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Justice Served: $451M Penalty for Firms Behind Binary Options Fraud

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Solana Faces Congestion as Trump-Themed Memecoins Spark Activity Surge

 



The Solana blockchain recently experienced significant congestion as interest in Donald Trump and Melania Trump-themed memecoins skyrocketed. The unexpected surge in transactions overwhelmed the network, causing delays, failed transactions, and increased pressure on both decentralized (DEX) and centralized (CEX) platforms, including Coinbase, Binance, and Phantom Wallet.

Solana’s Network Struggles Amid Record Activity

🔹 Massive transaction load – Phantom, a leading Solana wallet provider, reported 8 million requests per minute, exceeding capacity and causing transaction failures.

🔹 Solana’s 24-hour DEX trading volume hit $23.7 billion, a record high, surpassing Ethereum and its Layer-2 networks combined.

🔹 Solana’s native token, SOL, surged to $294, marking an all-time high, before correcting to $260.

🔹 Coinbase CEO Brian Armstrong acknowledged the surge, stating that Coinbase's Solana infrastructure was under strain and efforts were underway to scale operations.

Technical Bottlenecks and Scaling Challenges

The congestion was fueled by high volatility, low slippage settings, overuse of Compute Units (CUs), and software inefficiencies, which resulted in inefficient block packing and elevated transaction fees.

Mert Mumtaz, CEO of Helius Labs, noted that while block production remained active, incomplete transactions were common due to the fee auction environment and pending software optimizations.

Despite the congestion, Solana remained operational with 100% uptime, a significant improvement compared to previous surges.

What’s Next for Solana?

The Solana community and developers are actively working on solutions to enhance network scalability and optimize fee structures. With its ability to process large transaction volumes and host popular memecoins, DeFi protocols, and gaming projects, Solana is proving to be a dominant force in the crypto industry.

As the blockchain ecosystem continues to evolve, will Solana maintain its dominance in the high-speed, low-cost transaction space?

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