Solano has been receiving quite a lot of mentions lately, particularly among the so-called Ethereum Killers. It is one of the few projects that aimed to acquire a part of Ethereum’s customer base by addressing the issues found on the Ethereum blockchain. As ironic as it may seem, the tables have turned for Solana, and the network is being lashed out of dozing off just when the investors needed it the most. Apparently, the Solana network went down just exactly when it should not have been, last Friday when the market plunged deep.
As the weekend was about to begin, the entirety of the crypto market saw a turbulent close to the week. Cryptocurrencies across the lists and indexes have concurrently expressed bearish sentiments during the trading session on the 21st of January. Following the plunge, investors were in the process of securing their holdings. Unfortunately, for small and large traders alike on the Solana chain, the experience has not been very good.
The network crashed after the investors began transferring their funds on the Solana chain. Such a bug was found to be ironic in a blockchain that self-proclaims itself for its ability to scale and quicken the transactions. However, the tragedy of Solana continued into Saturday, and the reason was explained to be congestion and duplication during transactions. Still, no one seems to be satisfied with the response from Solana. Greco, a former executive from KCG, asked how someone could trust their capital with Solana when it keeps on crashing down during the most vital hours in the market. These concerns raised by the investors seem genuine, given the promises of the Solana blockchain.
Reportedly, Solana’s crash transcends to affect other forms of trading such as NFT, too. It proves that the congestion has its effects on almost everything in the Solana ecosystem, from DeFi to NFT. Some of the customers also raised concerns about having difficulties with trading leverages. Ultimately, it all comes down to Solana’s ability to establish itself on Wall Street. With the questionable technical infrastructures of Solana, experts feel that the journey might be harder than anticipated.
Still, it is not just Solana who experienced such a meltdown. Pyth, a crypto-based data project running on Solana, also experienced the impacts of this market plunge. But it is the price Solana had to pay for staying in the spotlight. Solana has already rolled out the remedies, and more stable versions of them are scheduled to release in 8 to 12 weeks. The rigorous tests on the beta platform show how seriously the issue has impacted Solana.
