Solana released its first ‘Validator Health Report’, revealing information about its network operators. According to the report there are over 1,900 block-producing nodes in the network, of which approximately 1,688 (88.14%) are operated by independent entities.
Solana says the health and strength of its validators are critical to the long-term health of the ecosystem. Previously, the network faced backlash for both its lack of decentralization and expensive validator hardware.
However, this new report highlights 3,400 validators from six different continents.
9/ Distribution across geographical areas is important. The resilient blockchain continues to operate through all kinds of global events.10 August 2022
Furthermore, the report shows how activity on the network has grown over the past year. On average, the network has seen 95 new consensus nodes and 99 RPC nodes every month since June last year.
It also emphasized that the amount of verifier collusion needed to censor the Nakimoto coefficient, aka the network, on Solana is 31 – and is increasing. A chart published in the report showed Solana with the highest Nakimoto coefficient compared to other networks such as Avalanche, Binance and Polygon.
However, this report comes after the hack last week. About $5.2 million in Solana (SOL) was hacked from 8,000 wallets including Phantom, Slope and Trust.
The news shook the industry and users were urged to forgo their hot wallets for cold storage wallets for added security, while being on the lookout for scams.
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The hack is currently under investigation. Some experts attribute Slope Wallet to the settlement. Slope is a Web3 provider of hot wallets for the Solana Layer-1 (L1) blockchain. Reports say the compromised wallet was at one time “created, imported or used” in the mobile application for Slope.
Before the wallet hack, experts predicted a 40% increase in prices in SOL despite bear market conditions. Shortly after news of the hack, the price of the cryptocurrency dropped by about 8%, followed by a $40 rally per coin.
At the time of writing, SOL hovers around $44 USD per coin.