Solana’s study, published by a company that provides process quality assessments (PQRs) for crypto and decentralized financial platforms (DeFi), was critical. Due to frequent stops, Solana has the second worst final technical risk score among the 15 series reviewed. said.
DeFiSafety focuses on the process behind the code and the quality of the documentation, rather than auditing the code or checking security. Chain scores are offered by the Canadian company based on various criteria such as smart contracts and teams, documentation, testing, security, management controls and Oracles.
SOL has been repeatedly labeled an “atrium killer” but has failed to deliver. As of January, the network has had at least five full or partial outages in 2021.
The previous widespread disruption occurred on June 1, when a bug prevented the production of the block due to the failure of the consensus. “Solana’s base score is low,” DeFiSafety noted. “With a repository of general software and some good documentation, the infrastructure for nodes is lower.”
Solana prices are falling rapidly
The cryptocurrency that was once popular is now losing money, and its token is destroying all the profits it has accumulated over the past year. In April, May and June, the SOL fell more than 50 percent due to reliability concerns.
SOL has fallen more than 85 percent from its all-time high of $ 260 and is out of the top ten digital currency markets. SOL traded at $ 38.43, down 3.4 percent on the day, according to CoinGecko.
According to Defillama, the total value locked in SOL has dropped by more than 75% in the last six months.
New $ 100 million fund for Korean web3 startups from Solana
Solana will invest $ 100 million in South Korean crypto businesses as it seeks to enter the developer market, which is still recovering from the collapse of Terra earlier this year.
The SOL network ecosystem will be strengthened by two vital pillars: the Solana Ventures and the Solana Foundation. “In all three vertical areas, Solana Ventures and the Solana Foundation will assist with initial investment and grants,” the statement said. However, their main focus is on developing South Korean web startups. According to TechCrunch, Lee, the head of games at Solana Labs, said the fund will focus on South Korean gaming companies NFT and DeFi.
Weekly fundraising efforts put SOL in direct competition with Polygon, Avalanche and other smart contract platforms that aim to attract orphan cryptocurrency talent in the Korean crypto sector. It is unclear how many Terra developers will return to the ecosystem after it collapsed in May, destroying billions of dollars in wealth.
The fund is funded by the Solana community treasury and the company’s fund, according to Austin Federal, communications director at SOL Laboratory.
“A lot of the gaming industry is moving to Web 3,” Lee added. We want to be consistent. “Project sizes come in different team sizes, so some of our investments will be investment-sized checks.” According to Lee, in general, games and NFTs dominate operations in South Korea, making them suitable for Web 3.