Sam Bankman-Fried, the CEO of FTX and a renowned Solana blockchain network enthusiast, has defended the Solana blockchain network, claiming that it still processes more transactions than all other major blockchain networks combined.
Billionaire Sam Bankman-Fried (SBF), the Co-Founder and CEO of crypto exchange FTX, defended layer one blockchain Solana ($SOL) against criticisms of network performance issues last weekend.
For the third time in less than six months, the Solana network has gone down. The increased amount of DDoS attacks on the SOL network is thought to be the result of blockchain issues.
Solana mainnet, which is currently in beta stage of software development, has recently had performance concerns, as reported by Solana status on Twitter.
The Solana team went on to say:
- “Developers have made lots of progress on this, but the work is not complete. The last 24 hours have shown these systems need to be improved to meet the demands of users, and support the more complex transactions now common on the network.
- The current issue experienced by validators is due to excessive duplicate transactions. Engineers have just released 1.8.14, which will attempt to mitigate the worst effects of this issue.
- These forthcoming releases are aimed at improving the state of the network, with more improvements expected to roll out in the next 8-12 weeks. Many of these features are currently live on Testnet, where they are being rigorously tested.
- Release 1.8.14 is now…“
Sam Bankman-Fried gave his thoughts on Solana’s reduced performance, which has prompted users to demand that the outage be resolved as soon as possible.
Although there was significant performance depletion, SBF stated that the Solana blockchain “still processed more transactions than all other major blockchains.”
He went on to explain that, while there’s more work to be done, progress can only be made by being ambitious, and that “often it means failing to meet our goals, but we often end up further than if we’d never tried.”