Crema Finance[1] joins the list of protocols housed on the Solana blockchain to be hit with a hack. In the early hours of 3 July, the liquidity protocol took to Twitter[2] to inform users of the suspension of all activities on the network due to the hack.
Coupled with constant downtimes, the Solana network has had it rough this year with the series of hacks and exploits on the chain itself. And, the protocols built on it have suffered. According to a report by Atlas VPN[3], the Solana ecosystem suffered five hack attacks in 2022 Q1 at the cost of $397 million. The Wormhole hack[4] was the most significant, as it resulted in a loss of $334 million. Also, this year, hackers carted away over $52 million through the hack of Cashio[5], a Solana-based stablecoin project.
Currently trading at its August 2021 level, how has all of these impacted the performance of the SOL coin so far this year?
SOL tired
In the past six months, the SOL coin has suffered a significant decimation in its price. This is attributable to the general downturn of the cryptocurrency market so far this year. And, the series of downtimes and hacks/exploits on the Solana Chain. Spotted at an index price of $170 at the beginning of the year, SOL’s price has been on a downward trend. Exchanging hands at $32.64 at the time of writing, the price of SOL saw an 81% decline so far this year.
SOL, at press time, was ranked number #9 on CoinMarketCap’s[6] ranking of cryptocurrencies with the largest market capitalization. In fact, the market capitalization of the SOL has seen a drawdown from $52.70 billion to $11.20 billion, so far
