Crisis of Solana and OpenSea
The last week has been pretty brutal for the NFT industry. This was influenced by both the general negative economic and political situation worldwide, the cryptocurrency market was no exception. However, on top of all this, the Solana blockchain, on which a significant part of the NFT infrastructure exists, has experienced major disruptions in its operation. Large amounts of vulnerabilities were found on the biggest NFT marketplace — OpenSea. A lot of users are dissatisfied with the giants of the industry.
Solana Crisis
According to a note, posted on the Solana website on Jan. 22, the problem that validators were experiencing using their computing power to validate the network was due to excessive transaction duplication. This greatly affected the price of SOL. According to Coinmarketcap, at the time of publication, the price of the token has fallen by more than 35% in a week from $143 to $91!
This isn’t the first time Solana has been in serious trouble. On September 14, there was a major failure due to the inability to process an excessive number of transactions. On December 4, 2021, the Solana blockchain also encountered a major bug that caused block generation to be temporarily suspended.
OpenSea crisis
As for NFT marketplaces, not everything is going smoothly here either. OpenSea, the largest NFT marketplace, is facing numerous user complaints about massive platform outages. Due to the failure, it became possible to buy NFTs at the old, low prices — which the attackers quickly took advantage of. For example, with the Etherscan platform, it was possible to track down a user under the nickname jpegdegenlove, who was able to exploit the vulnerability and extract 347 ETH this way.
This is not the first time that OpenSea has faced infrastructure problems. In September 2021, due to a bug, NFTs worth more than 28 ETH were removed, which at that time was about $100,000. Is this in line with decentralization?
There are alternatives!
If you are tired of constant infrastructure failures, then it’s time to look at alternatives. In many ways, the problems of popular blockchains are due to the fact that they can no longer deal with an excessive number of transactions. At the same time, the more infrastructure is used, the more difficult it is to update it. In addition, popular blockchains quickly become the target of scammers, who are looking for all sorts of vulnerabilities in the protocol. No blockchain alone can handle the transactions of an entire market. Therefore, it is important to constantly keep abreast and follow young projects. Velas is a promising blockchain that is free from many of the shortcomings of Solana. At the same time, such large companies as Ferrari are paying attention to it, and on January 13, the Velas blockchain node was launched into Space on SpaceX in partnership with the private space company SpaceChain.
Some advantages of Velas:
- already adapted to the EVM, which allows you to quickly launch contracts on the same Solidity (Solana is not an EVM blockchain, and spends $40+ million for a compiler for Solidity);
- high transaction speed and low cost;
- the blockchain is not overloaded due to the small number of infrastructure projects;
- VLX as a gas currency has more growth potential than SOL, which is good for users.
Advantages of Barter Smartplace:
- we have a very affordable cost of asset tokenization (NFT Creation), compared to large marketplaces. On most marketplaces, the cost of creating your own NFT will cost you an average of $150 to $900, while with us it is 10 BRTR + gas (less than $1);
- OpenSea charges even to remove the ad (which is what caused the recent fraudulent activities), while on Smartplace you can cancel the publication of the ad at any time you see fit, only by paying gas to the blockchain;
- we are not afraid to deal with real assets such as real estate and actively partner with real estate agents to tokenize this type of assets;
- we intend to adhere to the policy of affordable and adequate fees;
In addition to the NFT marketplace itself, we also have a very user-friendly telegram bot for cryptocurrency transactions, BRTR staking and games for fun.
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👉 Find out more about our marketplace at the links:
Website https://barter.company
Blog https://medium.com/bartersmartplace
Marketplace https://smartplace.barter.company/
Barter Wallet Bot http://t.me/barterwalletbot
Telegram chat https://t.me/barterteam
Twitter https://twitter.com/barterteam
Instagram https://instagram.com/bartersmartplace
VK https://vk.com/barter.company
