The transaction processing was limited due to the bifurcation accident of Solana network in the early morning of this day

It is reported that the Solana network experienced a bifurcation event on Sunday morning New York time, which limited the ability of users to execute transactions and transfers, resulting in the network processing about 93 transactions per second, far lower than the speed of the network before the bifurcation of nearly 5000 TPS.

Interpretation of this information:

The Solana network, a popular decentralized blockchain platform that is known for its fast processing speeds, recently experienced a bifurcation event that has negatively impacted its functionality. According to reports, the event occurred on Sunday morning in New York and has limited the ability of users to execute transactions and transfers on the network. Currently, the network is processing only about 93 transactions per second, which is far lower than its usual speed of almost 5000 TPS.

This sudden decrease in processing speed can cause a major problem for Solana network users who rely on timely transaction processing for conducting their daily operations. Several high-profile projects such as Serum, a decentralized exchange, have been affected by the issue, as the slowdown in transaction processing has caused a backlog of pending transactions, leading to increased transaction fees and potential delays in transaction completion.

Solana’s technical team has been working to resolve the issue, but as of now, there is no clear indication of when the network’s processing speed will be restored to its usual levels. Meanwhile, the network’s native token, SOL, has experienced a slight dip in price as investors become concerned about the network’s stability and reliability.

In conclusion, the bifurcation event on the Solana network has seriously impacted its functionality, causing major disruptions for users who rely on the network’s fast processing speeds. While the technical team is working to resolve the issue, it remains to be seen when the network’s transaction processing speeds will return to normal levels. This incident highlights the importance of scalability and stability for blockchain networks, as even the slightest disruption can cause significant problems for users and investors.