Jim Greco, like many traders, has had to deal with the Solana network outages over the past few days. and began to feel the annoyance of the problems encountered
“How can we all trust the Solana Network after a collapse like today?” Greco, a market structure expert and former KCG executive, said in a tweet.
due to the price of cryptocurrencies all over the board falling Large and small traders find themselves unable to transact on Solana’s blockchain, a protocol touted by its backers for its scalability and transaction speed. fast
The same problem reappeared on Saturday. Meanwhile, Solana’s official Twitter account states that the blockchain is “suffering high levels of network congestion” attached to it. “Too many repetitive transactions”
Anatoly Yakovenko, the founder of Solana, stated that the bot sent the same transaction repeatedly, causing problems.
Solana, on the other hand, is not the only blockchain facing problems due to falling prices. But what makes the Solana network’s problems get a lot of attention. Well, because it has become a big trading place in the crypto industry.
FTX’s Sam Bankman-Fried is a major contributor, and Jump Trading has invested in Solana-based projects. According to John Dantoni of The Block Research, more than 50% of Jump Crypto’s protocol investment is in cryptocurrency.ecosystemSolana’s
Part of the reason Solana has become so attractive to large-scale trading venues. is that it is prioritized in size. However, when the network is too congested, It has been shown that it can be interrupted.
Solana talks about the fix “The worst impact of this problem” on Saturday, it said. “There will be additional network state updates in the next 8-12 weeks,” the developer said. “Many of these features are currently on Testnet, which are undergoing rigorous testing.”
For big traders moving tens of millions They switched OTC to “agreeing the price first and paying later when the network resumes … and because CEX is still active. So price discovery is still possible,” said an OTC executive.
However, other traders complain that leveraged positions cannot be closed in Solana, putting them at risk of liquidation. These complaints raise questions about Solana’s ability to establish itself as the crypto platform Wall Street needs.
“I don’t care about the price,” Jim Greco said in a message to The Block, “but I couldn’t do anything in the network. How many more times will this happen when the network needs the most action?”