Phantom’s CEO protected Solana through network problems.
Phantom creator Andre Cronje has shown support for the Solana network, amid recent marketing failures at the network. Cronje is considered one of the most influential thought leaders in decentralized finance (DeFi).
According to a post by the co-founder on X's social platform, some critics see the ongoing congestion as Solana's shortcoming, but it stems from the ecosystem's rapid growth, which has increased demand for space. Cronje said the implementation issues were technical challenges, not flaws in the consensus strategy.
According to Dune's analysis, roughly 75% of voiceless transactions failed on April 4, during a period of high activity due to the memecoin frenzy on Solana. However, proponents argue that the data is widely skewed.
Cronje cited Solana's network as a victim of success. Following an increase in transaction failures, Solana users recently took to social media to complain about failed transactions and a degraded user experience.
Meanwhile, other members of the community supported Cronje's position, saying they often admire blockchain technology for its fundamentals and capabilities. However, when increased demand leads to temporary user experience issues, they react negatively despite higher demand for use.
Anatoly Yakovenko, the CEO of Solana, expressed frustration, pointing out that solving the problems of congestion is more challenging than the total failure of the system. While the latter requires identification and patching, crammed bugs prevent rapid deployment through a lengthy testing process and release of updates.
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This isn't the first time Solana has gone down. Solana experienced a major outage in early February 2024. A downtime in block production on the main network caused the network's block progress to stop for more than five hours.
Since January 2022, Solana has seen nearly half a dozen significant outages and 15 days of partial or early outages. Solana-focused software development firm Anza released its latest outage postmortem on February 9.
Solana's just-in-time (JIT) compilation, which completes all programs before committing a transaction, had a cache problem, according to the report. Austin Federa, head of strategy at the Solana Foundation, told Cointelegraph that plans to replace the old loader system with a new one are set to be disabled in the planned rollout.
Solana's SOL price fell about 3% last week, stumbling slightly after a 45% rally last month. Its recent weekly decline has made it the fifth largest cryptocurrency by market capitalization, according to CoinGecko data. 89 billion dollars.
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