Solana has seen a sharp drop in network performance

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Today, February 25, the Solana team recorded a sharp decrease in network performance. A solution has not yet been found, and validators and Solana Foundation engineers continue to study the problem.

According to Solana Explorer, today,Around 2:00 ET, the network began processing just 93 transactions per second (TPS), which is significantly lower than the usual speed of 5,000 TPS. Due to a sharp drop in throughput, Solana users were unable to carry out transactions and transfers as usual.

Manager of the Solana staking service underpseudonymous SolBlaze told CoinDesk that the network continues to confirm blocks, but validators are at risk of running out of memory until the root cause of the failure is determined.

On a Discord channel created for coordinationaction, validators and Solana engineers are discussing a number of options, including a potential network restart or software downgrade. However, so far the discussion participants have not been able to reach a consensus.

Previously, the Solana project team announced the closure of Solana Spaces branded offline stores in New York and Miami due to their low popularity.