Solana users have had a difficult week. The network’s performance has severely slowed. The first mention of this occurred in the project community’s Telegram group. Many individuals have speculated about the possibility of another DDoS attack by hackers. However, it was discovered that the problem was caused by an increase in the number of transactions.
Since the beginning of the year, there have been issues with the Solana network. Solana Status verified that blockchain technology has degraded in efficiency. The alleged explanation is “an increase in the number of computational transactions.”
Solana can often handle about 50,000 transactions per second (TPS). The delay reduced network capacity to “several thousand transactions per second.” This, in turn, resulted in failed transactions. On the other hand, Solana guaranteed that developers throughout the ecosystem are continually working to tackle these issues.
The Solana Foundation, on the other hand, has remained tight-lipped. Network performance may also have no direct impact on the native token. SOL’s price has dropped more than 5% in the previous 24 hours and is presently hovering around 140 dollars. However, it is essential to note that the market is experiencing a worldwide downturn.
Anatoly Yakovenko, the co-founder of Solana Labs, denied all rumours. The delay, he explained, was “associated with the commercialization of the updated runtime.”
Network slowdowns are nothing new in the blockchain world. However, many community members are alarmed by the fact that Solana, who was supposed to be the killer of Ethereum, has already encountered similar problems several times.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.