In a now-deleted post, Kraken took a lighthearted jab at Coinbase over delays in Solana transactions by posting a humorous image featuring CEO Brian Armstrong. In the image, Armstrong is depicted holding a Solana token with an exaggerated grin, poking fun at Coinbase’s handling of recent transaction slowdowns.
Coinbase Faces Delays in Solana Transactions
Earlier, Kraken took advantage of the situation and wrote on X, “Waiting days for a withdrawal? That’s not love, that’s a hostage situation. The choice is yours.” The crypto exchange added an image with two pills, one purple that signified Kraken and one blue, hinting at Coinbase. These posts made several users acknowledge the shortcomings of the Kraken rival.
The delays, which began mid-January, coincided with the release of meme coins tied to former President Donald Trump and his wife Melania. The TRUMP token debuted on January 18, followed by the MELANIA token on January 19, causing a surge in activity on the Solana blockchain. As a result, Coinbase users reported extended delays in processing Solana-based transactions, with some waiting over 15 hours for their transactions to finalize.
On January 19, Armstrong addressed user concerns, attributing the delays to the unexpected volume of transactions on the Solana network. He assured users that Coinbase was actively scaling its infrastructure to handle the increased demand. The exchange clarified that these delays stemmed from the exchange’s infrastructure rather than issues with the Solana blockchain itself.
Waiting days for a withdrawal?
That’s not love, that’s a hostage situation.
The choice is yours. pic.twitter.com/ooTgq7kd5U
— Kraken Exchange (@krakenfx) January 21, 2025
Mert Mumtaz, CEO of Solana infrastructure firm Helius, supported this claim, confirming that Solana’s blockchain remained operational without outages during the congestion period. Over the past 90 days, Solana maintained 100% uptime, even as transaction volumes spiked.
The meme coin launches significantly impacted network activity. Moonshot, the platform hosting the TRUMP token sale, reported the addition of more than 200,000 new users to the Solana network. Despite the congestion, Solana’s stability and performance were not compromised, and the blockchain continued to handle the high transaction volume.
Coinbase initially acknowledged delays on January 17, informing users about issues affecting Solana transactions, including transfers and deposits. The delays, however, did not impact the platform’s buying, selling, or fiat withdrawal functions. By January 20, some users still reported extended wait times for Solana transactions, with the exchange estimating processing times of approximately 100 minutes.
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