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:
“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.”
Solana’s network has been down twice within a week. However, the issue is disrupting users on Binance more than on other exchange platforms.
On The Flipside
- Technical disruptions indicate the need for further system developments and improvements.