Despite multiple outages suffered by the Solana network in recent months, FTX CEO Sam Bankman-Fried (SBF) believes that the high-performance blockchain is still better than other networks in the industry.
The latest Solana network outage happened on Friday and lasted for more than 48 hours, causing DeFi users who borrowed funds from lending platforms to suffer forced liquidation. According to Solana’s team, Friday’s incident resulted from “excessive duplicate transactions” from bots, which caused the network to experience high levels of congestion.
The recent outage has drawn criticism from industry experts and users. While many have questioned Solana’s reliability and status as the “darling of Wall Street”, some believe it’s no longer part of the blockchain race for the future.
SBF: Solana Is Better Than Other Blockchains
As both critics and supporters share their opinions on the Solana network issue, Bankman-Fried tweeted on Tuesday, noting that despite the network’s recent shortcomings, it is still superior to other chains. According to the FTX boss, Solana has been able to process more transactions than all other major networks combined.
He pointed out that although the number of transactions per second (TPS) processed by the Solana network has decreased significantly, it still does a lot compared to other blockchains.
However, Bankman-Fried admitted that there is still a lot of room for improvements.
“There is always more work to do. And the most important thing is to do this work, to build… Solana is largely exhausted – the demand for transactions has reached the supply. So you keep working to increase system throughput and efficiency, to scale with demand,” he said.
DeFi Traders Losing Faith
While SBF focused on Solana’s historical network performance, other market watchers noted that the repeated outages adversely affected traders, greatly reducing their confidence in the network.
According to Larry Cermak, the Solana outage liquidated the positions of thousands of traders and hurt the performance of their crypto wallets.
“The main issue in the last few days was that you couldn’t get transactions through when you needed it the most. If I get liquidated because I can’t top up my position due to degraded performance, it’s hard to see me trusting it again for those kinds of transactions,” he said.
