Jim Greco, like many traders who have had to deal with the Solana network's outage over the last few days, is annoyed.

Twitter

 https://twitter.com/jgreco/status/1484664285867515904

"How can anyone possibly trust the Solana network with real capital after a meltdown like today?" Greco, a market structure guru and former executive at KCG, said in a tweet on Friday night.

As the price of cryptocurrencies across the board slid during Friday's trading session, traders large and small found themselves unable to execute transactions on Solana's blockchain — a protocol that has been touted by proponents for its scalability and fast transaction speeds. Transactions per second (tps) were down significantly.

Twitter

We're painfully aware of the issues in which users were unable to save themselves from being liquidated due to network congestion, and are looking into reconciliation.

— Solend (we're hiring!) (@solendprotocol) January 23, 2022

Those issues spilled into Saturday. Meanwhile Solana's official status Twitter account noted that the blockchain has been "experiencing high levels of network congestion" tied to "excessive duplicate transactions."

Twitter

Another day, another 48 hour #Solana outage.

This is like the sixth time this has happened in 3 months.

I have zero faith in it now. It is the new EOS.

The f*ght is now between ETH, BSC, Fantom, Avalanche and Terra.

— Mark Jeffrey (@markjeffrey) January 23, 2022

According to Solana founder Anatoly Yakovenko, bots were also apparently sending duplicate transactions, adding to the problem.

Twitter

 https://twitter.com/evan_van_ness/status/1484669536234348552

Solana was 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.

FTX's Sam Bankman-Fried is a big backer and Jump Trading has poured capital into Solana-based projects. According to The Block Research's John Dantoni, more than 50% of Jump Crypto's protocol investments went into the Solana ecosystem.

Pyth — the Solana-based data project — counts a wide range of market participants as backers, including IEX, Virtu, and GTS. (It too has experienced issues.)

Part of the reason that Solana has been so attractive to large trading shops is that it has prioritized scale. Still, when the network gets overcrowded, it has shown that it can stall out.

Solana released a fix on Saturday to ameliorate "the worst effects of this issue," it said.

"These forthcoming releases are aimed at improving the state of the network, with more improvements expected to roll out in the next 8-12 weeks," the developers added. "Many of these features are currently live on Testnet, where they are being rigorously tested."

Solana has a big war chest to draw from to address its issues, having completed a $314.2 million fundraise in June 2021.

Trader woes

Solana's network logjam has had ramifications across the crypto-ecosystem. Not only does it make it difficult for a retail market participant to, for instance, sell a Solana-based NFT, it also slows down large DeFi traders and forces them to work around the network. "Slows everything down," one trading executive said.

For large traders moving tens of millions, they have to move activity over-the-counter and agree to settle once the chain is working. "Agree on a price now and settle later... CEXes are still working so you still have price discovery," an executive at a derivatives trading desk noted.

Other traders complained about not being able to top off a leveraged position in Solana on a decentralized venue — meaning, add to their position before risking liquidation.

These complaints raise questions about Solana's ability to establish its position as Wall Street's preferred crypto platform. A firm trying to move around hundred of millions might opt for a different blockchain even if they have to pay hefty fees — if they can count on it to work.

"I don't care about the price," Jim Greco said in a message to The Block. "But I can't get anything done on the network. How many times is this going to happen at exactly the time when the network needs to perform the most?"

 Traders are complaining about Solana's performance, raising questions about its status as a Wall Street darling

I have .12 cents left in my Solana portfolio.

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tHe bLoCkChAiN





"Server Issues"

justin747 said tHe bLoCkChAiN "Server Issues"

Google likes blockchains RoboJust.

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SOL really a sh*tcoin if you think about it

Jago said Google likes blockchains RoboJust. view image

As usual, yall don't know tech history. Google k*lls EVERYTHING

This either won't make it past the testing phase or Google will k*ll it off after 2 months.





Also yall can't make up your mind. Sometimes it's a currency, other times it's an investment. It can't be both and its not good at either.

AND you MFers are legit nuts if you think all these Mega Corporations getting involved in Crypto is a good thing. Mega Corps are going to bring regulations, which will either bring price drops or price stability.

Price stability will be good , if it remains stable at all time highs

And no wonder why Solana is on sale right now , once labeled the ethereum k*ller , it's looking rocky at the moment

strungout said Price stability will be good , if it remains stable at all time highs And no wonder why Solana is on sale right now , once labeled the ethereum k*ller , it's looking rocky at the moment

Bitcoin is not going back up over $69K. None of the coins are hitting ATHs again. If you're not in the green right now it's too late.

They've pumped $1.5 Billion fake USDC into the "market" in the last 24 hours and Bitcoin struggling to hit $40K.

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Constant bad news, bugs, glitches, server issues, rug pulls, and fraud and yall swear this dumb sh*t is the future

justin747 said Bitcoin is not going back up over $69K. None of the coins are hitting ATHs again. If you're not in the green right now it's too late. They've pumped $1.5 Billion fake USDC into the "market" in the last 24 hours and Bitcoin struggling to hit $40K. view image Constant bad news, bugs, glitches, server issues, rug pulls, and fraud and yall swear this dumb sh*t is the future

Never huh?



Cryptos had an adoption rate of over 800% in 2021.

Problem is...youre letting common sense cloud your judgment. When it comes to the masses now... it doesn't have to make sense.

Let's not even talk about socioeconomic factors like the growing wage gap.

If its "trending" it will grow.

Watch this space

naledgestate said Never huh? Watch this space

None of y'all have ever taken a look at HOW Bitcoin prices go up. It's all stablecoin manipulation. If this drop didn't show you, then you just don't wanna see it.

The answers are literally right in your face and yall ignore it and listen to influencers and social media instead.




Imagine using charts and doing Techinal Analysis for a fake "market" that's manipulated by a couple of exchanges

Shiba Inu >>

Hopefully a move to the cardano block chain is coming if they ever get sh*t right

It's still in beta mode lol

justin747 said Bitcoin is not going back up over $69K. None of the coins are hitting ATHs again. If you're not in the green right now it's too late. They've pumped $1.5 Billion fake USDC into the "market" in the last 24 hours and Bitcoin struggling to hit $40K. view image Constant bad news, bugs, glitches, server issues, rug pulls, and fraud and yall swear this dumb sh*t is the future

yeah most of our crypto holdings have lost over 50 percent of its value in the past few weeks alone, but we not on that right now

if all goes well in the meeting tomorrow for the fed meeting, we can definitely see some rises again .....we depending on tomorrow....in addition to if the ukraine/russia thing cools down , and other global catastrophes ....dont happen

your beloved netflix is down 40 percent

strungout said yeah most of our crypto holdings have lost over 50 percent of its value in the past few weeks alone, but we not on that right now if all goes well in the meeting tomorrow for the fed meeting, we can definitely see some rises again .....we depending on tomorrow....in addition to if the ukraine/russia thing cools down , and other global catastrophes ....dont happen your beloved netflix is down 40 percent

Bookmarked about the Fed meeting, and I don't give a single fu*k about Netflix.

I built my own Netflix on:

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strungout said Price stability will be good , if it remains stable at all time highs And no wonder why Solana is on sale right now , once labeled the ethereum k*ller , it's looking rocky at the moment

That's why I laugh at every project claim our TPS is "such and such".

It's easy to have speed when you're operating at 10% of the volume. Then as soon as you try to ramp up, sh*t keeps breaking.

strungout said yeah most of our crypto holdings have lost over 50 percent of its value in the past few weeks alone, but we not on that right now if all goes well in the meeting tomorrow for the fed meeting, we can definitely see some rises again .....we depending on tomorrow....in addition to if the ukraine/russia thing cools down , and other global catastrophes ....dont happen your beloved netflix is down 40 percent

The fed has to raise rates. Once these supply chains start operating closer to optimum, inflation will start decreasing.

If anything the fed may pull back on hikes but you can bet your a*s that they will increase them.

justin747 said [/U][/B] Bookmarked about the Fed meeting, and I don't give a single fu*k about Netflix. I built my own Netflix on: view image

Interest rates were UNCHANGED

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strungout said Interest rates were UNCHANGED view image

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They're in panic mode on reddit

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