Despite battling challenges related to efficiency, the Solana blockchain continues to see increased number of transactions. The network recorded the number of transactions – 96,446,814,265 – just a few million shy of hitting the 100 million milestone. This supports Solana’s founding principles of standing out as a high transaction speed and low-cost smart contract platform.
The network facilitates around 2,700 transactions per second. However, Solana blockchain continues to face different challenges. Network outages have emerged as a critical pain point. Anatoly Yakovenko, the Solana co-founder, believes the outages are the network’s main curse. He described it as their biggest challenge. But he likes the challenge as they have users on the chain daily.
The Solana network has recorded at least seven outages. In 2022 alone, it saw five major incidents. One of the longest outages, in September 2021, lasted up to 17 hours. The outages have partly hurdled users from using the Solana network. The management reiterates that the blockchain has not been compromised in the process. In July, a whistleblower and class action law firm Berger Montague revealed that it was looking into violations of the federal securities laws on behalf of investors who purchased SOL tokens issued by Solana Labs. The Solana network during that period was also associated with the blockchain’s software network hack wherein it lost $4.5 million. But Solana distanced itself from this incident. The developers attributed the hack to compromised private keys.
Furthermore, SOL, the network’s indigenous token, recorded minor gains amid the ongoing slump in the crypto market.