Binance confirms Solana Network Issues.
Binance, the world’s top exchange, has addressed the Solana network issues by publishing a blog post. Wu blockchain also addresses the problem.
“Solana network is currently experiencing congestion due to increased high compute transactions.”
Binance：Solana network is currently experiencing congestion due to an increase in high compute transactions, which is reducing its network capacity to several thousands of transactions per second and leading to some failed transactions for users. https://t.co/ZBT6aPYuzU
— Wu Blockchain (@WuBlockchain) January 11, 2022
Binance reports that the Solana network is experiencing high congestion due to increasing high compute transactions. Such increased congestion is limiting the network to several thousand transactions per second. As a result, transactions are failing on the Solana network. Binance informs users that they have to pause SOL withdrawals from time to time to clear the backlog. The exchange also confirms that they are working with the network to provide a stable, long-term solution.
Slow Solana transactions are an issue that has been hurting the network for a month. SOL team is not providing any details on why the network is experiencing such issues. Earlier, TheCryptoBasic reported that the Solana network continues to experience problems in processing transactions, but that hasn’t stopped the price of SOL from rising higher.
Solana network continues to face problems and transaction failures. That might be because the network was the target of DDoS attacks and was slow to process transactions. However, the SOL team is not coming forward to provide a legitimate answer.