Coinbase Users Report Long Delays in Solana Transactions
Coinbase Global Inc (NASDAQ: COIN) is experiencing significant delays in processing Solana (SOL) transactions, with users reporting wait times of up to 15 hours for withdrawals and deposits. This issue has persisted and raised concerns about the exchange's capacity to manage increased Solana activity, particularly amid a surge in trading volume driven by new memecoins.
Key Points
- Delays affect both withdrawals and deposits, with some transactions failing entirely.
- Users have expressed frustration, especially as other exchanges process Solana transactions more efficiently.
- Speculation suggests congestion on the Solana network due to high trading volumes.
- Coinbase's CEO acknowledged the problem and stated the company is scaling its infrastructure to handle demand.
- Outgoing transactions may take up to 24 hours, while inbound transfers could be delayed by six hours.
- Coinbase is collaborating with the Solana Foundation for infrastructure improvements.
Despite these challenges, Coinbase assures users that funds remain secure and are held at a 1:1 ratio. The exchange has not provided a specific timeline for resolving the issues related to Solana transactions.