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Solana still under pressure: Cooperation with Cardano to survive?

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It is still a difficult year for the Solana network and for buyers of the native signal. After the SOL price corrected sharply since the beginning of the year due to the general bear market, the FTX crash caused a further price drop. Because the crypto exchange was known to be heavily invested in SOL and a lot of liquidity was withdrawn with the disaster. In addition, the Solana network has repeatedly caused frustration in the community due to failures, disruptions and attacks on the system.

Attack on Solana-based crypto exchange Raydium

There is bad news again. This is how an exploit happened on the decentralized exchange Raydium, which is based in the Solana network. Assets valued at $4.4 million are said to have been stolen. The attackers managed to steal tokens from Solana’s liquidity pool by taking the administrator’s address from the exchange.

Analysis by a security company concludes that the attack was carried out with a compromised private key. Apparently, there are indications that the attacker attacked an internal server with “Trojan” malware to steal Raydium’s core code. The hackers may have gained remote access to the virtual machine or the internal server. However, the exact course of the attack has yet to be analysed.

In addition to the stolen assets, Raydium is said to still have more than $30 million in crypto assets. In order to recover the lost capital, Raydium offered a reward of 10 percent of the stolen sum. That would be at least 440,000 US dollars.

Cardano founder Hoskinson: Integrate Solana as a sidechain

Cardano co-founder Charles Hoskinson is now providing a proposed solution to the recurring vulnerabilities in Solana’s network and blockchain applications. This is his idea of ​​connecting Solana with Cardano as a sidechain. This means that Solana would only act as a sub, and Cardano would be the main chain link in this build.

Hoskinson said: “You could take Solana to replace (a) current consensus algorithm with something that’s 25 times faster and doesn’t crash all the time, make it a Cardano sidechain. Solana would then be paid to ADA holders to get it, and they wouldn’t have to worry about security anymore…And then all these dApps move, and they get better reliability and security, and they become faster.”

However, it is doubtful whether the Solana developers will approve the proposal. Because the step would mean that Solana would lose some of its independence, and of course Cardano could benefit from the new users who would then participate in the Cardano network. Hoskinson’s thinking is not entirely altruistic.

Solana is far behind Cardano

It should be remembered that Solana was sometimes rated by experts as a better alternative to Cardano during the last bull market in 2021. This was also noticeable in the price development of the native SOL token. At times, the market capitalization significantly exceeded the capitalization of ADA, the native token of the Cardano network.

Meanwhile, however, figures from coincodex.com show that ADA has clearly passed SOL again. ADA is one of the top 10 cryptocurrencies by market capitalization and is valued at nearly 9 billion dollars. On the other hand, SOL only comes in at $4.4 billion, which is less than half. However, this move is not due to the strength of ADA, but to the enormous weakness of SOL. Because the ADA/USD course has already recorded a loss of more than 90 percent in this bear market.

This is not the first time Hoskinson has tried to get approval for his blockchain idea on the Cardano network. Shortly after Elon Musk bought Twitter, he explained that there was a way to connect DOGE to Cardano. He even offered to implement the integration at his own expense and introduce smart contracts. Hoskinson tweeted, “Now that Twitter is in the hands of[ElonMusk]there is a real possibility that DOGE will merge with Cardano”[ElonMuskfeicimfĂ­or-fhĂ©idearthachtgondĂ©anfaidhDOGEchumascarbhealachĂ©iginleCardano”

However, this push from Cardano’s founder has gone unheeded so far. Musk, who is known to be a big fan of DOGE and even introduced the native token as a payment method on Twitter, probably has completely different problems at the moment. Musk just took to Twitter today to vote on whether he should step down as head of the messaging service. A clear majority voted in his favour. Resignation could therefore be imminent, which probably wouldn’t exactly help DOGE’s course.

Goldman Sachs wants to invest millions of dollars in the crypto market

But what do the current developments mean for SOL buyers? Should you give up the investment or is now the best time to buy the cryptocurrency at low prices?

Bullish statements on the crypto market are coming from Goldman Sachs these days. According to reports, the global investment bank wants to spend many millions of dollars on investments or purchases in crypto companies. After the collapse of the market after the FTX crash, the bank found a good time to invest in this industry.

Mathew McDermott, head of digital assets at Goldmann Sachs, told Reuters that the bank had done due diligence on a number of crypto firms and found that they saw an opportunity for companies in the crypto sector to bounce back.

“We’ve seen some really interesting opportunities that are much more affordable,” McDermott said. The main focus of investments seems not to be on individual cryptocurrencies, but on the underlying blockchain technology. David Solomon, the bank’s chief executive officer, explained that while he considered cryptocurrencies “highly speculative,” he sees a lot of potential in the underlying technology.

Blockchain technology growth could explode

The bank’s analysts expect explosive growth here in the future. Goldmann Sachs could therefore invest in companies that deal with the creation and further development of blockchain technologies. Of course, Solana could also be one of them, but there should be many other names on the list as well. The blockchain services could work together on a technological level with their own private distributed ledger technology, developed by Goldmann Sachs to better utilize the potential of blockchain through greater speed and transparency.

So Goldmann Sachs is sending a positive signal to the crypto market in these difficult times. The big bank has already invested in various companies in the industry that offer services in the areas of compliance, databases and data storage. As recently as November 3, it partnered with MSCI and Coin Metrics to introduce a new classification system for the digital asset market.

Meanwhile, other investors seem reluctant to announce investments in this bear market. Perhaps the Goldmann Sachs step can make a difference and bring more institutional investors back into the market or bring them on board for the first time.

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