Fantom Creator Andre Cronje Voices Support for Solana

Amid recent transaction failures on the Solana network, Fantom creator Andre Cronje has emerged as a supporter of the network, reinforcing his stance on the ecosystem’s challenges amid rapid growth. 

Cronje, widely regarded as one of the most influential thought leaders in decentralized finance (DeFi), conveyed his support for Solana through a post on the X social platform.

As reported earlier by TheCoinRise, the stablecoin transfer volume on the Layer-1 blockchain in January exceeded $300 billion, surpassing that of December. Meanwhile, a surge in decentralized finance (DeFi) activity was also recorded.

Fantom Creator Weighs In

Critics have attributed the ongoing congestion on the Solana network to inherent flaws, yet Cronje contends that such issues stem from the ecosystem’s exponential growth, resulting in heightened demand for block space. 

The Fantom creator maintains that these performance issues are technical challenges rather than flaws in the network’s consensus mechanism. It is important to note that Cronje remains a big fan of DeFi and has predicted a bullish future for the industry.

Data Reveals Shocking Facts

Data from Dune Analytics reveals that approximately 75% of non-vote transactions failed on April 4 amidst heightened activity driven by the recent memecoin craze on Solana. 

However, proponents argue that this data is often misconstrued. The Fantom creator characterized the Solana network as a victim of its own success, acknowledging the recent uproar from users on social media regarding failed transactions and a degraded user experience.

Fantom Creator’s Supporters Weigh In

Supporters of the Fantom creator’s stance underscore the dichotomy between the praise for blockchain technology’s principles and capabilities and the negative reaction when increased demand leads to temporary user experience issues. 

Solana CEO Anatoly Yakovenko expressed frustration, emphasizing the complexity of addressing congestion bugs compared to total liveness failure.

Solana Outages

The recent transaction failures are not unprecedented for Solana. The network experienced a significant outage in early February 2024, halting block progression for over five hours. Since January 2022, Solana has encountered several significant outages and partial or primary outages.

A postmortem report released by Solana-focused software development firm Anza attributed the recent outage to a bug in Solana’s Just-in-Time (JIT) compilation cache. Plans are underway to replace the old loader system with a new one, slated to deactivate upon update rollout.

Despite the network’s challenges, Solana’s price has exhibited resilience, experiencing a slight 3% decline in the last week following a robust 45% rally in the previous month. As per CoinGecko data, Solana currently holds the position of the fifth-largest cryptocurrency by market capitalization, standing at $89 billion.