Guard

2024

Solana

Solana, a prominent player in crypto, has been a subject of much discussion, particularly regarding adopting Layer2 (L2) solutions. Anatoly Yakovenko, the co-founder of Solana, recently <a href="https://x.com/aeyakovenko/status/1743132883697410186?s=20" target="_blank" rel="noopener nofollow">clarified&nbsp;</a>this topic, emphasizing the blockchain’s core mission and its stance on Layer2 solutions. 
<h2 id="solana-s-focus-enhancing-layer1-over-layer2-solutions">Solana’s Focus: Enhancing Layer1 Over Layer2 Solutions</h2> 
Yakovenko, in a definitive statement, dismissed the necessity of Layer2 solutions for SOL, labeling them irrelevant to the blockchain’s primary objective. 
According to Yakovenko, the blockchain aims to expand its atomic global state machine – a sophisticated system designed to increase efficiency and scalability. 
Yakovenko pointed out that while Layer2 solutions like side chains and zero-knowledge proofs are ‘innovative and welcomed,” they don’t contribute to the <a href="https://bitcoinist.com/solana-etherscan-acquires-solscan/" target="_blank" rel="noopener ">expansion of the </a>blockchain’s&nbsp;atomic global state machine. 
<blockquote class="twitter-tweet"> 
 Will <a href="https://twitter.com/solana?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@solana</a> ever require Layer 2 solutions? There’s nothing stopping developers from creating Layer 2s on Solana. However, Solana’s aim is to synchronize a global atomic state machine as fast as the laws of physics allow. 
 In this end state, any Layer 2, side chain, or… 
 — toly <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f1fa-1f1f8.png" alt="🇺🇸" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@aeyakovenko) <a href="https://twitter.com/aeyakovenko/status/1743132883697410186?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">January 5, 2024</a>
</blockquote> 
This perspective underlines a<a href="https://bitcoinist.com/great-capital-rotation-on-ethereum-outpaces-solana/" target="_blank" rel="noopener "> clear focus</a> on enhancing the blockchain’s Layer1 capabilities rather than relying on external execution environments that may not ensure seamless integration with the Layer1 state. Yakovenko concluded: 
<blockquote>
 Therefore, this [Layer2] question might not be entirely relevant. Solana is focused on continuing to scale Layer 1 directly, enhancing the single virtual machine instance on that Layer 1, hopefully, with just hardware upgrades in the future.
</blockquote> 
<h2 id="the-solana-ecosystem-challenges-and-prospects">The Solana Ecosystem: Challenges And Prospects</h2> 
Notably, Solana’s journey hasn’t been without challenges, particularly concerning the security of its ecosystem. Recently, the blockchain has been confronted with the threat of ‘wallet drainers,’ malicious entities that exploit vulnerabilities to siphon funds from users’ crypto wallets. 
Reports indicate that around<a href="https://bitcoinist.com/act-now-6000-solana-wallet-drainers-lurk/" target="_blank" rel="noopener "> 6,000 wallet drainers are active</a>, posing significant risks to SOL investors. Despite these security concerns, SOL has demonstrated <a href="https://bitcoinist.com/xrp-dogecoin-flip-solana-avalanche-most-liquid/" target="_blank" rel="noopener ">robust growth</a>. The blockchain’s native token surged over 50% recently, trading above $100. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/np21st45/" alt="Solana (SOL) price chart on TradingView" width="2770" height="1556"> 
This <a href="https://bitcoinist.com/solana-1000-and-xrp-7/" target="_blank" rel="noopener ">bullish trend</a> underscores the growing interest and confidence in the blockchain’s technology and potential. However, the past week has seen a slight downturn, with a 7.1% decline in SOL’s value. 
In response to the wallet drainer issue, Wallet Guard has stepped in to protect against these threats with new features specifically targeting SOL drainers. 
<blockquote class="twitter-tweet"> 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> SOLANA WALLET DRAINER 
 We have detected a new Solana wallet drainer kit being actively distributed. This is targeted at popular meme coins such as Bonk, Jupiter, Chonky, Galactic Geckos &amp; dogwifhat. 
 Our browser extension is now proactively blocking these websites. <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1fae1.png" alt="🫡" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/59VVuUa2eI" target="_blank" rel="noopener nofollow">pic.twitter.com/59VVuUa2eI</a> 
 — Wallet Guard (@wallet_guard) <a href="https://twitter.com/wallet_guard/status/1740875258188435959?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">December 29, 2023</a>
</blockquote> 
Featured image from Unsplash, Chart from TradingView

Layer 2 On Solana? Possible But Irrelevant, Says Co-founder – Here’s Why

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Bitcoinist

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