Solana Blockchain Network Overwhelmed, Crashes and Security Threats

Bittime - Solana blockchain is facing tough challenges due to surge in users. This increase in activity causes network congestion, thereby slowing down transactions.

This situation raises security concerns due to the potential for bad actors trying to take advantage of Solana's low transaction fees.

Overcoming Congestion

To improve user experience, Jito Labs, a Solana infrastructure provider, discontinued their mempool service. Mempools typically prioritize transactions with higher fees, but can also be used to carry out costly "sandwich attacks." 

This attack manipulates prices by placing other transactions before and after the targeted transaction.

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High Volume of Meme coins and NFTs

The high volume of meme coins and non-fungible tokens (NFT) is the main factor causing congestion.

Projects like Drip, which creates daily NFTs for users, are increasingly taxing the network. According to a report by Messari, a crypto research company, Drip alone has created more than 10 million NFTs on Solana, thus contributing significantly to the recent congestion problem.

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Balancing Growth and Stability

Solana co-founder Anatoly Yakovenko proposed increasing block capacity to reduce congestion. However, community polls show that users prioritize network stability, even if it means slower transactions. This highlights the important balance Solana needs to strike between scalability and reliability.

Although NFTs are contributing to the congestion, meme coins appear to be the main cause. The popularity of Solana meme coins like Dogwifhat and Bonk has led to a surge in the creation of new tokens, putting a strain on the network. 

Also Read How to Create Crypto Tokens?

Cointelegraph has said that the ease of creating Solana-based tokens has sparked a meme coin craze, raising concerns about potential fraud and market manipulation.

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Critical Moment

Solana is facing a critical moment. Congestion and security threats need to be addressed. Retiring mempool services and discussing network expansion are steps in the right direction, but challenges remain. However, the spirit of collaboration and focus on innovation of the Solana community offers hope for a more robust and scalable blockchain future.

Overcoming these hurdles will be crucial for Solana to maintain its position as a major player in the blockchain world.

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To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

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Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.