Solana spells big trouble for Coinbase Prime, trading closed
The brokerage arm of Coinbase Prime, one of the largest US crypto exchanges, is in trouble with SOL transfer transactions due to a bug that took the Solana network out of service last week. This was reported from a Tweet By Haseeb Qureshi, Managing Partner, Dragonfly Capital.
It seems that patrons are unable to take the Solana to cold storage due to a durable non-bug that took down the Solana.
(TL;DR: Solana does not use nonce for offline use except for a special type of transaction called “durable transactions”. It was disabled.) https://t.co/6HSiWHnGAj pic.twitter.com/pA7xzLlgSE— Haseeb Qureshi (@hosseeb) 8 June 2022
In its statement regarding the situation, Coinbase Prime explained that due to the update to the Solana network, custodial on-chain transactions, including the full range of transactions from wallet creation to withdrawals and staking, are disabled for a certain period of time. . Coinbase Prime underlined that customers need not worry about their assets in this case. At the same time, users of the service can deposit funds into existing wallets, and active stakeholders will still be able to receive rewards.
What’s up with Solana?
In early June, Solana experienced a serious failure to process durable non-transactions, leading to consensus disruption and being shut down for more than four hours. As a result, the developers decided to deactivate these transaction types while Solana’s validators were asked to relaunch the blockchain.
The specialty of performing this type of transaction is in high demand among users of crypto exchanges. Their main goal is to simplify the process for users who use more complex signature settings, due to which they are not able to immediately prepare transactions for blockchain registration.
Activation of specific operations is to be expected after adjustments to the blockchain mechanics, explained Solana’s developers. Hence, the feature will only be re-enabled in the next major software update.