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Solana is growing on-chain after a recent DDoS attack

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

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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.

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