that we may face loss. Then whatever coin it is, every coin has a buying point and a selling point. Now it depends on our knowledge that we should know if we should place a trade and when we should close the trade.

It is my observation that Solana is a very good project because you have seen that as much as SOL went down if there was any other coin, it would not have recovered so quickly and so well, but those who believed in SOL and they were making investments even when SOL was on $7, they have earned a lot of profit already.

SOL projects are just another craze, similar to ETH ICOs. We faced the exact problem in 2017. That said, I do expect it to do well this bull run, regardless of the number of dead projects there are..

I don't know with this one, but I don't think that any blockchain can verify which projects that are being created under it are legit, and which are scam. Like they always say "A scam project isn't a scam project unless they do".

You bought shitcoins and rugged your money? Quite unfortunate for you, but you're not the only one experiencing that because there are many investors out there that also lost their money because they invest into a meme coin that rugged them in the end. Solana, and any other blockchain don't care if the project is a scam or not. It's up to the investors to verify which are scam and which are not. It happened when ICO projects way back in 2017 were very hyped, and scam projects are very rampant at that point.

It happened as well when DeFi was hyped. It happened again when NFTs are hyped. Now it's happening again with meme coins. The only thing that you can do is to move on, move forward and adjust your strategy. Maybe focusing on top coins would be beneficial for you. Good luck OP and I hope you will not get rugged soon.

Did you mean rug pull? Well, this is not uncommon in the crypto world, it is you who will be careful about that. We've always said it, DYOR well and stop blaming others even as you know and admit that you are taking risks in the crypto world. If this allegation is very true, is it the Solana system that can be blamed for this? Certainly not, many issues arise in this sense. Mind you, for a project to fail doesn't necessarily mean that the brains behind it expected it that way or they are scammers in all cases, something may go wrong out of their plans. So you can't entirely blame the system, the system is only a third party here. What if they've done their internal work before passing them for the project and it still fails?

Also, don't you know that cryptocurrency is mostly known for its privacy, so why do you want the Solana ecosystem to be poking nose in another person's affairs if such doesn't want himself to be revealed? The cryptocurrency world is not a centralised world, so you should blame less. To reveal yourself in any crypto project is by choice which I do not think Solana has power over. Needless to say, you should have named the failed meme projects, I mean the recent ones, because those ones I know are doing fine in the market.

For me, this seems very normal because we all know how Solana is popular, and even on some networks this also exists. Some of the projects here are also copied-pasted from other projects, which they just changed the name and turned into be scam. Some could be also testing grounds like practice grounds where multiple project owners are developing some of their projects in this cheap network before doing it to another network.

 I don't think, they know fake projects at the moment, because they will appear to them as a genuine projects that want to promote Solana, which is very common among other projects and after they have increased the numbers of investors in their projects before they will begin to display some signs that will make their investors to know that they are in the wrong project. But, if you don't want to be a victim to scam project in Solana, make sure you know how to carry out research before investing, because that is the best way to identify if your project is real or not before you can make a decision. I have been in Solana investment over some years now, and I have achieved a lot of income from Solana investment because I use to verify before investing.

All these fraudsters only use the Solana network to make money, it has nothing to do with Solana and also they cannot be held responsible by verifying every project on their network, you have to be smart to judge the correct project from the one whose initial purpose was to cheat, even though in fact almost all projects in crypto appear to be fraudulent, even though they don't disappear immediately, they will slowly disappear and only a certain percentage will still exist.
You are just not careful and seem to be consumed by the news of rising meme-coin prices so you think all meme-coins will have the same fate, namely providing profits to all their investors.
You are not wrong if you want to make a profit from meme-coin, but be more careful.

"Solana has been releasing memecoins left and right"

 

Fun fact: Any person savvy enough can create their own tokens on literally any trustless layer-1 blockchain with smart contracts like Solana. It's literally no different with Ethereum. Solana just became memecoin land simply because of the cheap tx fees.

I believe that when the creators of solana created the altcoin, they knew very well about the history of scam icos that were created on the etha network, but the creators of solana could not simply keep investigating every project that is created on their network because in a way it would drive away many people who wanted to create projects on the solana network, and this would mean that the price of solana would not rise and the owners of solana would not become rich. These are those cases where people create a platform that allows anyone to create their thing, they don't put any restrictions on anyone creating their thing, if you want to use it for scams, that's your problem and you will deal with it. police if you are caught.

This is not a crime, and from an ethical point of view it is also not a problem. they simply gave everyone the freedom to use their project. Now one thing I saw in this altcoin this year is that the price rose a lot



but it is falling a lot, those people who bought at the top, could have big losses, because when many people realize that most meme projects are scams or that many projects created in the sun are meaningless, then few people will be wasting time with these meaningless projects, and as a consequence the price of solana will continue to fall even further. The lucky ones who bought when the price was very low and sold at the highest price are the big winners. In this cryptocurrency market, people need to know the right time to buy and the right time to sell and abandon ship