Crypto Community Trolls Solana As It Suffers Major Network Outage By CoinEdition

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© Reuters Crypto Community Trolls Solana as it suffers major network outage The Crypto community mocks the Solan blockchain. Saturday saw a significant slowdown in block finalization. The network outage impacted the price of the Solana utility token, SOL.

The crypto community is laughing at the Solana blockchain as it suffered another major network outage lately. “How does this proof-of-stake blockchain make it into the top ten list of cryptos,” one crypto enthusiast tweeted.

A crypto influencer account on Twitter used former CEO of bankrupt FTX exchange Sam Bankman-Fried as a meme, saying he was the culprit.

BREAKING: Solana outage caused by a specific developer… Developer: pic.twitter.com/3L7Urhyuys

— Andrew (@AP_Abacus) February 26, 2023

In the early hours of Saturday, the Solana blockchain experienced reduced functionality. Users reported significant slowdown in block finalization and some transaction failures. An official Solana Twitter page confirmed the situation, noting that a coordinated reboot was underway to fix the issue.

A coordinated reboot is underway to address an issue during the upgrade from 1.13 to 1.14 that significantly slowed block finalization. Validators: Please follow the instructions below https://t.co/L7b3kAFOJS

— Solana Status (@SolanaStatus) February 25, 2023

Key figures in the Solana ecosystem were still looking for a villain hours after the crisis began. One of the main hypotheses was that something called a “big block” had obstructed the functioning of the blockchain.

Unfortunately, the network outage impacted the price of the Solana utility token, SOL. The coin is trading at $22.67 after losing more than 4% in seven-day cumulative performance, according to data from market-tracking website, CoinMarketCap. Additionally, its 24-hour trading volume dropped by more than 16 hours as crypto traders only bought and sold around $500 million worth of SOL.

Last Wednesday, US-based crypto exchange Coinbase (NASDAQ:) released a research report claiming that the fundamental value proposition of the Solana blockchain persists from a technical perspective, regardless of sentiment. widespread negative in the community.

The exchange noted that Solana was well positioned to reassert itself as a true Tier 1 competitor, given Solana’s relative strength in network business, transactions, users, and development.

The post Crypto Community Trolls Solana as it suffers a major network outage appeared first on Coin Edition.

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