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Solana: Outages in April, May and June - price falls



 The blockchain Solana can look back on one thing in particular in the last three months: failures. Since the beginning of the year, there have been more and more such cases in the network. The price continues to lag behind the ATH (all time high).


Solana is often referred to as the Ethereum killer in the crypto space due to its transaction speed. In the past few months, the project has shone with failures, the course has suffered. The last one occurred on June 1, 2022 and lasted around 4 hours.


Memories of January come back when the blockchain struggled for almost a full week . Overall, the blockchain has had one failure in the last three months.


“A persistent nonce feature caused the block to be considered invalid and no consensus was reached. The network is recovering without the feature - there should be a solution as soon as possible."


Solana co-founder Anatoly Yakovenko explains the issue that led to the outage on June 1st. You may still remember the failure in January - the chain was only fully usable after a week.


Although a denial-of-service attack (DoS) was responsible for this at the time, critics were already raising their voices against the blockchain. A DoS causes a network to fail due to high data traffic. Due to this overload, validators can no longer process transactions.


The critical voices are getting louder due to the numerous failures:

“I can no longer invest in a layer 1 blockchain that fails regularly,” says one Twitter user. Although the developers are already working on such problems, investors can't help but feel that something is wrong. After the DoS attacks were brought about from the outside, the current failure is an internal bug.


... and the course?

The course also suffers from the constant problems. Despite the positive development around NFTs and DeFi , the price has meanwhile fallen to USD 36, which marks an all-time low in 2022.


With a Total Value Locked (TVL) of 3.6 billion in DeFi and over $2 billion in NFT volume , the price should be significantly higher.


With a TVL of 3.6 billion in September 2021, the price was still around. $100. In conclusion, investors could assume that other market participants are factoring in the ongoing problems in the price.


Solana course suffers: NFT sales are booming

Although Solana has lost close to $14 billion in market cap since May, blockchain is at the forefront of NFTs.


Solana, Course, NFT

In terms of NFT sales volume, Solana now only ranks behind Ethereum and Ronin, and the trend is rising. Since Ronin was recently hacked with the flagship project Axie Infinity, Solana is even in 2nd place monthly. Solana NFT sales are larger than those of the direct DeFi competitors Avalanche or Cardano.


A total of $286 million was generated through NFTs through October 2021 , with an additional 83% of buyers joining from October through January 2022. In January 2022 alone, 298 million US dollars were raised!


Thug Birdz, Country Club, Frakt, Portals or Solstead are some of the most famous NFT projects on the Solana blockchain. Solana Monkey Business alone was able to generate sales volume of 186 million US dollars - with around 10,000 sales.


The company's own cryptocurrency SOL is currently still well below investors' expectations, but could correct upwards in the near future. It would come as no surprise given the quite strong fundamentals. The current price of around $42 could present an opportunity for investors.


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All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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