Fantom CEO: Solana Is a Victim of Success
10 Apr, 2024 ● Crypto News
Andre Cronje, the originator of the Fantom network and a prominent figure in the decentralized finance (DeFi) sector, has shown his support for the Solana network following its recent transaction difficulties.
In a statement on X, Cronje suggested that while some critics point to the recent congestion on Solana as a defect, it is actually a result of the network's swift expansion leading to a heightened demand for block space.
He highlighted that the performance bottlenecks are technical issues, not failures of the consensus mechanism.
Dune Analytics data shows that on April 4, amidst a surge in activity due to a memecoin frenzy on Solana, about 75% of non-vote transactions were unsuccessful.
However, supporters of Solana believe that this data is often misinterpreted.
Cronje described Solana as being "a victim of success," noting the spike in transaction failures came amid vocal dissatisfaction from users on social media over unsuccessful transactions and a deteriorating user experience.
Other community members echoed Cronje’s perspective, emphasizing that while blockchain technology is celebrated for its foundational principles and potential, the community is quick to criticize when scalability issues temporarily affect the user experience, even though they desire increased network activity.
Solana’s CEO, Anatoly Yakovenko, shared his exasperation, pointing out that dealing with congestion-related issues is more complex than resolving complete system failures.
The latter can be fixed with identification and patching, but congestion problems require extensive testing and update rollouts, which delays swift solutions.
Solana has experienced notable disruptions in the past, including a significant network outage in early February that paused block production on its mainnet for over five hours.
Since January 2022, Solana has encountered approximately half a dozen major disruptions and 15 days of partial or complete outages.
Following the recent disruption, Anza, a company specializing in Solana software development, conducted an analysis and identified that a bug in Solana’s Just-in-Time (JIT) compilation cache, responsible for compiling programs before transaction execution, was to blame
Austin Federa, head of strategy at the Solana Foundation, informed Cointelegraph about plans to switch to a new loader system that will be activated with an upcoming update.
In the last week, the value of Solana's token dipped by around 3%, a slight setback after a 45% surge in March.
This recent decline has positioned it as the fifth-largest cryptocurrency by market capitalization, as reported by CoinGecko.
Sources:
https://cointelegraph.com/news/fantom-ceo-defends-solana-amid-network-woes
https://twitter.com/AndreCronjeTech/status/1776492925838344398
https://twitter.com/santiagoroel/status/1776420352274350484
https://twitter.com/tokenzard/status/1776495966985888140
