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Solana’s blockchain network recently continued to experience congestion and could not be transacted. However, the cause was not a hacker attack, but a launch event of a very successful NFT project. Therefore, I don’t know if this is good news or bad news for investors.
Solona’s Layer 1 blockchain, known for its high transaction speed and low cost, was severely congested today, following the IDO launch of SolChicks token sale on Raydium platform.
SolChicks is a blockchain-based NFT project by Solana that has opened a CHICKS token sale on Raydium and the MEXC exchange. The number of participants in this IDO is too large, which may be the cause of the problem of the Solona network.
Shortly after the IDO event started, SolChicks announced the incident on its Twitter page. “We apologize for the inconvenience of this delay, but tens of thousands of users are trying to purchase CHICKS and causing the Raydium server to crash,” a SolChicks representative said.
Many transactions on the Solana network could not have been completed at that time. Solana Explorer data shows hundreds of failed transactions, while the number of transactions processed per second has decreased by more than 50%.
This issue also affects transactions sent to Solana on major cryptocurrency exchanges around the world. Coinbase had to warn its customers that transactions involving Solana could fail.
Notably, this is not the first time Solana’s blockchain network has experienced problems. Just last week, Solana also encountered a problem that caused the transaction speed to be significantly slow. The cause is also related to another IDO event on the Raydium platform. The Realy project related to the metaverse universe has opened its token sale, and it seems that many investors have used bots to be able to be the earliest buyers.
In September, another IDO event caused the Solana network to crash for 18 hours straight. Solana’s representative said they had to restart the network after this serious incident. A lot of new IDO projects related to NFT and metaverse have been built on top of Solana’s blockchain, but it seems that the quality of the Layer 1 blockchain doesn’t keep up with that huge amount of transactions.
Solana’s SOL coin also reacted to this news, dropping 8.9% immediately at the time of the incident being announced.
In Vietnam, representatives of the State Bank have repeatedly broadcast the message that virtual currencies are not currencies and are not legal payment methods..
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