On the 30th of November 2022, Chris Burniske, the cofounder of Placeholder, tweeted his support for Solana, saying that the project was better off without Sam Bankman–fried or Alameda.
Strongly believe @solana is healthier w/o SBF. With his following, he was part of raising it to relevance, but Alameda became a tumor of community extraction, which would have hampered network growth had it continued. Now the tumor has been extracted, allowing accelerated healing https://t.co/nJTuiYyIFh
— Chris Burniske (@cburniske) November 30, 2022
Following the crash of FTX and Alameda, the crypto space has been healing, attempting to get back on its feet. And the same can be said for the Solana network.
Back in the day, SBF was part of why Solana grew to the level it did. But his company, Alameda, was a tumor in the industry. One that has just recently been removed. In as much as it has left a massive hole after the FTX crash, it’s better for the industry it occurred now than when it was allowed to grow even further.
And with the amount of effort put in by Solana developers, it’s sensible to expect an accelerated healing process.
He then compared the comradery of the Solana contributors, post-FTX, to that of the Ethereum contributors in the TheDao 2016 hack, which still remains one of the most significant hacks in the industry.
The summary of the 2016 ethereum hack is thus. A hacker found a fault within the code of a decentralized fund known as TheDAO. The project held 5% of the total ETH supply valued at hundreds of millions, and the hacker stole 31% of that amount. Due to the enormous theft, Ethereum developers had to quickly split the blockchain in two, creating the Ethereum classic fork. it reduced the amount of stolen assets the hacker could access.
According to Chris, the popular opinion is that the Solana network will crash, but that is far from the truth. Without bad players like Alameda and FTX, there would be more room for better players to enter the Network. people who would double down with more fire.
Finally, he pointed out that SOL was around $1 in 2020 and is now above $10 in 2022, which is a sign of growth. But only some people share his optimism. Plenty people believe that bad players are still in the Solana network. People like Armani Ferrante.
Remember Armani Ferrante?
The guy that blocked me on Twitter for pointing out the fact he was a core software engineer at @AlamedaResearch?
He also served as advisor to FTX Ventures, which led a $20M fundraise for his company @0xCoral, essentially funding himself with FTX funds pic.twitter.com/IKifGO1hvH
— J//G0Ξ 👁️《TYR》 (@JagoeCapital) November 29, 2022
The founder of Visionary studios, who has NFT collections stored on the blockchain, came out after the crash to call out yet another employee of FTX, that was a core developer for Solana, who then went off with millions worth of FTX user funds to start his own company, Coral.
If that information is true, then there are some bumpy roads ahead for the Solana Network.