Give me 3 reasons not to be bullish on Solana

Solana’s Total Value Locked (TVL) expanded from $396M on Dec 26, 2022 to $8.69B by July 4, 2025, a 2,094% increase (~22x growth) across 80 weeks. This translates to a weekly geometric growth multiplier of ~1.089, or an 8.9% compound weekly rate.

This rapid TVL expansion reflects capital inflows, increased DeFi participation, and regained trust in Solana’s infrastructure following the FTX collapse.

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LST Ecosystem Expansion:
Liquid staking derivatives (JitoSOL, mSOL) accounted for a significant share of inflows, as yield-seeking capital returned with Ethereum-style primitives on Solana.

MEV Monetization & Compression Tech:
Validator-side MEV solutions and data compression (via Firedancer and ZK-state) improved scalability and trust in Solana’s low-latency environment.

Resurgence of DeFi-NFT Hybrids:
Protocols like Tensor and HadeSwap blurred lines between DeFi and NFTs, generating sticky liquidity and reinforcing Solana’s unique narrative.

Restored Institutional Confidence:
Post-FTX reforms and a more diversified validator ecosystem helped re-attract institutional capital, supported by enhanced wallet infra (e.g., Backpack, Phantom) and custodianship.


This pattern, paired with the geometric growth trend, suggests Solana’s DeFi ecosystem is entering a new structural bull phase, underpinned by both technical confirmation and fundamental evolution.

Anyways, let me know in the comments 3 reasons not to be bullish on Solana as we speak.
(PS: QC-resistant issues don’t apply only for Solana but for all major crypto assets!)