Solana, the second largest blockchain in smart contracts, challenge DeFi Watchdog’s poor security rating. DeFi Watch node architecture is performing well according to Solana Labs. Different opinions come together and Solana protects herself from the bad rating she is given.
What are the criteria by which DeFi Safety assesses a decentralized financial protocol?
DeFi Safety, the independent rating organization DeFi, is based in Montreal. It evaluates almost 240 decentralized financial protocols for 15 different blockchains. To make this assessment, DeFi Safety is based on 5 criteria, namely:
- Number of nodes and their variety
- The documentation
- Support software
- The tests
DeFi Security does not audit code per se. On the other hand, it examines the quality behind the process and the documentation of the code.
Why does the DeFi Safety report give Solana a low rating?
According to DeFi Safety, Solana has a poor rating, mainly due to its poor node structure and the frequent shutdown of its DeFi Watchdog system. As a reminder, a node client is software that connects a computer to a blockchain network to be able to perform transactions. Among the companies exposing DeFi Solana Watch malpractice is the cryptocurrency lender Celsius. Its CEO Alex Mashinsky has decided to suspend customer withdrawals, transfers and exchanges through DeFi Watchdog. The most common reasons for this low rating are:
- Misuse of node archival information (lack of data)
- Block explorers are poorly designed
- Node or software clients are unauthorized and have less variety than other competing blockchains.
The lack of clarity in the documentation on archived nodes is a bad point for Solana. It only uses a year – old thread, the Reddit Anatoly thread.
Solana responds to DeFi Safety’s unwarranted low rating
Solana communications manager said node threads do not need to be changed. It suggests that the blockchain does not need to be known until it is created to validate it. As for the implementation of the nodes, it is true that Solana has only one but she strives to diversify the clients of the collectors. Although Solana has fewer node operators than Ethereum (7 execution clients and 6 consensus clients), it makes significant efforts and has many strengths:
- Take some high-level block explorers under 18 months old.
- Enhanced UX and features that meet the needs of developers and users.
- Establishment of MEV or Mineral Deductible Value ancillary income a miner can earn in addition to reduced gas rewards and charges.
Because the power of all networks rests on collectors, Solana is constantly innovating to achieve this performance.
While DeFi Safety has reservations regarding DeFi Watchdog Solana, it recognizes that the blockchain is the second largest in terms of decentralized financial protocol. The agency also recognizes that the Solana blockchain is beautiful and impressive but can do better.
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Interested in investment and financial markets after a business school in Chambéry, the passion for cryptocurrencies was evident. The blockchain is definitely the universal tool of tomorrow.