Key Takeaways
- The Solana blockchain halted this morning and has not processed any transactions over the previous eight hours.
- Validators have been given directions on restart the chain; as such, it appears exercise will quickly be restored.
- This is only one of a number of outages and congestion incidents that Solana has skilled in latest months.
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Solana is experiencing one more outage however will quickly re-activate, in response to statements from the venture on Twitter.
Solana Halted This Morning
Solana has not processed any blocks or transactions since simply after midday UTC, Jun. 1, based mostly on block explorer knowledge.
On Twitter, the Solana workforce attributed the problem to a bug within the blockchain’s sturdy nonce transactions characteristic. This led to non-determinism, which means that completely different nodes generated completely different outcomes for a similar block and had been unable to achieve a consensus.
Solana added that the community and funds are safe. It has additionally revealed restart instructions for validators inside the final hour, implying that the chain will likely be again on-line quickly.
Solana has been the topic of frequent outages and congestion incidents. The newest difficulty occurred on Apr. 30 when NFT minting bots flooded the community with transactions.
Not less than 4 different incidents preceded at this time’s outage, together with a 47-hour outage in January 2022, at the very least two incidents in December 2021, and at the very least one incident in September 2021.
SOL Value Is Down
At the moment’s outage appears to have precipitated the Solana (SOL) token to lose worth, as it’s down 10.9% over the previous 24 hours. It’s also down 84% from its all-time excessive of $259.96, final seen in November 2021.
Nonetheless, that pattern is probably going exacerbated by a normal downturn within the crypto market. Bitcoin, a benchmark for the remainder of the market, is down 5.7% over the previous 24 hours and down 56% from its all-time excessive, additionally seen in November 2021.
Solana is broadly thought of an Ethereum competitor because of its excessive transaction throughput, one thing that Ethereum itself has not but achieved. It has additionally been championed by the most important change FTX, which has labored extensively with the venture.
These benefits have helped SOL turn out to be the ninth-largest cryptocurrency by market cap. Nonetheless, continued outages will doubtless do harm to its market worth and standing.
Disclosure: On the time of writing, the creator of this piece owned BTC, ETH, and different cryptocurrencies, and didn’t maintain SOL.
