Bitcoin
BTC$18 917.31

-1.02%

Ethereum
ETH$1 298.77

-3.27%

Tether
USDT$1.000070

0%

USD Coin
USDC$1.000058

0.01%

Binance Coin
BNB$274.90

-1.14%

XRP
XRP$0.501984

0.54%

Solana on-chain development increases after a recent DDoS attack


14 Dec 2021

#Solana

Solana’s daily GitHub submission has spiked after a recent DDoS attack. Solana — whose native crypto, SOL, is the fifth-largest cryptocurrency by market capitalization — is leading on-chain development charts despite a recent distributed denial-of-service (DDoS) attack. As per Santiment data, Solana surpassed the daily GitHub submission rates of Polkadot and Cardano to become the leading blockchain over the past month. The number of daily GitHub submissions for Solana reached 90 between Nov. 12 and Monday, followed by Polkadot at 76 and Cardano at 65.

The surge in on-chain development activity for Solana comes in the wake of a recent DDoS attack on Thursday that slowed down the network considerably. The fifth-largest blockchain managed to mitigate the issues without a network shutdown, but it raised serious concerns over network vulnerability. A DDoS attack refers to a coordinated botnet-targeted activity that overwhelms a network with fake traffic. Many experts blamed the coordinated DDoS attack on fundamental design flaws and Solana’s proof-of-history (PoH) consensus mechanism. Earlier, a Grayscale Investment report also flagged Solana’s PoH use and said:

“The Solana consensus mechanism uses a new blockchain technology that is not widely used, and may not function as intended. There may be flaws in the cryptography underlying the network, including flaws that affect the functionality of the Solana Network or make the network vulnerable to attack.”

In September, the Solana network faced a similar issue when a sudden surge in transaction volume led to a network outage that lasted nearly 17 hours. The engineers at the time failed to resolve the issue, and validators had to eventually restart the network. The Solana blockchain has emerged as one of the fastest-growing smart contract networks in 2021 and is a growing choice for upcoming decentralized finance and nonfungible token projects. The project’s growing popularity has often drawn comparisons with Ethereum and has been dubbed the “Ethereum killer” by some. However, growing concerns over the fundamentals of the network could prove problematic in the long run.

SOL was eyeing a new all-time high above $200 before the DDoS attack but slumped to a weekly low of $164.15. It is currently trading at $165.20 with a 1.3% decline over the past 24 hours, according to CoinGecko.


Related

The third wave of a crypto bear market
The third wave of a crypto bear market
Solana and Moonbirds help NFT market reach $6.3B monthly trading volume
Solana and Moonbirds help NFT market reach $6.3B monthly trading volume
Solana NFT marketplace integration and DApp metrics shine even after SOL’s 20% drop
Solana NFT marketplace integration and DApp metrics shine even after SOL’s 20% drop
Solana NFT sales pass $1.6B, wash trading on LooksRare and more
Solana NFT sales pass $1.6B, wash trading on LooksRare and more
Solana jumps past key selloff junction: SOL price eyes $150 in April
Solana jumps past key selloff junction: SOL price eyes $150 in April
Coinbase Wallet adds support for Solana
Coinbase Wallet adds support for Solana
Solana-based Zebec Protocol closes $15M Series A round
Solana-based Zebec Protocol closes $15M Series A round
Reasons why Solana (SOL) price could see additional upside in 2022
Reasons why Solana (SOL) price could see additional upside in 2022
Solana network outages show work still needed
Solana network outages show work still needed

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 80.8% 26 $18 917.31 -1.02% -4.11% $362 463 667 283 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 71.6% 54 $1 298.77 -3.27% -6.06% $159 129 662 025 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.6% 1 $1.000070 0% 0% $67 959 486 248 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 91.6% 1 $1.000058 0.01% 0% $49 596 112 733 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 90.8% 15 $274.90 -1.14% 0.65% $44 352 122 648 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 61.6% 74 $0.501984 0.54% 26.46% $25 023 258 974 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $1.000777 0.03% 0.03% $20 533 202 140 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 83.2% 32 $0.449897 -2.32% -3.88% $15 400 494 496 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 84.8% 28 $32.71 -3.79% 0.84% $11 601 976 269 SOL 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 95.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 85.6% 14 $0.061846 -3.69% 3.13% $8 205 146 170 DOGE 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 78.8% 41 $6.23 -3.04% -8.15% $6 984 955 644 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 90.8% 1 $0.999539 -0.04% -0.04% $6 927 324 765 DAI 7 days price change
14 Polygon (MATIC) MATIC Polygon predictions 73.6% 55 $0.749357 -2.69% -5.72% $6 545 118 739 MATIC 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 79.2% 42 $0.000011 -3.43% -2.78% $6 126 642 475 SHIB 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.