- Following rumors that SBF was involved in previous outages, the foundation has brought on a new challenge.
- SOL’s price increased and sentiment stayed positive.
In a bid to either quench the rumor that anyone can switch off the Solana [SOL] network or find solutions to possible vulnerabilities, the Solana Foundation is offering $400,000 to any party that can find the codes that turn the network off.
Realistic or not, here’s SOL’s market cap in ETH terms
A bounty to prove right or wrong
The details for this reward were shared by Jacob Creech, head of developer relations at the foundations. The offer is also part of Solana’s security bug bounty program.
Fyi there’s a $400k reward for anyone that can find code that can turn off Solana
Please go ahead and find ithttps://t.co/2oxcB0EEyx
— Jacob Creech (@jacobvcreech) October 12, 2023
However, the need to put it out publicly could be linked to the recent claims in the Sam Bankman-Fried (SBF) trial.
Needless to say, SBF, during his time as FTX’s CEO never hid his love for the Solana project. But an unconfirmed testimony in the case by Alameda Research CEO Caroline Ellison has spread around the crypto community.
According to the report, Ellison claimed that FTX randomly turned off the Solana network at intervals during his reign. The report also stated that the action was done to favor Alameda’s trades.
The result of the FTX downfall is still evident in Solana’s Total Value Locked (TVL) to date. At the height of the bull market in 2021, Solana’s TVL reached and surpassed $9 billion, The increase, at that time, meant that market participants could count on the blockchain. Therefore, it was almost a no-brainer to lock assets in the protocol.
But at press time, Solana’s TVL was down to $312.73 million, meaning all that trust the project once had, has really gone down.
Source: DeFi Llama
Solana gets the trust anyway
Although many have confirmed the attestation to be fake, Solana’s numerous off-seasons between 2021 and 2022 still seem to be haunting the project. These incidents brought doubts about Solana’s claim to be the “Ethereum killer.” Besides that, there were still some players in the market who believed the report that Ellison said those words in court.
Regardless of the “believe it or not” circumstance the speculation brought, Solana’s Weighted Sentiment remained positive. The Weighted Sentiment measures the positive or negative thoughts put out by members of the crypto community.
According to Solana’s weighted sentiment was 0.036. This means that there were more optimistic utterances about the blockchain than gloom-ridden ones. One reason the sentiment around the project has remained positive could be the SOL price as shown below.
Read Solana’s [SOL] Price Prediction 2023-2024
Source: Santiment
In the last 30 days, SOL’s value has gained 17.48%. This increase was much more than what Bitcoin [BTC] or most altcoins recorded within the same period.
However, it might be too soon to assume that Solana was on a recovery journey. Nonetheless, one may have to give the project credit for remaining relevant despite its several challenges.