Solana Network Outages Spark Concerns in Crypto Community
Community members raised concerns and compared Solana's approach to innovation with other projects like Ethereum and Bitcoin.
Network issues and community reactions
A community member expressed concerns about the impact of network outages on decentralized finance protocols running on the Solana blockchain.
On February 25th, the network experienced performance degradation issues that resulted in transaction disruptions, leading validators to restart the network.
Crypto community members expressed their concerns on social media, with some questioning Solana’s ranking as a top cryptocurrency.
Solana is down for a co-ordinated restart
A tech issue was throttling transactions and the blockchain started to unexpectedly fork
How is this pos in the top 10 crypto list?
— Crypto Tea (@CryptoTea_) February 25, 2023
Solana developer responds to community criticism
Solana developer Andrew Watson defended the network, stating that they chose “security over liveness” and are “in it for the long haul.”
However, another community member raised concerns about the risk of insolvency for decentralized finance protocols on the network.
Comparison with Ethereum and Bitcoin
Community members also compared Solana to other blockchain projects like Ethereum and Bitcoin.
While some praised Solana’s approach for faster innovation, others criticized its riskier approach compared to Ethereum’s slow but sure route.
READ MORE: US Regulators Advise Banks on Managing Liquidity Risks in Crypto Market
Solana Foundation update on recent outage
The Solana Foundation published an update on February 27th, stating that the Solana Mainnet Beta was successfully restarted with no confirmed user transactions rolled back or impacted. However, the root cause of the problem remains unknown and is under investigation.
The Solana blockchain has experienced several notable outages in the past, including a denial-of-service attack by bots spamming Raydium in September 2021, bots invading the network causing a 7-hour outage in May 2022, and a consensus failure due to a bug causing another outage in June 2022.
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
