The Solana (SOL) community continues to report improvement because the blockchain strives to tackle established platforms like Ethereum (ETH), an element that has translated into elevated exercise.
On the identical time, the community is battling challenges associated to blockchain effectivity, however transactions on the platform seem undeterred. Particularly, as of September 6, the Solana variety of transactions was just a few million shy of hitting the 100 billion milestone standing at 96,446,814,265.
Notably, the transaction milestone backs Solana’s founding rules of standing out as a excessive transaction velocity and low-cost sensible contract platform. On this line, the community is facilitating about 2,700 transactions per second.
Affect of Solana’s outages
Regardless of recording important transactions, the Solana community faces totally different challenges, with community outages rising as a crucial ache level. On this line, Solana co-founder Anatoly Yakovenko believes outages are the community’s foremost ‘curse’.
“That is our greatest problem, which is perhaps the one which I wish to have due to all these challenges which might be coming as a result of we now have customers on the chain each day,” mentioned Yakovenko.
Since rising in 2020, Solana has suffered at the very least seven network outages, with 2022 recording 5 main incidents. In the meantime, one of many longest outages lasted as much as 17 hours in September 2021.
Notably, the outages have partly prevented the customers from utilizing the Solana community, with the administration sustaining that the blockchain has not been compromised within the course of.
Moreover, Finbold reported in July that the whistleblower and sophistication motion legislation agency Berger Montague revealed that it was investigating violations of the federal securities legal guidelines on behalf of traders who bought SOL tokens issued by Solana Labs.
On the identical time, the Solana community has been related to blockchain’s software network hack that resulted in losing at least $4.5 million. Solana, which has distanced itself from the hack, noticed its builders point out that the incident was attributable to compromised non-public keys.
Lastly, amid the turbulent occasions, the value of the decentralized finance (DeFi) asset has recorded minor good points amid the continued crypto market meltdown. By press time, the token was buying and selling at $33, gaining virtually 5% within the final 24 hours.
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