One of the fastest growing cryptocurrency networks encountered considerable problems. Solana stopped working for 17 hours.
Solana is a project that recently is on the lips of almost everyone. The rapid development of the network, was confirmed by the excellent increases in the token price. However, as it turns out, the network suffers from instability, which became apparent on September 14.
According to Solana Status’ Twitter profile, the blockchain experienced trouble on Tuesday after 11 a.m. UTC. Engineers immediately recognized the problem and began working on it.
After about six hours, Solana Status communicated that the cause of the failure was a surge in transactions (up to 400,000 per second). It was too much pressure on the blockchain, which caused a denial-of-service attack, resulting in the start of a network split.
Solana CEO Anatoly Yakovenko also commented on the issue and pointed to Raydium IDO bots as the cause of the problems. Raydium is Solana’s liquidity provider, whose failure was said to have spread to the entire blockchain and made it unstable.
Engineers were unable to stabilize the network, causing the validation community to coordinate a restart. An announcement on the matter was issued the next day and read as follows:
“The Solana validator community has successfully completed the restart of Mainnet Beta after upgrading to Dapp version 1.6.25. Block explorers and supporting systems will be restored in the next few hours, after which full functionality is expected to be restored.”
The impact of the outage on the price of Solana (SOL)
As shown in the attached chart, the price of the SOL token, since the incident, has fallen by more than 15%, in just 10 hours. Thus, it reached the values quoted on September 7, when almost the entire cryptocurrency market turned red. The decline was also part of a corrective move already initiated from the ATH at $216.00. Its total value so far was 34%. Currently, on the low time intervals, the situation has calmed down, so we are seeing a gentle unwinding and consolidation.
This is not the first trouble for Solana. Over the past few days, the popular blockchain has already experienced similar complications. Back then, there was talk of “intermittent performance degradation” and the problems were resolved much faster than this time. The experienced team behind Solana, is constantly monitoring the situation. One can believe that it will be completely contained so that it does not happen again. It is worth watching for further reports from this network.