The Solana Network is once again suffering from congestion issues. Less than a week since the Solana network was temporarily unavailable for over four hours, it is now suffering from yet another major setback. So far in 2022, Solana, ‘the Ethereum killer,’ has had 12 major outages. Blockchain users are becoming increasingly frustrated at the current lack of solutions to the problem.
Why is the Solana Network suffering from congestion issues?
Resource exhaustion is one of the main reasons Solana has found itself under severe congestion. The Solana blockchain deals with smart contracts, decentralized apps and finance. There are around 65 thousand transactions per second on the network. This causes a significant strain on the network.
Last week, the Solana network had to be temporarily halted for four hours. In a statement regarding the issue, they said, “A runtime bug triggered by the durable nonce transactions feature allowed, under a specific set of circumstances, for a failed durable nonce transaction to be processed twice.”
Basically, this meant that they couldn’t create new blocks on the network. It led to a complete shutdown and millions of unimpressed users.
Now, the network is extremely slow, and users are getting messages that read “Withdrawal suspended” and “congested” when trying to withdraw funds.
The Price of $SOL has fallen dramatically
This isn’t the first time that such an incident has occurred. The Solana network was down for almost 10 hours in May due to NFT congestion. Solana has been adamant that they are fixing these bugs and have released several statements about their plans.
SOL has emerged as a strong contender in the NFT space in recent months. Numerous collections have topped the OpenSea charts, and there is a massive buzz about the future of Solana NFTs.
But, there is a problem. Coinciding with several outages on the network, the price of the native token, $SOL, has fallen rapidly. In April, it was as high as $140, but now it is $39.
Hopefully, in the coming months, the Solana team can fix these problems with a long-term solution and regain the trust of their users. Only then can we begin to think about the future of this vast blockchain, dubbed ‘the Ethereum killer”.
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