On Saturday, the Solana Status page confirmed rumors that there had been a high number of transaction failures for the previous 2 to 3 days after some network users expressed concerns.
The current status says that the Solana mainnet beta is experiencing severe network congestion, adding that validators are currently experiencing difficulties as a result of an abundance of duplicate transactions.
The latest performance degradation issue comes just days after Solana witnessed another problem, pushing Binance to pause network withdrawals, which have yet to resume.
The network's development team has stated that it is working to restore network stability, requesting that users update their validators to version 1.8.14, just two weeks after requesting that they update to version 1.8.12.
While the previous issue was caused by program cache exhaustion, the current issue is caused by transaction duplication, according to the announcement.
Users must thus update their mainnet to version 1.8.14 in order to mitigate the worst effects of this issue while the team works on more improvements.
However, the team has yet to remove a previous warning that cross-chain bridge transfers to Solana could fail due to a Wormhole.
Price Suffers As A Result Of Network Issues
Despite Solana's assurance, some users have already launched scathing attacks on the network, blaming the network's developers for recent problems and threatening to abandon it in favor of other options.
Daniel Cheung of Kikitrade criticizes Solana's monolithic nature, blaming it for the recent downturn. "It's clear that the winning blockchain of the future will most likely have a modular architecture." Bullish $ETH 2.0 & Cosmos Ecosystem,” He says.
Solana's ongoing problem now threatens to further depress SOL's price, despite the fact that it has already taken a significant hit, with investors such as FTX CEO Sam-Bankman Fried forecasting lower prices.
At the time of writing, the cryptocurrency was trading at $98 after losing more than 63 percent of its value since reaching an all-time high of $259.80.