Solana, one of the largest existing blockchain networks and often touted “Ethereum killer,” appeared to have faced yet another network congestion issue that coincided with the wider crypto market slump, preventing decentralised finance (DeFi) users from topping up their loan collateral, causing a flurry of liquidations. As per autonomous interest rate machine for Solana, dubbed Solend, the blockchain network suffered from network overload due to bots spamming the network over the weekend. The congestion appeared to have lasted well over 30 hours, deeply concerning investors.
Solana's official Twitter account noted that the blockchain has been "experiencing high levels of network congestion" tied to "excessive duplicate transactions." According to Solana founder Anatoly Yakovenko, bots were also apparently sending duplicate transactions, adding to the problem.
The latest performance degradation problem arrives days after Solana witnessed another issue, prompting Binance to pause withdrawals via the network, which are yet to resume. Solana was certainly not the only blockchain experiencing issues as prices plunged. But the network's issues have taken the spotlight because it has become a darling of large trading shops in the crypto industry and beyond.
Solana's official Twitter account noted that the blockchain has been "experiencing high levels of network congestion" tied to "excessive duplicate transactions." According to Solana founder Anatoly Yakovenko, bots were also apparently sending duplicate transactions, adding to the problem.
The latest performance degradation problem arrives days after Solana witnessed another issue, prompting Binance to pause withdrawals via the network, which are yet to resume. Solana was certainly not the only blockchain experiencing issues as prices plunged. But the network's issues have taken the spotlight because it has become a darling of large trading shops in the crypto industry and beyond.