Solana closes its doors for the eighth time this year

  • Solana’s ease of use, market-leading TPS and low cost are great features
  • On the other hand, the latest outage marks the eighth outage of the year
  • How deep is this problem and what does the future hold?

If I had a dollar for every Solana closure this year, I could afford 500g of cashew nuts at the local grocery store (that’s $8, for those who don’t know how insanely expensive nuts are).

In what has become a disturbing and familiar story, Solana came to a halt again last week. Nor was it to celebrate the Queen’s platinum anniversary, but rather because the mainnet lost consensus protocol for seven hours. In a cruel twist of irony, this comes shortly after Solana’s co-founder gave an interview to CNBC claiming that Bitcoin had to move to Proof-of-Stake to stay relevant. oops.

The fall

Solana reminds me of the last pair of headphones I had. They were perfect – with a soft sound, the microphone was crystal clear and they sat firmly in my ears during my workouts. But for months, the sound in the right earphones kept stuttering and I couldn’t figure out the reason. Sometimes it took five minutes, sometimes more than an hour.

When they were working, Bruce Springsteen screamed loud and clear, and it was lovely. But what good is headphones that don’t allow you to listen to music whenever you want?

The market has realized that this is a major problem (Solana’s breakdown, not my musical problems) as the price of the Solana has fallen sharply this year, losing three quarters of its value since the day of the year. And yes, all assets have fallen, but when we compare Solana’s price action to Bitcoin’s, it turns out that the magnitude of the decline here was worse than even the horrific price falls in the rest of the market.

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What this means for the future

I have no computer training. I’ve had fun with R, Matlab, and Python, but I’m just not qualified to comment on the complexity of the challenges Solana developers face right now. All over the internet you see average Joes and Janes expressing their emotional views on why these issues are just minor hitches or insurmountable challenges – I’m not interested in giving a speculative opinion on this topic as it’s not worth reading would be. ink I write with (or maybe the wear and tear on my laptop keys wouldn’t be worth it, to use a more modern analogy?).

But what I’m going to do is take an analytical angle and use some basic logic to assess the situation. It is a blockchain with enormous potential – capable of accessing a higher transaction-per-second (TPS) rate than any other major cryptocurrency. But what good is a blockchain if it has a stop button? And to be honest, I’m a little tired of using the words “potential,” “can,” and “maybe” when talking about Solana.

It was actually a pretty benign stop on a quiet day for the crypto world, which is good news in one sense, but also pretty scary when you think about it. What if Solana’s next blackout happens during a bullish burst in the cryptocurrency markets or a severe crash day? Investors will not be able to trade, buy or sell Solana products, and that, for lack of a better term, just isn’t cool.

Conclusion

Like I said, I’m a little tired of writing about Solana’s breakdowns. Although he has all the potential in the world, it means nothing if he can’t fix these chronic flaws. It feels like we are now in a critical period – a slowdown (or even a plateau) in development when the macro environment is so dire, not to mention the major competitor Ethereum is getting closer and closer. , could deal a devastating blow to Solana.

Solana is a great blockchain when “on” – cheap to run, smooth, fast and frictionless. On the other hand, I ended up buying new headphones after months of thinking they would fix the problem.

If these problems continue for Solana, investors who trust them will continue to dwindle and the future will look increasingly bleak.

But let’s hope the flip side of the coin is true: that one day we’ll see these hurdles as minor challenges overcome during the beta phase, when the formidable Solana blockchain was widely used.

They say a cat has nine lives – well, maybe it’s the same with blockchains. In this case, after eight breakdowns this year, Solana is in the saloon of the last chance.

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