The decentralized blockchain platform Solana (SOL) is losing the trust of Fintech and Web3 experts due to its network problems.
Popular cryptocurrency project Solana has been struggling with network woes for a long time. The decentralized smart contracts platform has suffered multiple network outages. These interruptions, which led to a situation where validators could not serve and investors could not trade, brought insecurity for SOL. The company stated that it is aware of all these problems and is working on improvements. The last network outage, however, occurred earlier this month.
Solana Network Not Trusted Based On A Survey Result
Solana, which attracted great attention by crypto money investors at the time of its release, is touted as the Ethereum killer by the community. However, the project failed to create a strong enough network to rival Ethereum.
Solana, which collects NFT and DeFi projects in its network, continues to grow rapidly. However, behind all this growth, frequent network outages pose a question mark. Especially after the Terra crisis, investors avoid fully trusting a project.
In a report shared by Finder, industry experts participated in a survey. In the survey, about 33 percent of experts said they did not trust the Solana team. Looking at other ratios, 37 percent still trust the project team. The remaining 30 percent see it as problems that may arise from growth.
According to Finbold’s report, the cause of the outages in the Solana network has not yet been determined. Based on this, people are only worried about network outages. Although SOL has experienced 6 network outages this year alone, it continues to grow at a great rate.
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