Solana co-founder and lead developer accused of “fraud”

Cryptocurrency and Ethereum advocate Adriano Feria is pessimistic about Solana, not because of the currency’s price action in the medium to long term, but because of the blockchain’s top management.

In a post by X on January 5, Feria confirm Solana’s top figures, including its co-founder Anatoly Ykovenko and one of the project’s lead developers, Mert, are “liars” or “idiots.” To make matters worse, observers note that Solana’s followers continue to support them “blindly”.

Feria: Solana leadership issues conflicting statements

In the post, Feria highlighted several instances where Solana management made “contradictory” or “inaccurate” statements. For example, analysts noted that Ykovenko previously changed the relationship between Solana and Ethereum.

To illustrate this point, Feria said that Solana co-founders originally proposed Ethereum as a layer 2 solution for Solana. However, the operator later confirmed that Solana is already a layer 2 solution for Ethereum.

Essentially, Ykovenko seemed to suggest that Solana, a “low-fee high-throughput blockchain,” could handle Ethereum transactions as an off-chain option, given Ethereum’s scaling challenges. This setup is the same approach taken by Arbitrum, Base or Optimism, such as reducing the market capitalization of the world’s second largest blockchain.

Feria also criticized developer Solana and influencer Mert for “lack of basic knowledge” of cryptocurrency principles. The analyst claims that the developers have a habit of making personal attacks rather than engaging in constructive discussions. Feria continued that before this, Mert was unable to clearly explain Solana’s previous transaction processing capabilities or the concept of “consensus cost.”

Based on previous comments, Feria also questioned developers’ suggestions that Ethereum rollups would be more attractive to projects and developers if deployed on a parallel EVM platform, given Ethereum’s inherent scalability.

What does this mean for Solana

Overall, the criticism of Solana’s management and developers reflects the concerns of other industry observers, who believe that the project’s marketing and communications strategies often exaggerate the actual capabilities of its network.

In reply to Feria’s post on X, several people said they were having problems Troll When asking difficult but reasonable questions. These criticisms could damage Solana’s credibility and hinder its adoption among serious investors and developers.

SOL price moves sideways on daily chart | Source: trading view

Despite the bearish trend, SOL has been trending higher over the past 3 months, even surpassing top coins like ETH and Bitcoin. The coin is trading at around $94, down from its 2023 highs of around $125. Based on spot exchange rates, SOL is nearly five times higher than its lowest level in September 2023.

You can check coin prices here.

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