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

We exists to ensure we're running at top profits in the market. The Solana blockchain have been a mess, we should always place our mind to make provision of plan B because Plan A will always messed things up for us. This is crypto and we should either expects the very best or worst can happen. We have countless failed projects in the system, we just have to be come extremely careful because the slightest mistakes will definitely send one back to trenches and liquidate our portfolio.

When a cryptocurrency project open to all the shitcoins and memecoins and nonsensecoims then the life span of that mother project is very short because scammers will also launched their coins there and to scam people. At first they would allow people to invest and when they discovered that they have gotten enough funds from people's investment then they would withdraw their services from the mother project and all the people that has invest invested in it would just lost their funds and coins.

As you can see bitcoin is also suffering from those ordinals and if bitcoin was not a strong cryptocurrency, they would destroy bitcoin as well. Solana network was good but these days the network is congested and even nobody is interested to use the coin the network is still congested. Then something is wrong.

     You shouldn't be surprised by that, because that's normal in any network operation, because not all utilities in a network are all successful coins that are inside the network itself. They can only be affected if they all work hard to pump because SOL is rallying the market.

     But most of them for sure will also decline after the pump that they do because they are just going along with the trend or hyped up in the market. That's why, to be honest, many people are in a hurry or fall into such a trap.

It isn’t about Solana blockchain, the same can happen to you with any blockchain. When investing in memecoins, you should know more to invest only the amount you can afford to lose. Solana or not, if a memecoin will be successful, it will. And these things shouldn’t be unusual, it’s blockchain. Anyone can design/create what they wish. Just be more picky and scrutinizing.

There’s always a project like this because those are the scam projects and of course they are just riding the hype and the trend, and when it’s over they will just abandoned it. This is happening in every network just like the ICOs before under the ETH network, you can expect more from SOL since it’s just the beginning of their hype. Better to be more careful in dealing with the new projects, always do your research and assess if you can take the risk or not.

How easy would you say it is to have trouble profiting from memecoins but you don't realize that buying memecoins is like gambling? You yourself are wrong to expect profits from memes instead of better coins, remember don't expect too much you can win at memes it's not easy.

Solana only provides that feature where everyone can create tokens on the Solana network, so Solana developers never filter it, because you yourself have to do it not Solana, already know that memes are prone to rugpull but why do you still believe too much?

The solana blockchain has a lot of supporters hence why every project released on it seems to have “potential” even if in reality they really do not have. It’s a matter of credibility and confidence that these investors have.

Solana has been releasing memecoins left and right and people who can not identify red flags will surely miss them and be blinded by its name. Even though the blockchain it was launched on to has had successful projects not all of them would be.

and this is why SOL is rising compared to the other projects that are verifying their developers. Solana is just taking part in these scams that want to take money from investors, this is also happening in ETH during the ICOs.

the bear market hasn't started yet but they are already abandoning projects, how much more will they abandon when the bear market is already here? all the memecoins probably will die before the exchanges can even dump their own holdings.

There are also a lot of abandoned projects in the other network but they are not paid any attention because the success rate is high as well, the same goes for Solana. Right now, we're on the bull run and this is causing a lot of optimism in the market because everyone is thinking of each project to become positive. I think in the bear market, there are always projects that are going to get rugged, and many scam projects exist by that time but everyone needs more extra care during the bull run.

What else can we expect form memecoin ? This is not new as we have experienced this with ICO projects which were launched in 2017/2018 though there were some good project but once we entered 2018 it was all scam and people were rug pulled and now the same thing is happening with Solana network so veterans like me wouldn't be surprised at all. I have tried highlighting this issue in the past as well that people are just blindly going for Solana based memcoins just by looking at few successful projects without looking at the number of project which couldn't make it but people just get into stuff which is trending without using their brain.

Question is, did you assume that most of them wouldn't be abandoned? Because i thought it would be common knowledge that happens with every new hyped thing. People who get lefts with the tokens are new bag holders and suckers that bought from last victims.

And it's not about sol. It's about latest trend. It could happen with any chain out there that's being hyped. And it has happened to eth and bsc a lot. SOL is just a latest dumpster fire people are pouring their money into, while hoping that they found that one gem that isn't immediately abandoned. No one who has been in here for more than year seriously believes any of these projects. They are only hyping them to get others buy their bags for profit. It's a silent agreement among shillers, everyone is just looking for right point to exit. Sooner is often better than later. Minus the unicorn rockets that these investors are leaving small moonbag for.

Well, know you getting some investment lessons.

Mate, it's decentralized........ People just can create any token in any network. It's not only on (Solana) but also on other network, and the one who should responsible is you to verify and do some due diligence. If you want to stay safe to your investment, at least you are investing to major coin/token
- Good liquidation
- History
- Product, etc

Not, just a random meme token while hoping hail-mary to gain big....... at least now you get some leason ~xd

Memecoins generally are pump and dump, so any investors that wants to buy any should understand that they're gambling their funds, because most of them are scams. I used to wonder why the Solana, network don't have a sort of regulatory framework to checkmate these scams and denting the reputation of their network, then I realized that Solana, is in the Blockchain business to make money, and any project that meets up the demand of their paperwork gets a pass whether they're scam or legit. Now it's left for investors to decide whether to patronize these projects or not.

That's a usual condition when you are trading meme token. It's kinda stupid to use it as a mid or long term hold. You have known with the risk put your money on the meme token on solana which is 98% of them were scam tokens. If you are now losing your money then it's kinda normal since you are taking a very big risk decision insead of


It's strange you are expecting blockchain to be a centralized entity when everything need to be verified first. That's why blockchain was a permisionless since you can issue and trade your token anytime. Keep in your mind to buy only the trusted token.

Stop waste your hard earned money to buy the meme token. You must learn a lot from this.

Let me Start with this popular saying that everywhere there is ants there is sugar. Same thing goes to this crypto space too, once scammers see a place where there is hype they focus there to milk out naive people. It’s even surprising that you’re asking this, we all know that 90% of memecoins are build by scammers called devs.

As for Solana network knowing, I ask as how will they know? Most projects will present a good opportunity one can get to buy and they can easily rug pull.

So invest in memecoins or other coins with an amount you can afford to lose

There are more than a hundred coins mostly meme coins are launched everyday in solana. 99% of them dies within a year. It's not an exact data but by my experience.
I once tried meme coin hopping and every of my failed sales, the coin are dead by a few months. And it's not as surprising as well. Most of the coins are generated with the plan of single pump and dump.
These coins are generated because they have a demand. If people stops buying such coins, they won't be generating them. It's like those pre-mined coins in the past that were launched like everyday. They might hurt some gullible people financially but they'll weed out without creating much problems.

You have learned the hard way it seems and it is something everyone here has been saying that meme coins are high-risk investments. Rug pull is common in crypto and it is not something only associated with meme coins. You cannot blame the Solana network for all the wrong happening there are other crypto projects that are not scamming investors within the Solana ecosystem. Investment is always risky and that is why you need to do your research before investing. If you do not do any research then you will be at a loss and you cannot blame anyone for what happened to your money.

I think we all know that these meme coin always vulnerable to rug pull, solana is a decentralized blockchain anyone can submit their own smart contract code, whether its ERC20 and then list it on the blockchain.
the foundation behind solana definitely has no control towards these meme coin, the one that should have due diligence are the users themselves, i mean if you invest in meme coin you should know before hand that majority of them are just rugpulls, they are falling under category of shitcoin for a reason usually its just some random dev trying to make meme coin for the sake of getting themselves rich, so don't be surprised if a meme coin suddenly pulls out all the liquidity and rug people, thats just meme coin nature.
the people that you see turning their few thousand dollar into multiple time of initial capital are just outlier, majority of people are just getting rugged just like you, thats why its better to just avoid it altogether, in every blockchain that are decentralized there's always this kind of shitcoin that rugpull innocent people.

Any blockchain where it's easy to copy and paste some lines of code to create your own shitcoin is going to have such consequences.
Solana is cheap and fast at the expense of decentralization. People that want to gamble on shitcoins obviously won't give a damn about fundamentals and therefore Solana has become the primary chain for shit quality tokens. Of course nearly all of them will end up going to 0 in the span of a few months.

Surprising? No. This overall gives the whole chain a less serious outlook to outsiders. You go to any solana charting site and all you'll see is catdog jizzlord coin all day every day. I guess this so far has proven the most popular use of token blockchains, which is very unsurprising considering that they can't seem to compete in finding much if any real utility.

Solana has nothing to do with Bitcoin. You should move this to Altcoin discussion board.

Welcome to the wild west. It seems you are still new to crypto. Back then there were ERC20 ICO on Ethereum blockchain and lots of scams would actually raise millions of USD. If you can not DYOR on a project you are about to drop your money on, then it's better you completely avoid the whole thing.

99% of those memecoins on solana are scam, and it's actually easy to spot them.

Why do you seem surprised? Remember the scam-filled Ethereum ICO mania of 2016-2017? It's the same this year on Solana, just with memecoins. At the very least with memecoins, expectations are far lower because everyone knows they're literally useless in the first place; not with those ICOs that pretend to be something big.

From my research I found out that Solana is referred to as high-speed blockchain network, but recently, from my experience it has been for entirely different reason, the network has being at the heart of an unprecedented meme coin frenzy.
Several meme coin projects I bought on Solana has rugged me my hard earn money and a lot of projects are succumbing to rug investors and crypto lovers.
Yet Solana Blockchain network is paying insipid attention to it or no process of verifying a real project before launch. They give room for every one to launch on their network where by bringing fake or scam projects onboard. And I begin to think otherwise, if they really don't know about all this scam projects.
I stand to be edify as I'll be looking out for your opinion in this thought.!