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 experiencing issues related to centralization, technical failures, and regulatory risks.
According to Curatolo, one of the main problems for Solana that could undermine the project's position is the high concentration of network governance. Currently, only the 10 largest validator pools control about 22% of the total staking in the network.
The crash of the Argentine meme coin LIBRA in February 2025, which caused losses to crypto investors amounting to billions of dollars, as well as a possible connection between the LIBRA crash and the actions of the Jupiter and Meteora platforms, which allegedly contributed to the manipulation of the meme coin's liquidity, further increased 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 validator failures in February 2024, negatively impacting user trust and the assessment of the project's long-term reliability.
Earlier, investors filed a collective lawsuit against the decentralized exchange Meteora based on the Solana blockchain and the venture company Kelsier Labs, accusing them of fraud involving M3M3 tokens, which caused traders to incur losses of $69 million.
