Solana has had a rough time recently, so rough in fact that the price of the coin has seen a significant drop and at the time of this writing is only at $153.93. Alarms are going off, panic has set in and investors are selling their coins off like Wal-mart after Xmas. The days are not looking good for the Ethereum competitor and though many others will tell you not to worry , one cannot help but feel overwhelmed with the current situation of the Solana blockchain.
It seems a lot of the issues stem from the relationship with Raydium IDO sales and the Solana blockchain. Now of course nobody is blaming Raydium or Solana directly but it seems there needs to be some sort of reconcilliation of the issues between the two platforms. Recently the newly popular Solchicks delivered on their promise of producing a sale for their $CHICKS coin (think like AXS for Axie Infinity). Due to this sale the Solana network has slowed down to a crawl and has been struggling to process teh transactions for several hours. The congestion problem seems to originate from an oversubscribed IDO launch, CHICKS, and is not the first time this has happened. Though the network has come to a slow crawl it has not completely stopped like it did back in September.
With what appears to be the third issue (2nd within two days) the price of Solana has taken a great hit after what was appearing to be a rally. The price took a dive from 175.51 to 148.03 and then back up to 153.93. Solana was not the only coin to drop with ADA , DOT and a few others dropping below their summer-fall highs.
The Solana blockchain has had an ongoing problem with congestion and for a platform which markets itself on it’s speed this is a terrible look. During the launch of the CHICKS coin Solchicks added that they were “encountering some minor server issues and were unable to to launch a liquidity pool on Raydium following the launch.”
Not all bad news
This is not the end, nor should anyone count Solana out just yet, consider this as growin pains as there are many opportunities for things to get better. Time will tell what really happens with the blockchain and even if they can correct issues being seen with Raydium. Solanews will be here all the way to report to you the happenings of the Solana blockchain.