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Solana Network Activity Increased over Past 12-Months
In its initial report, Solana provided details on its network operators. The network contains almost 1,900 block-producing nodes, roughly 1,688 (88.14%) of which are operated by independent organizations, the paper claims. According to Solana, the ecosystem’s long-term viability depends on the resilience and vitality of its validators. The network has in the past come under fire for its pricey validator gear as well as its lack of decentralization.
Although the 3,400 validators from six different continents are highlighted in this latest research. The study also demonstrates how the network’s activity has increased over the past 12 months. Since June of last year, the network has added 95 new consensus nodes and 99 new RPC nodes on average per month.
User Shift from Hot Wallets to Cold Wallets
The Nakamoto Coefficient on Solana, or the quantity of validator cooperation required to filter the network, was also emphasized. This value is 31 and rising. Solana has the greatest Nakmoto Coefficient compared to networks like Avalanche and Polygon, according to a figure included in the paper. Nevertheless, this report was released following last week’s attack. Around 8,000 wallets, including Phantom, Slope, and Trust, totaling around $5.2 million in Solana (SOL), were compromised.
The information shocked the market, and users were encouraged to switch from hot wallets to cold storage wallets for more protection while being alert to frauds. Investigative work into the hack is still being done. Some professionals blame the compromise on the Slope wallet. The hot wallet for the Solana layer-1 (L1) blockchain is provided by Slope, a Web3 service. According to reports, the hacked wallets were once made, imported or utilized on the Slope mobile programme.
Despite the bear market circumstances, analysts predicted a 40% price increase for SOL prior to the wallet attack. The price of the cryptocurrency dropped by around 8% shortly after the hack’s disclosure, then rose by $40 per coin. SOL is now trading for about $44 USD per coin.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
