Solv's rights protection incident for large households was like a farce, and now it has finally come to an end.

Through the bustling sounds, we can see many things. Some people are shining brightly, some are showing their teeth and claws, and some are ugly. .

We can now go back and review what are facts and which are opinions, which are objective and which are subjective.

1. Let’s take a look at the complete timeline first

November 28, 2024: Solv Protocol, the leading Bitcoin staking protocol, announced TGE (token issuance); @SolvProtocol

December 30, 2024: Binance announced the listing of Solv token; @binancezh

January 3, 2025: Solv major Mudita posted information on Twitter to safeguard rights and invested 1,800 BTC, but the final return was less than expected; @Clarissexx0805

January 4, 2025: Hans, co-founder of Nubit, a BTC ecological data availability project, published content pointing out that the BTC in Solv is not really locked and there is a false TVL; @trackoor

January 4, 2025: Solv co-founder Meng Yan responded to a force in the industry that is maliciously slandering and discrediting Solv; @myanTokenGeek

January 4, 2025: Solv CEO Ryan issued an article to refute and clarify, responding to the content of Nubit co-founder hans one by one. hans’ evidence is not convincing; @RyanChow_DeFi

January 2025 5th: Solv official recommendation was stolen;

January 6, 2025: Binance’s third phase of Megadrop project-Solv Protocol is opened;

January 6, 2025: Solv activist Mudita announced the issuance of coins.

2. The changing process of public opinion

The above timeline is an objective fact. Let’s take a look at the various parties views, and changes in public opinion.

(1) The first stage: empathy

When you first see the rights protection information , my first reaction is that before the listing, the project party and the large investors did not agree on the distribution of interests, and the large investors were cut off, which naturally benefited the retail investors.

This is why I first sent a tweet to give my initial thoughts: many things are not the contradiction between the bourgeoisie and the proletariat, but It is the contradiction between the production class and the distribution class.

In other words, it is not a contradiction between rich and poor people, but a contradiction between those who contribute value and those who ultimately distribute value. .

There is no right or wrong, so I don’t take sides.

At this time, the direction of public opinion is mainly "empathy." When most people see rights protection information, their first reaction is that rights defenders are a vulnerable group, and the project team will They have original sin, so they sympathize with the rights defenders and then scold the project side.

Mudita's tweets are full of sympathetic comments, and some big Vs directly denounced Solv on the platform.

However, experienced industry veterans who have seen more can clearly predict the subsequent direction. A typical example is Teacher Chen Jian’s clear guidance Opinion: The big fish upstream do not get enough benefits, and leading the small fish downstream to defend their rights generally does not lead to good results. @jason_chen998

(2) The second stage: criticizing BTCFi insiders

Then, someone " It was discovered that "1,800 BTC have always been in the wallets of large accounts, without participating in the pledge, and can be calculated as TVL only through signatures. From then on, public opinion began to turn to slam the various shady stories of BTCFi."

First ask if it is, and then why.

This is a typical case of spreading rumors. TV statistics from various platformsWhen L, only the amount of funds in the address on the chain will be counted. In fact, there is no false TVL that is double-counted through signatures.

This is why I wrote a second tweet to refute this statement: Technically speaking, UTXO cannot be approved for use multiple times, pre-signed It is not an asset proof method, just use message signature to prove address ownership.

And generally the project party will make the pledge address public, so TVL data mainly makes a fuss about these addresses, and the project party joins some large investors to invest funds to promote itself. TVL, such as using MPC wallet to implement multi-signature, where large investors and project parties jointly manage funds.

More importantly, "false TVL" does not mean that the data is falsified, but that these TVLs are dead funds that cannot truly create value and are just to attract follow-up investors. Retail investors’ funds and building momentum for the project.

Real TVL is liquidity that can really be utilized, such as lending projects or Swap projects. With high liquidity, users can better use products; while false TVL Liquidity that just sits there and is not used, such as in staking projects.

(3) The third stage: project parties engage in business war

Push public opinion to The climax was when Hans, the founder of the Nubit project, joined the battle and went straight to tear Solv apart.

hans issued an article criticizing Solv for recycling the same assets, saying that BTC is not really locked, and encouraging users to run and withdraw their coins.

However, the proof given by hans was not sufficient and was refuted and clarified one by one by Solv CEO Ryan.

Nubit and Solv are both well-known projects of BTCFi, and their competitive relationship has directly escalated to an open conflict.

Many judgments are subjective. We have to doubt its motive, it seems to be purely to smear.

This is a disadvantage, and the professionalism and reliability of the Nubit project itself have been greatly affected.Big impact.

(4) The fourth stage: Binance continues to list coins, and rights defenders issue coins to harvest

In the end, Binance continued to promote the currency listing as originally planned. The rights defender found that public opinion was not good for him, and there was no need to tear up anymore, so he turned around and started issuing coins to harvest the last wave of traffic.

Everyone is once again shocked: the end of rights protection in the currency circle is to issue coins?

People who originally supported rights protection fell silent, feeling that their sympathy was being used;

Nubit, the project owner who was at odds with each other, fell silent, and his personal fate became a joke;

Solv, who was smeared, fell silent, and this public opinion crisis went unaddressed. Self-destructive;

In the end, the winner turned out to be the rights defender. Not only did he gain traffic, but he also maximized the utilization of the traffic and directly monetized it through issuing coins.

3. Relation among all living beings under the crisis of public opinion

In this war of public opinion, we can see the difference between idealists and opportunists.

One ​​is to really do things, promote the development of the industry, and obtain commercial returns from it; the other is to sit back and collect money after reaping the dividends of the times, and do nothing to others. If they were dissatisfied with the distribution of benefits, they would defend their rights, and finally the traffic would be monetized.

I have always felt 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. In fact, he has many titles and achievements.

Before joining the blockchain industry, Teacher Meng Yan first stayed in CSDN for 6 years and was the vice president of CSDN. Later, he worked in IBM. Technical experts in the Web2 industry.

Teacher Meng Yan began to be exposed to blockchain technology in 2015 and became a well-known blockchain expert, evangelist and consultant, especially in the Chinese blockchain Prominent in the chain community.

Teacher Meng Yan has been rated as one of the top ten districtsOne of the blockchain educators. He proposed the translation of “token” and promoted research on tokenomics.

In 2020, he founded Solv Protocol, focusing on the development of financial NFTs and semi-fungible tokens (SFTs). He is also a co-author of the ERC-3525 standard, the first standard designed for semi-fungible tokens.

During this period, he was also involved in a number of collaborative projects, such as those with the Monetary Authority of Singapore (MAS) and the Bank of Ghana DESFT.

Currently, Teacher Meng Yan is mainly responsible for the development of the ERC-3525 ecosystem in Solv Protocol.

Taking a closer look at these past experiences, we can see that Teacher Meng Yan is very respectable in terms of professional knowledge, industry experience, and personality.

Starting a business, incubating a project, or making a product is like raising a child. Naturally, you cannot tolerate unwarranted slander from others.

Teacher Meng Yan’s performance in this public opinion crisis is remarkable. After all, when others come knocking, it is natural to fight.

4. Where will our industry go?

Teacher Meng Yan mentioned a point before, which is worth sharing again:

Web3 is not only a technological revolution, but also a social movement. It follows the three stages of social movements: positive (idealism stage), negative (alienation stage), and integration (integration with reality) stage).

(1) The positive stage of Web3: promoted by idealists such as Satoshi Nakamoto and Vitalik, who proposed a decentralized and transparent value system .

(2) Anti-stage: Witnessing the alienation of this ideal - deviating from its own goal and moving towards its opposite, which is now "cutting leeks" Phenomenon.

(3) Integration stage: Emphasis on the need for Web3 to integrate with the real world, combine with tradition, and use idealistic things to transform and integrate the real world.

Historical experience tells us that the "anti" stage often requires paying a huge price and will produce many problems and contradictions, while the "union" 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 illegitimate goals of individuals or small groups. This approach not only deviates from the original intention of Web3, but also seriously damages the entire The healthy development of the ecosystem

Ordinary users would rather have a centralized giant a thousand kilometers away to do evil than have one within a kilometer. A thousand hooligans did evil to us

Web3 wants to deconstruct centralized legal currency and the traditional financial system, but it has created a lot of scams, and the performance of most projects is far inferior to traditional finance.

Therefore, we must have a very clear understanding of these issues before we can take this step forward.

Finally, use Ending of a sentence:

If good people do nothing, bad people will succeed.

This is why I wrote this article, hoping to use my voice and The text records this chaotic event