Due to persistent network issues on the Solana blockchain, several projects have had to delay their launches. The blockchain has been experiencing congestion recently, resulting in transaction errors. Subsequently, some new projects and tokens have chosen to hold off on releasing their products until the developers at Solana can resolve these problems.
Duck Coin, an altcoin initiative on the Solana platform and known as the first cultural coin, shared news of a postponed launch via an X announcement. Meanwhile, Suit Up, an NFT project, made the decision to halt its debut indefinitely. Likewise, Surge Finance announced that they would be pushing back the release of their SURGE token and opted to wait until “the conditions become favorable for transactions to successfully go through,” rather than setting a new launch date.
Support for Solana and Fixing Congestion Issues
Anza, a developer group centered around Solana, shared details in a recent X-post about the steps they’ve taken to address an issue they encountered. The progress made is substantial, and Anza expects to roll out fixes by next week. One of their posts revealed that the root cause stems from complications with Solana’s QUIC implementation and issues arising when handling large request volumes using the Agave validator client.
At present, a delay in sending Solana (SOL) has been mentioned in a recent incident report published by Coinbase eleven hours ago. Importantly, this issue does not impact the processing of buys, sells, or transactions involving fiat currency, such as withdrawals and deposits.
Andre Cronje of Fantom Network has expressed his backing for Solana in a public statement. This issue, as mentioned in a recent blog post, is one of the challenges faced by all high-throughput, low-fee networks experiencing surging demand for block space. Cronje anticipates that the developers will efficiently address this problem and devise improved fee market solutions, surpassing expectations. In another post, Cronje concurred with a user’s observation that resolving this issue would be more complex than typical fixes.
Last Friday, Dune Analytics reported to Coinspeaker that an astounding 75% of non-vote transactions on the Solana blockchain failed. This issue was attributed to a sudden surge in meme coin activity, leading to network congestion and skyrocketing transaction volumes and user count on Solana.
Similar to Cronje, Helius CEO Mert Mumtaz voiced his approval for blockchain technology. He clarified that the majority of failed transactions were due to “spam bots” rather than authentic user activity.
SOL Waxing Strong
At present, the price of SOL is $175.30 following a 3.9% decrease over the last day and a 3.4% drop in the past week. However, Marketwatch reports that SOL has experienced a significant growth of over 18% in just one month and approximately 82% during the last three months. The year-to-date figures also demonstrate an upward trend, with a gain of 68%.
Around the end of last month, DogWifHat (WIF), a meme coin built on the Solana blockchain, surged into the top 3 meme coins ranks. This surge was fueled by an extraordinary 28% increase in just 24 hours, pushing its price up to $3.97. According to current data from CoinMarketCap, WIF is now priced at $3.94 and boasts a market capitalization of approximately $3.9 billion.
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2024-04-09 13:54