- Crema, a concentrated liquidity protocol on the Solana chain, has lost $9m to a hack
- With Crema suspending its operation, liquidity on the Solana chain might be affected
- Bitgert still finds itself in a bullish wave that is pushing the price upward
Crema project has been making headlines after the liquidity protocol got hacked. According to various reports, the Solana based concentrated liquidity protocol has lost about $9m to hackers. The hacking has made Solana liquidity protocol halt its operation.
This is not a thing that Solana would have wanted to happen at this time. It impacts the Solana image negatively. In fact, the news about the hack tumbled the Solana chain a bit. The Solana coin had the price stagnating for a couple of days.
Although the Solana price has been doing pretty well today, the Crema problem has definitely affected it. It puts into question the Solana chain integrity. It also questions the safety of the concentrated liquidity protocols on the Solana chain.
However, the Solana team has been on top of the game guaranteeing Solana investors the security of their assets. The Crema protocol is expected to resume operations on the Solana ecosystem soon. Otherwise, Solana’s liquidity might be affected.
On the other hand, Solana’s biggest competitor, Bitgert (BRISE), has been doing pretty well. Bitgert has had its price posting an impressive upward trend. The Bitgert coin performance has been incredible this year. In fact, Bitgert hitting a new ATH in 2022 says much about the potential of the Bitgert coin.
Unlike Solana, Bitgert has faced less selling pressure. That’s why Bitgert has a smaller drop from the ATH than Solana. The Bitgert coin is still posting impressive performance because of the growing demand for the Bitgert BRC20 blockchain. Bitgert blockchain is fast and cheaper than the Solana chain.
Bitgert is currently the fastest blockchain at 100k TPS. The Bitgert blockchain is the reason Bitgert is a major Solana competitor. The Bitgert team is also growing the Bitgert ecosystem faster than Solana by adding more products and projects. The Bitgert roadmap V2 has a range of products, and the Bitgert startup Studio is adding hundreds of projects.
So Bitgert and the Solana projects have disruptive developments coming up. However, the Crema hacking issue might dent the Solana image and give Bitgert an edge in the market. So the Solana team will need to address this issue to boost investors’ confidence.
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