Binance halts Solana transfers hours after its beta OpenSea debut

Lavina Daryanani
Source: Binance Academy

Binance, one of the world’s leading crypto exchanges, issued an update with respect to Solana withdrawals on Thursday. Outlining the same, its official tweet noted,

Updates on SOL withdrawals: We would like to inform you that we are aware of the current issues regarding withdrawals on the Solana network. Binance is working with the project team to ensure that these issues are resolved as soon as possible.

It further went on to add that SOL withdrawals might be paused “from time to time” depending on the network situation.

Further details regarding the suspension of withdrawals remained deficient at the time of press. In fact, on its part, Solana’s official Twitter handle too hadn’t posted any official update about its alleged network issues.

However, it should be noted that the halt comes hours after Solana’s much-awaited beta debut on OpenSea.

Sneak peek into the past

Solana’s network has been facing complications over the past few months. Back in January, for instance, the blockchain network had reported excessive duplicate transactions being carried out along with noting a broad pullback in tokens, ranging from Bitcoin and Ethereum to Polkadot.

Back then, Solana had been outrightly acknowledged the “congestion” issues and strived towards improving them.

In fact, prior to that, back in September last year, Solana had experienced a 17-hour outage which it had attributed to “resource exhaustion.”

Quite a few users highlighted the same under Binance’s tweet thread. Stressing on the perpetual problem, two specific users went on to say,

Always issues with Sol network. This is becoming a bit tiring tbh”

“Always the same problem and all time the same answer…”

Solana’s TPS tale

Per a recent Barron’s report, “Solana can process an industry-leading 65,000 transactions per second or TPS.” However, of late, the number has been revolving quite distant from the said ceiling.

According to data from the Solana Explorer, the TPS merely stood at 1363 at the time of press, bringing to light the striking difference between its potential capacity and reality.

Source: Solana Explorer