Upbit Suspends Trading Due to Solana Network Outage
Upbit, a prominent cryptocurrency exchange, has made the decision to temporarily halt deposits and withdrawals for SOL, GMT, RAY, and ACS tokens. This move is in response to ongoing interruptions in block generation on the Solana network. The aim is to maintain stable deposit and withdrawal services for users while the network experiences performance degradation.
Furthermore, Upbit has also suspended SOL staking services until normal network operations are restored. The exchange has assured users that they will receive timely updates regarding the resumption of services.
Laine Provides Insights into Solana Network Performance
Laine, a software and blockchain firm acting as a leading validator on Solana, has shed light on the performance degradation of the network. In a statement on the X platform, Laine acknowledged that Solana’s Mainnet-Beta is experiencing halted block progression. Core engineers and validators are actively investigating the issue to identify and address its root cause.
Concerns Arise in the Crypto Community
The recent announcement from Upbit regarding the suspension of trading activities on Solana has raised concerns among investors and traders. This unexpected development has prompted a closer examination of the situation and highlights the severity of the network disruption.
Hot Take: Solana Faces Challenges with Network Outage
The temporary suspension of trading activities on Solana due to a network outage has created uncertainty within the crypto community. Upbit’s decision to halt deposits and withdrawals for certain tokens aims to ensure stability for users during this period of performance degradation. Laine’s acknowledgment further emphasizes the seriousness of the situation and ongoing efforts to address it. As investors and traders wait for normal network operations to be restored, timely updates from Upbit will be crucial in alleviating concerns and maintaining trust in the Solana network.
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