DeFi Safety, an independent DeFi rating agency, identified Solana as the second-worst blockchain according to the firm's technical criteria. According to DeFi Safety, the Ronin blockchain from popular P2E gaming platform Axie Infinity is at the top of the list of worst. Ronin was hacked for $600 million in March 2022. The Montreal-based agency has rated over 240 Decentralized Finance (DeFi) protocols and 15 different blockchains.
DeFi Safety's blockchain reviews include five different criteria: number and variety of nodes, supporting software, documentation, testing, and security. Defi Safety does not do code checks, but instead considers the process behind the code and the quality of the documentation.
There are several main reasons why DeFi Safety views Solana so badly. Solana's weak node infrastructure and frequent downtime are among them. Other causes include mishandling of archive node information, poorly designed block explorers, and unchecked node clients with less diversity than competing blockchains.
DeFi Safety expressed concerns about the network's lack of details about the node archive, or the process of storing all of a blockchain's data since its inception. DeFi Safety, an independent DeFi rating agency, has placed Solana in the second-worst place according to the company's technical criteria for these reasons.
According to the rating firm, there is no clear documentation about the node archive, apart from a one-year Reddit thread from Solana co-founder Anatoly. Still, Austin Fedora, head of communications at Solana, said it wasn't necessary for Solana. “Solana does not need genesis affinity to validate a block”.
As for node clients, DeFi Safety argues Solana doesn't have enough offerings. A node client is software that helps users connect their computers to a blockchain to verify and execute transactions. DeFi Safety claimed that Solana currently offers the only software for node operators that has not been audited since 2019. For example, Ethereum offers seven different execution clients and six consensus clients.
Fedora says they are continuing to work on this issue. So, how reliable is the report that so heavily criticizes Solana (SOL)? The assessment behind this report is based on criteria set by DeFi Safety. Major DeFi protocols, including Uniswap V3 (96%), Compound Finance (93%), Aave (94%), and Bancor (96%), received high scores for their improved transparency and security. The rating project also gave Terra's Anchor Finance protocol a safer product rating (75%) than Solana.
Defi Safety also published a report on Badger DAO in September as 99% safe. A few months later the project was hacked and approximately $130 million was stolen.