- After rumors that SBF was involved in previous disruptions, the foundation has taken on a new challenge.
- The price of SOL rose and sentiment remained positive.
In an attempt to quell the rumor that anyone can disable the device 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 disable the network.
Realistic or not, here it is The market cap of SOL 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. TThe offer is also part of Solana’s security bug bounty program.
FYI: There is a $400,000 reward for anyone who can find code that can disable Solana
Please go ahead and find ithttps://t.co/2oxcB0EEyx
— Jacob Creech (@jacobvcreech) October 12, 2023
However, the need to bring this out publicly could be linked to the recent claims in the trial against Sam Bankman-Fried (SBF).
Needless to say, SBF has never hidden his love for the Solana project during his time as CEO of FTX. But uncorroborated testimony in the case Caroline Ellison, CEO of Alameda Research, has spread across the crypto community.
According to the report, Ellison alleged that FTX had intermittently disabled the Solana network intermittently during his reign. The report also stated that the action was taken to further Alameda’s transactions.
The result of the FTX’s fall is still visible in Solana’s Total Value Locked (TVL) to this day. At the height of the 2021 bull market Solana’s TVL reached and surpassed $9 billion. At the time, the increase meant that market participants could count on it blockchain. Therefore, it was almost a no-brainer to lock assets into the protocol.
But at the time of writing, Solana’s TVL had dropped to $312.73 million, meaning whatever confidence the project once had has truly plummeted.
Source: DeFi Lama
Either way, Solana will be trusted
Although many have confirmed that the certificate is fake, Solana’s numerous mid-seasons between 2021 and 2022 still seem to haunt the project. These incidents cast doubt on Solana’s claim as the ‘Ethereum killer’. In addition, there were some players in the market who believed the report that Ellison had said those words in court.
Regardless of the “believe it or not” circumstance that accompanied the speculation, Solana’s weighted sentiment remained positive. The Weighted Sentiment measures the positive or negative thoughts of members of the crypto community.
According to Solana’s weighed sentiment amounted to 0.036. This means that more optimistic statements have been made about the blockchain than gloomy statements. One reason why sentiment around the project has remained positive could be the SOL price as shown below.
Read Solanas [SOL] Price prediction 2023-2024
Source: Santiment
Over the past 30 days, SOL’s value has increased by 17.48%. This increase was much more than just that Bitcoin [BTC] or most altcoins registered in the same period.
However, it may be too early to assume that Solana was on a recovery journey. Nevertheless, one should probably give the project credit for remaining relevant despite its various challenges.