There is no clear documentation on node archival except a year-old Reddit thread from Anatoly, co-founder of Solana, according to the ratings firm. Still, Austin Fedora, head of communications at Solana, said that this isn’t necessary for Solana.
“Solana does not require knowledge back to genesis to validate a block,” Fedora told Decrypt.
As for node clients, DeFi Safety argues that Solana simply doesn’t have enough offerings. A node client is software that helps users connect their computers to a blockchain network in order to validate and execute transactions.
“Several top-tier block explorers are being built by the community the majority of which are less than 18 months old,” Fedora told Decrypt. “In that time, their UX and functionality have greatly improved to meet the needs of builders and users.”
The report also stated that some Solana validators had begun censoring transactions. But Solana Labs denied this as well and called it synonymous with miner extractible value (MEV) in Ethereum. MEV is any ancillary revenue that a miner can earn beyond winning block rewards and earning gas fees by changing the order of transactions.
“The power in any network rests in the validators,” Fedora told Decrypt. “This discussion [DeFi Safety] was referring to was among several validators in the discord channel. The foundation has no power to censor any transactions.”
“We agree with Solana that Solana does not censor transactions. However, there was discussion of it,” Nick Sheaf the co-author of the DeFi Safety report told Decrypt.
“Solana is impressive and fast and beautiful but boy could things be done better,” he concluded.
How reliable is the report?
The evaluation behind this report is based on criteria set out by DeFi Safety.
The ratings project also gave Terra’s Anchor Finance a safer product rating (75%) than Solana, which collapsed due to the protocol’s architectural failure.
Defi Safety also published a report on Badger DAO as 99% safe in September 2021, which was later hacked for $120 million in December 2021.
The primary reason behind the deviation is that the Defi Safety report is based on the project’s smart contracts. Instead, Badger Finance’s user interface was exploited.
Solana’s price action
Solana (SOL), the 9th-largest cryptocurrency with a market capitalization of $13.8 billion, is slightly up over the past day, trading at $39.09.
SOL is nonetheless down a whopping 85% from its all-time high of $260.06 recorded in November 2021, according to data from CoinMarketCap. Indeed, many of the top cryptocurrencies have shed huge amounts of value since the market’s back last year.
The total value locked (TVL) on Solana is at $3.77 billion, up 1.07% over the past 24 hours, according to data from DefiLlama.
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