{"id":8455,"date":"2025-01-23T13:01:43","date_gmt":"2025-01-23T13:01:43","guid":{"rendered":"https:\/\/icobench.com\/?p=8455"},"modified":"2025-01-23T13:01:43","modified_gmt":"2025-01-23T13:01:43","slug":"coinbase-apologizes-for-big-delay-in-solana-transactions-as-trump-congests-network","status":"publish","type":"post","link":"https:\/\/icobench.com\/news\/coinbase-apologizes-for-big-delay-in-solana-transactions-as-trump-congests-network\/","title":{"rendered":"Coinbase Apologizes for Big Delay in Solana Transactions as $TRUMP Congests Network"},"content":{"rendered":"<p>The Chief Executive Officer of Coinbase, Brian Armstrong, apologized to customers yesterday for a big backlog of unprocessed transactions in the Solana network and informed that the issue had been resolved.<\/p>\n<p>The exchange experienced a significant surge in trading volumes amid the launch of President Donald Trump\u2019s official meme coin \u2013 $TRUMP \u2013 which resulted in severe network congestion for the Solana blockchain.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">We have the Solana backlog triaged, and transactions should generate quickly again. If your transaction got canceled you can retry it now \u2013 apologies for the trouble.<\/p>\n<p>It\u2019s clear we need to step up our game on Solana, scale our infrastructure, and provide native support for\u2026<\/p>\n<p>\u2014 Brian Armstrong (@brian_armstrong) <a href=\"https:\/\/twitter.com\/brian_armstrong\/status\/1881987902701207678?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener noreferrer\">January 22, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Data from DefiLlama indicated that the total value locked (TVL) within the network surged to $13.9 billion right after $TRUMP hit the market, while <strong>fees surged to over $30 million<\/strong> \u2013 almost 9 times higher than the daily average.<\/p>\n<p>\u201cOur goal is to provide tier 1 support for Solana, with the same level of support as Bitcoin, Ethereum, and Base (which also saw delays recently due to large surges of activity btw),\u201d Armstrong emphasized in an X post addressing the issue.<\/p>\n<p><strong>Also read: <\/strong><a href=\"https:\/\/icobench.com\/cryptocurrency\/solana-icos\/\" rel=\"\">Best Solana ICOs &amp; Presales to Invest in January 2025<\/a><\/p>\n<p>Decentralized applications on the Solana blockchain, like Jupiter and Raydium, experienced similar issues during this period, but Coinbase\u2019s delays are a rare instance, especially as some transactions were backlogged for over 48 hours.<\/p>\n<p>On Sunday, <strong>$TRUMP trading volumes reached as much as $40 billion<\/strong>. The token was launched in the Solana mainnet and was quickly listed by major decentralized and centralized exchanges.<\/p>\n<p>Google showed a spike in crypto-related keyword searches starting on Friday 17 ahead of the President\u2019s inauguration day. However, users\u2019 interest in digital assets skyrocketed on Sunday when Trump officially announced his ties to Official Trump ($TRUMP).<\/p>\n<h2><span id=\"solana_sol_takes_a_pause_after_huge_5-day_rally\">Solana ($SOL) Takes a Pause After Huge 5-Day Rally<\/span><\/h2>\n<p>The price of Solana ($SOL) seems to have entered a consolidation phase following the massive rally it experienced from January 14 to 18 ahead of the President\u2019s inauguration speech.<\/p>\n<p>The price made an all-time high last Sunday and approached the $300 level for the first in its history but quickly retreated to close the session below its November 2022 peak. <strong>Now, the market appears to be taking a breather after these volatile days.<\/strong><\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-8456 size-full\" src=\"https:\/\/icobench.com\/wp-content\/uploads\/2025\/01\/solana-takes-a-breather-after-last-weeks-rally-propels-it-to-ath.png\" alt=\"solana takes a breather after last week's rally propels it to ath\" width=\"922\" height=\"502\" srcset=\"https:\/\/icobench.com\/wp-content\/uploads\/2025\/01\/solana-takes-a-breather-after-last-weeks-rally-propels-it-to-ath.png 922w, https:\/\/icobench.com\/wp-content\/uploads\/2025\/01\/solana-takes-a-breather-after-last-weeks-rally-propels-it-to-ath-300x163.png 300w, https:\/\/icobench.com\/wp-content\/uploads\/2025\/01\/solana-takes-a-breather-after-last-weeks-rally-propels-it-to-ath-768x418.png 768w\" sizes=\"(max-width: 922px) 100vw, 922px\"><\/p>\n<p>This consolidation phase appears to be forming a bull flag pattern that could propel the price of $SOL above the $270 level if confirmed.<\/p>\n<p>This technical setup typically emerges after the price of an asset has rallied hard for a few days as early buyers take some profits off the table and create room for those who are a bit late to the party.<\/p>\n<p>For this pattern\u2019s bullish bias to be confirmed, the price must first break that resistance level, preferably during a session with above-average trading volumes. The Relative Strength Index (RSI) briefly moved to an overbought area and recorded a higher high, which indicates that momentum is on the positive side for now.<\/p>\n<h2><span id=\"solaxy_solx_raises_136m_as_it_prepares_to_solve_solanas_congestion_issues\">Solaxy ($SOLX) Raises $13.6M as It Prepares to Solve Solana\u2019s Congestion Issues<\/span><\/h2>\n<p><img decoding=\"async\" class=\"alignright  wp-image-7749\" src=\"https:\/\/icobench.com\/wp-content\/uploads\/2024\/12\/Solaxy-Logo.jpg\" alt=\"Solaxy Logo\" width=\"200\" height=\"200\" srcset=\"https:\/\/icobench.com\/wp-content\/uploads\/2024\/12\/Solaxy-Logo.jpg 400w, https:\/\/icobench.com\/wp-content\/uploads\/2024\/12\/Solaxy-Logo-300x300.jpg 300w, https:\/\/icobench.com\/wp-content\/uploads\/2024\/12\/Solaxy-Logo-150x150.jpg 150w, https:\/\/icobench.com\/wp-content\/uploads\/2024\/12\/Solaxy-Logo-64x64.jpg 64w\" sizes=\"(max-width: 200px) 100vw, 200px\">The latest congestion issues that the Solana network experienced amid the launch of $TRUMP show how eagerly the ecosystem needs a layer-two scaling protocol like <a href=\"https:\/\/icobench.com\/visit\/solaxy\" target=\"_blank\" rel=\"nofollow\">Solaxy ($SOLX)<\/a>.<\/p>\n<p>Since its presale event started in December, <strong>this project has raised $13.6 million from investors<\/strong> to increase Solana\u2019s efficiency by bundling offline transactions and incorporating a higher number of instructions in a single block.<\/p>\n<p>The Solana ecosystem is growing fast amid the huge popularity of <a href=\"https:\/\/icobench.com\/cryptocurrency\/best-meme-coins\/\" rel=\"\">meme coins<\/a> and the significant expansion of decentralized finance (DeFi) applications like Raydium and Jupiter.<\/p>\n<p>To support this kind of growth, Solaxy will strengthen Solana\u2019s infrastructure to make sure that nothing gets in its way to grow to the point that it can beat Ethereum as the leading smart contracts network in the industry.<\/p>\n<p>At its discounted price of $0.001612, <strong>Solaxy offers both significant upside potential to investors once the asset is listed on exchanges and attractive staking rewards of 280% per year<\/strong> at the time of writing.<\/p>\n<p>To buy $SOLX, head to the <a href=\"https:\/\/solaxy.io\/en\/?clickId=fx_b143213_8e64f65f4f252afceedda7c3cd5b65c4_1\" target=\"_blank\" rel=\"noopener noreferrer\">Solaxy website<\/a> and connect your wallet. You can swap ETH, USDT, or BNB or complete your purchase by using a bank card. The next price increase will be in less than 48 hours, so don\u2019t miss this opportunity to grab this L2 token at this low price.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Chief Executive Officer of Coinbase, Brian Armstrong, apologized to customers yesterday for a big backlog of unprocessed transactions&#8230;<\/p>\n","protected":false},"author":138,"featured_media":8457,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[219],"tags":[],"class_list":["post-8455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoins","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Coinbase Apologizes for Big Delay in Solana Transactions<\/title>\n<meta name=\"description\" content=\"Coinbase apologized 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His authoritative content focuses on value investing, financial analysis, and general business topics, empowering both organizations and individuals with actionable intelligence to make informed decisions about their investments and trades.","sameAs":["https:\/\/cryptobites.news","https:\/\/www.linkedin.com\/in\/alejandro-arrieche\/"],"url":"https:\/\/icobench.com\/author\/alejandro\/"}]}},"featured_image_src":"https:\/\/icobench.com\/wp-content\/uploads\/2025\/01\/coinbase-apologizes-for-big-backlog-in-solana-transactions-600x400.png","featured_image_src_square":"https:\/\/icobench.com\/wp-content\/uploads\/2025\/01\/coinbase-apologizes-for-big-backlog-in-solana-transactions-600x576.png","author_info":{"display_name":"Alejandro Arrieche","author_link":"https:\/\/icobench.com\/author\/alejandro\/"},"_links":{"self":[{"href":"https:\/\/icobench.com\/wp-json\/wp\/v2\/posts\/8455","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/icobench.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/icobench.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/icobench.com\/wp-json\/wp\/v2\/users\/138"}],"replies":[{"embeddable":true,"href":"https:\/\/icobench.com\/wp-json\/wp\/v2\/comments?post=8455"}],"version-history":[{"count":4,"href":"https:\/\/icobench.com\/wp-json\/wp\/v2\/posts\/8455\/revisions"}],"predecessor-version":[{"id":8461,"href":"https:\/\/icobench.com\/wp-json\/wp\/v2\/posts\/8455\/revisions\/8461"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/icobench.com\/wp-json\/wp\/v2\/media\/8457"}],"wp:attachment":[{"href":"https:\/\/icobench.com\/wp-json\/wp\/v2\/media?parent=8455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icobench.com\/wp-json\/wp\/v2\/categories?post=8455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icobench.com\/wp-json\/wp\/v2\/tags?post=8455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}