Solana Basis and Solana Ventures have collaborated to debut a $100 million fund set to foster the event of decentralized financed (DeFi), non-fungible tokens (NFTs), and gaming in South Korea. The increase comes barely a month after the Terra debacle, which stripped hundreds of thousands off Koreans with investments within the now relegated chain.
Not solely have been the buyers plagued with losses, however initiatives constructing within the Terra ecosystem have been affected too. With that, the brand new $100 million funding bundle will assist each Solana and Terra initiatives.
Solana to assist blockchain initiatives in South Korea
Moreover, the fund expands Solana’s incursion within the blockchain gaming house, having collaborated with Lightspeed Ventures and FTC to launch one other $100 million fund concentrating on gaming initiatives on the tail finish of 2021. There’s additionally a $150 million fund it debuted with gaming-focused platforms Griffin Gaming and Forte.
Concentrating on to supply a brand new dwelling for Terra initiatives in South Korea, Bloomberg says mid-last week the Basic Supervisor of Video games for the Solana Basis, Johnny Lee, got here into the protection of Terra builders following the down spiral, arguing that they’re “left within the lurch” regardless of doing nothing flawed.
Whereas Solana targets to host much more initiatives, the community remains to be battling seemingly never-ending downtimes that at the moment are turning into extra of a trait than an prevalence. Most lately, the sturdy nonce transactions characteristic needed to be disabled to revive community consensus.
Laden with the systemic technical threat, Solana ranks almost final in threat rating
Solana’s status as an Ethereum killer has taken repeated hits following the attribute frequent downtimes which have classed the community as unreliable, regardless of a considerably increased throughput than the Ethereum mainnet.
Now DeFiSafety, a platform that gives course of high quality opinions (PQRs) in DeFi and cryptocurrencies, has launched a brand new technical threat rating report, and it ranks Solana second-last of the 15 chains it reviewed, owing to repeated downtime. The chain solely ranked above the Ronin Community.
DeFiSafety flagged a number of issues that led to its rating of the community. To start with, the platform bemoaned Solana’s subpar community infra regardless of having correct documentation. DeFiSafety famous that it stays undefined the place chain historical past for the community is saved, owing to an absence of updates of the Photo voltaic bridge after archives have been deserted in 2021.
Unaudited Software program
Additional, DeFiSafety noticed that Solana is at present working on unaudited node software program, on condition that its final audit, in 2019, was architecture-focused and didn’t delve into node software program. The platform concluded this implies the important standing of the chain on condition that its at present casual construction permits upgrades on Solana by any core contributor who will get the related push request.
Subsequently, it posited that Solana runs on a single level of failure, leaving consumer funds within the high-risk territory.
DeFiSafety additionally added that regardless of profitable validator incentivization on the community (it ranks extremely right here), the position of stated validators is undefined. With a bunch of 25 validators chosen to finish community restarts, the safety specialists argued centralized management breeds grounds for prime manipulation.
The DeFiSafety workforce stated that Solana ought to enhance the node implementations provided to validators to march different layer ones chains, which provide ultimately 5 implementations. Additionally, the safety agency suggested that Solana, which at present prioritizes a bounty program, employs full-time safety researchers. This may yield increased efficacy and decrease payouts than the present mannequin.
Block explorer deficiencies
Solana’s ‘Ethereum killer’ standing additionally got here into query owing to a extremely poor blockchain monitoring platform within the type of SolScan. DeFiSafety famous that the tracker is decidedly poor in comparison with Etherscan. It argued widespread 404 errors and unreturned searches, all of which increase issues concerning the community’s verifiability.