As a researcher with extensive experience in the blockchain and digital currency space, I find the recent DDoS attack on the Cardano network quite intriguing. While such incidents are not uncommon in this ecosystem, the way Cardano has handled it sets it apart from other networks.
The Cardano blockchain is said to have experienced a Distributed Denial-of-Service (DDoS) attack recently. Despite this incident, the mainnet has supposedly been unaffected significantly. Insider reports indicate that the assault started around Block 10,487,530.
The Unexpected Twist With Cardano DDoS Attack
As a researcher studying the digital currency landscape, I’ve come across various forms of hacks and attacks targeting different networks. While some Layer 1 platforms have experienced their fair share of security breaches, Cardano stands out with a distinct characteristic.
As a cryptocurrency analyst, I’d like to emphasize that despite the recent attack on Cardano, the network remains functional. Unlike traditional systems with a single point of failure, Cardano’s load is distributed across the network. Decentralized features are not unheard-of in blockchain technology, but Cardano’s successful demonstration of resilience during this incident sets it apart from its peers.
Based on the information provided by Fluid Tokens’ CTO, the ongoing attack by the user “elraulito” has not been halted at the time of reporting. The attacker is reportedly executing transactions involving a grand total of 194 smart contracts. Notably, each transaction incurs a gas fee of approximately 0.9 ADA, and multiple such transactions are being filled in every block.
On Block 10,487,530, an attack on the Cardano network began.
In every transaction, 194 REWARD-type smart contracts are invoked. Each transaction costs the attacker 0.9 ADA. The attacker is packing numerous such transactions into each block.
In…
— elraulito (@ElRaulito_cnft) June 25, 2024
The CTO of Fluid Token explained that they utilize REWARD-type smart contracts for transactions. This enables large monetary transfers with minimal gas fees.
During the ongoing attack, there have been no interruptions or congestion in the chain. It’s surprising that ADA, the native token of the network, has experienced a 7% increase in price, reaching $0.3964. Over the past 24 hours, its value has escalated from a low of $0.3667 to a high of $0.3968.
Not a Time for Hiccups
Cardano is currently undergoing a distinctive development process within its system, which makes it quite expensive for any significant interruption to occur. According to its founder, Charles Hoskinson, the Chang hard fork is anticipated to be activated by the end of this month.
The anticipating community is looking forward to Hoskinson’s latest announcement regarding this matter. Should the network prove vulnerable to this DDoS attack, it may raise concerns about upcoming plans slated for the remainder of the year.
Through the Chang hard fork update, Cardano is evolving into a decentralized governance system. Following its successful defense against the recent assault, supporters are optimistic about its readiness for this significant advancement.
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2024-06-25 23:08