The Solana ecosystem is establishing itself leading project in the blockchain space with its high demand and fast speed, challenging the dominance of the Ethereum blockchain. Solana has attracted a growing user base, particularly among those troubled by Ethereum’s high gas fees.
Despite its massive demand, the Solana blockchain is popular for its congestion and outage problems resulting in failed transactions and compromised efficiency. These network issues have led the Solana tokens to face high market volatility. With the recent network update, the SOL token is expected is gain momentum.
Solana’s history of network congestion problems in 2024
Solana has faced ten network issues over two years before 2024. The network faced its eleventh network outage on Feb 6, 2024, which led users to speculate about the network’s security protocols and ability to handle a high number of transactions. The outage lasted for 5 hours, resulting in a complete halt to transactions and block production.
In addition to these major outages, the Solana blockchain has also encountered other notable congestion issues. In March when the meme coin rally was in full swing, the Solana blockchain again faced network congestion due to high spam and Miner Extractable Value (MEV) activities.
On April 4, another significant network outage occurred on the Solana blockchain, attributed to spamming by bots. This influx of bot deployment resulted in failed arbitrage, causing a failure of 75% of transactions. Consequently, users voiced criticism regarding Solana’s blockchain dynamics and network issues.
These network issues have always led SOL prices to face massive criticism and market decline as due to on-chain turbulence, investors become hesitant to trade for long positions dumping their tokens to mitigate major losses in case of a price crash.
Can Anza network update fuel a price rebound for Solana
On April 15, the Anza Team rolled out a network update v1.17.31 which was launched on the mainnet for the general use by MainnetBeta validators. While v1.8 is still being worked on the testnet, this initial update is expected to address ongoing congestion concerns. Analysts hope that the update proves itself in case of a retest, as this is the only way for Solana’s sustainable growth.
Addressing the network issues, this update can propel SOL prices to new highs by enhancing its capacity to handle huge transactions without failing. With optimistic projections, the SOL token’s current market performance is bullish as the price is rising by 8% in a single day.
While Solana is expected to solve its network issues in the upcoming days, investors are shifting to the bright prospects of DTX Exchange, an emerging deFi project ready to skyrocket as the presale demand surges.
DTX Exchange (DTX) grabs the investor’s attention with 25x ROI potential
DTX Exchange (DTX) is poised to transform the trading sector with its hybrid exchange, offering traders access to a diverse set of trading markets, including forex, cryptocurrencies, stocks, and contract-for-differences (CFDs), all backed by its unparalleled 1000x leverage features, helping traders to trade on higher positions with low capital.
With a focus on user security and individual ownership, DTX Exchange employs a non-custodial wallet approach, ensuring traders maintain full access to their digital assets and private keys. Moreover, its no-KYC requirements make it easily accessible to traders of all levels, improving the platform’s market position.
The project’s ground-breaking success in its private sale round, securing $2 million, highlights growing investor confidence. As DTX Exchange enters stage 1 of its public presale, it has already raised $250k within a few days. DTX token is priced at $0.02, with projections for a surge to $0.075 in stage 2, presenting an ideal opportunity to participate in the project’s future trajectory.
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