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Solana-based Transactions Approach 100M Despite Challenging 2022

07-Sep-2022 By: Divya Behl
Solana-based Transac

The Solana (SOL) network continues to grow as the blockchain seeks to compete with established platforms like Ethereum (ETH), which has resulted in increased activity.

At the same time, the network is dealing with blockchain performance issues, however, transactions on the platform appear to be unaffected. As of September 6, the Solana number of transactions was just a few million short of the 100 million mark, standing at 96,446,814,265.

Notably, the transaction milestone validates Solana's core principles of being a fast and low-cost smart contract platform. In this line, the network facilitates around 2,700 transactions per second.

Impact of Solana’s outages 

Despite recording considerable transactions, the Solana network faces a variety of challenges, with network disruptions emerging as a major source of concern. In this regard, Solana co-founder Anatoly Yakovenko says that outages are the network's biggest 'curse.'

Since its inception in 2020, Solana has experienced at least seven network failures, with five major events occurring in 2022. Meanwhile, one of the worst disruptions in September 2021 lasted up to 17 hours.

Notably, the disruptions have limited users' ability to use the Solana network, despite management's assurances that the blockchain has not been compromised.

Solana lawsuit 

Furthermore, CoinGabbar reported in July that the whistleblower and class action law firm Berger Montague announced that it was investigating federal securities law violations on behalf of investors who acquired SOL tokens issued by Solana Labs.

At the same time, the Solana network has been linked to a blockchain software network hack that resulted in a $4.5 million loss. Solana, which has since distanced itself from the hack, had its engineers claim that the event was triggered by compromised private keys.

Lastly, amid the current crypto market downturn, the price of the decentralized finance (DeFi) asset has seen tiny gains. By the time of writing, the token was trading at $31.13, dropped around 6% in the last 24 hours.

Read also: Binance To Discontinue USDC Trading Pairs, Plans To Auto-Convert Certain Stablecoin Balances To BUSD

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