Explained – What happened after Solana’s security vulnerability

• Solana’s price recovered to $156 after implementing a vital security patch across its network.
• The patch led to an immediate increase in network stake security, with over 70% of nodes updated.

In recent months, Solana [SOL] has demonstrated robust performance across its network, bolstering its standing in the cryptocurrency market.

As of press time, SOL was trading at $156, having experienced a modest increase of 1.5% over the last 24 hours. 

This recovery is particularly notable, considering SOL’s recent drop to $110 on the 5th of August.

Amidst these market fluctuations, Solana’s development and operational teams have addressed a significant security vulnerability within the network.

The response was meticulously coordinated to prevent any potential exploitation by malicious entities.

Strategic response to vulnerability

The critical security response began on the 7th of August, when the Solana Foundation discreetly reached out to network operators via private channels. 

This initial step was crucial for preparing the groundwork for a seamless and secure update process.

According to Solana validator Laine, this approach was intended

By the following day, operators had access to the patch through an Anza engineer’s GitHub repository, which allowed them to verify and implement the necessary changes independently. 

By 14:00 UTC on the 8th of August, detailed instructions had been distributed, successfully securing 66.6% of the network’s stake.

The proactive measures continued until over 70% of the network had applied the patch, at which point the vulnerability was publicly disclosed.

Solana Labs then made a crucial announcement on Discord to urge all remaining operators to update their systems promptly.

Solana’s network activity

The recent events have also cast a spotlight on Solana’s network activity. There has been a notable increase in active addresses, surging from under 900,000 to a peak of 1.2 million at the beginning of August. 

Despite a slight recent decline to 1.1 million, this trend indicated a growing user base and heightened network engagement.

The increase in active addresses generally signifies a healthy network with sustained transactional activity, which could lead to enhanced network security and stability.

Source: Solscan

Realistic or not, here’s SOL’s market cap in BTC’s terms

Conversely, the number of new addresses on the Solana network saw a significant decrease, dropping from 12.6 million last month to just 6.6 million as of press time.

This reduction could suggest a slowdown in new user adoption or a temporary market consolidation.