Coinbase users are experiencing significant delays in Solana transactions, with some reports indicating that transfers are taking hours to clear. This issue is attributed to network congestion following the launch of memecoins associated with Donald Trump and Melania Trump on January 18 and 19, respectively. Coinbase CEO Brian Armstrong acknowledged the surge in Solana activity and stated that the team is actively working on scaling their infrastructure to manage the increased load. Additionally, it appears that Coinbase's transaction delays are independent of Solana's blockchain performance, as some Coinbase users have reported settlement times lagging behind the blockchain's processing times. On January 20, the CEO of Solana infrastructure provider Helius noted that these delays were unrelated to the Solana chain itself. The memecoin launches led to a significant influx of trading volume, reportedly resulting in over 200,000 new on-chain users for the Moonshot platform, which was promoted by Trump.

Source 🔗