Ledger reports massive Solana congestion, SOL sinks 12%

The Solana network is again experiencing congestion and commission problems.

According to a Ledger support post on March 19, users may receive network or transaction error messages due to network congestion. This can occur when attempting to send, stake, or cancel a Solana (SOL) staking on Ledger Live.

👋Hey #Solana users!

The Solana network is currently experiencing congestion and issues with fees 🚧

As a result, you might encounter error messages like ‘Network error’ or ‘Your transaction might have failed…’ when attempting to send, stake, or unstake $SOL in Ledger Live… pic.twitter.com/XbO47CS6bq

— Ledger Support (@Ledger_Support) March 19, 2024

Users were advised to try to repeat the SOL transaction several times until it went through. Retrying the transaction, users can connect Ledger to a compatible third-party wallet such as Phantom, Solflare, or Backpack.

You might also like: NFT artist’s meme coin on Solana nets $10m in one-day presale

However, some users claim that Ledger’s problems were not caused by Solana being overloaded. One of the users advised the team to update the code.

You make it sound like it’s Solana’s fault when according to your incident report it is Ledger Live’s “degraded fee estimation”, lol. Update your code please, patch it. Solflare and Phantom both work but LL doesn’t. SOL is ok

— vege_dad (@opio94039688) March 19, 2024

Another user supported this statement and criticized Ledger.

It’s Ledger, not Solana. Same as NEAR, which won’t allow the setup of a wallet on Ledger Mobile, currently into its 2nd week with no resolution.

Moving to Tangem soon. Sick of having to re-add accounts all the time. It’s not the first disappearing account, won’t be the last. 💀

— ϻ ö κ í 🥭 (@MokiQwoki) March 19, 2024

Amid reports of network congestion, SOL is experiencing a decline. Over the past 24 hours, the coin has fallen in price by 12%, dropping to $177. However, the sharp drop in the token may also be due to a correction after the cost of the network’s native token SOL exceeded $200 on March 18.

The Solana ecosystem has been booming in recent weeks, with trading volume on decentralized exchanges (DEX) and the total value of assets locked in defi protocols (TVL) breaking records. This significant increase in transaction volume can be attributed to two key factors – low network fees and the rise in popularity of meme coins such as Dogwifhat (WIF), Bonk (BONK), and Book of Meme (BOME).

You might also like: Solana sets new record: 816k new users join amid Dogwifhat’s 400% price rally

Source