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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Bitcoin reaches $41.7K as Ethereum closes $3K
Bitcoin ( BitcoinTC), saw an upbeat action during the Wall Street trading session of March 18, in line with predictions that higher levels would be retested.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Placed bets on $46,000
Data from Cointelegraph Markets Pro, TradingView showed that BTC/USD rose $1650 from daily lows to almost matching the $41,700 high in March 16.
This move buoyed traders who started to strengthen their short-term view that levels near the top Bitcoin’s 2022 trading range were being challenged.
Pentoshi, a popular trader, said that such a result did not indicate that BTC/USD has ended its downtrend.
“Macro headwinds are still too strong, but midterm I think we rally before any shot at new or prev lows. He stated that he leans towards the up and down imo late Q2 to followers on Twitter.
Cold feet over micro conditions became a major concern this week, according to Cointelegraph. There were multiple predictions for a major drawdown in major assets, including BTC, this year.
Matthew Hyland, an analyst, noted that support was increasingly being offered by the $40,000 resistance.
It appears that #Bitcoin used previous resistance ($40.3k), as new support in the last few days
Lets see if continues to rally: pic.twitter.com/PkkVYZ1LCG
Matthew Hyland (@MatthewHyland_).
March 18, 2022
Crypto Ed had previously provided a near term forecast of $43,000 BTC/USD, before a potential new consolidation period and then an exit up or down.
He showed them breaking out of the “bull flag” formation they had been in for several days in a later update.
However, Ether ( ETH) was the more interesting focus of the day.
#BTC
Patience is a virtue, but finally breaking out of that bull flag pic.twitter.com/tCH9kVt7W6
— Ed_NL (@Crypto_Ed_NL)
March 18, 2022
Bitcoin was at $41,500 as of the writing. Volatility is still high.
All aboard for the summer “altseason?”
Altcoins: The top ten cryptocurrencies ranked by market capital saw varied movements in March 18.
Similar: Bitcoin could experience a $37.5K weekend drop before a ‘bigger movement’ next week — report
Avalanche ( AVAX), and ETH led the list. They each climbed over 5% within 24 hours. However, other tokens were generally flat.
The ETH/USD traded at $3,000, up 15% in the last week.
ETH/USD 1-day candle chart (Bitstamp). Source: TradingView
These moves rekindled talk about “altseason”, with many commentators calling for a new golden age for altcoins in coming months.
Popular Twitter account BTCFuel suggested that the Summer could be a peak in prices.
2/ I will be using charts of #Bitcoin, #Ethereum, and the dominance #altcoins from the various past altseasons to determine when the next #altseason peak will occur. By aligning them “correctly” structure-wise, I found this provisional target zone when the peak should happen pic.twitter.com/8H1MyPONiF
— BTCfuel (@BTCfuel)
March 17, 2022
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