Posts about Solana
Hi! I'm planning to buy a fancy NFT on the worlds most advanced and decentralized blockchain Solana. Last time I checked it seems they were unfortunately closed. But that's on me, I did not check it before if they are open or not. Remember, always do your own research! Therefore I checked their company website this time, but I couldn't find their opening hours. Does anyone know when Solana is open?
This web3 tech is very exciting. I heard Solana is the only blockchain with PoR* consensus mechanism. But I don't know much about it. Maybe a Solana sales rep or someone from their customer support is here on /cc to tell more about it!
long live decentralisation!
*Proof of Restart
It's bad enough losing your funds in a hack due to poor security but the team at OptiFi (no of course you haven't heard of them they're on Solana) have gone and outdone the rest of the hastily put together defi space by completely bricking their own platform and losing approximately $661k worth of USDC.
Whilst it's definitely not the worst loss we've seen this year, it's certainly one of the dumbest the timeline as follows:
On 29th August around 06:00 UTC, we had an update to our program code, and our deployer tried to upgrade the OptiFi program on Solana mainnet. However the deployer accidentally used the solana close program command, resulting in our OptiFi program being shut down.
Without fully understanding the impact, we used 'solana close program' and the OptiFi program on mainnet was closed, and cannot be recovered anymore.
661k USDC is locked in the PDAs, luckily 95% of the fund is from our team member 3. We will compensate for all users’ funds
Defi strikes again. Without knowing what the "close program" command did on Solana mainnet the devs managed to completely brick their own platform so if you were ever wondering if you're qualified to work in the defi space the answer is probably yes provided you can read and know how to do a rudimentary search before copy pasting.
Solana would have had another network outage or congestion issue today. However, this did not happen because of the changes made by the developers.
"Solana is down again. Solana is offline. Solana always fails."
These are the common mantras often spruiked by members here.
What many fail to realise is the significant progress that has been made by the developers on the Solana blockchain in recent months.
So why does Solana seem to get congested?
In the past, when Solana experiences a larger than normal number of transaction requests, it slows down. Ethereum alleviates this issue, by raising the price of its gas fees. However, Solana does not, the fees remain the same, so the network becomes congested.
In some cases, the network becomes so congested, that transactions get interrupted or stalled, and the network goes offline. Stalls. It then needs to be restarted from the previous block by the validators.
What has changed?
Among the many improvements, the Google-supported QUIC protocol was implemented and stress testing has been underway for some time now. Validators have also been working hard to upgrade to the latest software to bring them all in line.
This was especially more difficult as another change made was also the number of validators is almost at 2000. Coincidentally, this has led to a vastly improved Nakamoto Coefficient of 32. Higher than most of its competitors.Stress tests using the QUIC protocol
These tests have shown that the network is able to handle over 14000 transactions per second. For reference, most other major blockchains process less than 1000 transactions per second.
The average TPS rate on Solana usually hovers around ~3000
So why was today special?
I'm not fond of NFTs, but I can't deny their success on the Solana chain. A much hyped token mint called Y00ts, was launched today. This brought a massive influx of speculators and NFT collectors to the Solana chain simultaneously in the hope of snagging one.
TPS during the NFT mint - steady and stable
Despite the obvious stresses, and past experiences, the chain did not stop, halt, slow down at all. The fact that nothing happened whatsoever, is undeniable evidence that the changes being made by the Solana developers are working.
People here love to bag it out for its dodgy performance, but there's a reason I remain very bullish on Solana, despite all the downvotes I cop for it.