Solana

The mistery of Solana Foundation Wallets

We often come across headlines like ETH Foundation Sells 1,000 ETH.
But why don’t we see similar news about other major players? 
To explore this, I decided to take a closer look, starting with Solana 🧵

My portfolio: 90% stablecoins | 10% shitcoins. | 

Once dreaming of being a detective, I now expose KOLs dumping on you.

1/ Step 1: Identifying the Solana Wallets

On Ethereum, foundation wallets are clearly labeled on chain explorers. This isn’t the case for most other blockchains. 
The only lead I found was a 2020 Medium article by the Solana Foundation itself.

2/ Step 2: check the footprint on-chain

In the article they were mentioning a huge SOL burn, linking the transaction. 
From that transaction you can get the wallet and check all the connected ones.
The total balance of this Solana Foundation Wallet was 4M SOL (564M $), that was spread across 34 wallets

3/ What are the wallets doing?
 
It was challenging to verify every detail, but I did my best to follow their activities. Here’s what I found:

‣ 2.8M SOL: Staked into validators
‣ 479k SOL: Sold through FTX, Kucoin, and Coinbase
‣ 444k SOL: Currently held
‣ 400k SOL: Distributed across numerous wallets, making it difficult to track

4/ Personal comment

It's interesting that most of the funds are staked into validators. 
I don’t think they’re doing a bad job with the funds, but the only "issue" is that I’d like those wallets to be labeled on the explorer.

That way, anyone could check them, not just someone who spends an evening analyzing tons of transactions.