Solana’s growing pains continue to hamper the 7th biggest cryptocurrency with increasingly complex transactions clogging up the network 🔌
While the Solana blockchain hasn’t experienced a full outage since September’s downtime it hasn’t exactly been smooth sailing in recent weeks with DeFi and NFT users taking to social media to complain about stalled and failed transactions 🐌
The price of their token is down 42% in the last week and the ecosystem is currently running with about a quarter of the usual transaction throughput 📉
A common criticism of blockchain’s like Solana and Binance Smart Chain is that their nodes are very centralised. Too many of them are controlled by FTX and Binance respectively which means if there is a problem it usually affects a large part of the network ⚡️
This lack of decentralisation means transaction speeds are usually much faster than competitors like Ethereum but the corners cut regarding independent node operators can leave the ecosystem vulnerable ⚖️
Anyhow, Solana’s rise in the last year has been remarkable and with additional scaling solutions expected to roll out in eight to 12 weeks, this recent negative price action could well be a good buying opportunity
