Billion-dollar bug fixed on Solana protocol

Developers fixed a bug issue that was highly risky to the Solana network-based projects.

Solana is a top-level crypto project of the crypto industry and also it is popularly known as the king of Scalability of blockchain transactions. This project is different from every crypto project of industry because of its unique Consensus Proof-of-concept. 

In July, a researcher, Simon, pointed out a bug issue in the Solana protocol. However, bug was not a big issue according to the researcher. Simon shared about this bug in GitHub. 

When researchers tested again about the bug reported by Simon in June, they found that the bug was not fixed by the developer team, and also the bug may end up in billions of dollar losses. 

Blockchain Security researchers at Neodyme published a report on this matter. Published blog of the researchers said that the bug was associated with the Solana Protocol Library (SPL). And the possibility to execute the same bug in single transactions was possible with multiple numbers. And this bug was able to facilitate around $27 million per hour. With total estimation, around 2.6 billion dollar loss was possible. 

This single bug in the SPL was able to put a very high negative impact on the yield aggregator Tulip Protocol and lending protocols Solid, Soda, and Larix. 

Well right now, All the projects on the Solana and Solana project team ensured about the bug that they removed it with cryptography engineering. 

New projects are part of the experiment 

No doubt that Solana can facilitate high scale crypto transactions but here we also need high security, which can’t be easily ensured with new crypto projects. 

At present Solana is in the top 10 list of the crypto industry but still, it is in its initial phase. 

At the beginning of this year, Charles Hoskinson, CEO, and founder of the Cardano project said that there are many crypto projects and also they have better speed and potential but all are only part of the experiment and we can’t blindly trust everything. 

Read also: Hack attack on Bitmart, lost $200 million