Sunday, June 23, 2024

Users have been liquidated as a result of the recent Solana outage.

As per the reports, Solana recently saw an outage of the network for over 24 hours leading to losses for most of the blockchain users. On 21st January 2022, Solana reported that the cause for their network outage was primarily unknown. After around 24 hours of proper investigation into the matter, it was revealed that a large number of duplicate transactions performed by bots was the issue reason. The issue of network outage occurred when the crypto market was already suffering a heavy loss on 21st January. It has been observed that it was the second time Solana has seen such a network outage in 2022.

Losses of users due to network outage

Most of the users of Solana have seen their trades liquidating because of the issue. Solend users find it difficult to repay their loans because of which their trades were liquidated. The tweet by Solend on 23rd January 2022 reveals that they are looking into reconciliation as they understand how much users have suffered. Certain users are happy and appreciate the decision by the Solend team.

Views of other institutions on Solana’s network outage

After seeing a second outage within a few days, Solana seems to be in a problematic situation. Many big institutions believe that Ethereum is the direct competition of Solana. Though Solana has proved to be cost-effective and can scale, the frequent network outage might lead to problems for Solana. There are questions about whether Solana can become the second largest crypto market.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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