The CEO of the FTX platform explains the reason for the 17-hour outage in Solana
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Answer The CEO of the FTX platform explains the reason for the 17-hour outage in Solana
Sam Bankman-Fried, founder and CEO of cryptocurrency exchange FTX, said that the 17-hour network outage that Solana experienced last week was due to its rapid growth.
He also commented on stablecoins, saying they are an essential part of the ecosystem and urging US regulators not to ban them.
Solana falls due to its rapid growth:
in an interview Speaking with Bloomberg, the founder and CEO of FTX shared his position on hot topics such as the Solana disruption and regulations for the cryptocurrency industry.
Being a supporter of the Solana Project, the 29-year-old billionaire described the 17-hour meltdown of the Solana Network as sad and frustrating, and added:Read:A user tells the story of his exposure to a new fraudulent method on a trading platform
It’s always sad when that happens, it’s always frustrating.
Sam Bankman-Fried explained the reason for Solana’s outage by saying that the network had expanded rapidly in a short period of time.
As such, the network was unable to handle the increased and excessive activity.
Bankman believes that Solana has already solved this problem, adding:
What this really focuses on is that as you try to scale the blockchain exponentially, you will eventually test the limits of the existing network.
The CEO of “FTX” also gave his opinion regarding stablecoins and their participation in the cryptocurrency space.
Bankman believes that these stablecoins add a lot of value to the system, and make it easier to interact with everything.
With that in mind, banning it wouldn’t be a good idea.
Bankman suggested that US watchdogs should regulate them so they can continue to play a critical role in the digital asset industry.
Solana grabs the spotlight with her height and turbulence:
The Solana “SOL” project has recently attracted the attention of the cryptocurrency public, in particular the NFT token community.Read:Exploiting the Web 3 infrastructure platform “Ankr” and stealing digital currencies worth millions!
The impressive expansion of the Solana blockchain has led to some network problems, like the one mentioned above.Read:Meet a worker in the oil industry who quit his job to trade cryptocurrency full time
In mid-September, Solana’s price dropped in a matter of hours as users were unable to process transactions.
The disturbance appears to be caused by Raydium IDO bots attempting to snatch tokens at launch.
After more than 17 hours, Solana is back up and running after restarting the validators and upgrading to the current version.
Regardless of the network’s one-day disruption, in the past few months the project’s coin has risen tenfold from mid-July to September 9, when it hit an all-time high of more than $210.
Now the general correction has brought the price of the digital currency SOL to below $135.
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