Solana, a public blockchain platform, issued a notice yesterday, informing its users of a series of problems faced by its second network that deteriorated performance on account of facing network congestion. The report was released by the Solana Status Twitter account on 6 January, 16:11 UTC and a notice on the same was brought forward by Binance today.
1/ The Solana Network is currently experiencing degraded performance due to an increase in high compute transactions, which is reducing network capacity to several thousand transactions per second. This is leading to some failed transactions for users.— Solana Status (@SolanaStatus) January 6, 2022
Binance Sheds Light Regarding SOL Withdrawal Hiccups
As a consequence of reducing the network’s throughput to “several thousands of transactions per second,” withdrawals processes on Binance via the Solana network have been affected, even causing some transactions to fail, as stated by Coingape.
To remedy this to a certain extent, Binance (a leading cryptocurrency exchange), alerted users that it may halt any new transaction requests over the Solana network every once in a while. This will enable Solana network to clear some of its clogging transactions for better functioning.
- Also read Binance CEO And Ex-McDonald’s Employee: Billionaire Holding The World’s Biggest Crypto Fortune Today.
The developers of Solana have announced they’re working to address the issues confronted across the ecosystem. Nonetheless, it should be noted such this isn’t their first brush with experiencing such troubles. A similar incident had also occurred on 4th January, making this the second time that users come across the same issues.
Looking at the Solana Status account, we find that the earliest happenstance of this kind took place all the way back in September, when Solana blockchain slowed almost to a crawl due to a resource exhaustion problem.
Solana co-founder Anatoly Yakovenko also responded on Twitter that this happened as just the “pain of getting a new runtime commercialized,” trying to reassure the users who were alarmed by the network error and believe that it may be a distributed denial-of-service (DDoS) attack by the company.
Investing notes that even Cyber Capital chief investment officer Justin Bons vocalized his disapproval of Solana following recent events, denouncing and informing twitterers that Solana is “consistently displaying a pattern of bad behavior” and “prioritizing attracting ignorant investors over good blockchain design.”
Despite all odds though, seems the cards are still in favor of the platform for now, since the total number of Solana transactions outpaced that of its rivals for December, registering 45 billion transactions.