Fintech Experts Lose Trust In Solana Over Network Shutdowns
Solana, a decentralized finance (DeFi) network, is one of the blockchains that have been termed the “Ethereum killer.” The blockchain has attracted several projects since its inception. However, recent outages are threatening the blockchain’s growth.
33% Of Industry Experts Lose Trust In Solana
Since the creation of the Solana network, several projects have migrated to the network. This is mainly due to its low network fees and fast transactions.
Meanwhile, the blockchain has experienced several outages lately. Moreover, several DeFi projects have grown skeptical of launching their services on Solana.
Crypto statistics platform, Finder, conducted a poll to assess how fintech experts view the Solana system. Fifty-five leaders in the fintech industry took part in the study. The report reveals that over 33% of experts in the crypto industry have lost faith in the project.
However, the Finder’s report noted that 37% of the participants still had faith in Solana. 30% argued that the recent challenges are part of the network’s trajectory growth.
Paul Levy, a Senior Lecturer at the University of Brighton, added that Solana had entered recovery mode.
“Despite witnessing some technical issues and outages, Solana has a great reputation in the crypto community. The problems it is facing are only short-term. Besides, several players in the industry had faced similar issues. The network has a great future ahead,” Levy added.
Notably, the primary cause of Solana’s network failures is yet to be identified. 22% of the experts from the poll tagged low-cost transactions as a likely cause of the outage. Others cited challenges like centralization.
Walker Holmes, the co-founder of MetaTope, argued that centralization could be the primary cause of the problem. He also commended the Solana community for remaining strong despite the outages.
Solana Co-founder Tag Outages A Curse
Solana achieved a massive milestone lately. In September, the number of transactions on the network surpassed 100 billion.
The subsequent network outages have become a severe problem for the Solana community. One of Solana’s co-founders has also commented on the issue.
Anatoly Yakovenko, Solana co-founder, tagged the problem a ‘curse.’ Despite the recent outages, the Solana team believes the blockchain will still grow.
Besides, several Solana supporters still believe that the blockchain would surpass Ethereum. The network has witnessed over six network failures in 2022.
The last incident took place on the 1st of October. This shutdown lasted six hours, spreading panic across the community.
The Solana team has vowed to find a lasting solution to its continuous network failure.
Furthermore, experts predict that SOL (Solana’s native coin) will soar before the year ends.
Unfortunately, this seems unlikely, considering how the token dropped in 2022. Solana reached an all-time high (ATH) of $259.96 on the 6th of November.
The token’s price will have to shoot by over 818.26% to surpass its ATH and set a new record.
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