Smart contract blockchain Solana nearly froze Wednesday, Marinade Finance says

Marinade Finance, a Solana-based liquid staking protocol, reported that the blockchain's smart contract layer nearly froze on Wednesday. The issue caused a slowdown in transaction processing and temporarily impacted the performance of decentralized applications on the network. Marinade Finance did not disclose the precise cause of the disruption, but noted that the network recovered after a brief period.

The incident highlights ongoing scalability challenges for high-throughput blockchains like Solana, which aim to process thousands of transactions per second. No major financial losses were reported, and the platform's staking services resumed normal operation shortly after the slowdown.

Solana's development team has been working on upgrades to improve network stability and reduce the risk of similar incidents. Stakeholders are monitoring the situation for any further developments.