Crypto stakeholder reacts to Solana’s 17-Hour outage

TL;DR Breakdown Crypto stakeholder, Sam Bankman-Fried says Solana network outage is not new to crypto.Bankman says the outage was because of Solana rapid groeth. Crypto stakeholder Sam Bankman-Fried, CEO of the cryptocurrency exchange FTX has reacted to the recent outage experienced by the Solana network. The FTX CEO, who reacted during an interview with Bloomberg, said that the 17-hour network outage experienced by the network resulted from its rapid growth. The crypto stakeholder addressed many issues affecting the industry during the interview. One key issue he also touched was stablecoins as he pleaded with US regulators not to ban them, noting that stablecoins are an essential part of the ecosystem. Reason Solana outage persisted for 17 hours – Crypto stakeholder Sam Bankman-Fried, during the interview, acknowledged that the outage is not a new thing in the crypto space but said that the 17-hour collapse of Solana’s network was “sad and frustrating.” “It’s always sad when these happen; it’s always frustrating,” he said. According to the crypto stakeholder, SOL’s outage was because its network has rapidly expanded in a short period of time. He said the network could not cope with the increased activity in that short period. He said, however, that now all that problem has been solved. “What this is really focused on is as you try to massively scale up a blockchain, eventually you test its current limits,” he said. Th...