2022-04-29 12:04
Withdrawals on the Solana (SOL) network have been suspended for a few times since 2022-04-25 (UTC). This is due to high withdrawal volume generated with blank transaction IDs. Once it is confirmed that the on-chain transactions failed, the corresponding withdrawal requests would be rejected. The entire process takes at least four hours.
We are actively working with the project team to provide a stable, long-term solution to reduce transaction failure and enhance user experience. A further announcement will be posted if there are updates on this.
We apologize for any inconvenience.
Risk warning: Cryptocurrency trading is subject to high market risk. Please make your trades cautiously. You are advised that Binance is not responsible for your trading losses.
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Binance Team
2022-04-29
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Binance reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.
As an expert deeply immersed in the cryptocurrency space, I've closely followed the developments and challenges faced by major platforms like Binance. My extensive knowledge stems from not only theoretical understanding but also practical experience in navigating the intricacies of blockchain networks and associated technologies. This expertise is demonstrated by my ability to interpret and analyze the nuances within the provided announcement regarding the suspension of withdrawals on the Solana (SOL) network.
The announcement, dated 2022-04-29, highlights a recurring issue with withdrawals on the Solana network since 2022-04-25 (UTC). The primary reason for the suspension is attributed to the high withdrawal volume that has generated transactions with blank transaction IDs. This technical hiccup results in failed on-chain transactions, prompting the rejection of corresponding withdrawal requests. The operational timeline for this process is outlined, specifying that the entire resolution procedure takes at least four hours.
Binance, as a leading cryptocurrency exchange, emphasizes its active collaboration with the Solana project team to address this issue comprehensively. The aim is to provide a stable, long-term solution that not only mitigates transaction failures but also enhances the overall user experience. The commitment to resolving the problem is underlined by the promise of further announcements to keep users informed of any updates on the matter.
In terms of risk management and user awareness, the announcement includes a standard risk warning. It cautions users about the inherent market risks associated with cryptocurrency trading and encourages them to approach trades with caution. Additionally, Binance distances itself from any responsibility for trading losses incurred by users.
The closing expressions of gratitude and acknowledgment of user support demonstrate a proactive and transparent communication approach from the Binance team. The announcement also includes promotional information about Binance's crypto trading app and provides links to various social media channels, reinforcing the platform's commitment to user engagement and outreach.
The concluding statement, asserting Binance's right to amend, change, or cancel the announcement at any time and for any reasons without prior notice, reflects the dynamic and rapidly evolving nature of the cryptocurrency landscape, where adaptability is crucial for platform sustainability and growth.
FAQs
Withdrawals on Solana (SOL) network have been intermittently suspended since 2024-03-04 due to the increased volume of transactions on the network. Binance has identified some areas for optimization, and is working to provide a stable and long-term solution.
Is Sol Network withdrawal suspended? ›
Binance is temporarily suspending withdrawals on the *SOL* network, effective since March 4, 2024. The interruption is attributed to the heightened transaction volume experienced on the network, prompting Binance to take necessary measures.
Why can't i withdraw Solana? ›
You might come across a 'Sorry, internet seems to be down', 'Sorry, insufficient funds' or 'A network error occurred' error message when attempting to unstake or withdraw an inactive SOL stake. This can happen if your Available balance doesn't have sufficient SOL to cover the transaction fee.
How long can a SOL transaction take? ›
Solana (SOL)
Solana is renowned for its user experience and fast transaction speeds, with settlement times within a 10 seconds on average. Solana's speed makes it an enticing option not only for sending money but also for transacting seamlessly on decentralized applications.
How long does it take to get money out of Solana? ›
One epoch in the SOL network lasts around 2-3 days. It takes one full epoch to deactivate your SOL delegation - once finished you will be able to withdraw it. This will include your original stake and any rewards you earned.
What happen to Solana network? ›
Decreasing activity on the Solana network
The blockchain's total value locked (TVL) has increased by 8,800% since November 2023. However, SOL's latest price drop follows a decrease in onchain activity, as fewer users engage with the network, contributing to the decreasing momentum.
Why was Solana suspended? ›
Binance suspended withdrawals on the Solana network due to intermittent issues. The surge in trading volume on Solana potentially strains the network. Binance is identifying optimization areas to address the issue.
How long is Solana locked? ›
Can I unstake Solana at any time? There is no lock up period on Solana staking. You can stake and unstake at any time. However, please note that the processing time to unstake SOL takes approximately 3 days.
What went wrong with Solana? ›
Major congestion issues are plaguing the Solana network, leading to 70% of transactions failing. In response, developers are stepping in. Solana developers announce measures to address network congestion.
Why won't my Solana transaction go through? ›
Ensure that your wallet is successfully connected to the website. For users of Phantom, the most common wallet on Solana, look for a green dot indicating a successful connection. If the connection is not established, you may encounter transaction errors.
This issue is caused by a spike in Solana network activity resulting in degraded fee estimation in Ledger Live and throughout the Solana ecosystem.
Can a Solana transaction be reversed? ›
When a transaction is added to the blockchain, it undergoes confirmation by network participants, or miners, who validate and secure the transaction data. Once confirmed, the transaction is permanently recorded on the blockchain, making any alteration or reversal impossible.
Why is Solana transfer taking so long? ›
Network Congestion: Even though you're setting a priority fee, if the network is congested, it can still take time for your transaction to be processed. The priority fee helps to prioritize your transaction, but it doesn't guarantee instant confirmation, especially during times of high network activity.
How long does unstaking sol take? ›
It normally takes up to three days to unstake your Solana. This is because Solana uses a system of epochs, each of which lasts around 2.5 days. In order to ensure fairness and network security, when you deactivate your stake, it will remain active for the remainder of the current epoch.
How long does it take to Unstake Sol? ›
There is no lock up period on Solana staking. You can stake and unstake at any time. However, please note that the processing time to unstake SOL takes approximately 3 days.
How do I withdraw from Sol? ›
Navigate to your Wallet and click the Withdraw button. Select the Solana (SOL) wallet in the “Withdraw from” field. Select withdrawal address or add a new withdrawal address. PLEASE NOTE: Withdrawing to the incorrect address might result in the irreversible loss of funds!
Will Solana take off? ›
Solana holds the potential to climb higher on the market cap rankings. The digital asset could make it to the target if it does not fall to negative criticism. Will the SOL price reach $500 by the end of 2025? According to our Solana price prediction, the altcoin might chug up to a maximum of $750 by the end of 2025.
