The Solana network has been experiencing constant problems this year, frustrating many users. In this time, the network was down for more than 5 hours, especially the liquidation of Solana worth 2 million USD on Mango could not be done because the network was down.
As updated in an earlier Coincu News article, On Saturday, around 0:01 a.m. UTC, the Solana Status site, managed by the Solana Foundation, reported that the network was “experiencing degraded performance” and that blockchain engineers were trying to resolve the problem
The fifth significant outage for the popular blockchain since January, when it had a spate of partial outages throughout most of that month.
According to reports, with this incident, the nearly $2.5 million contract on Mango is still in liquidation, unable to be completed.
Solana’s competitive advantage not only has lower transaction fees than other networks, but its transaction processing speed is extremely fast while maintaining security and decentralization. This network can handle up to 65,000 transactions per second. The block generation time is only about 400 milliseconds.
However, this is also the key to making the network suffer due to the large volume of transactions that need to be processed in a short time.
Solana is a popular blockchain for building non-fungible tokens, NFTs, and decentralized apps. It is one of several smart contract blockchains dubbed the “Ethereum killer.” However, in order for the network to grow and compete more with Ethereum, the network also needs to overcome the date error in the near future.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu