One of the major flaws of decentralized finance (DeFi) has been the security of digital assets held in their vaults. The DeFi sector has been the constant target of cybercriminals, who are often successful, stealing millions in crypto.
Updates from Wormhole, one of the largest bridges between Solana and other blockchains, show that the loss from the hack makes it the second-largest DeFi hack on record. As a result, Solana (SOL) has continued to tank.
On the brighter side of DeFi, analysts have predicted possible use cases of Sparklo, combined with the momentum it is building could make the project a top 100 crypto within the first year of its launch.
Solana (SOL) Tanks 8% as Wormhole Hack Hit $320 Million
The price of Solana (SOL) has tanked 8% in the last 24 hours as reports show that the losses of the Wormhole hack surpassed $320 million – now making it the second-largest DeFi hack on record.
The attack on Wormhole started with the hacker’s Solana account. After the attack, the hacker then swapped the SOL in his account for USDCet (Wormhole USDC), before bringing it across to Ethereum to move the funds.
The losses of Solana (SOL) are compounded by a market-wide sell-off, which has seen 3% of the global crypto market cap lost in just 24 hours. With today’s loss, Solana (SOL) now trades at $23, despite trading at over $110 year-over-year.
If Solana (SOL) fails to hold the $23 level, the price of the asset could fall as low as $20. However, if it manages to find enough bullish momentum in the coming days, then Solana (SOL) could retest the $25 level.
Analysts Predict Top 100 Spot for Sparklo
Despite the broader crypto markets suffering from bearish sentiments at the moment, analysts predict that Sparklo – which has been gaining grounds as an alternative investment platform – could outperform the market and claim a top 100 spot within a year of its launch.
Analysts are bullish about the prospects of Sparklo because of its unique, problem-solving platform which will allow users to be able to purchase rare and precious metals, such as silver, gold, and platinum in form of fractional NFTs, meaning you can own gold without needing to buy an entire bar.
Users won’t need to be worried about a possible Wormhole incident as the smart contracts and reserves of Sparklo have been audited by the InterFi Network. According to the Sparklowhitepaper, all the NFTs minted on the platform will be backed by physical assets, further raising trust in the project
In addition, the current liquidity and reserves of Sparklo will be locked in for 100 years. Sparklois currently in presale for $0.015. These are the reasons why analysts predict that when Sparklolaunches, it could outperform the entire crypto market.
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