In this line, about 33% of industry experts have revealed that they are losing trust with the Solana team mainly due to the network outage issue, a report by Finder shared with Finbold on October 27 indicates.
Solana growth trajectory
Despite the concerns, 37% of the 55 fintech and Web3 specialists indicated they still have full trust in Solana, while 30% exhibited optimism the network challenges are part of the growth trajectory. Notably, Solana’s primary cause of outages has not been identified, a factor that divided the experts. Indeed, 22% of the panel stated that the outages are due to low-cost transactions, while the rest cited a bigger issue like centralization. Notably, as reported by Finbold, Solana continues to record significant growth, with Solana-based transactions hitting over 100 billion.
Impact of network outages
However, the network outage challenges have emerged as an essential pain point for the blockchain, with Anatoly Yakovenko, one of the co-founders of Solana, terming the situation as a ‘curse.’ Despite the outages, the network maintains that Solana’s integrity remains intact. In 2022 alone, the network has suffered at least six significant outages. The last incident was recorded on October 1, lasting over six hours. Overall, the experts opined that Solana will likely trade at $35 by the end of 2022. By press time, the asset was trading at $31, with gains of about 1.5% in the last 24 hours. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
