January 11, 2022
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.”
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.
On The Flipside
- Technical disruptions indicate the need for further system developments and improvements.
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