Solana blockchain’s shine has turned into doubts

Solana is one of the potential blockchain projects in the crypto ecosystem. Following the services offered by the blockchain, many deemed it as an Ethereum Killer. The project promised to deliver the best of Ether but faster and at just a fraction of the cost. Over the last year, the project has witnessed significant growth in terms of value and price. However, a series of recent events shows that the shine has turned into doubt.

Solana blockchain is vulnerable

Recently this week a hacker observed that a cross-chain bridge named Wormhole is exploitable. Following the fact, the hacker was able to launder $320 million worth of wrapped ETH in the process.

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According to s forensic researcher from Paradigm researchers, the hack came about due to a flaw in the blockchain’s interface with the cross-chain bridge. It is also noteworthy that the stolen funds were not exactly chump of change.

Hence, the community blasted the blockchain for  neglecting the security side of Vitalik Buterin’s famous “Blockchain Trilemma”. Moreover, SOL is in the big league now and the hackers should not be able to waltz away with hundreds of millions of dollars.

SOL tokens allotment is more staked

In the cryptosphere there are numerous blockchain and cryptocurrency projects. Many of the projects are as decentralized as they claim to be. However, When we consider the case for Solana, it is observed that the project’s native cryptocurrency allotment is more staked towards professional investors than most.

Many were wondering about the performance of the blockchain. A YouTube video getting viral has shown two billionaire Venture Capitalists chortling over how much SOL they own.

Notably, the upshot of the scenario shows that retail token buyers are likely to get hosed when SOL lock-up periods expire and the professionals dump their bags on the open market.

The issue of network congestions

Several major crypto blockchain projects in the ecosystem like Ethereum and Cardano are facing the issue of network congestion. Meanwhile, we have observed that Solana also faced such similar issues. Over the past few weeks, several traders have complained that the blockchain has become more sluggish as the chain gets overloaded with spam and bots.

The concern is a familiar complaint in the cryptosphere, but when it comes to Solana the case is ironic as the boosters regularly boast about the pace.