Solana Founder’s “Lol” Regarding Outages Annoys UsersJanuary 30, 2022 5:21 pm
Solana had risen to fame last year as one of the top potential blockchains and had a reputation of possibly being the next “Visa” of the crypto world.
However, in the past few months, the blockchain network’s repeated issues regarding bots, network outages, and overall slow transaction times have frustrated users and investors.
These repeated issues have cause a lot of commotion online on whether Solana had the potential to continue scaling to keep up with demand.
So far, the protocol has suffered its sixth outage where it attributed excessive volume of transactions as the reason for the congestion that was being experienced.
The founder of Solana had recently made a tweet that made fun of the situation as it described the issues as a good problem to have which annoyed some users.
Solana’s sixth outage this month—and founder’s ‘lol’ tweet—frustrates traders | Fortune https://t.co/CcgDWtrMtG
— ANACANDA (@ANACANDA172) January 29, 2022
The protocol suffered its sixth serious outage of more than eight hours this month over the weekend, which a notice on its website attributed to excessive duplicate transactions causing a high level of network congestion.
Yakovenko further stoked traders’ ire during the crypto crash by making light of Solana’s instability.
Over the weekend, the Solana Labs co-founder tweeted a screenshot showing a Solana node reporting 2.05 million duplicate data packets being submitted to the network, accompanied by the caption ‘lol’.
“The outages are partly a function of Solana’s success, in that the usage and developer activity has grown significantly faster than the maturity of the protocol,” Alkesh Shah, global crypto and digital asset strategist at Bank of America Securities Inc., said by phone.
“In some ways, it’s a high-class problem, having so many transactions meaning it’s an attractive platform for developers and users.”
Solana isn’t the only blockchain that is facing high demand issues these days.
Ethereum has also been experiencing similar types of problems such as having difficulties with scaling and high transaction fees that are still needed.
Newer networks like Polygon are also no exception as Polygon saw costs spike by more than seven times in a single month due to play to earn video games clogging up the network.
Many consider these issues as expected growing pains and that the real indicator of whether these are problems lies in observing if developer activity and transaction activity is slowing down.
This is because this would mean that the general public is not seeing the benefits of using Solana anymore and so far that has not been the case.
FTX founder expresses faith in Solana amidst outages. https://t.co/xGmsSKbBfN
— Lamech Gibson (@GibbLamech) January 28, 2022
Today, Solana has lost more than 50% of its value in the last month, according to data from CoinGecko. However, alongside other altcoins, it recovered somewhat from the selloff and sat up 11% in the last 24 hours on Tuesday.
Whether its fortunes are due to turn around will be in the hands of Solana’s developers, who could be about take advantage of the low-frequency transaction periods found during a “crypto winter” to bolster the network.
The rise of continued fears of a “crypto winter” continues as many investors are fearful of upcoming regulations and market contractions in the short term.
However, other investors are betting that ecosystems built on the blockchain will continue to thrive and grow making Solana and other top blockchains in a good position for long term growth.
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