FTX CEO defends Solana following latest network outage

The Solana Network continues to retain the support of FTX CEO Sam Bankman-Fried after he publicly backed the project on Twitter.

The network suffered its latest outage only days ago, with services down for 48 hours.

The persistent network issues had angered the community, triggering conversations on the reliability of the network and whether it could truly handle the demand.

Alongside the outage, Solana (SOL) suffered a 34% drop in the last seven days. However, the altcoin has bounced back by 10%, at the time of writing, according to market data from Coin Rivet.

Among all the criticism, FTX CEO Sam Bankman-Fried rose to the forefront of Solana supporters and stated his defence of the network on Twitter

The 29-year-old said despite its performance issues and if you take away voting transactions from the TPS (transactions per second), Solana had still “processed more transactions than all other major blockchains combined”.

Bankman-Fried admitted the network was still processing ‘a ton’ of transactions despite its obvious issues and praised Solana for being ambitious and failing to hit targets is something that will happen, a sentiment Charles Hoskinson shared when discussing the delays to Ethereum 2.0.

Solana response to outage

Following the resolution of the outage on Sunday January 23, the Solana team announced the adoption of V1.8.14 which they hope will “improve the state of the network, with further improvements expected in the next 8-12 weeks”.

The team admitted the performance of the network was not up to scratch and its developers is continue to make progress on the issues the network had faced.

“The developers have made a lot of progress on this, but the work is not done,” a statement said.

‘The last 24 hours have shown that these systems need to be improved to meet the demands of users and support the more complex operations that are now common on the network.”