Solana FTX saga
3 weeks ago 2 mins read

Solana’s close ties to FTX result in structural and financial harm

The effects of FTX’s collapse are being felt throughout the entire cryptocurrency sector, with companies that were allegedly saved by the exchange now being dragged under alongside their former “savior,” Sam Bankman-Fried. While centralized organizations like lending platforms and custodial exchanges have been hit particularly hard, the state of the entire blockchain ecosystem also appears to be dire given its connections to FTX and Alameda. The price of SOL has decreased by over 50% since it became apparent that FTX and Alameda were having difficulties, and it has been there for the past few days. Other network tokens like ETH,

Solana FTX relation
3 weeks ago 1 min read

Solona developers are working to remove FTX’s influence over Solana-based Serum DEX

Following the compromise of FTX, which resulted in hackers withdrawing over $400 million from the bankrupt exchange, Solana developers want to fork liquidity hub Serum. Given that FTX created Serum, many developers believe the FTX hack may have had an impact on the decentralized network. Anatoly Yakovenko, founder of Solana, stated that developers are forking the Serum code today and will resume the protocol without FTX involvement. This is required because someone at FTX may have a private key that allows them to control the original code, and the key may have been compromised. Yakovenko stated this to address Adam

Solend Solana based blockchain
4 weeks ago 1 min read

Solend is at risk of incurring bad debt as a result of a large lending position that is now underwater

A significant lending position on the Solana-based lending platform Solend is now underwater, but infrastructure issues are preventing it from being liquidated properly. As a result, the protocol risks incurring bad debt. The loan is part of Solend’s primary lending pool. A 50% drop in the price of Solana (SOL) in the last three days has reduced the value of the collateral used for the loan. Under normal circumstances, other market participants would have liquidated the loan. However, the platform has encountered Oracle issues related to network congestion, frustrating these efforts. This loan is held by a large user who

Solana SOL coin
4 weeks ago 1 min read

Co-founder of Solana discusses the trustworthiness of the blockchain

Anatoly Yakovenko, co-founder of Solana, stated that the ten partial or complete outages and lengthy block times that the blockchain experienced in 2022 are not the experience that they want to deliver. Yakovenko claims that while network outages and reliability problems plagued the network over the past year, recent updates will help the blockchain’s reliability problems. On November 5, Yakovenko spoke about the blockchain’s past and future in Lisbon, Portugal, at the Breakpoint 2022 annual conference, pointing out challenges the network has recently faced. He said, “We’ve had a lot of challenges over the last year, I would say this

The Solana NFT platform Metaplex (MPLX) saw a huge drop of 60% in the value of its native token after the announcement of a second airdrop.
2 months ago 1 min read

Metaplex drop by 60% amid the second airdrop of its native token

The Solana NFT platform Metaplex (MPLX) saw a significant drop in the value of its native token. This comes after the announcement of a second airdrop. The Metaplex Token ($MPLX) is the governance and utility token for the Metaplex Protocol, which serves as the backbone of the Solana NFT ecosystem, and has been $0.35 on average over the previous two weeks. But it is now $0.12. This project’s announcement of a second token airdrop coincided with the 60% decline. In order to reward creators who made use of the project’s tools to publish their NFT collections on Solana, the Metaplex Foundation

September 30, at around 22:41 UTC, the Solana Mainnet Beta cluster came to an end because the network was unable to recover from a fork
2 months ago 1 min read

The most recent outage on Solana was caused by a bug in the code and a broken node

On Friday, September 30, at around 22:41 UTC, the Solana Mainnet Beta cluster came to an end because the network was unable to recover from a fork brought on by a flaw in the implementation of the consensus algorithm. A validator operates a hot-spare node, which is a second node that is active and intended to be used as a backup in the event that the primary one fails. However, a Solana Foundation update revealed that the backup node had been turned on and was functioning equally well as the primary one. As a result, the two nodes sent the network separate