The second-largest decentralized finance hack to date brings about questions about the Solana ecosystem and cross-chain protocols.
Solana has become one of the fastest-growing smart contract blockchain networks since it was first officially launched in March 2020. The total value locked (TVL) on decentralized finance (DeFi) protocols on the network grew from nearly $152 million in March 2021 to $8.08 billion at the time of writing, as per data from DefiLlama.Simultaneously, the network has also been subject to several network issues and outages. Most recently, the Wormhole token bridge was hit by a security exploit on Feb. 3 that culminated in the loss of 120,000 wrapped Ether (wETH) tokens, worth over $375 million at the current price of Ether (ETH). This exploit was the biggest so far in 2022 and the second largest DeFi hack ever, following the Poly Network hack where over $600 million was stolen from three different bl
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