Week in Solana: Devs Fix Critical Zero-Day Vulnerability, Open Interest Nears New ATH
After a multi-week rally, Solana faces a correction while developers scramble to patch a zero-day vulnerability that could have been catastrophic. This comes as Solana's open interest charged toward a new all-time high.
Market Overview
The crypto market—Solana included—took yet another Trump thump to the chest this week, with most top 100 assets experiencing double-digit losses. Bitcoin weathered the storm relatively well, dipping just under 1% to $94,142, while XRP suffered a more substantial 9% decline.
Solana's ecosystem took a sizable knock, with the market cap and volume sliding 5% and 21% respectively, even as founders, builders, and supporters gathered at Solana Crossroads in Istanbul, Turkey. Despite this correction, open interest for Solana derivatives charged toward a new all-time high, suggesting traders are positioning for future price action.
Solana's Performance
Solana dropped 5% to $144, but it still performed better than some altcoins that plummeted significantly. It could have been worse, but the network's devs fixed a zero-day vulnerability that could have resulted in hackers minting unlimited tokens.
Better yet, Solana’s lending platforms issued nearly $830 million in loans in 30 days.
L1 Ranking Update
The layer-1 blockchain hierarchy remains largely unchanged this week. Solana's total value locked (TVL) slumped 2.79%, with Bitcoin suffering a nearly 4% loss. Despite the modest loss, Solana held on to its second place, with Ethereum still calling the shots.
Solana's DEX volume slumped 10% to $19.1 billion. Will the network get a lifeline as multi-chain DEX aggregator 1inch activates support for Solana? The daily active addresses stayed the same at 3.8 million.