Solana’s 17-Hour Outage Was Sad And Frustrating, Says FTX’s Sam Bankman-Fried

Sam Bankman-Fried — CEO of the cryptocurrency exchange FTX — opined that the 17-hour network outage which Solana (SOL) skilled last week became because of its rapid increase. He additionally stated stablecoins are an vital part of the ecosystem and advised the United States regulators not to ban them.

Solana Was Down Because It Grows Too Quickly

In a recent interview for Bloomberg, the Founder and CEO of FTX — Sam Bankman-Fried — shared his stance on warm topics consisting of Solana’s disruption and regulations of the virtual asset enterprise.

Being a supporter of the blockchain task, the 29-yr-vintage crypto billionaire defined the 17-hour collapse of Solana’s network as “sad and irritating:”

“It’s always sad when these happen, it’s always frustrating.”

Bankman-Fried defined what induced SOL’s outage. According to him, its community has hastily extended in a brief period of time. As such, it turned into no longer capable of deal with the improved activity. However, FTX’s CEO opined that Solana has already solved its troubles.

“What this is really focused on is as you try to massively scale up a blockchain, eventually you test its current limits.”

The government additionally gave his cents concerning stablecoins and their involvement within the cryptocurrency space. He believes they “upload a whole lot of fee to the machine, and they make it less complicated to have interaction with the whole thing.” Keeping that in thoughts, banning them could now not be an awesome concept. Instead, US watchdogs must adjust them with a view to retain playing a important position in the virtual asset enterprise.

Solana’s Turbulent Last Few Months

The decentralized blockchain project Solana (SOL) has grabbed the eye of the crypto public lately. This has come to be even extra correct with the explosive boom of the NFT area, a large part of which makes use of Solana’s blockchain.

However, the marvelous expansion caused some network problems, which include the aforementioned one. In the middle of September, Solana went down for hours as users had been not able to process transactions. According to its CEO — Anatoly Yakovenko — the disruption was caused by “Raydium IDO bots seeking to snipe the tokens at release.” After extra than 17 hours, Solana resumed operations after the validators restarted and upgraded to the present day model.

Aside from this one-day network inconvenience, the mission’s native currency has surged in fee in the past few months. It skyrocketed via a issue of ten from mid-July to September 9th, whilst it registered its all-time high of over $210. Now, even though, the marketplace-extensive correction has pushed it down to $140.