The Solana rise may have benefited a lot from the activities induced by the Macalinao brothers. These two brothers have faked an entire ecosystem on Solana by using anonymous online accounts.
A developer, Ian Macalinao, developed a Solana-based stablecoin exchange dubbed Saber as part of his plan to scam community members. Macalinao operated from Texas. Macalinao used the pseudonym ‘Surya Khosa’, to create Sunny aggregator on Saber. It was launched in less than 14 days.Its yield farm received funds in billions.
In an unpublished post, Ian revealed that he was successful in achieving it by acting as 11 different devs. He says his scheme was just to increase Solana’s viability and he didn’t intend to make any personal profit. He explained that he developed protocols on top of each other so that a dollar is counted many times. He says it played a key role in boosting SOL.
$7.5 billion in Solana’s Total Value Locked (TVL) are contributions from Saber and Sunny, Ian’s operations. Ian says the protocols were counted twice as is the case with Ethereum.
To ensure that the anonymous developers community keep growing, continue to back up their identities and provide credibility to each other, Ian took his brother’s help. He reveals he wanted to make it seem like a lot of people are involved in the development of the protocol.
ALSO READ – A Second Ethereum PoW Chain Idea Gains Traction
The Macalinao Brothers’ New Venture
Things started to fall apart for the Macaliano brothers when one of his protocols was hacked and they lost $52 million. The efforts to regain funds weren’t quite successful as the hacker only returned $14 million. While victims continue to wonder if Ian will be able to fulfill his promise.
Now, the brothers are restarting and have begun luring real developers in a DAO Accelerator Program to Saber. The migration of Saber from Solana’s ecosystem to a new blockchain Aptos has started.
Saurav Bhattacharjee is in charge of the Broadcast development team of The Coin Republic.
He has been covering the Metaverse and NFT niche for the past 2 years.
With stellar interviews on his portfolio like Nicehash, Paxful, WallstreetWolvesNFT, Bitholla, Totemfi, EOS.io etc. Saurav has spearheaded the NFT SUPERSTARS AWARD and successfully hosted the first award in 2021.