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Unfortunately for its users, Solana is facing serious network issues once again as the blockchain is having problemskeeping its status normal since May 17. Famous Solana critic and author of Week in ETH News, Evan Van Ness, shared data on the real Solana uptime in the last two weeks.
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Currently, Solana is facing a clock drift issue, which is a delay in on-chain time caused by longer block processing. Users will not notice the problem since it does not affect the performance of the network directly.
The main drawback of having a clock drift on the network is the inaccurate reflection of time by decentralized applications built on Solana.
The two-week-old thread started with a screenshot of the Solana status page suggests that the network is facing degraded performance, so block time and processing are off their normal values, and users are having issues pushing transactions through. Reportedly, the downtime on May 17 lasted for over eight hours.
Later on, pro-Ethereum users noticed that Solana's status page does not include data on previous downtimes, which makes the information on it unobjective. On May 22, Van Ness reported another downtime on Solana according to the status page. The issue was the same.
While the issue the network faces now is less critical and may not even affect the performance of regular users, there is still a chance that the network's state will worsen as time goes by.
Constant downtime, lack of new projects rolling out on Solana and additional issues have caused selling pressure on the network's coin, which has lost 70% of its value in the last 60 days of trading. At press time, SOL moves at $41 and is losing 5% of its value in the last 24 hours.
I've been knee-deep in the blockchain and cryptocurrency world for quite a while, studying network protocols, blockchain implementations, and their technological intricacies. Now, diving into the Solana network's recent challenges, there's a lot to unpack.
Solana, often lauded for its high throughput and low transaction fees, has encountered recurrent network disruptions. The recent clock drift issue is intriguing. It's essentially a delay in on-chain time due to extended block processing. This drift doesn't directly impact network performance, but it wreaks havoc on decentralized applications reliant on accurate time reflections. This discrepancy can lead to synchronization issues and disrupt app functionalities, affecting user experiences.
Evan Van Ness, recognized for his insights on Ethereum, highlighted Solana's uptime challenges over the last couple of weeks. His observations shed light on the network's degraded performance, evidenced by irregular block times and transaction processing difficulties. Notably, the prolonged downtime on May 17 lasting over eight hours raised serious concerns about Solana's reliability.
A critical point surfaced as well: the Solana status page doesn't provide comprehensive historical downtime data, which raises questions about its transparency and objectivity. This lack of data can skew perceptions and impact trust in the network's stability.
Furthermore, the ongoing technical issues coupled with a dearth of new projects launching on Solana have triggered selling pressure on the SOL coin. The coin's value plummeted by a staggering 70% in just 60 days of trading, a substantial loss that may be attributed to investor sentiment affected by these network issues.
As of the last available data, SOL was trading at $41, experiencing a further decline of 5% in the past 24 hours. This downward trend reflects the market's apprehension regarding Solana's current state and its impact on the network's utility and token value.
In summary, Solana's recent challenges encompass not just technical glitches like clock drifts but also issues around data transparency and network reliability. These events underscore the significance of robust infrastructure and transparent communication in maintaining trust within blockchain ecosystems, highlighting areas for improvement in Solana's operational framework.
There are opinions suggesting that the recent surge and subsequent decline in SOL's price were driven by an unsustainable demand spurred by the memecoin frenzy and recent Solana SPL token airdrops, rather than factors occurring within the last 24 hours.
Since January 2022, Solana has seen around half a dozen significant outages and 15 partial or major outage days. The incidents varied in severity, ranging from partial to total network outages, and their causes included software vulnerabilities in the network and denial-of-service and resource exhaustion attacks.
Powered by its unique combination of proof of history and what's referred to as delegated proof-of-stake algorithms, the main problem Solana was attempting to solve was Ethereum's scalability issues. Delegated proof-of-stake is a variation of the more traditional proof-of-stake algorithm.
“About 95% of that entire chart is just bots failing arbitrage attempts,” he added. Additionally, Mumtaz explained that because much of this spam activity occurs before the scheduling process, increasing transaction priority fees won't help and that “increasing it above a certain median” will see users “waste money.”
Our most recent Solana price forecast indicates that its value will increase by 0.06% and reach $143.98 by April 28, 2024. Our technical indicators signal about the Bearish Bullish 48% market sentiment on Solana, while the Fear & Greed Index is displaying a score of 70 (Greed).
Withdrawals on Solana (SOL) network have been intermittently suspended since 2024-03-04 due to the increased volume of transactions on the network. Binance has identified some areas for optimization, and is working to provide a stable and long-term solution.
Solana suffers as crypto market plunges, dropping below $150. Current trends indicate potential drop to $100; recovery uncertain amidst market turmoil. Strong demand at $100, but reaching $500 by 2024 remains doubtful amidst ongoing volatility.
With its high throughput and low transaction costs, Solana provides a compelling platform for NFT activities, positioning it as a strong contender for leading the market in 2024. “It has an opportunity to end 2024 with the largest majority of NFT volume if it can continue its recent trajectory,” Tan says.
The Solana blockchain is guided by Solana Labs as a core contributor, while also being supported by the Solana Foundation, a Swiss-based non-profit dedicated to growing the community and funding development.
The Solana blockchain uses a proof-of-history consensus mechanism. This algorithm uses timestamps to define the next block in Solana's chain. Most early cryptocurrencies, such as Bitcoin and Litecoin, use a proof-of-work algorithm to define the blocks in their chains.
Solana has two broad vulnerabilities that are necessary to understand for the potential longevity of the network. This includes potential problems with its monolithic construction (leading to centralization) and subsequently, problems with overall security.
Solana is a high-performance blockchain that supports smart contracts and decentralized applications. With its proof-of-stake consensus mechanism and timestamped transactions, Solana can process up to 65,000 transactions per second, making it much faster than Bitcoin or Ethereum.
Signs of better days ahead. In the darkest days of the FTX scandal, alongside the inflation-flavored economic crisis of 2022, Solana fell 96% below its record highs. After a strong climb in recent months, tempered by a significant drop in March and April, Solana has gained 1,280% since the end of 2022.
Solana's historical rally peaked at $259 in 2021, but experienced significant drops, highlighting its market volatility. Projecting the price of Solana using Bitcoin's historical CAGR, SOL could reach $2,226 in 2040 and $12,730 by 2050.
Solana is a promising coin, but be mindful that the crypto market is very volatile. That's why you should never invest more than you're prepared to lose. We also recommend you do your own research as well. You can read Solana news to always stay updated, for instance.
Introduction: My name is Wyatt Volkman LLD, I am a handsome, rich, comfortable, lively, zealous, graceful, gifted person who loves writing and wants to share my knowledge and understanding with you.
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