Fintech Experts Distrust Solana Over Network Shutdowns

One of the blockchains that has been referred to as a "Ethereum killer" is the decentralized finance (DeFi) network known as Solana. Since its debut, the blockchain technology has been the focus of various project proposals. Nevertheless, recent failures pose a risk to the expa


33 percent of industry experts have lost faith in Solana.

A number of projects have moved their operations to the Solana network since it was initially established. The minimal network costs and lightning-fast transaction speeds are the primary reasons for this success.

In the meantime, the blockchain has been experiencing a number of disruptions recently. In addition, a number of DeFi projects are beginning to have second thoughts about releasing their services on Solana.

The crypto statistics platform Finder recently carried out a survey to determine the opinions of several finance professionals regarding the Solana system. The research included the participation of 55 influential figures from the fintech industry. According to the findings of the report, more over 33 percent of crypto industry professionals have completely lost faith in the project.

Nevertheless, the report from Finder showed that 37 percent of the people still believed in Solana. Thirty percent of people stated that the new problems are just part of the network's trajectory of expansion.

According to Paul Levy, a Senior Lecturer at the University of Brighton, Solana has now entered the recovery cycle.

Solana has a fantastic reputation among crypto enthusiasts despite the fact that it has suffered from a number of technical glitches and service interruptions. It will only have to deal with these issues for a very short time. In addition, a number of participants in the market have experienced the same kinds of problems. "The network is going to have a very bright future," Levy continued.

It should be noted that Solana's network faults have not yet had their primary cause pinpointed. Low-cost transactions were identified as the likely cause of the outage by 22% of the experts polled in the study. Others brought up difficulties, such as centralization.

Walker Holmes, who was one of the co-founders of MetaTope, proposed the idea that excessive centralization might be the root of the issue. In addition to that, he complimented the Solana community on how resilient everyone had been throughout the outages.

Co-founder of Solana and Tag, A Curse Outages

Recently, Solana reached a significant new benchmark. In September, the total number of transactions that had been completed on the network exceeded 100 billion.

The successive network disruptions have developed into a significant issue for the residents of the Solana community. Additionally, a comment was made on the matter by one of Solana's co-founders.

The problem was referred to as a "curse" by Anatoly Yakovenko, one of the co-founders of Solana. Even with the recent disruptions, the Solana team is certain that blockchain technology will continue to advance.

In addition, a number of Solana's followers continue to hold the belief that the blockchain will outperform Ethereum. Over six separate instances of network failure have been documented so far in 2022.

October 1 was the date of the most recent occurrence that took place. This outage lasted for six hours and caused widespread concern among the population.

The Solana team has committed to come up with a long-term solution to the ongoing problems with the network.

In addition, industry analysts anticipate that SOL, Solana's native currency, would experience significant growth by the end of the year.

Regrettably, this does not appear realistic, taking into account how the token performed in 2022. On November 6th, Solana hit an all-time high (ATH) price of $259.96 per share.

The price of the token will need to surge by more than 818.26% in order to surpass its ATH and establish a new record.

Ojike Stella

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