Altcoin

Here’s what it means for Solana as it faces yet another issue on Binance

Published

3 years ago

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Source: Unsplash

Slow Solana transactions are an issue that has been hurting the network for a month. The market was raging with speculations of Solana facing yet another distributed denial-of-service (DDoS) attack. Later, it was clarified that the network went down in lieu of “some congestion due to mis metered transitions”. Nonetheless, some users experienced delays in the timing of their transactions and had to retry.

However, the main question that one needs to check: Is there any effect on SOL’s price? Let’s see now…

Here we go again

Solana, the #5th largest cryptocurrency just recently witnessed network congestion and caused transactions to fail. Many hinted at another DDos attack whereas others speculated if it was just network issues. Coinbase, one of the largest crypto exchanges in the world hinted at the same issue to alert its users. Here’s another confirmation.

Binance, the world’s top exchange, has addressed the Solana network issues by publishing

 a blog post. It added:

“Solana network is currently experiencing congestion due to an increase in high compute transactions, which is reducing its network capacity to several thousands of transactions per second and leading to some failed transactions for users.”

Needless to say, all withdrawals on Binance via Solana would directly be affected. The team reiterated:

“Withdrawals on Binance via the Solana (SOL) network may be paused from time to time to clear the backlog. We are actively working with the project to provide a stable, long-term solution. We apologize for any inconvenience.”

Wu Blockchain, a news agency outlet reported the same on Twitter.

Solana continues to grow

Well, mostly an ecosystem after such a setback is bound to suffer major corrections, be it its token’s price or critics. This certainly wasn’t the case with Solana. The ecosystem continues to collaborate with different platforms to diversify its massive ecosystem. This includes, MoonPay

, and many such partnerships. In fact, compare the impressive surge in SOL’s family tree.

Different developers from across the globe have showcased interests in the said ecosystem. Of late, SOL recorded faster growth compared to ETH at that same point in time.

Having said that, not everything is perfect.. That’s the rule of life. The native token SOL suffered

a 4% correction in 24 hours at press time. It was trading just above the $136 mark.

Here’s a summary to conclude this article. Despite consecutive down-times due to different reasons, Solana has come out as one of the top altcoins available in the market as of now. The coin ranked at no.5 on CoinMarketCap and has earned its credibility as one of the biggest gainers of 2021.

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