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Another crash for Solana

During the night between Saturday and Sunday, the Solana network was offline for about seven hours, resulting in another shutdown in the history of this blockchain.

The causes of the Solana crash

crash network

During this outage, the network could not reach consensus, so much so that a restart of the Mainnet Beta cluster was necessary. 

The problem arose due to bots that targeted Candy Machine, an NFT minting tool on Solana, sending more than 4 million transactions per second. This attack generated traffic spikes in excess of 100 Gbps, blocking the Solana network.

This is neither the first time Solana has crashed because it was attacked, nor the first time it has actually been targeted by a DDoS attack. 

Since the attack exploited a bot on Metaplex Candy Machine, a decision was made to apply a penalty to this bot. 

Obviously, there has been a lot of criticism that Solana is a network vulnerable to this kind of attack, precisely because it is not the first time it has happened. 

In particular, many of the harshest attacks have come from those working on alternative networks, such as Cardano

The performance of the Solana blockchain

Solana is currently the fifth-largest blockchain in the world by TVL in DeFi, with just over six billion dollars. Cardano, for example, ranks 32nd with less than $0.2 billion. 

Behind Solana are Tron, Fantom, Polygon and Cronos (formerly Crypto.com) with $4.3 billion, $4.1 billion, $3.6 billion and $3 billion respectively. 

Ahead of Solana is Avalanche with $9.5 billion

The price of Solana’s native cryptocurrency, SOL, first fell quickly over the weekend from $94 to $85, but then recovered slightly. It is now at around $90, which is 8.7% lower than a week ago, and 32% lower than a month ago. Compared to the all-time high of November 2021, it is down 65%. 

The curious thing is that a few days ago Solana’s co-founder Anatoly Yakovenko said that he thinks Bitcoin should change its consensus algorithm to one similar to Solana’s. 

Many other supporters of altcoins based on alternative algorithms to PoW, and in particular PoS, also argue that Bitcoin should copy from their preferred protocols and abandon PoW, but this will not happen. 

Not only does PoW make Bitcoin almost unhackable, at the expense of high energy consumption, but to change the consensus algorithm would require a huge consensus of current users, which simply does not exist

Also, no one is forbidding anyone to fork the Bitcoin protocol by replacing PoW with PoS, but at this moment there seems to be no one really willing to do so because it is quite obvious that it would just be a wash. 

PoS provides a slightly lower level of security than PoW, even though it consumes much less power, which is also why some altcoins that use it sometimes have problems that Bitcoin hasn’t had in over a decade. 

Marco Cavicchioli
Marco Cavicchioli
Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".