Solana is reeling from a dramatic backlash after posting a promotional video titled “America is Back ― Time to Accelerate,” only to take it down nine hours later.
Both industry reps and pundits railed against its overt political themes that seemed to ridicule gender identities and attack news organisations.
Solana Foundation representatives did not respond to a request for comment, but some have posted on X since the ad was taken down.
“Very few people in the ecosystem actually touched this,” Solana Foundation’s VP of Technology, Matt Sorg, said, adding: “Despite it being posted on the main channel, it’s not like it represents the ecosystem being excited about the message.”
Dan Elbert, executive director of the Solana Foundation, chipped in, tweeting: “Solana is for everyone. On good days, on bad days and on weird, stupid days.”
The marketing snafu is the latest setback for Solana.
Once hailed as an “Ethereum Killer,” it has been overtaken by Ripple-linked XRP as the world’s third biggest cryptocurrency.
It has found itself at the centre of several scandals linked to memecoins that were launched on the Solana blockchain.
‘Technologies, not gender’
The video opens with what appears to be a therapy session for a weary looking man named America. Across from him is a smirking therapist, clipboard in hand, and clad in a visible air of superiority.
America ,as a patient expresses his frustration at his dwindling role in global technological advancements.
Rather than engaging with concern, the therapist responds by urging America to focus on gender discourse.
“I want to invent technologies, not gender,” said the video’s titular character.
The ad’s execution lands as a ham-fisted non-sequitur rather than an edgy piece of marketing.
Crypto stakeholders who reacted to the video expressed shock and dismay that a major blockchain project like Solana would espouse such controversial messaging.
“Blockchain advertising should be about technological change, not cultural change,” Kara said.
For Zach Burks, CEO of NFT platform Mintology, the now-deleted advert is a symptom of the brewing culture within crypto despite claims by purists that the technology should be neutral.
If Burks is right, the plan seems to have backfired.
Rather than appeal to crypto participants who might hold such views, the video has been universally panned, at least judging from comments on social media.
Crypto influencer Adam Cochran, who has 10,300 subscribers on YouTube, was among those who criticised the ad.
“They rolled it back because it hurt their business, not because they thought it was wrong,” he posted on X.
“This is who they chose to be. They showed you exactly who they are. They don’t get to hide that and say ‘oops, my bad.’”
FTX recovery
The whole episode is another hit to Solana’s redemption arc from the lows of the post-FTX fallout of 2022. Sam Bankman-Fried, the jailed former CEO of FTX, was a major backer of Solana.
Since Bankman-Fried’s crypto empire collapsed, Solana has improved its network stability.
Part of that growth was thanks to it becoming the main arena for the memecoin craze that reached a peak of $137 billion in market value earlier in the year.
The memecoin market has since plummeted and, with it, a major chunk of Solana’s network revenue. Solana proponents are now scrambling to come up with new business lines to spur growth.
Some market observers say the gaffe will do little to dampen Solana’s appeal.
“I doubt this controversial ad will alienate investors from Solana’s blockchain, but I also don’t see the deeper point in generating such a narrative ― pitting the LGBT community against the technological revolution,” Kara said.
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