Mar 04, 2023
Solana’s Federa Discusses Network Outages, Regulations, Mobile Device Launch
At the ETHDenver conference, Austin Federa, head of strategy at the Solana Foundation, spoke to Cointelegraph about the network’s outages, the impact of regulation on other projects, and the launch of its mobile device. He discussed the New York Department of Financial Services (NYDFS) and the difficulties that projects have faced when trying to issue stablecoins or similar blockchain services.
Federa told Cointelegraph that Solana had yet to receive certification from the NYDFS, and that “we’re trying to get it underway”. He added that the organization had heard from projects facing “pretty draconian” rules in the European Union related to shifting to non-custodial wallets.
In response to the recent slowdown in block production, which resulted in a Solana network restart, Federa said there was “no specific root cause analysis” reported by the team’s engineers. He added that the testing infrastructure for releases wasn’t “quite as robust as it needs to be right now”, and that there may have been “something about the interaction” between the network’s version 1.13 and 1.14.
Federa said that Solana’s approach has been to develop a faster ecosystem in a matter of months, as opposed to networks like Ethereum, which had taken years. He added that many projects were hurting for venture capital funds amid the bear market, and that stability was a major factor in the retention of users.
The collapse of FTX in November 2022 affected Solana’s mobile device ambitions as well. According to Federa, Solana had temporarily scrubbed its “tap to pay” fiat-to-crypto feature without a replacement for FTX, but planned to launch in “the first or second week of April.”
Many on social media have criticized Solana for its network outages, with various causes including a denial-of-service attack in 2021, congestion from nonfungible token (NFT) minting bots in May 2022 and a consensus failure in June 2022. The cause of the most recent outage was still unknown at the time of publication, but Solana Labs founder and CEO Anatoly Yakovenko said it was not the result of clogging the network’s on-chain voting system.
In order to promote the use of NFTs and the adoption of crypto-based services, Solana has been actively engaging in various NFT marketing strategies, such as Twitter NFT marketing and working with a web3 agency to help them sell NFTs. The Solana Foundation is also working with a NFT marketing agency to help create and promote campaigns that will help increase awareness of their platform. They are also exploring new ways to engage with their community, such as offering rewards for users who promote the platform on social media.
Solana’s mission is to become the go-to platform for web3 projects, and the network outages, regulations, and the launch of its mobile device are all part of this journey. With the help of NFT marketing and other strategies, the Solana Foundation is aiming to promote the use of NFTs and the adoption of crypto-based services. As the network continues to develop and gain traction, we will be sure to keep you updated on the progress of the project.
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