In early 2025, controversy erupted around SolvProtocol, as users accused it of failing to deliver promised returns. The situation escalated into a widespread discussion about transparency, particularly regarding the authenticity of TVL and on-chain data.
Author: @vivilinsv
Translation: Baihua Blockchain
The "scam warning" from the founder of NuBit — the first major crypto event of 2025 is erupting in the #BTCFi space! The turmoil surrounding @SolvProtocol has drawn widespread attention in the crypto community.
Here is a detailed analysis of the event, including what happened, how the situation escalated, and its impact on #BTCFi and the entire industry.
Disclaimer: This article represents the objective viewpoint of an observer, and the author has no vested interest in any party.
1. What happened?
Accusation: User @Clarissexx0805 accused @SolvProtocol of failing to fulfill its promised returns, claiming she staked 1800 BTC, and the team originally promised her a certain return, but she ultimately only received the minimum return. Solv responded that she did not switch to higher-yield products as required.
Solv's Response:
@SolvProtocol stated that @Clarissexx0805 chose the product with the lowest return, and despite having the opportunity to switch to better options, she took no action. Therefore, Solv believes it has not made any mistakes.
Escalation of the Situation:
The situation escalated further when @nubitorg founder @trackoor issued a "scam warning" and called on users to withdraw their investments from Solv. He compared Solv's transparency to that of @FTXOfficial, **accusing Solv of having "fake TVL." This move fueled the fire, and Solv subsequently accused him of spreading **FUD.
2. Public Discussion
This controversy sparked widespread reactions in the crypto community, most notably concerns about transparency.
Critics, such as @nina_rong, @BitHaHa, and @trackoor, questioned why 1800 BTC remained in @Clarissexx0805's wallet and was counted in @SolvProtocol's TVL, raising concerns about transparency.
Support for Solv:
In the crypto circle, some individuals defended Solv, claiming these accusations were a "deliberately orchestrated conspiracy" aimed at spreading FUD and damaging the protocol's reputation.
Solv Team's Counter to the Conspiracy Theory: Solv co-founder @myanTokenGeek suggested that this controversy might be a deliberate defamation attempt, hinting at a potentially organized attack against Solv.
@RyanChow_DeFi's Statement:
In his post, Ryan defended @SolvProtocol with the following points:
Transparency: He reiterated that the team has maintained open communication about its operations.
Protocol Design: Ryan explained that the 1,800 BTC was staked through a specific mechanism and calculated in the TVL according to standard DeFi operational procedures.
Sense of Responsibility: He believes users need to take responsibility for their fund allocation and proactively seize opportunities for higher returns.
3. Personal Opinion
I met @RyanChow_DeFi and @myanTokenGeek in Shanghai during the pandemic in 2021 and have always been impressed by their dedication and resilience. @myanTokenGeek (Mr. Meng) left a deep impression on me as a philosophical person, while Ryan was full of youthful energy and determination. Over the years, the team's ability to continuously innovate through market cycles is truly admirable.
1) Response to Accusations
The current situation highlights the complexity of disputes in the DeFi space. Here are several key points worth deeper consideration:
Unclear Terms of Trade: The details of the agreement between @Clarisse and Solv are somewhat vague. Essentially, it is a "he said, she said" situation, making it difficult to clarify the responsibilities and commitments of both parties.
Focus of the Dispute: Return Issues @Clarisse's accusations center on unfulfilled returns. If Solv's team's explanation is true, that she did not choose to switch her BTC to higher-yield products, then the primary responsibility should fall on her. However, there is also a critical question: Should Solv have proactively reminded or assisted a key user in maximizing returns?** Especially in a model that blends centralized and decentralized elements, a friendly reminder could have potentially avoided this turmoil.
Solv's Reaction: The Solv team's response was swift and organized, demonstrating strong crisis management capabilities and providing a model for the crypto industry in handling crises.
Transparency Issues: @nubit_org founder @trackoor raised valid concerns about on-chain transparency. If the protocol could more clearly disclose its operational methods and data reporting, it would help build trust and avoid similar disputes in the future.
Potential Manipulation: Mr. Meng's suggestion that Solv may be facing a larger conspiracy, while intriguing, cannot be verified. As observers, we can only speculate. For retail investors, **this again emphasizes the importance of fairness and *transparency* in the ecosystem.**
**Widespread Impact on BTCFi and *Transparency:* Currently, BTCFi has not achieved widespread adoption, and growth in this area has been relatively flat in 2024. Originally, @SolvProtocol was seen as a positive force driving development in this field in 2025, but this turmoil may slow that momentum.
Impact on BTCFi: Similar disputes could undermine trust in this emerging field. If mishandled, it could hinder participation from institutional and retail investors, thereby affecting the development of BTCFi.
Demand for Transparency: This field urgently needs clearer transparency standards. Protocols should take measures to ensure users can clearly understand the risks, returns, and mechanisms of their investments. Clearer on-chain reporting and user education will help reduce similar disputes in the future.
2) Lessons for the Industry
This incident brings several important lessons for the industry:
Proactively communicate with high-value users.
Transparently report TVL and other key metrics.
Establish clear dispute resolution mechanisms.
3) Summary Thoughts
As an observer, I believe this turmoil reminds us of the growing pains in the crypto industry. The accusations and rebuttals reveal systemic issues but also provide opportunities for the industry's development. BTCFi has tremendous potential, but its success hinges on building trust through fair, transparent, and user-centered practices. I hope the lessons from this dispute can promote positive changes for @SolvProtocol and the entire crypto ecosystem.
Article link: https://www.hellobtc.com/kp/du/01/5624.html
Source: https://x.com/vivilinsv/status/1875633107686314098
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
