jakiro
The Solv big-name rights protection incident was like a farce, and now it has finally come to an end.
Through the bustling sounds, we can see many things, some shining with glory, some twitching, and some showing their ugly appearance.
We can now look back at what are facts, what are opinions, what are objective and what are subjective.
1. Let’s look at the complete timeline first
November 28, 2024: Solv Protocol, the leader in Bitcoin staking protocol, announced TGE (issuance of tokens); @SolvProtocol
December 30, 2024: Binance announces the launch of Solv tokens; @binancezh
January 3, 2025: Solv big player Mudita posted information on Twitter to protect his rights, investing 1,800 BTC, and the final return was lower than expected; @Clarissexx0805
January 4, 2025: Hans, co-founder of the BTC ecological data availability project, released content, pointing out that BTC in Solv is not really locked, and there is a false TVL; @trackoor
January 4, 2025: Solv co-founder Meng Yan responds to a force in the industry maliciously slandering and smearing Solv; @myanTokenGeek
January 4, 2025: Solv CEO Ryan posted a statement to refute and clarify, responding to the content of Nubit co-founder Hans one by one, and the evidence of Hans is not convincing;@RyanChow_DeFi
January 5, 2025: Solv official push was stolen;
January 6, 2025: Binance’s third phase Megadrop project – Solv Protocol is open;
January 6, 2025: Solv rights activist Mudita announced the issuance of coins.
2. The process of change in public opinion
The above timeline is an objective fact. Let’s take a look at the views of all parties and the changes in public opinion.
(1) Stage 1: Empathy
When I first saw the information on rights protection, my first reaction was that before the listing, the project party and the big investors did not negotiate the distribution of profits, and the big investors were cut off, so the benefits were naturally the retail investors.
This is why I first posted a tweet and gave a preliminary idea: many things are not the contradiction between the bourgeoisie and the proletariat, but the contradiction between the production class and the distribution class.
That is, it is not a contradiction between rich people and poor people, but a contradiction between people who contribute value and people who ultimately distribute value.
There is no such thing as right or wrong, so I don’t take sides either.
At this time, the direction of public opinion is mainly “empathy”. When most people see information on rights protection, their first reaction is that the rights defenders are vulnerable groups, and the project party has original sin, so they will sympathize with the rights defenders and scold the project party.
Mudita’s tweets were full of sympathetic comments, and some big Vs directly criticized Solv.
However, experienced seniors in the industry can clearly predict the subsequent direction after seeing it. Typically, Teacher Chen Jian gave a clear view: the big fish upstream did not gain enough benefits and led the small fish downstream.Protecting rights generally has no good results.@jason_chen998
(2) Phase 2: Criticize the inside story of BTCFi
Then, someone “discovered” that 1,800 BTCs have been in the wallets of large investors, and they have not participated in pledges. They can be calculated as TVL by signing alone. As a result, public opinion began to turn to various shady slanders that fiercely criticized BTCFi.
Ask if it is yes, then ask why.
This is a typical rumor. When each platform counts TVL, it will only count the amount of funds in the address on the chain. In fact, there is no false TVL that is repeatedly calculated by signature.
This is why I wrote the second tweet to refute this statement: From a technical point of view, UTXO cannot be approved for use multiple times, and pre-signature is not a way to prove the ownership of the address.
Moreover, the project party will disclose the pledge address, so the TVL data is mainly about these addresses. The project party joins forces with some large investors to invest funds to boost their TVL, such as using MPC wallet to achieve multiple signings, which will be managed by the large investors and the project party.funds.
More importantly, “false TVL” does not mean that data is fake, but that these TVLs are dead funds and cannot truly create value, but only to attract subsequent retail investors’ funds and build momentum for the project.
Real TVL is the liquidity that can be truly utilized, such as lending projects or Swap projects. The liquidity is high, so users can use the product better; while fake TVL is just lying there and then there is no liquidity that can be used, for example,Pledge project.
(3) Phase 3: Project parties fight each other for business war
What pushed public opinion to a climax was that Hans, the founder of the Nubit project, joined the battle and directly broke up with Solv.
Hans issued a statement to criticize Solv for reusing the same assets, and BTC did not really lock in it, and encouraged users to run and withdraw coins.
However, the proof given by Hans was not sufficient and was refuted and clarified by Solv CEO Ryan.
Nubit and Solv are both well-known projects of BTCFi, and the competitive relationship between the two has risen directly to open mutual tearing.
If Hans is reasonable and evidence-based and directly exposes the dark side of the industry, it is also a just and bold industry hero. Unfortunately, Hans did not provide strong evidence, and many judgments are more subjective.I have to doubt its motives, as if it was purely for smear.
This was a disadvantage, and the professionalism and reliability of the Nubit project itself were greatly affected.
(4) Stage 4: Binance continues to list coins, and rights defenders issue coins to harvest coins
Finally, Binance continued to promote the listing of coins as planned. The rights defenders found that public opinion was not good for them and there was no need to tear them again, so they turned around and started issuing coins to harvest the last wave of traffic.
Everyone was shocked to their chin again: the end of the currency circle’s rights protection is to issue coins?
It turns out that those who support rights protection are silent and feel that their sympathy is being used;
Nubit, the project party who ended up fighting, was silent, and his own end became a joke;
Solv, who was slandered, was silent, and this public opinion crisis was self-defeating;
In the end, the winner turned out to be the rights defender. Not only did he obtain traffic, but he finally maximized the traffic utilization and directly cashed in by issuing coins.
3. The appearance of sentient beings under the crisis of public opinion
In this battle of public opinion, we can see the difference between idealists and speculators.
One is to really do things, promote the industry forward, and at the same time get commercial returns; the other is to take advantage of the times, collect money while lying down, protect your rights when you are dissatisfied with the distribution of interests, and finally cash out the traffic.
I always feel that Teacher Meng Yan is one of the few people worthy of respect.@myanTokenGeek
Many people may only know that Mr. Meng Yan is the co-founder of Solv, but in fact he still has many titles and achievements.
Before joining the blockchain industry, Mr. Meng Yan stayed at CSDN for 6 years. He was the vice president of CSDN and subsequently worked at IBM. He can be said to be a technical expert in the Web2 industry.
Teacher Meng Yan began to get involved in blockchain technology in 2015 and became a famous blockchain expert, evangelist and consultant, especially in the Chinese blockchain community.
Teacher Meng Yan was once named one of the top ten blockchain educators in China.He proposed the translation of “token” and promoted the study of token economics.
In 2020, he founded Solv Protocol, focusing on the development of financial NFTs and semi-homogeneous tokens (SFTs).He is also co-author of the ERC-3525 standard, the first standard designed for semi-homogeneous tokens.
During this period, he also participated in several collaborative projects, such as DESFT, a project in collaboration with the Monetary Authority of Singapore (MAS) and Bank of Ghana.
Currently, Mr. Meng Yan is mainly responsible for the development of the ERC-3525 ecosystem in Solv Protocol.
By looking at these pasts, you can see that Teacher Meng Yan is very respected in terms of professional knowledge, industry experience, and personality qualities.
Starting a business, incubating a project, and making a product is like raising a child, and naturally it cannot tolerate unreasonable slander from others.
Teacher Meng Yan’s performance in this public opinion crisis is remarkable. After all, if someone comes to the door, he will naturally have to fight.
4. Where will our industry go
Teacher Meng Yan mentioned a point before, which is worth sharing again here:
Web3 is not only a technological revolution, but also a social movement. It follows three stages of social movement: positive (idealist stage), anti-alienation stage, and integration stage with reality.
(1) The positive stage of Web3: driven by idealists such as Satoshi Nakamoto and Vitalik, they proposed a decentralized and transparent value system.
(2) Anti-stage: Witness the alienation of this ideal – deviating from its own goals and moving towards its opposite, which is the current “cutting leeks” phenomenon.
(3) Combination stage: Emphasize that Web3 needs to be integrated with the real world, combined with tradition, and use idealistic things to transform and integrate the real world.
Historical experience tells us that the “anti-” stage often requires a huge price, which will cause many problems and contradictions, while the “combination” stage is usually an effective way to ultimately achieve the goal.
Web3 is currently in the “anti-” stage, which is characterized by the conflict between ideals and reality, as well as the concentrated outbreak of various problems and contradictions.
However, we cannot stay in this state for a long time, because this is essentially using idealistic slogans to achieve the ill-gotten goals of individuals or small groups.This approach not only deviates from the original intention of Web3, but also seriously damages the healthy development of the entire ecosystem.
Ordinary users would rather have a centralized giant a thousand kilometers away do evil than a thousand little hooligans do evil to us within one kilometer.
Web3 needs to deconstruct centralized fiat currency and traditional financial system, but has created a bunch of scams of cutting leeks, and most projects perform far less than traditional finance.
Therefore, we must have a very clear understanding of these issues before we can move forward.
The last one, ends with one sentence:
If a good person does nothing, the bad person will succeed.
This is why I wrote this article. I hope to use my voice and words to record this chaotic incident.
