Solana's current ecosystem is grappling with a serious fraud problem that many don't fully grasp. The sophistication has escalated—farming operations have evolved to the point where bots are farming other bots, creating layers of artificial activity and false narratives. What's being quietly developed now might not materialize for years.

The IP thesis narrative everyone's watching? Don't expect clear outcomes until deep into 2028. The real issue is that casual investors remain largely unaware of how pervasive these schemes have become within the network. Between the noise and genuine innovation, separating signal from reality has become increasingly difficult in this cycle.