Help with my assignment!
Read Time:2 Minute, 26 Second

The post Will Solana (SOL) Price Plunging To $50 is Inevitable? What Lies Ahead? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

The crypto world’s ails get no relief amidst the crash in the business. As the industry’s one of the most sought-after protocols incurs yet another network crash. Network outages and Solana are now going hand-in-hand, as congestion in the protocol has been occurring in chorus. The instability in the network has enraged investors and users of the blockchain.

The recurring congestion in Solana’s network has been haunting the community. Solana has fallen to congestion for the second time in the month of January. The outage has lasted for over 48-hours, crossing the limits of the outage from September. While the makers have released the update to the mainnet, investors and users have been lashing the makers and debriefing the credibility of the network.

Will  Solana Remain Cornered By Its Limitations?  

The Solana team first noticed the congestion on the 21st of January at about 00:00 UTC. The congestion in the network is recurring on a regular basis on Solana’s network, and this is the second outage in the month. The congestion is said to be caused by excessive duplicate transactions made by bots.

The issue was then resolved after the release of 1.8.14, which is programmed to mitigate the worse effects of the issue. From reliable sources, it is learned that 1.8.12 was aimed to improve the issues of program cache exhaustion, which has been responsible for degradations in performances. It is confirmed that the forthcoming upgrades would improve the network, which is expected to roll out in the next 8-12 weeks. 

The 48-hour long network instability has fumed investors and users of the protocol. The network outage has surpassed its limits from September when the network was down for about 17-hours. The limitations have been setting it back at numerous fronts, Solana has been losing its dominance in the world of DeFis. As Fantom has made it to second place with TVL.

As previously mentioned, the frequent outages in Solana’s network and the prevailing congestion have fumed investors and users. Which has led to them questioning the potential and credibility of the network. The community has been longing for a permanent solution to the case, which has been burning the pockets of the masses in the business.

Concluding, Solana’s limitations have been turning into a major setback. And has been dragging the protocol from its hegemony at numerous fronts. Consecutively, the SOL price in the bustle of the crash and the network congestion has lost 11.9% of gains and is presently trading at $87.69. That said, a resolution if not passed will further deteriorate the strength of the community and the protocol’s hold in the business.

2 thoughts on “Will Solana (SOL) Price Plunging To $50 is Inevitable? What Lies Ahead?

  1. There's a scam going around, and i recived the following message on twitter:

    Hi! i'm a student I received a sum of 680USDT(trx20) but I don't know how to sell USDT to get USD into my bank account. . Can you teach me how to use my Trust wallet? I will pay 200USDT as a reward! 12 Mnemonic Phrase Tron: [Scammer Seed] password private key: [Scammer Private key]

    When you try to import the wallet you get to a wallet that has 1000 ish USDT on the TRON network, but the wallet has also about 1Tron (which is not enough to withdraw the usdt), the scam consists in people (you, the victim) sending their TRX to the wallet so they can then try to steal the funds, things is some bot syphons all the TRX (that you sent to the wallet) as soon as it arives in the wallet, what i don't understand is that, even if you try to retrieve a small ammount of USDT from that scam wallet, where the fee should be less than a single TRX (the account always has 1 TRX), you get a signature error no matter what you try

    So my question his, how is that even possible, how can the USDT be there in the wallet but somehow untouchable ? how does that scam work ?

  2. Hello, Crypto enthusiasts.

    I've been to Ethereum Rio and it was a great event. I was looking forward to participating in Polkadot Decoded this year. As usual, this event happens every year with good presentations from projects building on Substrate.

    It was a nice opportunity to get closer to the projects and dive deep into the next-gen technology for many trends like Web3, NFTs, Smart Contracts, Metaverse, etc.

    Now that all the presentations are available on YouTube, some of them really caught my attention:

    · Astar: Sota Wanabe explained very well the WebAssembly (Substrate technology) to make smart contracts better. This adds a huge potential for Web3. Worth watching.

    · Efinity: Oscar Tan created a huge hype around the value of metaverse, the importance of NFTs and Polkadot’s unique abilities like interoperability and shared security that can help developers build the next-gen.

    · RMRK: Mark Ryan minted live some pieces of his mother’s art (pngs and mp3s on a single NFT stored on the Kusama blockchain). It’s amazing how easy it has become for artists to create/mint their work. The barriers are going down.

    · Unique Network: Alexander Mitrovich made a good presentation about the use of Substrate to build quality NFT infrastructure. He mentioned the various limitations related to the current nft infrastructure (scale, efficiency, speed) and how the blockchain learning curve is still a barrier.

    · Moonbeam: Derek Yoo explained how advanced Substrate functionalities are being used by Moonbeam to support connected contracts. Undoubtedly, an essential component of the future of Web3.

    Let me know what you guys think.

    Have you participated in Polkadot Decoded?

    Are you bullish on some specific technology being built?

Leave a Reply

Your email address will not be published.

  • bitcoinBitcoin (BTC) $ 19,282.06
  • ethereumEthereum (ETH) $ 1,327.65
  • tetherTether (USDT) $ 1.00
  • usd-coinUSD Coin (USDC) $ 1.00
  • bnbBNB (BNB) $ 281.92
  • xrpXRP (XRP) $ 0.434759
  • binance-usdBinance USD (BUSD) $ 1.00
  • cardanoCardano (ADA) $ 0.433150
  • solanaSolana (SOL) $ 33.99
  • dogecoinDogecoin (DOGE) $ 0.060180