Riccardo Curatolo stated that Solana, one of the leaders in the cryptocurrency market with a market capitalization of $75.9 billion and a token price of around $146, is facing issues related to centralization, technical failures, and risks associated with legislation.
According to Curatolo, one of the main problems with Solana that could undermine the project's position is the high concentration of network governance. Currently, the 10 largest validator pools control about 22% of the total staking in the network.
The collapse of the Argentine meme coin LIBRA in February 2025, which caused losses to crypto investors amounting to billions of dollars, as well as the possible connection between the LIBRA collapse and the actions of the platforms Jupiter and Meteora, which allegedly contributed to the manipulation of the meme coin's liquidity, further fueled distrust in the Solana ecosystem.
Over the past 4 years, the Solana network has repeatedly faced major outages, including a 17-hour downtime in September 2021 and a validator failure in February 2024, which negatively affected user trust and the assessment of the project's long-term reliability.
Earlier, investors filed a class action lawsuit against the decentralized exchange Meteora based on the Solana blockchain and the venture company Kelsier Labs, accusing them of fraud with M3M3 tokens, which caused traders to incur losses of $69 million.
