Cryptocurrency exchange Binance reported that withdrawals on the Solana network have been temporarily suspended due to an increase in transaction volume.
The statement said the restrictions will apply from March 4 to March 9, 2024.
In January 2024, transaction volume on the Solana network crossed $951 billion, a “multi-year high.” Already in early February, there was a glitch in the blockchain. Then the network experienced a decrease in productivity, and the production of new blocks was stopped.
We also note that from February 28 to February 29, 2024, the Solana rate increased by 17.7% – to $132.58 at the moment, and trading volume jumped by 164.9%. At the time of writing, the asset is trading around $132.
The volume of blocked funds (TVL) in Solana increased to $2.64 billion:
Rapid restoration of the ecosystem began in November 2023.
Source: Cryptocurrency
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