The outage latest for four and a half hours, according to the Twitter account Solana Status. According to this same account, the outage started at 1 pm Eastern Time.
It's not the first time the Solana blockchain has suddenly halted – making many investors question whether Solana is the best network to diversify funds into.
Validators in the Solana network were not processing new blocks for at least four and a half hours yesterday. This occurred as validators were unable to find consensus, therefore halting the blockchain and being incapable of recording new transactions.
Applications built on Solana's blockchain – one of Solana's core use cases – were taken offline as a result.
Validators were later able to restart the network. Solana's blockchain is core to its USP as it claims to process 50,000 transactions a second, with an average cost per transaction of $0.00025. This is much faster than Ethereum which can process around 13 transactions per second at a cost oftentimes above $30.
Many Ethereum holders diversified into Solana last year, largely as it became dubbed the 'Ethereum killer' for its fast and low-cost blockchain with the smart contract and dApp functionality.
However, Solana also became locked up for several hours only on May 1 – unsurprisingly during this last outage, Solana has fallen in price while rival Cardano has jumped to 6th place in the crypto market cap rankings.
Earlier this year Binance merged its former Beacon Chain and Binance Smart Chain into one BNB Chain.
The native token BNB has remained as the 5th largest cryptocurrency by market cap all year and Binance has remained the largest crypto exchange by daily trading volume. All of this makes BNB and the Binance ecosystem one of the strongest competitors to Ethereum. The security of the BUSD stablecoin in the wake of the Terra Luna collapse (BUSD is the only stablecoin backed by US banks and with regular public audits) also points toward Binance as a safer haven for crypto investments than Solana currently.
Here are three cryptos to buy in 2022 in the Binance ecosystem.
EverGrow Coin launched in September last year and has quickly become the top reflection token in the Binance ecosystem.
The project has paid more than $37 million in BUSD to investors since launch, while also burning close to 53% of its supply according to BSC scan. These utilities are financed by the 14% EverGrow Coin transaction tax with 8% distributed as BUSD and 2% kept back for buyback and burn.
EverGrow Coin will drop an NFT marketplace on the BNB chain in the next few works, while also building EverGrow Coin, BUSD, and BNB into its new content subscription platform Crator. Each of these applications is designed to draw newcomers to crypto and make use of the secure and fast-growing Binance ecosystem.
The native BNB token is currently trading at a price of $303. This is far below the all-time high of $690 reached in November last year, and below the price of $400 at the beginning of May.
BNB has strong potential as both driving the Binance ecosystem and granting lower trading fees to users who hold BNB. The roadmap for BNB also will see 50% of its initial supply burned via monthly coin burns.
While Ethereum aims to switch to a new proof of stake consensus mechanism, and Solana is in disarray, BNB could also soon rise in the NFT market as a low-cost alternative.
PancakeSwap is the leading automated market maker (AMM) and decentralised crypto exchange (DEX) on the BNB Chain. It allows users to exchange tokens, while providing liquidity via farming and earning fees in return.
The native token CAKE is the 66th largest crypto token by market cap, with a total valuation of $714 million. CAKE is currently trading at $4.30. The CAKE token can also be earned as a reward for staking and otherwise participating in the PancakeSwap ecosystem.
With the growth of the wider BNB Chain, Pancake Swap is likely to be brought along as one of its leading decentralised exchanges.
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.