Divided opinions over Solana’s viability as an ‘Ethereum killer’ amid repeated outages
Touted as the poster child of Ethereum killers during most of 2021, blockchain network Solana‘s reign has been increasingly infested with network outages and performance issues recently.
It suffered one of its slowest bouts amidst the crypto market crash-induced network congestion last week, leading to failed transactions and suspended withdrawals on the network. Interestingly, Solana has faced six outages in this month alone, along with the many more that took place at the end of last year.
The latest outage itself lasted for over 48 hours and caused many DeFi traders to experience forced liquidations on funds they had borrowed from lending platforms.
Amid these rising problems, many traders and enthusiasts have understandably been left frustrated, especially at a time when fast transactions are necessary to exit risky positions as the market faced a downtrend.
However, Sam-Bankman Fried, the CEO of cryptocurrency exchange FTX, doesn’t believe these congestion issues to be of much importance to the network’s success in the long run. Taking to Twitter, the crypto billionaire noted that Solana continued to remain superior to similar blockchain due to its high throughput.
<p lang=«en» dir=«ltr» xml:lang=«en»>4) As far as I can tell, during the week when it's had performance issues, and if you exclude all of the voting transactions from the TPS……it's still processed more transactions than all other major blockchains.
Combined.
— SBF (@SBF_FTX) January 25, 2022
While the network’s transaction per second (TPS) count had significantly dropped from the previously claimed 50,000, the FTX boss remains bullish on the network due to other blockchains being even slower in comparison.
However, he did point out that “there’s more work to do”
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