Despite a recent denial-of-service (DDoS) attack, Solana, the fifth-largest cryptocurrency by market cap, is leading on-chain development charts.
Solana has eclipsed Polkadot and Cardano’s daily GitHub submission rates to become the most popular blockchain in the last month, according to Santiment data. Between Nov. 12 and Dec. 13, Solana had 90 daily GitHub submissions, Polkadot had 76, and Cardano had 65.
The increase in on-chain development activities for Solana follows a recent DDoS attack on Dec. 9 that severely hindered the network. Although the fifth-largest blockchain was able to resolve the issues without shutting down the network, it raised severe worries about network vulnerability.
Additionally, a distributed denial-of-service (DDoS) attack is a coordinated botnet-targeted action that floods a network with bogus traffic. Many analysts blamed basic design issues and Solana’s Proof-of-History (PoH) consensus system for the coordinated DDoS attack. Solana’s usage of PoH previously mentioned in a Grayscale Investment report, which stated:
“The Solana consensus method makes use of a novel blockchain technology that isn’t commonly in use and may not work as expected”. The encryption underpinning the network may have weaknesses, including flaws that undermine the network’s operation or render it subject to attack.”
An unexpected rise in transaction volume caused a network outage that lasted approximately 17 hours on the blockchain network in September. Engineers were unable to remedy the problem at the time, and validators had to to restart the network.
In 2021, the Solana blockchain considered to be one of the fastest-growing smart contract networks. And it will be a popular alternative for developing decentralised finance and nonfungible token initiatives. Because of its rising popularity, the project has been branded the “Ethereum-killer” by some. Growing concerns about the network’s core, on the other hand, may pose a long-term threat.
Before the DDoS attack, Solana was aiming for a new all-time high above $200, but it plummeted to $164.15, a weekly low. According to CoinGecko, SOL is presently worth $165.20, down 1.3% in the last 24 hours.