The Solana protocol announced on Jan. 6 that there were some issues causing performance degradation. In the published tweet, the team mentioned that the reason for the slowdown was the high volume of activities, which is dropping the protocol’s capacity to carry out txns in a second. Because of this, some actions failed, says Solana. The team added that developers are working to solve the problems and make the network more resilient.
1/ The Solana Network is currently experiencing degraded performance due to an increase in high compute transactions, which is reducing network capacity to several thousand transactions per second. This is leading to some failed transactions for users.— Solana Status (@SolanaStatus) January 6, 2022
Solana also experienced some issues on January 4. Journalist Wu blockchain announced that the protocol went down because of a DDoS (distributed denial-of-service) attack.
To this, Solana co-founder Anatoly Yakovenko replied that it wasn't really what took place. He said that there was some congestion as a result of mismetered transitions. Operations of some users got timed out and they needed to retry. In September, Solana went offline for 17 hours and resumed full functionality in under 24 hours.
Solana launched in April 2019, and it’s considered to be one of Ethereum alternatives as it provides fast transactions at low costs. According to developers, Solana can execute 50.000 txns per second.
Solana’s native token SOL now is the 5th largest crypto with a market cap of over $43.3 billion. At the moment the coin trades at around $140, about 46% down from its all-time high of $260 reached on November 6, 2021.