Founder of FTX Trading Platform: Solana is Better Than Other Blockchains Despite Outages

Founder of FTX Trading Platform: Solana is Better Than Other Blockchains Despite Outages

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Answer Founder of FTX Trading Platform: Solana is Better Than Other Blockchains Despite Outages

Despite the multiple outages that the Solana network has experienced in recent months, the founder and CEO of FTX believes that the high-performance Solana blockchain is still better than other networks in the industry.

The recent outage of Solana’s network occurred last Friday and lasted for more than 48 hours, causing forced liquidation of DeFi users who borrowed money from decentralized lending platforms.

According to Solana’s team, Friday’s incident was caused by excessive duplicate transactions from bots, causing the network to experience high levels of congestion.

The recent outage sparked criticism from crypto industry experts and users.

While many have questioned Solana’s reliability and standing, some believe that she is no longer part of the future blockchain race.

Read:Binance announces plans to launch the first exchange to offer its services in exchange for coins

FTX Founder: Solana is Better Than Other Blockchains

Since both critics and supporters share their views on the Solana network issue, chirp The founder of FTX said Tuesday, noting that despite the network’s recent shortcomings, it is still superior to other blockchain networks.

According to the head of FTX, Solana has been able to process more transactions than all the other major networks combined.

He noted that although the number of transactions per second (TPS) processed by the Solana network has decreased significantly, it still offers a lot compared to other blockchain networks.

The same spokesperson acknowledged that there was still much room for improvement, adding:

There is always more work to be done.

The most important thing is to do this work to increase the productivity of the system, and increase the efficiency.

DeFi Merchants Losing Faith in Solana:

While the founder of the FTX platform focused on the historical performance of the Solana network, other market observers noted that frequent outages negatively affected traders, significantly reducing their confidence in the network.

Read:CME Group will compete with the crypto company FTX after it officially applied for the status of a forward commission trader

According to analyst Larry Cermak, Solana’s outage has liquidated the positions of thousands of traders and hurt the performance of their crypto wallets.

He also commented:

The main problem in the past few days has been that you can’t get transactions done when you need them most.

If I get liquidated because I can’t increase my position due to the deteriorating performance of the network, it is hard for me to trust the network again in this type of transaction.

Read also:

Indonesia bans cryptocurrency related to financial firms

Facebook puts an end to its “Deem” stablecoin project

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