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Solana blockchain struggles again with total failure

 


The Solana blockchain went down again, and this time it was probably just a single node that caused an error that shut down the entire blockchain. Because this is not the first incident of this kind, the project again received a lot of criticism and malice. After all, the purpose of blockchain technology is to be protected against failures and censorship. In this case, too, a complete restart had to be carried out, which was also successful this morning.


So far, this has not stopped investors from using Solana-based DeFi applications. In particular, NFTs and the MagicEden marketplace are very popular. Transaction fees are negligible on Solana, and when the blockchain is running, they are carried out at high speed.


In theory, Solana can handle up to 65,000 transactions per second, but in practice it's more likely to be between 1,500 and 2,500 transactions. While the speed and cost savings are impressive, investors must be prepared to take losses. Because if the blockchain fails, then, for example, trading on decentralized exchanges will come to a standstill and market participants can no longer act.


scandals and price losses

To make matters worse, it was revealed this year that a single developer managed to artificially inflate trading volume on Solana. This manipulated much of the commonly used metrics that were still being used to assess growth and opportunity in 2021.


Since then, not only has the Total Value Locked lost a lot of its importance, but also the Solana course. Since its all-time high of around $260 in 2021, Solana is down around -90%, based on the 2022 yearly low. The price is currently in a range and, like the rest of the market, is reacting primarily to where the journey for stocks is taking it. Because the correlation between stocks and Bitcoin is still unbroken.


Solana needs new impetus. While the environmental narrative plays against the Proof-of-Stake currency, Ethereum has made the transition. Layer 2 solutions based on Ethereum are also becoming increasingly popular. This means that the failures are becoming more and more serious because speed and low fees can also be achieved elsewhere.

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