TVL, network outages, or derivatives: What's behind Solana's (SOL) 60%+ drop?
SOL price is over 60% away from its all-time high and data shows that its loss of territory to competing chains is driving the correction. The past couple of months have not been kind to cryptocurrencies. The sector's aggregate market capitalization plunged 50% from a Nov. 10 peak at $2.87 trillion to the current $1.44 trillion. Solana's (SOL) downfall has been even more brutal, presently trading at $88 after a 66% correction since its $260 all-time-high.Pinning the underperformance exclusively to the recent network outages seems too simplistic, and it doesn't explain the accelerated....
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The high-speed smart contract platform has suffered full or partial outages at least seven separate times over the last twelve months. Network outages continue to be the Solana network’s biggest challenge, according to its co-founder Anatoly Yakovenko.Launched in 2020, the Solana network has suffered a number of network outages, which have come from a number of different congestion and spam events, according to Yakovenko. In a Sept. 2 interview with Real Vision co-founder Raoul Pal, Yakovenko said the network outages had been Solana’s “curse,” but said the outages have resulted because of....
On June 1, 2022, the Solana network halted block production again as the blockchain network has stopped working a number of times during the network’s lifetime. According to the Solana status update, validator operators are being asked to prepare for a restart. Solana Continues to Be Plagued by Outages, SOL Downtime Denounced by the Crypto Community The blockchain network Solana (SOL) is down again as the network has been halted by the development team. The Twitter account Solana Status (@solanastatus) tweeted about the incident on Wednesday at 12:56 p.m. (ET) and the Solana status....
Solana network and Jump Crypto has recently collaborated to improve Solana network’s stability. Solana network especially this year has fallen prey to numerous network outages and congestion which has frequently caused slowing down of the network. Jump Crypto, a Web3 infrastructure developer and investor has decided to partner its efforts in order to improve decentralization […]
The Solana network seems to be battling persistent outages while seeking to address the industry’s blockchain trilemma. Like most new-age networks, Solana was developed to resolve major issues confronting the blockchain industry. While the network has addressed some of these issues by its very nature, it has also encountered a few unique problems.From resource exhaustion to a halt in block confirmation, the Solana network has suffered a number of setbacks that resulted in repeated power outages, causing the network to shut down for hours on several occasions.The network went down on....
January has been a tough month for Solana as the coin encountered a total of six outages. This time Solana again faced a downtime as there has been an increased number of transactions flooded by the Candy Machine NFT bots causing network congestion. Blockchains often have an issue with scaling as they are quite inept […]