Solana (SOL) Price Prediction

Key Points:According to validator Stakewiz, the Solana network is experiencing a severe chain split.The cause has not yet been determined. Transactions on Solana may not be possible.This is also an incident that had precedent for Solana.According to validator Stakewiz, the Solana network is experiencing a “serious chain split,” but the cause has not been determined. Transactions on Solana may not be possible. “Solana Mainnet is experiencing a sizeable forking event right now, and validators are investigating to determine the network health, root cause, and next steps. Transactions may fail right now.” Software and blockchain company Stakewiz operate a validator node on Solana.This causes the blockchain to fork, as validators can not agree on the correct one. This fork caused a confusing code path that prevented validators from switching back to the primary division.Stakewiz believes that the Solana network did not fix the situation. The cause of the problem still needs more work to be clarified. “It’s not clear yet what is causing the current performance degradation; turbine and repair appear to be operating at abnormally high levels. We are seeing occasional new roots but very sporadically. The investigation is ongoing.” Although Solana is used by many people, it often makes users bored because of constant problems.Despite touting itself as a high-performance blockchain, Solana has suffered a series of crashes over the past year. In September 2021, it was offline for almost 18 hours.For the last year, it also froze for about seven hours in early May until the validator restarted and went offline for about four hours in June. The network experienced a drop in performance in January, March, April, and May.However, the number of users on Solana is still at the top compared to other networks and is still a big competitor of Ethereum because of its competitive fees.Users say that Solana still has a long way to go to strengthen its infrastructure.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuFoxyCoincu News

The Solana network experienced a forking event early Sunday morning New York time that throttled users’ ability to execute transactions. According to Solana Explorer, the network was processing about 93 transactions per second near 2:00 AM east coast time, well below the network’s rate near 5000 TPS some 15 minutes prior. Such low throughput is prohibiting users Solana from conducting activity such as trades and transfers on-chain. It was not immediately clear what caused the “long forking event,” two validator operators told CoinDesk. Validator operators and representatives from Solana Foundation as well as Solana Labs are coordinating a response, the pseudonymous SolBlaze, who runs a staking service, said. “To be clear, Solana network is still confirming blocks, but validators are at risk of running out of memory to do so until the root cause of the forking is determined,” said SolBlaze in a message on Discord. In a Discord channel established to coordinate efforts, validators and Solana engineers were discussing a range of options, including a potential network restart or a software downgrade. They had not reached consensus by press time.

The market leader for Solana-based liquid staking derivatives, Marinade Finance is dangling its governance token MNDE as a carrot to kickstart a crypto economy for its iteration of staked SOL. On Tuesday, Marinade said it will hand out 160 million MNDE tokens to protocols and validators in exchange for them depositing up to 40 million SOL tokens into Marinade’s liquid staking solution, which at $144 million in total value locked (TVL) is Solana’s biggest DeFi protocol. If all goes to plan, this “Open Door” could boost Marinade’s TVL sevenfold, Marinade developers told CoinDesk. They want to drive more users into Marinade’s mSOL token, the so-called “liquid staking derivative” token that accesses the value of depositors’ locked away SOL tokens while they generate yield from securing the Solana network. More staked SOL means more staking interest for Marinade to take a cut of – fees that increase the protocol’s revenue. And more distributed MNDE governance tokens means more Solana DeFi protocols having a say in Marinade’s operations – increasing the protocol’s decentralization, according to its developers. Pseudonymous Marinade developer Cerba said the effort will bring more legitimacy to mSOL, which is ahead of Lido’s Solana LSD token despite that big-name protocol’s dominance on Ethereum. “Basically, we think that mSOL must be pushed by more ecosystem actors to succeed as the most-used LSD on Solana,” he said. “Marinade can push it to a point, but in the end, we both want other ecosystem actors to have MNDE and sit at the governance table, and we want them to integrate tightly with mSOL and have as many use cases as possible, to be a credible alternative to SOL.” MNDE fell 4% in the hours following the announcement as traders digested Marinade’s plan to earmark 16% of the token’s total supply for an incentives program. Liquid staking Solana’s liquid staking protocols are nowhere near as popular as Ethereum’s, where 33% of all staked ETH is wrapped up in LSD tokens from Lido and other staking-as-a-service providers. That’s compared to the 3% share on Solana, per Marinade. Network mechanics account for part of the disparity, Cerba said. As staked SOL is frozen for only 3 or so days at a time, its stakers don’t have quite the same need for liquidity as ETH stakers, who can’t access their capital until the Shanghai upgrade, he said. Ethereum’s looming upgrade has been driving more chatter around that ecosystem’s LSD scene and the protocols that serve it. That “can only be good news for awareness of liquid staking on Solana too,” said Brandon Tucker, head of communications for Marinade.