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Solana Foundation Launches Initiative to Safeguard Crypto Projects Following Drift Protocol Hack, 2026/04/07 14:52:28
The Solana Foundation has announced a security audit initiative for projects built on its blockchain, which will include the publication of reports detailing identified vulnerabilities. This announcement comes just days after the Drift Protocol was hacked, resulting in a decline in the price of Solana.
The initiative is named STRIDE (Solana Trust, Resilience, and Infrastructure for DeFi Enterprises). The frequency of monitoring will be determined by the total value locked (TVL) in the decentralized finance project. Protocols with a TVL exceeding $10 million will be required to conduct audits for threats continuously, while the foundation pledges to fund audits for projects with a TVL over $100 million.
Additionally, the Solana Foundation has introduced the SIRN (Solana Incident Response Network), which is designed to respond swiftly to cyber threats within the Solana ecosystem. During exploits and hacking incidents, SIRN will engage with the affected protocol to collaborate with its team in identifying vulnerabilities and halting the outflow of funds.
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Projects on Solana will also receive complimentary access to threat detection tools from the Hypernative platform, real-time risk monitoring from Range Security, attack simulation using the Riverguard tool from Neodyme, as well as access to analytical tools from Sec3 and AuditWare.
The hack of Drift Protocol resulted in losses exceeding $270 million. In the wake of this cyberattack, Solana’s value decreased by 1.7% over the week, bringing it down to $79. Currently, the market capitalization of SOL tokens stands at $45.4 billion.
In February, the Step Finance project, part of the Solana ecosystem, announced the closure of its media resource SolanaFloor and the lending protocol Remora Markets following a hack that resulted in losses of over $27 million. The developers have promised to partially reimburse user losses.
