Solana co-founder Anatoly Yakovenko refuted the foul-play charge after the network hit a snag in the late hours of January 6. The outage had led to suspicions within the community, with some dismissing the explanation of a BPF Loader bug as insufficient, especially considering the chain’s seemingly smooth operation before version v1.17.20. Community members called for transparency and a post-mortem analysis to dispel rumors.
Following the resolution of the issue through a successful upgrade to v1.17.20 and a restart of the cluster by validator operators, SOL engineers resumed block production on the mainnet beta. The team assured the community that a comprehensive root cause report is in progress and will be shared upon completion. Yakovenko, responding to concerns, stated, “There is no concrete evidence to support foul play, afaik,” and tagged Austin Federa, the head of strategy at the Solana Foundation.
Users continue to post queries about evidence, and the estimated time for the post-mortem report was addressed by Federa, who confirmed that the post-mortem is underway and will be released shortly, pending technical review by core engineers.
A postmortem is in the works and will be released shortly! It requires technical review from several core engineers.
Despite the controversy, SOL has distinguished itself as one of the top-performing altcoins, surpassing Bitcoin by 4.5% in the past 36 hours and trading above $102. Santiment, a prominent data aggregator, noted concerns about a potential price decline during the nearly five-hour downtime but observed that fear, uncertainty, and doubt [FUD] played an unexpected role in triggering a subsequent price rebound.
Solana DeFi TVL Hit 18-Month High
In the decentralized finance [DeFi] sector, Solana has recorded significant growth despite the network disruption. The layer-1 blockchain continues to attract capital, with its DeFi ecosystem posting remarkable expansion over the past week. This growth, coupled with a rising network participation rate, suggests a potential push for SOL’s price towards $120 in the coming days.
According to DeFillama data, the Total Value Locked [TVL] in Solana’s DeFi ecosystem crossed $1.8 billion, marking the highest since June 2022. The TVL has surged by $500 million in the last 16 days, reaching this milestone as of February 8, 2024.