The Solana [SOL] ecosystem faced criticism due to frequent outages, raising concerns about its reliability. However, the network has since undergone significant improvements, experiencing only one outage in 2023 so far. According to a recent report from the Solana Foundation, the network’s performance has notably transformed during the first half of the year.
Solana has achieved an impressive feat, maintaining 100% uptime since the end of February. This notable performance continued for an entire quarter without experiencing any outages. The only outage occurred in February and lasted nearly 19 hours, temporarily affecting the network. The network’s co-founder, Anatoly Yakovenko, previously referred to its reliability and uptime issues as a “curse,” making this recent growth even more commendable.
The Solana Foundation wrote,
“A constantly reliable network is foundational to the trust and continued growth of the network. One of the most important measures of reliability is network uptime.”
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Analyzing Solana’s performance
The price of SOL has witnessed a prominent increase since the beginning of the year. The altcoin started the year at a low of $9.96. However, it managed to surge to a high of $27.34. Throughout last month, SOL surged by nearly 50%. At press time, the asset was trading for $25.32 following a 5.7% daily drop.
The ongoing uptrend has proven to be highly advantageous for SOL investors. The asset’s Sharpe Ratio has reached an impressive 6.82, a metric that assesses the relationship between an investment’s return and its risk. With a Sharpe Ratio higher than 3, SOL is considered an excellent investment in light of the associated risk.
Solana was previously hailed as a strong contender to challenge Ethereum’s dominance. It has been actively competing in the decentralized finance [DeFi] sector. In a recent achievement, the network deployed a total of 152 contracts, setting a new year-to-date record. Notably, the total value locked [TVL] in Solana’s DeFi ecosystem has experienced significant growth since the beginning of the year. In January 2023, the TVL stood at $205 million, but it has now surged to $313.85 million.
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