The Solana network is facing a new series of issues starting a few days ago. The network had more than 4 hours of downtime in January 4th and as of now there are still transactions failures. Solana Labs has issued a statement regarding the situation. However, one thing is for sure, Solana network found a hell of a time to find itself in a pickle. Just as the crypto market experienced a crash, the network decided to act up.
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Solana Network Under Attack?
A Chinese journalist named Coin Wu reported on Twitter that the downtime was initially due to DDoS attacks. This was a serious allegation that seemed likely because the Solana network is not as decentralized as some of the competitors. In fact, following a strong bull run in 2021, the network experienced a serious outage in September. That is when users found out that a considerable majority of the servers are centralized. Naturally the news was potent enough to cause a deep price correction for SOL.
Shortly after Wu’s Tweet, Anatoly Yakovenko who is the Solana Lab’s co-founder made a statement denying third-party attacks. Yakovenko blamed network congestion for the outage and the ongoing performance problems.
Too Many Chrome Tabs Open!
Following the Analtoly’s Tweet, the Solana foundation clarified the situation. Essentially, the foundation claims an increased number of high compute transactions caused a bottleneck in performance.
This is not the first time Solana faces network issues. Since their official debut in 2020, there have been numerous network problems. Problems of this nature can and will happen from time to time. Nevertheless, as seen back in 2021, they can cause serious damage to the price of the native token. In case these issues remain persistent, they could spook investors and cause a massive dump. In this case, SOL is down more than 23% in only one week. The plunge is partly due to network issues but mostly stems from the bear market of the early January.
The Solana network is one of the fastest and scalable blockchain networks in the world. The smart contract’s blockchain network claims to be the fastest in the world.
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