Solana’s native coin SOL has dropped another 6% today, falling below USD 90. Solana blockchain had 48-hour network congestion over the weekend. SOL fell about 60% from it’s all-time high in November 2021.
On Saturday, January 22, Solana mainnet beta suffered from serious levels of network congestion. However, on Monday, January 24, the systems were completely working again.
Solana’s frequent network disruptions have led to traders losing faith in the platform. As a result, other Ethereum Layer-1 rivals like Fantom, BSC, and others have made inroads.
Mark Jeffery, the owner of the Boolean Fund and a crypto investor, tweeted: This has happened for the 6th time in three months. The battleground has been narrowed down to ETH, BSC, Fantom, Avalanche, and Terra.
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Solana possesses 50 percent of DeFi TVL since DeFi traders picked lower-cost options like Fantom, Avalanche, Terra, and others. According to reports, Fantom has surpassed Ethereum as the second-largest network in terms of DeFi TVL.
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According to DeFiLlama, Solana has fallen to sixth place with a DeFi TVL of USD 7.7 billion. The Solana team plans to maintain the network in the next two to three months. These releases will enhance the network and they will go out in 8-12 weeks. Most of these features are available on Testnet, where they are being intensively evaluated.
