Binance cryptocurrency exchange has announced a temporary suspension of withdrawals via the Solana network, which will last from March 4th to March 9th, 2024. This decision was made due to a sharp increase in transaction volume on the Solana blockchain, necessitating optimization and improvement of stability. Binance is actively working on finding long-term solutions to prevent such situations in the future and plans to resume withdrawals on March 9th.

In January 2024, the transaction volume on the Solana network reached a record high of $951 billion, after which a failure occurred in early February, reducing network performance and halting block production. Despite these issues, the Solana price significantly increased, reaching $132.58 per coin, accompanied by a 164.9% increase in trading volume. Total Value Locked (TVL) in Solana also increased, reaching $2.64 billion.

These events underscore the importance of continuous optimization and adaptation of blockchain networks to changing market conditions, as well as the necessity for cryptocurrency exchanges such as Binance to ensure the stability and security of their users' operations.