Solana (SOL) has been hit extra hard during the new year’s crypto sell-off with the chain also experiencing downtime and duplicate transactions, resulting in an outcry from the community.
Solana Down With the Rest of the Market
Solana (SOL), one of the top 10 crypto projects by market cap, has seen a 42 per cent drop in price during the past week, and is now nearly 70 per cent down from its all-time high of US$260, set on November 6.
Since the beginning of the year, the market has been in a downward spiral with most coins shaving off a good 30/40 percent, and Bitcoin (BTC) down nearly 50 percent from its own all-time high, also in November.
Solana’s Chain Congestion
During this time, many people have been trading, using DeFi, and looking for liquidation bounties, causing a considerable increase in transaction volume. Because of this, Solana has experienced some performance problems on the chain caused by “excessive duplicate transactions” and “high levels of congestion”:
Users looking for bounties have been racing to close eligible positions, some even using bots to look for them. With the market in its current state, the liquidation bounty race has caused a flood of duplicate transactions that need to be corrected by validators while still processing the increased load.
During January, the network has experienced a few days when there have been “partial outage(s)”, one lasting up to 17 hours, leaving users up in arms. The chain also went through a distributed denial-of-service (DDoS) attack, which also caused downtime and a major slowdown of the network:
From Solana’s side, it has sent out update 1.8.14 to deal with the worst of the problem, with more improvements expected to roll out in the next eight to 12 weeks.
Complex Transactions Slowing Down Networks
According to Solana Status, “The last 24 hours have shown these systems need to be improved to meet the demands of users, and support the more complex transactions now common on the network”. With the increase of complex transactions in the mix, Solana validators are struggling to keep on top of the constant flow of user demands.
According to Emin Gun Sirer, chief executive of Ava Labs, Avalanche (AVAX) has held up well, describing its chain performance as “solid” during the recent stress test:
Disclaimer:
The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.
Credit: Source link
