Solana is an open-source, public blockchain that enables smart contracts, non-fungible tokens (NFTs), and a range of decentralised applications (dApps).
The SOL currency, which is native to Solana’s blockchain, provides network security as well as a mechanism of transferring value through staking.
Anatoly Yakovenko and present Solana board member and Chief Operations Officer Raj Gokal founded Solana in 2017. Yakovenko, who is now the CEO of Solana Lab, has a background in system architecture and wanted to apply his skills to a new blockchain paradigm that would allow for quicker processing rates.
Solana Quick review
- Solana is a proof-of-stake cryptocurrency that supports smart contracts such as DeFi dApps and NFTs.
- Solana has a potential throughput of 65,000 transactions per second and charges next to nothing.
- The development in the DeFi and NFT areas has sent Ethereum costs sky high, prompting crypto consumers to look for alternatives like Solana.
- Solana has sparked debate in the crypto community, with some claiming that its transaction speed is only achievable because the chain has compromised decentralisation.
- The creators wanted to construct a completely new blockchain that could be used globally.
At the time, blockchain transaction rates were restricted to about 15 transactions per second, which paled in contrast to Visa and Mastercard’s 65,000 transaction per second throughput. Yakovenko and Gokal wanted to create a new blockchain that could handle worldwide demand.
Because of its speed and low transaction fees, Solana presently has a potential maximum capacity of 65,000 transactions per second and is now one of the most widely utilised blockchains today. Solana, like nearly any other blockchain system today, is still in its early stages and is not without criticism.
On the Solana blockchain, SolBears Bear Gang NFTs are a compilation of procedurally created, randomly generated NFTs. The first generation consists of 10,000 Bears created at random from a pool of over 300,000 choices. Each Bear has its own body, cap, face, and dress, so the combinations are unlimited!
The bears’ cuteness inspired several people from Pudgy Penguins, which went viral on Twitter and rose to a 2 ETH+ ($7,000+) floor. SolBears gained a big fanbase with huge followers on Twitter and Discord ahead of their launch, fueling speculation that they may be the next Penguins.
On launch day, one of the 10,000 algorithmically created bears cost 3 SOL ($300 USD). Minting was accomplished in less than a minute, despite the fanfare. In reality, it was oversubscribed, and the team had to provide refunds to individuals who had ordered late.
On secondary marketplaces like Solanart.io, the SolBear minimum price climbed to 20-30 SOL per bear over the next several days.
Everything appeared to be going swimmingly. But, in crypto, things move quickly, and things quickly deteriorate.
Second NFT collection
Soltopia’s proposal to conduct a second NFT collection and raise $100,000 SOL just three days after their initial NFT launch sparked a firestorm of community outrage.
Following the popularity of the SolBears launch, the announcement was first welcomed with a lot of excitement. Some individuals, however, were dubious of the plan, believing that creating a second NFT so soon after the first was a money grab. Overall, though, the mood remained overwhelmingly upbeat.
However, when more information about the launch became available, the mood soon shifted from positive to unfavourable.
SolCats will cost 10 SOL, according to Yogi, Soltopia’s principal developer. SolBears’ mint was just 3 SOL, and the price of SOL had been steadily rising. As a result, the mint price in USD would be significantly greater.
Controversies of second NFT collection
The crowd was also disappointed to learn that SolCats will be a mint rather than an airdrop to SolBear owners. People begin to think that What good would it be to possess a bear if it didn’t come with any perks?
Many folks were perplexed by the unpredictable character of it all. Some speculated that it was all staged as a publicity gimmick. Others were dissatisfied with the airdrop since it meant fewer SolCats would be distributed.
While some members of the Soltopia community communicated their discontent in visual ways, other parts of the Soltopia community were much more concerned with the SolBears’ graphic stylings.
Several members of the community brought up flaws with the minting process that resulted in strange outcomes. A few of the algorithms used to produce the NFTs appear to have failed and minted.
Aside from layer eyes and snake hair, a variety of additional bear features, such as bubblegum, freckles, masks, caps, glasses, smoke, eyes, and hoods, appear to create layer ordering issues. These characteristics can all result in glitched bears when used in specific combinations. While some users may expect that this will make their bears more unusual, glitched SolBears are far from rare.
The community attempted to express its dissatisfaction. The retaliation was swift. Many of the influencers who pushed SolBears in the beginning attempted to disassociate themselves from the initiative. Solanart, a secondary NFT market, also indicated they will not be listing SolCats in a now-deleted tweet.
A few in the community thought the initiative was dead, claiming it was merely a money grab and that they’d been duped. SolBears’ floor price plummeted from 30 SOL to 1 SOL in a matter of minutes, going below the mint price.
It’s frequently far more difficult to rebuild trust that has been quickly lost. The project now has to cope with not just a loss of community confidence, but also with partners and other initiatives in the Solana neighbourhood.
After originally supporting SolBears, Solana Sneks was among the Solana NFT projects to dissociate themselves from the initiative. ‘We’re not linked with Solbears,’ the Solana Sneks team explained on Twitter, adding ‘we didn’t know the price per mint of SolCats.’
After realising their error, the Soltopia crew set out to repair the damage. Yogi changed his mind, claiming the SolCats mint price would be 0 instead of 10. Owners of bears would get a 30 second head start on minting.
The attitude of the NFT gallery Solanart was even more concerning for Soltopia. SolCats will not be included in a large Solana NFT gallery, and they are not recommended for purchase.
Soon after, they decided to stop minting and instead airdrop SolCats to all Bear owners.Soletopia seemed to be on its way to becoming a great NFT success story, but the team suddenly turned things around, snatching failure from the mouths of triumph. If Soltopia is to survive in the long run, it must now scale a mountain.
However, the SolCats were successfully airdropped to all Bear owners in the end. In Solana’s history, this was the first NFT airdrop. They are now available on DigitalEyes for a floor price of 2 SOL. To qualify for the next drop, Yogi said you’ll need both a SolBear and a SolCat.