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 congestions.

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.

EMAIL NEWSLETTER

Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7]

You can always unsubscribe with just 1 click.

Crypto Trading, Binance, Network congestion, SOL, SolanaRead More

You might also be interested in reading Joe Biden’s Government is Mining Bitcoin, Says White House Adviser.