Crypto Projects Delay Launches Amid Solana Blockchain Congestion; Optimistic Fixes Expected by Mid-April
Summary:
Recurring network congestion issues on the Solana blockchain have led to the delay of several crypto project launches. Developers are working to resolve the issues by mid-April. As Solana investigates the increased errors and delays in token transaction on platforms like Coinbase, support for the network comes from Fantom network's creator Andre Cronje, who attributes the congestion to Solana's rapid growth and higher demand for block space, rather than any flaws in the consensus mechanism.
Several cryptocurrency projects have delayed their launches due to recurring network congestion issues plaguing the Solana blockchain. These issues are expected to be addressed by Solana's developers by April 15. Over the past few weeks, Solana blockchain users have reported increasing problems related to network congestion and transaction errors. Seeing the technical challenges, several new projects, particularly those scheduling token launches, chose to delay their start until the issue is rectified.
Included among these delayed projects are non-fungible token (NFT) project Suit up, altcoin project DuckCoin, and Solana staking rewards platform Surge Finance. On April 6, Anza, a Solana-dedicated software development firm, detailed its strategy to tackle the network congestion on its Solana validator client implementation, Agave. Initial probes suggest that difficulties surrounding QUIC implementation, a multipurpose transport layer network protocol, may be the primary issue.
Addressing this, the developers conveyed that Anza's engineers, along with other key contributors, were continuously working to identify and alleviate bottlenecks and enhance network performance. The team anticipates further improvements and modifications to be made in the coming months.
Presently, users have reported delays in sending Solana (SOL) tokens on the cryptocurrency exchange, Coinbase. Based on the incident report, Solana has been examining the issue for more than eight hours. However, these challenges do not influence trading, and the functionality of fiat withdrawal and deposit.
Despite increasing disapproval over transaction failures, Andre Cronje, the creator of the Fantom network, has shown his support for Solana. According to Cronje, the continuously growing congestion issue on Solana roots from the platform's swift expansion, which has led to higher demand for block space. He asserted that these performance issues are technical obstacles rather than flaws in the consensus mechanism.
Referring to Solana's situation, Cronje labeled the network as being a success's casualty. The increase in transaction failures is accompanied by a fresh wave of complaints by Solana users on social media platforms about unsuccessful transactions and a deteriorating user experience.
Published At
4/9/2024 11:34:03 AM
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