Share this article
Another Raydium AcceleRaytor IDO caused major congestion on Solana yesterday. Although transaction confirmations have slowed, it appears the network has not suffered an outage this time around.
Slow Solana transactions
Solana continues to have difficulty processing transactions.
The high-speed blockchain saw its transaction speed per second drop by around 50% yesterday as users rushed to participate in Raydium’s latest AcceleRaytor initial DEX offering (IDO). Although many users were frustrated that their transactions took longer to process, the network was not taken offline as it had in a previous IDO.
Projects use the initial DEX offerings to launch their tokens and sell them to the public through a decentralized exchange, also known as DEX. Distribution methods vary, but for many an IDO is a chance to buy a project’s tokens before it increases in value.
Yesterday’s IDO was for Realy, a Metaverse project on Solana aimed at combining social media, e-commerce, gaming and commerce. Like many other Raydium IDOs before him, allocations for the Realy offering were in high demand. In order to gain an edge during the IDO, many tech-savvy investors have deployed bots to get their trades processed faster.
This practice of using bots on Raydium IDOs has severely affected the Solana network in the past. In September, robots interacting with Raydium’s IDO for the Grape protocol blocked the network with transactions, causing it to shut down. The network was idle for around 18 hours as Solana developers and node operators struggled to bring the network back online.
It is possible that fixes implemented since the Grape Protocol IDO helped Solana stay online on this occasion, despite the high network traffic caused by the bots. Crypto Briefing has reached out to Solana Labs co-founder Anatoly Yakovenko for comment, but has not received a response at time of publication.
Disclosure: At the time of writing this feature, the author owned SOL and several other cryptocurrencies.
Solana mobilizes after an 18-hour outage
The Solana Foundation reported a denial of service attack that interrupted the blockchain for 18 hours yesterday. Now that the network is restored, SOL seems to be doing …
Anatoly Yakovenko reflects on the year of Solana’s breakup
Crypto Briefing meets Anatoly Yakovenko, CEO and co-founder of Solana Labs, at the first edition of Solana Breakpoint. Solana is heading to Lisbon No matter where you are looking in the …
How SocialGood offers 100% crypto cashback on online purchases
In recent years, the rise of Bitcoin and tokenized assets has made the cashback vertical ripe for disruption. In the cashback market, blockchain-based loyalty networks are gaining popularity among …