Amid a sell-off in the crypto market, blockchain network Solana reported network issues, including “excessive duplicate transactions,” according to a Bloomberg report on Sunday, January 23.
The Bloomberg report notes that there has been a broad pullback in tokens, ranging from bitcoin and ether to polkadot.
Solana herself has been affected, registering a drop of more than 30% in the past week, according to CoinGecko prices. The crypto universe has lost around $1 trillion in market value from its highs, with bitcoin falling nearly 50% from its November high.
Validators using their computing power encountered the problem, which is believed to be due to duplicate transactions, according to a Jan. 22 notice on the Solana site.
Additionally, a tweet on an unverified account, which Solana Labs co-founder Anatoly Yakovenko retweeted, said the problems were related to “market volatility”.
Engineers recently released version 1.8.14, which was supposed to stop the “worst effects of this issue”. According to the report, there will be more enhancements to come in the next eight to 12 weeks, which will see more “rigorously tested” features.
“The Solana mainnet beta is experiencing high levels of network congestion,” the company said. tweeted the Saturday. “The last 24 hours have shown that these systems need to be improved to meet user demands and support the more complex transactions now common on the network.”
It’s not the first time Solana has run into trouble – he had a 17-hour outage last September, which he attributed to “resource depletion”.
PYMNTS wrote that Bank of America said this month that it considered Solana a possible candidate for the “Digital Asset Ecosystem Visa,” due to ease of use, scalability, and weak points. network transaction fees.
See also: BoA sees Solana Blockchain as the “visa to the digital asset ecosystem”
This came after BoA welcomed Solana Foundation member Lily Liu. Solana has settled over 50 billion transactions, including over $11 billion in total value locked, and over 5.7 million non-fungible tokens (NFTs) issued since its launch in 2020.