New report uncovers that there are over 1,900 block-producing nodes within the Solana ecosystem.
Solana has released its “Validator Health Report”, which revealed details about its network operators. The report revealed that the network contains over 1,900 block-producing devices, with almost 1,688 (88.14%) being run by independent entities.
Solana believes that the ecosystem’s long-term health depends on the strength and health of its validators. The network was previously subject to criticism for a lack in decentralization as well as expensive validator hardware.
This new report focuses on the 3,400 validators that are spread across six continents.
9/ Distribution across geographies is important. Resilient blockchains can continue to operate through any type of global event.
This is how the stake is distributed on the @Solana network. It also includes a snapshot of Ethereum miner distribution for benchmarking. https://t.co/1jsylk9J3J pic.twitter.com/faepZ4RvYm
— Solana Foundation (@SolanaFndn)
August 10, 2022
The report also shows that activity on the network has increased over the past year. Since June last year, the network has had 95 new consensus nodes and 99 RPC nosdes each month.
Source: Solana
It was also noted that Solana’s Nakamoto Coefficient, which is the amount of validator collusion required to censor the network by validators, is 31 and growing. A chart in the report showed Solana having the highest Nakmoto Coefficient relative to other networks like Avalanche Binance and Polygon.
This report is nevertheless a result of the hack last week. The hacker stole $5.2 million from Solana ( SOL). This was done using 8,000 wallets, including Trust, Phantom, Slope and Trust.
The industry was shaken by the news and users were asked to switch to cold storage wallets in order to increase security and guard against scammers.
Related: Is your SOL secure? The Market Report
Investigative efforts into the hacking are ongoing. Experts believe that the compromise was caused by the Slope wallet. Slope is a Web3 provider for a hot wallet that supports the Solana layer-1(L1) blockchain. According to reports, the compromised wallets were “created, imported, or used” at one time in the Slope mobile app.
Expert predicted a 40% price increase in SOL prior to the hack. This was despite the bearish market conditions. The hack caused a drop in cryptocurrency prices of almost 8% and then a rebound of $40 per currency.
SOL is currently at $44 USD per coin.
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During ongoing war, Ukraine accepts Bitcoin, Ethereum and USDT donations
The Ukrainian government reached out to the cryptocurrency community via Twitter in the first week after the Russia-Ukraine conflict to raise funds for its troops and civilians. Ukraine now accepts donations in Bitcoin ( TTC), Ether( ETH), and Tether ( USDT).
Ukraine sought international assistance amid military threats in the country. But, time is critical and the official Twitter account for Ukraine has extended its request for assistance to Crypto Twitter.
Support the Ukrainian people. Accepting cryptocurrency donations Bitcoin, Ethereum, and USDT.
BTC – 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P
ETH and USDT (ERC-20) – 0x165CD37b4C644C2921454429E7F9358d18A45e14
Ukraine / Ukrayina, (@Ukraine).
February 26, 2022
Mykhailo Fedorov (vice prime minister of Ukraine) also shared three wallet addresses. He urged the crypto community for donations to help Ukraine defeat Russian troops. The BTC and ETH addresses are the same. However, the USDT wallet address was TRC-20-based. It is different from the address shared on Ukraine’s official Twitter account.
Support the Ukrainian people
Accepting cryptocurrency donations Ethereum. Bitcoin and Tether (USDTtrc20).
BTC — 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P
ETH — 0x165CD37b4C644C2921454429E7F9358d18A45e14
USDT (trc20) — TEFccmfQ38cZS1DTZVhsxKVDckA8Y6VfCy
— Mykhailo Fedorov (@FedorovMykhailo)
February 26, 2022
Vitalik Buterin (prominent crypto entrepreneur), initially believed that accounts asking for crypto donations had been hacked. American diplomat Tomicah Tillemann confirmed that the accounts were legitimate with Olexander Scherba, the Ukrainian Ambassador.
It’s been confirmed by a few sources. For now, I am deleting my warning. Keep alert and be careful when sending irreversible cryptocurrency transactions. https://t.co/Odv5pxf3mp
— vitalik.eth (@VitalikButerin)
February 26, 2022
Ukrainian civilians-turned-refugees have reported the loss of access to their fiat savings and credit cards. As of Saturday, more than 150,000 people had been forced from Ukraine by the United Nations.
My Ukrainian credit cards are no longer valid. Although I am physically safe in Kazakhstan, all of my savings have disappeared.
Crypto is my only source of money, and I can confidently say that $BTC and $ETH will save my life, even if I’m unable to return home.
— ARTYOM FKsDOSOV, @usleepwalker
February 25, 2022
Although there has been confusion about the intended uses of crypto donations, Buterin shared another initiative. This is a decentralized autonomous organisation that focuses exclusively on Ukrainian citizens.
Here’s your chance to help the Ukrainians! Proceeds will go to civilian efforts to help Ukrainians affected by the war. https://t.co/GD7Qlw61nT
— vitalik.eth (@VitalikButerin)
February 26, 2022
UkraineDAO was launched by Nadya Tolokonnikova of Pussy Riot. It started with the release a one-of-1 nonfungible token (NFT), of the Ukrainian flag in order to raise funds for Ukrainian civil organizations that help victims of war.
Cointelegraph reported on Thursday that the Ministry of Defence of Ukraine had received many requests from asking for crypto donations.
Crypto donations can be very helpful. It’s fast, secure, and easy.
Also, consider this method
— timo (@tymo_tt)
February 24, 2022
Unconfirmed but believed to be true, donations to addresses shared by Ukraine may be used directly by government officials, while DAO proceedings will be directed towards citizens’ welfare via NGO.
Related to The reaction of the Crypto community to Russia’s war on Ukraine
Prominent crypto entrepreneurs have made proactive efforts to help the Ukrainians since Thursday. Sam Bankman-Fried, CEO of FTX, was the first to offer monetary support for FTX traders in Ukraine.
We just donated $25 to each Ukrainian on the FTX
Do what you have to do
— SBF (@SBF_FTX).
February 24, 2022
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