Reasons Stated For The Solana Network Outage Are False – Solana Co-Founder
On Monday, multiple reports were flying around about Solana’s network outage. Some opined the outage resulted from network congestion; others claim that a raydium IDO launch was responsible. Nevertheless, the crypto ecosystem has harshly criticized the network as it isn’t the first time the network has gone offline in recent times.
Previous Reports Are Untrue – Gokal
Now, Raj Gokal (one of Solana’s founders) claimed that the reasons being peddled around weren’t the cause of the network’s outage. Gokal even claimed that there was nothing of such, that the network remains functional and hasn’t experienced any DDoS attack recently.
Multiple failed SOL transactions. Source: Solana beach
Even though the network’s performance dropped temporarily, it didn’t experience a total shutdown, as claimed by many on various social networks. Strangely, an NFT project on the Solana network (SolCHICKS) has claimed responsibility for the network’s drop in performance. SolCHICKS further stated that Solana’s Raydium DEX crash resulted from too many trying to purchase the CHICKS token.
Some Reddit users have confirmed SolCHICKS information stating that telegram had to shut down the SolCHICKS telegram channel because the heavy traffic inflow the channel was experiencing had started hurting telegram’s servers. While many in the crypto ecosystem were quick to declare that the network had shut down, it was false information. What truly happened was a drop in the network’s completed transactions per second because of the reason mentioned above.
Solana Continues To Do Well
Some blockchain experts further opined that these incidents prove Solana is not 100% decentralized. Three months ago, Gavin Wood (Polkadot founder) claimed that there is more to decentralization than having an excellent throughput (it is an open secret that Solana blockchain’s throughput can expand up to 50K TPS). Hence, many crypto enthusiasts assumed that Wood was taunting Solana with that statement he made at that time.
Indeed, the Solana network was down for nearly 18 hours in September, which caused its developers to launch a beta version of its mainnet. When this incident happened, SOL price dipped as many criticized the network for allowing such preventable incidents. However, Solana community growth hasn’t declined since then; it has kept growing. Data analytics show that over 1M active users are on the phantom wallet.
Attracting Institutional Investors
The blockchain’s growth has attracted institutional investors, with top digital asset management firm, Grayscale, launching a Solana trust for its high-network clients. You’d recall that Grayscale’s GBTC investment trust is widely regarded as a huge success.
Speaking on the long-term potential of the network, Multicoin Capital CEO, Kyle Samani, said he expects Solana’s market cap to overtake those before it in the current crypto rankings. Samani also said he foresees altcoins performing better than the top two digital coins in the near future.
Samani’s Multicoin capital remains one of the top VC investors in the Solana blockchain. Asides from Samani, some crypto analysts have tipped Solana for great things following the network’s performances and projects launched on it since the beginning of this year.
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