Thursday, December 1, 2022

Solana (SOL) Network Congestion Issues get worse as Failed Transactions Skyrocket

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The Solana (SOL) blockchain network has continued to experience congestion issues. The network congestion is being caused by high compute transactions and has also affected withdrawals of SOL on Binance cryptocurrency exchange.

Binance issues notice on SOL withdrawal issues

According to a Binance notice today, the network congestion on the Solana blockchain has reduced the throughput of the network to “several thousands of transactions per second.” This reduced throughput has been affecting withdrawals on Binance via the Solana network and causing some transactions to fail.

The Solana (SOL) network is currently experiencing congestion due to an increase in high compute transactions, which is reducing its network capacity to several thousands of transactions per second and leading to some failed transactions for users.

Binance warned that it may pause new transaction requests over the Solana network from time to time to enable it clear backlogs of transactions for its users. Solana network developers have now confirmed that the network was experiencing network congestion issues a few days back.

The network is 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 increased loading and transaction processing times, and some failed transactions, they said on Twitter. They added that they were working on the problem to restore normalcy.

Solana’s many recent woes triggers market concerns

The current congestion the Solana network is facing marks the 4th time the network has had issues since September. In September, the Solana blockchain network went offline for several hours after experiencing a Distributed Denial of Service (DDoS) attack that caused the network to be overloaded with transaction requests. The network had to be restarted after validators reached a consensus. The network experienced two outages in December for the same reason.

Although the last two outages and the current one has not been as serious as the first, they have still slowed the network down to a crawl compared to the number of transactions it normally handles.

The Solana blockchain project has also been embroiled in another recent controversy. An independent audit conducted by the CEO of Cyber Capital, Justin Bons, found that the circulating supply of SOL was more than the developers disclosed. Bons discovered an extra 13 million SOL tokens apart from the 8.2 million that Solana developers declared the network to have.

Solana has continued to thrive despite its troubles.

While the controversy and network issues have caused market participants to demand that the Solana network put its house in order, the price of SOL still had an amazing run in 2021. The Solana blockchain network also continued to be a major contender among “Ethereum killers” as it processed over 45 million transactions in December alone.

However, in the January crypto market bloodbath, SOL has been one of the hardest hit. The price of SOL is down about 20.5% in the month and 47.8% from its November all-time high of $260. SOL is currently trading at around $136, down 3.81% in the last 24 hours.

 

 

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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