Solana Takes Issue With DeFi Watchdog’s Poor Security Rating

  • Over 240 Decentralized Finance (DeFi) protocols and 15 different blockchains have been rated by the Montreal-based organization. According to their blog post, DeFi Safety’s blockchain reviews are based on five separate criteria: node count and diversity, supporting software, documentation, testing, and security.
  • Solana’s inadequate node infrastructure and frequent downtimes are the key causes for the low grade, according to DeFi Safety. Other factors include inappropriate archival node information processing, poorly designed block explorers, and unaudited node clients (software) with less diversity than rival blockchains.
  • DeFi Safety claims that Solana’s node client offers are simply insufficient. A node client is software that allows users to connect their computers to a blockchain network so that transactions can be validated and executed.

Concerns concerning the network’s crash-prone node architecture are raised in the paper. However, many of the claims have previously been debunked by Solana Labs. Solana was scored second-worst by DeFi Safety, an independent DeFi rating organization, based on the firm’s technical criteria. According to DeFi Safety, Axie Infinity’s Ronin blockchain, a popular play-to-earn gaming platform, has been listed as the worst. In March 2022, Ronin was hacked for $600 million.

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What Is The Reason For Solana’s Low Rating

Over 240 Decentralized Finance (DeFi) protocols and 15 different blockchains have been rated by the Montreal-based organization. According to their blog post, DeFi Safety’s blockchain reviews are based on five separate criteria: node count and diversity, supporting software, documentation, testing, and security. Defi Safety does not conduct code audits, the company notes on it’s about website. Instead, we look at the quality of the processes and documentation that go into the code, of which audits are just one aspect.

Solana’s inadequate node infrastructure and frequent downtimes are the key causes for the low grade, according to DeFi Safety. Other factors include inappropriate archival node information processing, poorly designed block explorers, and unaudited node clients (software) with less diversity than rival blockchains. DeFi Safety expressed concern over the network’s node archival, or the act of storing all of a blockchain’s data since its origin, due to a lack of information.

The Price Movement Of Solana

According to the ratings business, there is no clear documentation on node archival except a year-old Reddit thread by Anatoly, co-founder of Solana. Nonetheless, Austin Federa, Solana’s head of communications, claims that this isn’t essential. To validate a block, Solana does not require knowledge back to genesis, Federa told Decrypt.

DeFi Safety claims that Solana’s node client offers are simply insufficient. A node client is software that allows users to connect their computers to a blockchain network so that transactions can be validated and executed. According to DeFi Safety, Solana currently offers only one piece of software for its node operators, which hasn’t been audited since 2019. For example, Ethereum has seven separate execution clients and six different consensus clients.

There is just one node implementation; this is correct and valid, Federa remarked. The Solana Foundation is attempting to broaden the scope of validator customers. According to the research, Solscan, Solana’s native block explorer, is also lacking, especially when compared to Ethereum’s Etherscan.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing

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