Following Solana’s recurrent failures and dependability difficulties this year, independent rating agency DeFiSafety had few compliments for the company.
The once-favourite of the crypto world is currently in decline, with its native currency wiping out all gains recorded in the previous 12 months. SOL has lost about half of its value in the last month, a drop accelerated by dependability difficulties in April, May, and June.
A study on Solana was released by the firm that provides Process Quality Reviews (PQRs) for crypto and decentralized finance (DeFi) platforms, and it was very negative.
Solana has the second-worst ultimate technical risk score of the 15 chains we’ve looked at so far.
Solana has been dubbed an “Ethereum killer,” but it has so far failed miserably to live up to the hype. Since the beginning of this year, the network has experienced at least five full or partial outages or service disruptions.
The most recent severe outage occurred on June 1 when a flaw prevented consensus, affecting block production. According to DeFiSafety,
“Solana’s starting point is low. Despite a public software repository and some helpful documentation, their node architecture is lacking.”
There is only one node implementation, and changes are “managed haphazardly,” with no mechanism for an archive node, according to the report. With no documented updates on the Solar bridge after archives were abandoned, it’s unclear where the chain stores its history.
“Given the lack of a structured upgrade mechanism for any element of Solana, this is concerning – the production version of the chain is at the mercy of whichever core contributor reads the push request.”
It further alleged that the Solscan block explorer does not compare to Etherscan in terms of functionality. When trying to access previous transactions, DeFiSafety researchers found numerous failed searches and 404 errors. “If Solana is not easily verified, it raises doubts about its character as a blockchain,” they said.
The firm also reported that Solana node software had not been audited, even though the chain was.
“Overall, Solana poses a technical risk to the system. There is no denying it. User funds, in our opinion, are in jeopardy. Because users cannot access their cash when the chain is down, we penalize them substantially for downtime.”
