Solana Is Experiencing Network Congestion Issues, Binance Reports

Solana (SOL) network is experiencing withdrawal issues, as there was a significant increase in high compute transactions.

Solana (SOL) network is experiencing withdrawal issues, as there was a significant increase in high compute transactions. The issue reduces network capacity to several thousand transactions per second. As a result, there’s an increased loading and transaction processing time, plus some transactions fail to go through.

The world’s top crypto exchange, Binance, addressed the problem:

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“Withdrawals on Binance via the Solana (SOL) network may be paused from time to time to clear the backlog. We are actively working with the project to provide a stable, long-term solution. We apologize for any inconvenience.”

Coinbase, another major crypto trading platform, also noted Solana’s Network-Wide Degraded Performance. The issue was solved on the 7th of January, though some Coinbase users still report congestion.

Solana’s network has been down twice within a week. However, the issue is disrupting users on Binance more than on other exchange platforms.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.