Today, Solana acknowledged and addressed the issues revolving around their network which has caused failed transactions and slower than normal speeds in recent days. This may become an issue if it doesn’t get fixed soon, as one of Solana’s unique selling points is its fast speeds. However, Solana has a good team behind them so should be able to resolve the issue.
The Issues
Solana has been facing issues over the past few days. They Tweeted to their audience through the Solana Status account on the 6th January stating: “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.”
In order to fix the issues. The statement also said: “Developers across the ecosystem are working to address these issues and improve network resiliency.”
We have not heard of any updates since, from either @solanastatus or @solana.
Many people through Twitter have complained about the reoccurring issues on the network. With one user saying “the whole point of crypto is that it shouldn’t be down.” However, some users took a fun outlook at the failure, replying with memes relative to the situation. You can see all the replies here.
$SOL is down over the past few days, going from $170 at one point on 5th January, to just over $135 yesterday, on the 7th. Whether that’s to do with the issues or not, we don’t quite know. It’s now however rising slightly. We’ve seen this before, as in September the network has issues and the price of the coin went down 10%.
About Solana
Solana has proven over a long period of time that it’s probably the closest blockchain competitor to Ethereum. Their unique selling points are the faster transaction speeds and cheaper fees.
In terms of NFTs, Solana has a few major marketplaces: Magic Eden and Solanart. Magic Eden is the biggest with 170,000+ users in the past 30 days. Solanart has 57,000+ users in the same time period.
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