Binance announced on Tuesday that withdrawals on the cryptocurrency exchange through the Solana blockchain are facing problems due to congestion in the network.
“The Solana (SOL) network is currently experiencing congestion due to an increase in high compute transactions, which is reducing its network capacity to several thousands of transactions per second and leading to some failed transactions for users,” the exchange stated in the notice.
To cope up with the technical difficulties, Binance has decided to pause the withdrawals via the Solana network from 'time to time' to clear the backlog.
“We are actively working with the project to provide a stable long-term solution,” Binance added.
Solana is one of the popular blockchain projects that is aimed at improving the scalability of decentralized networks with the introduction of a consensus called proof-of-history (PoH), combining it with the proof-of-stake (PoS ).
A Promising Blockchain, but Still Flawed
Launched in 2020, the Geneva-based project saw a massive surge in retail demand for its cryptocurrency that surged more than 10,000 percent in 2021. The cryptocurrency has a total market capitalization of almost $70 billion and is one of the top digital currencies considering that parameter.
The value of Solana peaked last November as the price touched $260. However, it has followed a downward trajectory since then. In the last seven days, the token lost 20 percent of its value and is now trading at $136 apiece, as of press time.
Despite the promises of the project, Solana is no stranger to network congestion. The blockchain was faced clogging multiple times in the past, and once in September, it was so severe that it forced the network to shut for 17 hours.
Binance announced on Tuesday that withdrawals on the cryptocurrency exchange through the Solana blockchain are facing problems due to congestion in the network.
“The Solana (SOL) network is currently experiencing congestion due to an increase in high compute transactions, which is reducing its network capacity to several thousands of transactions per second and leading to some failed transactions for users,” the exchange stated in the notice.
To cope up with the technical difficulties, Binance has decided to pause the withdrawals via the Solana network from 'time to time' to clear the backlog.
“We are actively working with the project to provide a stable long-term solution,” Binance added.
Solana is one of the popular blockchain projects that is aimed at improving the scalability of decentralized networks with the introduction of a consensus called proof-of-history (PoH), combining it with the proof-of-stake (PoS ).
A Promising Blockchain, but Still Flawed
Launched in 2020, the Geneva-based project saw a massive surge in retail demand for its cryptocurrency that surged more than 10,000 percent in 2021. The cryptocurrency has a total market capitalization of almost $70 billion and is one of the top digital currencies considering that parameter.
The value of Solana peaked last November as the price touched $260. However, it has followed a downward trajectory since then. In the last seven days, the token lost 20 percent of its value and is now trading at $136 apiece, as of press time.
Despite the promises of the project, Solana is no stranger to network congestion. The blockchain was faced clogging multiple times in the past, and once in September, it was so severe that it forced the network to shut for 17 hours.
FAQs
Withdrawals on Solana (SOL) network have been intermittently suspended since 2024-03-04 due to the increased volume of transactions on the network. Binance has identified some areas for optimization, and is working to provide a stable and long-term solution.
Can I withdraw Solana from Binance? ›
Binance is temporarily suspending withdrawals on the *SOL* network, effective since March 4, 2024. The interruption is attributed to the heightened transaction volume experienced on the network, prompting Binance to take necessary measures.
Why is Solana congested on Binance? ›
Further analysis shows that the main cause of transaction congestion is discarded transactions, that is, transactions that failed to reach the block leader node due to network layer problems.
Does Binance support the Solana network? ›
Binance Web3 Wallet has completed integration with the Solana network. With this update, users can now easily manage and trade tokens and access various dApps on the Solana network via Binance Web3 Wallet.
Why was Solana suspended? ›
Binance suspended withdrawals on the Solana network due to intermittent issues. The surge in trading volume on Solana potentially strains the network. Binance is identifying optimization areas to address the issue.
Can I withdraw Solana? ›
Navigate to your Wallet and click the Withdraw button. Select the Solana (SOL) wallet in the “Withdraw from” field. Select withdrawal address or add a new withdrawal address. PLEASE NOTE: Withdrawing to the incorrect address might result in the irreversible loss of funds!
How long to unstake Solana on Binance? ›
Which cryptocurrencies are supported?
| Asset Name | Bonding Period | Unbonding Period* (days) |
|---|
| Polygon (MATIC) | 1 hour | 3 |
| Solana (SOL) | 2 days | 2 |
| Tezos (XTZ) | 21 days | 0 |
| Threshold Network Token (T) | 1 day | 0 |
15 more rowsApr 25, 2024
The minimum Solana (SOL) withdrawal amount on Binance is 0.01 SOL. This means that you can't withdraw less than 0.01 SOL from your Binance account.
Why is Solana pumping so much? ›
Today, the price of Solana has risen, propelled by a series of positive announcements related to the network and the Fed's decision to forego rate hikes in 2024.
Why is there no max supply of Solana? ›
SOL Token Utility
There is no maximum supply of SOL. Instead, Solana has a fixed year-on-year inflation rate. According to Solana's proposed inflation schedule, the initial inflation rate was set to 8% and is distributed through staking rewards.
Our real-time SOL to USD price update shows the current Solana price as $143.3 USD. Our most recent Solana price forecast indicates that its value will increase by 0.06% and reach $143.98 by April 28, 2024.
Why can't i buy Solana on Binance? ›
Note: This coin is not listed on Binance for trade and service. Binance is constantly reviewing and adding cryptocurrencies that can be used on the Binance platform. If you would like to know where to buy SOLANA MEME TOKEN, which is currently not listed on Binance, you can follow the step-by-step guide below.
What is the most popular Solana wallet? ›
Quick Look: The 7 Best Solana Wallets in 2024
- Phantom Wallet: Most Popular Solana Wallet.
- Solflare: Best Solana-only Wallet.
- Exodus: Best for Customer Support.
- Coinbase Wallet: Best for Beginners.
- Atomic Wallet: Best for Staking Rewards.
- Glow: Best for iOs.
- Ledger: Best Hardware Wallet.
Solana is facing a downturn in on-chain activity, with a noticeable decline in new and active addresses. Despite a rebound to $138 with an 11% surge in the last 24 hours, the sustainability of Solana's price recovery is in question.
What problem is Solana trying to solve? ›
Powered by its unique combination of proof of history and what's referred to as delegated proof-of-stake algorithms, the main problem Solana was attempting to solve was Ethereum's scalability issues. Delegated proof-of-stake is a variation of the more traditional proof-of-stake algorithm.
What is the deal with Solana? ›
Solana (SOL -8.59%) is a blockchain platform known for its speed and efficiency. SOL tokens are its native cryptocurrency and are used to pay its transaction fees. Since launching in 2017, Solana has grown to become one of the largest cryptocurrencies in the world.
Where can I withdraw Solana? ›
To withdraw Solana from the Uphold app:
- Tap 'Transact'
- In 'From:' select 'Solana' beneath 'Crypto networks'
- Enter amount.
- In 'To:' enter any Solana network address.
- Tap 'Preview' then 'Confirm'
