Table of Contents:
· Solana Foundation launches $400,000 bug bounty program
· After FTX’s collapse, Solana TVL dropped to $280 million
· Solana has experienced multiple outages before, and its centralization has been questioned
Previously, an account impersonating KOL Inner City Press published rumors that former Alameda Research CEO Caroline Ellison testified last week that FTX developers could “turn on and off” the Solana blockchain at will.
In response to this, Jacob Creech, head of developer relations at the Solana Foundation, said on his social platform on October 13, "A reward of $400,000 will be offered to anyone who can find a way to shut down the Solana code."
Although it is just a rumor that FTX developers can turn on and off the Solana blockchain at will, the dispute between the two is more than that.
In the summer of DeFi in 2020, SBF discovered Solana. In addition to participating in multiple rounds of financing for Solana, he also chose to build a decentralized trading platform Serum on Solana (this is the first decentralized trading platform on Solana), and subsequently invested in multiple applications based on Solana. After the FTX crash, Solana was immediately placed at the center of the storm.
Related reading: "How far can Solana go? This article clarifies the whole story of the dispute between Solana and FTX"
To some extent, the degree of mutual infiltration between FTX, Alameda and Solana is second only to the symbiotic relationship between Terra and LUNA. Therefore, when FTX exploded, it was like telling the world that the financial backer behind Solana had collapsed...
Especially Serum, as one of the cornerstones of Solana's DeFi infrastructure, no longer brought high speed and low cost after the collapse of FTX, but embarrassment and doubt, and quickly became ineffective and collapsed. On November 13, Solana developers urgently forked Serum, a DEX developed by FTX, due to concerns that Serum may have been compromised in the FTX hack.
As negative sentiment spreads, funds in the Solana DeFi ecosystem are decreasing significantly. According to data from DefiLlama, as of early December last year, Solana DeFi's total locked value (TVL) had dropped sharply to US$280 million, far lower than the level when the cryptocurrency market fell sharply in June 2021.
Arthur, CEO of Defiance Capital, once said, “I think it will take a long time for the Solana ecosystem to recover from this. The Solana ecosystem should be able to survive, but I’m not sure if it can get user activity and market value back to its peak
Related reading: 《Defiance Partner Talks about FTX Aftershocks: Solana May Face Huge Selling Pressure》
According to the Solana research report released by Nansen, as of October 5, FTX was the largest coin holder of SOL, locking and holding more than 71.8 million coins SOL (worth approximately $1.16 billion). This is equivalent to 17% of SOL's circulating supply and approximately 13% of its total supply.
Related reading: "Nansen Solana Research Report: Good Trends and Challenges Coexist"
Solana has achieved a series of key technical achievements, addressed challenges, and pioneered potential future directions for infrastructure, applications, and even partnerships with the traditional financial sector. Although Solana has faced various technical and network challenges in the past, the strength of its technology stack and its commitment to improvements, such as the implementation of QUIC, have greatly alleviated concerns
On October 14, SolanaFM's on-chain data showed that FTX Assets staked more than 5.5 million Solana (SOL) tokens, worth $122 million, from a major wallet on the Solana blockchain. On-chain analyst ashpool pointed out that one of the wallet addresses managed by FTX Assets delegated the tokens to Figment, one of the network validators used for staking.
On September 14, 2021, the Solana blockchain was suspected of occurring a crash, and had not been updated for more than 2 hours. The last block stopped at #96538248.
On May 1, 2022, Solana officially stated that Solana Mainnet Beta stopped producing blocks at 05:00 today. The reason for the downtime was that the mainnet was flooded with up to 4 million transactions per second, causing the network to lose consensus. On the same day, Metaplex, an NFT hosting and minting platform based on Solana, stated on social media that today's Solana mainnet downtime was partly due to the crawler of its Candy Machine program.
Two days later, Solana officially released the mainnet Beta interruption report and mitigation measures, saying that three mitigation measures are currently being developed to address the stability and resilience of the network, including rebuilding the Solana core protocol based on QUIC, developing stake-weighted QoS, and adopting fee-based transaction priority settings.
On February 25 this year, the Solana mainnet experienced a significant performance degradation, which eventually caused the validator nodes to automatically enter the "voting only" safety mode. In this mode, consensus is still in progress, but the network cannot process user transactions. On February 27, the Solana Foundation released a report on the mainnet outage on February 25. The report pointed out that the root cause of the outage has not yet been determined, and the team is currently actively investigating.
The next day, Twitter user DBCryptoX said that a large number of validator messages and on-chain voting were blocking the network. Anatoly Yakovenko, founder and CEO of Solana Labs, responded to the remarks as "pure ignorance," noting that voting provides "excellent security, high throughput, and low fees."
On October 4, the Solana Foundation released its latest validator health report. Data shows that the number of validators using the Jito Labs client has almost doubled since the last report was released in March, with more than 31% of validators currently using the Jito Labs client. The Solana network has "achieved 100% uptime" since February, in stark contrast to the multiple network outages last year.
Welcome to join the official BlockBeats community:
Telegram Subscription Group: https://t.me/theblockbeats
Telegram Discussion Group: https://t.me/BlockBeats_App
Official Twitter Account: https://twitter.com/BlockBeatsAsia