English
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1. Project core definition and basic understanding 1. Distinguish between name and subject: - Solana: Core is the operational name of the foundation. As the front-end operation window of the market, it is responsible for the audit, operation and management of the entire project ecology. It is the core carrier of technology front-end marketing and ecological layout. - Solana X: The purpose of establishment is to spin off the original Solana Foundation and clarify the boundaries between operating entities and technical entities. - Technology Core: The system upgrade of Solana 2. Investment threshold description: - Early private and public offerings of mainstream currencies (including Solana) are only open to institutions and high-net-worth users, and retail investors cannot participate. - Core reasons: Verification nodes need to be built before the public chain mainnet is launched, which requires high investment in hardware and software costs and a large amount of token pledge. Retail investors lack the corresponding resources, capabilities and strength and can only serve as ordinary nodes without accounting rights. 2. Background and core actions of key characters (1) Core figure: Chen Xinan 1. Professional resume: - He has worked at Google for a long time and was a Google application developer from 2016 to 2019. In 2018, he became the only Chinese Asian to obtain 100 points in the Google Technology Academy. - At the end of 2019, he resigned and returned to China to found Shinhwa Technology. The company was the only state-owned enterprise in China that had obtained the blockchain digital transaction standard registration at the time, focusing on the development of blockchain systems. - As a representative of Shinhwa Technology, he was invited to participate in the 2023 Hong Kong Belt and Road International Summit Forum and share his views on behalf of Chinese technology companies. 2. Core resources and connections: - The circle of friends includes Rubin, the co-founder of Ethereum (the largest early investor in Ethereum), the founder of Ripple, and the founder of Litecoin. In the early years, he received investment and development invitations from these friends, but he did not participate because the application of blockchain in the financial field was immature at the time. - With the help of colleagues from Google (one of the major shareholders of Solana), as well as government resources such as current diplomats from 28 European countries and Secretary-General of Eastern Europe Slapnik, we successfully connected with the Solana Foundation. 3. Cooperation with Solana Foundation: - Became the only Asian Chinese shareholder of Solana's reorganized foundation (X Foundation), holding approximately 10%-15% of the dividend shares. - Signed a gambling agreement: Without the need for foundation investment, the company independently completed the liquidity establishment, community basic framework and model creation of the 9 Asia-Pacific markets. By diluting its original equity and conducting airdrops, it finally achieved a holding of nearly 1 million coins in the Asia-Pacific market. - Cooperation landing node: Complete all agreements and gambling agreements in September 2024, launch the Asian project with the chairman of the Solana X Foundation and government resources at the end of 2024, and officially announce cooperation and identity recognition in Europe from June to July 2025. 3. Major related events and project impact (1) FTX crash event (end of 2022) 1. Background of the incident: FTX was the largest shareholder of Solana 1.0 (holding 60% of the shares). As the world's second largest digital asset exchange at the time, it collapsed due to more than 40 billion US dollars in money laundering and misappropriation of customer funds for high-leverage operations. 2. Chain effects: - The Solana ecosystem suffered heavy losses: the decentralized platform, Mimi platform, etc. were reset to zero, DEPO collapsed, the network was interrupted for 19 hours, the currency price plummeted 96% from US$236 to US$8, and it fell into a huge liquidity crisis. - Industry impact: Triggered a financial crisis, leading to the collapse of two banks in Silicon Valley, and Bitcoin falling to $15,000. - Influence of related figures: Binance founder Changpeng Zhao was involved in related criminal cases due to his plan to acquire FTX, which was under investigation by the Ministry of Justice. 3. Asset disposal: Solana assets held by FTX were liquidated by the U.S. Department of Justice and subsequently auctioned multiple times (including an asset auction worth approximately US$17 million in April 2025). (2) Reorganization of Solana Foundation and entry of capital 1. Reorganize core actions: - The FTX restructuring team took the lead in pledging 5.5 million Solana and over 560 million US dollars to alleviate the Solana liquidity crisis. - 50%-70% of the original Solana technical team was acquired by the reorganized Solana X Foundation to ensure technological continuity. 2. Capital and institutional participation: - The world's top technology and financial giants such as Google, Facebook, Meta, and Musk's Paper have joined, and Google is also participating in the joint development of the Tequila Protocol. - Wall Street capital and European government forces entered the situation, making Solana X Foundation the core controlling party of the project (replacing the original FTX). (3) Technology upgrade and ecological layout 1. Tequila protocol development: Cooperate with Solana core development team Anza, Google technical team, and Ethereum ERC 20/721 team (mainly Mr. Klanman) to jointly develop and upgrade, and be responsible for multi-client management. 2. Ecological status quo: Overseas technology giants and leading institutions give priority to Solana Chain for layout, rather than Binance Chain, Ethereum Chain, Tron and other well-known blockchain channels in the Asian market. The core reason is the deep participation of governments and Wall Street capital. 4. Core cognitive points 1. Foundation positioning: The Solana 2. Core advantages of the project: It has the brand endorsement and efficient technical advantages of the world's top three public chains, coupled with the support of the government, leading capital, and top technical teams, it has become the core competitiveness of post-disaster reconstruction. |
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