Solana and the Solana ecosystem are always growing and moving forward. To help you not miss any news & movements of the ecosystem in the last 7 days, here is your Solana Weekly Recap.

TL;DR

Welcome Solana community to Solana Daily Newsletter #2!

Here’s a summary for you to catch up on the latest news in Solana Ecosystem in the last 7 days:

  • Approximately 8,000 addresses on the Solana network have been compromised, draining a total of ~$5.3M.
  • Nirvana (ANA) suffered a flash loan attack, losing nearly $3.5 million
  • Magic Eden has been teaming up with Genopets to launch the 1st Semi-Fungible Token (SFT) marketplace on Solana.
  • StepN has launched StepRun Contest
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Solana Weekly Key Spotlights

In just 1 month, Solana suffered 3 attacks that severely affected the entire ecosystem.

Solana Ecosystem Weekly Newsletter (28/07 - 03/08) - Solana Dapps Are The Next Target Of Hackers 1
(The timeline of the rekts)

After Crema Finance and Nirvana Finance, the Solana network faced a huge challenge when more than 8000 basic users lost their assets directly from their hot wallets.

After 24 hours since the incident happened, the Solana team has identified the cause from Slope Finance. The investigation suggested that Slope had accidentally sent the private keys of customers using Slope wallet to a 3rd party. Taking advantage of this vulnerability, hackers proceeded to steal a large amount of SOL and SPL tokens. USDC).

Solana Ecosystem Weekly Newsletter (28/07 - 03/08) - Solana Dapps Are The Next Target Of Hackers 2
(The dashboard of hacker wallets)

Currently, the hacker wallets have been flagged by on-chain data platforms such as Nansen, Solscan, and SolanaFM. In the near future, the Solana team will soon release a detailed report on the attack and solutions to protect their users in the future.

The latest Solana News on the week

Nirvana (ANA) suffered a flash loan attack, losing nearly $3.5 million

Nirvana is the next Solana protocol to suffer from flash loan attacks. Specifically, The hacker flashed a 10 million USDC loan from Solend in exchange for 10 million USD in ANA tokens, then manipulated the project’s oracle to “inflate” the price of ANA and change it back to 13.49 million USDT. 

In the end, Hacker withdrew USDT from Solana to Ethereum and continued to convert it into stablecoin DAI.

Solana Ecosystem Weekly Newsletter (28/07 - 03/08) - Solana Dapps Are The Next Target Of Hackers 3
Solana Ecosystem Weekly Newsletter (28/07 - 03/08) - Solana Dapps Are The Next Target Of Hackers 4
(the flow of the hack)

After the incident happened, the value of the governance token and the platform’s own stablecoin token are both in free fall and have not yet recovered.

Solana Ecosystem Weekly Newsletter (28/07 - 03/08) - Solana Dapps Are The Next Target Of Hackers 5
(The falling of NIVR & ANA token)

The 1st Semi-Fungible Token (SFT) marketplace on Solana

Solana Ecosystem Weekly Newsletter (28/07 - 03/08) - Solana Dapps Are The Next Target Of Hackers 6
(The 1st Semi-Fungible Token (SFT) marketplace on Solana)

A huge collaboration from two famous projects on Solana: Magic Eden, and Genopets. They have been teaming up together to launch the 1st Semi-Fungible Token (SFT) marketplace on Solana.

Specifically, Genopets will be the first Solana game project to use this market. Furthermore, users can mint and trade SFTs in the game from the platform.

Take a look at the brief summary of SFTs (semi-fungible tokens): 

  • An NFT, or non-fungible token, is a 1-of-1 digital asset you can sell and trade on the open market
  • An SFT, or semi-fungible token, has the same attributes and utility as an NFT but can be minted in quantities >1
  • SFTs have lower minting fees because they are more resource-efficient on-chain
  • SFTs can be stacked for easier buying, selling, storing, and crafting in-game

StepN – StepRun Contest

Solana Ecosystem Weekly Newsletter (28/07 - 03/08) - Solana Dapps Are The Next Target Of Hackers 7
(StepRun Contest)

StepN has launched StepRun – The first Twitter & Instagram contest to help spread awareness about StepN. This contest will last until 8th August 2022. So, if you are a StepN-er, do not miss this attractive contest with many rewards for winners.

Details of the contest will be put in the “References” section below.

Disclaimer — No Investment Advice

The information provided in this report does not constitute investment advice, financial advice, trading advice, or any other sort of advice therefore you should not treat any of the report’s content as such.

Solana Daily does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your due diligent research and consult your financial advisor before making any investment decisions.

References

https://rekt.news/

https://solana.fm/tx/LyUnvdY9KBQiVRFqmSzGUfCuPGqYX1xNHCWLWxWZ4MvgLcNis2Kui6T25Ayai5UzpTAFkSRSgriKb3pM8tAoeR5?cluster=mainnet-qn1

https://solana.fm/tx/5yF3VH82Wa3TC4zxdzxmEq4jL3EvSPovHVLG3XASzjHNpiyeSt1t2FF6WrHN94hBJc4AAHb3sUWgsAsupSRuszF7

https://medium.com/@genopets/what-in-the-genoverse-is-an-sft-73cdc61d8cf4

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