Once again, on Saturday, the Solana Status page confirmed rumors that there was a high number of transaction failures for the past 2 to 3 days after some of the network’s users voiced concerns.
“Solana mainnet beta is experiencing high levels of network congestion…..The current issue experienced by validators is due to excessive duplicate transactions.’ Reads the status.
The latest performance degradation problem comes days after Solana witnessed another issue, prompting Binance to pause withdrawals via the network, which are yet to resume.
The network’s dev-team has said that it is working to restore the network’s stability, calling for users to update their validators to a new version 1.8.14, bearly two weeks into requesting them to update to version 1.8.12.
According to the announcement, while the last issue was caused by program cache exhaustion, the current issue is being caused by the duplicity of transactions. Users thus have to update their mainnet to version 1.8.14 to mitigate the worst effects of this issue as the team works on rolling out more improvements. The team is however yet to lift a previous warning that cross-chain bridge transfers to Solana may fail due to a Wormhole.
Network Problems Bad For Price
Despite Solana’s certainty, some users are already launching scathing attacks on the network, blaming the network’s devs for the recent problems while threatening to ditch it for other options.
“So what network would you rather use? One that’s extremely expensive (eth) or a cheap one that fails (sol)?” asked one disgruntled user following the announcement,” This just makes me more bullish on AVAX.”
Kikitrade’s Daniel Cheung faults Solana’s monolithic nature, blaming it for the recent downtimes. “It’s clear the winning blockchain of the future will likely be one with a modular architecture. Bullish $ETH 2.0 & Cosmos Ecosystem,” He says.
Others like Robert flood, a veteran Bitcoin trader believe that Solana’s choice of initial investors is to heavily blame for its woes. “The $SOL ecosystem sold out to high time preference VCs and serial dumpers and completely ruined retail involvement.” He says, “Everything about the Solana ecosystem feels manufactured and inherently inferior to $ETH.”
His argument is corroborated by Solana’s validator problems. Networks need a lot of retailers who provide the largest computational power, as opposed to VCs, which is what Solana’s $30 billion ecosystem is grappling with.
Solana’s ongoing problem now threatens to further tank SOL’s price despite having already suffered a major blow, with investors like FTX CEO Sam-Bankman Fried projecting lower prices.
At press time, the cryptocurrency is retailing at $98 after shedding over 63% value since tapping an all-time high of $259.80.