Solana’s SOL Tumbles 10% After $326M Wormhole Exploit

DeFi applications use smart contracts to provide financial services, such as trading, lending and borrowing, to users. Concerns loomed among traders and developers after the exploit. “If nobody backs it and the coins are truly gone then Wormhole ETH is worth [zero],” George Harrap, founder of Solana DeFi platform Step Finance, said in an interview with CoinDesk. “Everyone who has a balance of it becomes worthless, DeFi protocols, users, everyone.”