Market

Solana is growing on-chain after a recent DDoS attack

Solana’s daily github filings skyrocketed after a recent DDoS attack.

Messages

Solana, the fifth largest cryptocurrency by market capitalization, tops the on-chain growth charts despite a recent denial-of-service (DDoS) attack.

According to Santiment data,SOL has surpassed Polkadot and Cardano daily GitHub submissions and became the top blockchain in the last month. The daily GitHub submissions for Solana hit 90 between November 12 and December 13, followed by Polkadot at 76 and Cardano at 65.

Daily GitHub submissions for Bitcoin, Solana, Cardano and Polkadot from November 12th to December 13th, 2021. Source: Santiment

The surge in on-chain development activity for Solana was due to a recent DDoS attack on December 9th, which significantly slowed the network. The fifth largest blockchain managed to mitigate problems without shutting down the network, but there were serious concerns about the vulnerability of the network.

A DDoS attack refers to a coordinated botnet targeting process that floods a network with fraudulent traffic. Many experts blame SOL’s coordinated DDoS attack on fundamental design flaws and Evidence-of-Record (PoH) consensus mechanism. Previously, an investment report from Grayscale Financial also highlighted Solana’s use of PoH, saying:

“The Solana consensus mechanism uses new blockchain technology that is not widely used and may not work as intended. There could be errors in the cryptography underlying the network, including vulnerabilities that affect the functionality of the Solana network or make the network vulnerable. “

In September, the Solana network had a similar problem when a surge in transactions resulted in a network outage that lasted almost 17 hours. The engineers at the time couldn’t solve the problem and the validators eventually had to restart the network.

The SOL blockchain has become one of the fastest growing smart contract networks in 2021 and is a growing choice for upcoming decentralized finance projects and immutable tokens. The project’s growing popularity is often compared to Ethereum and is referred to by some as the “Ethereum Killer”. However, there are growing concerns about the fundamentals of the network that could prove problematic in the long run.

SOL had her eye on a new all-time high of over $ 200 prior to the DDoS attack but fell to a weekly low of $ 164.15. According to CoinGecko, SOL is currently trading at $ 165.20, down 1.3% in the past 24 hours.

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Dtec Announces Global Partnership with DİZAYNVIP to Elevate AI-Driven Mobility Design  

Dtec and DİZAYNVIP partner to merge AI technology with luxury vehicle design, revolutionizing smart mobility…

22 mins ago

Bitcoin Spot ETF Outflows Reach Second Highest in History

Bitcoin Spot ETF Outflows hit $541M on November 4, the second-highest single-day outflow in history.…

4 hours ago

PropiChain’s Token Presale Turns Heads as the First DeFi Platform to Merge NFTs with AI 

The hype around PropiChain’s token presale is due to its innovative integration of NFTs and…

7 hours ago

UK Pension Fund Cartwright Encourages 3% Allocation to Bitcoin Investment

UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…

9 hours ago

Crypto PAC Fairshake Continues to Boost 2026 Election With Support from a16z

a16z and Coinbase have pledged substantial funds to crypto PAC Fairshake, aiming to support crypto-friendly…

10 hours ago

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

13 hours ago

This website uses cookies.