Despite the multiple disruptions the Solana network has experienced in recent months, FTX CEO Sam Bankman-Fried (SBF) believes that high-performance blockchain is even better than other networks in the industry.
The last outage of the Solana network occurred on Friday and lasted more than 48 hours, resulting in the forced liquidation of DeFi users who borrowed funds from lending platforms. According to Solana's team, Friday's incident resulted from "excessive duplicate transactions" by bots, which caused high levels of congestion to the network.
The recent outage has sparked criticism from industry experts and users. While many have questioned Solana's trustworthiness and "Wall Street treasure" status, some think it is no longer part of the blockchain race for the future.
SBF: Solana is better than other blockchains
While critics and supporters alike share their views on the Solana network issue, Bankman-Fried tweeted Tuesday, noting that despite the network's recent flaws, it is still superior to other chains. According to the head of FTX, Solana was able to process more transactions than all the other large networks combined.
He pointed out that even though the number of transactions per second (TPS) processed by the Solana network has significantly decreased, it is still doing a lot compared to other blockchains.
However, Bankman-Fried admitted that there is still a lot of room for improvement.
“There is more and more work to be done. And the most important thing is to do that work, to build… Solana is for the most part out of the game - the demand for the transactions has matched the supply. Thus, we continue to work to increase system performance, and efficiency, to scale with demand, ”he said.
DeFi traders lose confidence
While SBF focused on the historic performance of Solana's network, other market observers noted that repeated outages negatively impacted operators, significantly reducing their confidence in the network.
According to Larry Cermak, Solana's outage liquidated the positions of thousands of traders and hurt the performance of their cryptocurrency portfolios.
“The main problem in the last few days has been that we haven't been able to get the transactions through when you need them most. If I get liquidated because I can't reload my position due to degraded performance, it's hard to see myself trusted again for that type of transaction, ”he said.
