Solana Has Withdrawal Problems: Binance Statement

Described by some crypto investors as the “Ethereum Killer” wither The cryptocurrency named (SOL) was among the stars of the past year. The ability to process fast and low transaction fees have made this cryptocurrency famous, and SOL, which saw 4 dollars at the beginning of 2021, rose to 260 dollars during the year. But Solana is now again with a technical problem on the agenda.

One of the world’s largest cryptocurrency exchanges Binance, SOL announced that there is excessive density in the network, and therefore there are occasional disruptions in the shooting processes. Such a situation also happened in September, and SOL shots, 24 hours It had not been done for such a long time. How long will this glitch last? Unknown.

Here is the official statement by Binance

The Solana (SOL) network is currently congested due to a drastic increase in the number of transactions, which has reduced network capacity by several thousand per second and some users inability to act why is this happening. Therefore, withdrawals made with the Solana network on the Binance exchange may be stopped from time to time in order to clear the accumulated trades. In order for the project to work in a more stable and long-term way, negotiations continue. We apologize for any inconvenience…

How can the congestion in Solana be resolved for now? Unknown. However, this interruption means that the team behind the project hasn’t learned much from the past. Because the 24-hour interruption last year faced a great reaction from investors. Although it is thought that the current problem will not last that long, as Binance stated, Solana network for uninterrupted operation new solutions are needed…

This content is not investment advice.