August 5, 2022

Solana Reports Network Issues, Heavy Transactions

Amid a major crypto market selloff, blockchain network Solana has reported network issues, including “excessive duplicate transactions,” according to a Bloomberg report Sunday (Jan. 23).

The Bloomberg report notes there’s been a broad pullback in tokens, ranging from bitcoin and ether to polkadot.

Solana itself has been affected, seeing a fall of over 30% in the last week, according to pricing from CoinGecko. The crypto universe has lost around $1 trillion in market value from its highs, with bitcoin down almost 50% from its high in November.

Validators using their computer power experienced the issue, which was reportedly because of the duplicate transactions, according to a Jan. 22 notice on the Solana site.

Additionally, a tweet on an unverified account, which Solana Labs co-founder Anatoly Yakovenko retweeted, said the issues had to do with “market volatility.”

Engineers have recently released version 1.8.14, which was supposed to stop the “worst effects of this issue.” Per the report, there will be more improvements coming in the next eight to 12 weeks, which will see more features “rigorously tested.”

“Solana mainnet beta is experiencing high levels of network congestion,” the company tweeted on Saturday. “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.”

This isn’t the first time Solana has seen issues — it had a 17-hour outage last September which it attributed to “resource exhaustion.”

PYMNTS wrote that Bank of America said this month it sees Solana as a possible contender to be the “Visa of the digital asset ecosystem,” because of the network’s ease of use, scalability and low transaction fees.

See also: BoA Sees Solana Blockchain as ‘Visa of Digital Asset Ecosystem’

That came after BoA hosted Solana Foundation member Lily Liu. Solana has settled over 50 billion transactions, including over $11 billion in total value locked, and in excess of 5.7 million non-fungible tokens (NFTs) minted since launching in 2020.

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https://www.pymnts.com/blockchain/2022/solana-reports-network-issues-excessive-transactions/