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Hasib Qureshi, the managing partner of Dragonfly Capital, revealed in a tweet:
Due to a fault that brought the Solana network offline last week, Coinbase Prime, the brokerage arm of one of the top U.S. crypto exchanges, is having issues with SOL transfer operations.
What really happened with Solana
Solana encountered a significant failure in processing durable nonce transactions in early June, resulting in a consensus disruption and a four-hour downtime.
As a result, engineers chose to turn off specific transaction types, while validators in Solana were instructed to restart the blockchain.
The ability to make these sorts of transactions is in high demand among crypto exchange customers.
Their major purpose is to make the process easier for users who have more complicated signature settings and are unable to prepare transactions for blockchain registration right away.
Specific actions should be activated when the blockchain mechanics have been adjusted, according to Solana’s creators. As a result, the feature will only be re-enabled in the next major software update.
Therefore,
Coinbase Prime noted in a statement that custodial on-chain transactions, which include the complete spectrum of activities from wallet creation to withdrawals and stacking, have been banned for a period of time due to an upgrade to the Solana network.
Customers do not need to be concerned about their holdings in this scenario, according to Coinbase Prime. Users of the service can deposit funds into existing wallets at the same time, and active stakeholders will still be able to participate.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
