Solana Suffers Yet Another Major Outage

For a long time, Solana (SOL) was marketed as being the “Ethereum killer” – an ultra-fast, massively innovative blockchain network with the potential of becoming the largest DeFi ecosystem in the world. However, another huge outage of the SOL blockchain has left investors wondering if Solana will ever be able to compete with the most popular DeFi-oriented blockchains like Ethereum and Binance Smart Chain.

The track record of Solana’s downtimes and outages is starting to look terrible. The first major outage of the SOL network occured on September 2021, leaving the Solana blockchain totally unusable for more than 18 hours.

Another Solana outage happened on January 4th, although this time it lasted “only” about 5 hours. In both cases, the Solana Foundation claimed that the network is subjected to a DDoS attack Members of the Solana Foundation have suggested that the situation might have been caused by a DDoS attack, but some experts believed that SOL is simply suffering from serious efficiency problems.

Now, the SOL network was down again due to yet another major outage – this time much longer and much more serious than any of the previous ones. The network problems began on Friday, January 21st, and lasted almost the entire weekend.

According to the official statement released by the Solana Foundation, this time the outage has been caused by an overload related to “bots spamming the network”. However, many SOL investors are worried that the real reasons for the outage might be even more worrisome.

Coincidentally, the SOL outage happened just as the price of Bitcoin and other cryptocurrencies was plummeting down. In other words, the Solana blockchain went down just in time to prevent SOL holders from transferring their coins to exchanges and selling them.

As soon as the BTC price stabilized and the panic on the crypto market eased off, Solana magically started to work again – leaving some observers wondering whether the SOL blockchain wasn’t simply “turned off” to prevent people from selling.

Whether that was the truth or not, investors are starting to lose patience when it comes to the constant downtimes of the Solana network. Simply put, the SOL network seems to be inadequate to accommodate advanced DeFi features such as smart contracts, NFTs and DEXs.

It’s worth noticing that Ethereum, which is still the most popular environment for DeFi projects, also had some notable efficiency problems in the past. However, while ETH transaction times and fees are notorious to be quite high at the time of peak network congestion, Ethereum never suffered a major outage or downtime like Solana. Will the Solana developers be able to resolve SOL’s major problems and turn it into an efficient environment for building DeFi solutions? Perhaps that will happen in the future, but at least for now it’s not surprising why DeFi developers prefer to choose other blockchains such as Ethereum and Binance Smart Chain.

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