The crypto currency named Solana (SOL), which some crypto money investors describe as the “Ethereum Killer”, was among the stars of last year. The ability to process fast and low transaction fees have made this cryptocurrency famous, and SOL, which saw 4 dollars at the beginning of 2021, rose to 260 dollars during the year. However, Solana is now on the agenda again with a technical problem.
Binance, one of the world’s largest cryptocurrency exchanges, announced that there is an excessive density in the SOL network, which is why there are occasional disruptions in withdrawals. Such a situation also happened in September, and SOL shots could not be made for a long time, such as 24 hours. It is unknown how long the disruption will last this time.
Here is the official statement by Binance
The Solana (SOL) network is currently congested due to a drastic increase in the number of transactions, which reduces network capacity by several thousand per second, causing some users to be inactive. Therefore, withdrawals made with the Solana network on the Binance exchange may be stopped from time to time in order to clear the accumulated trades. Negotiations continue in order for the project to work in a more stable and long-term way. We apologize for any inconvenience. . .
How the congestion in Solana can be resolved is currently unknown. However, this interruption means that the team behind the project hasn’t learned much from the past. Because the 24-hour interruption last year faced a great reaction from investors. Although it is thought that the current problem will not last that long, as Binance stated, new solutions are required for the Solana network to work uninterruptedly. . .
This content is not investment advice.
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