Solana Price Falls as Blockchain Experiences Another Outage


The price of Solana has decreased as a result of another significant outage that has halted network functioning.

After a series of speculative tweets, crypto expert and presenter of the NFT Alpha program Nick Valdez first brought this development to the notice of the public. A few hours later, in early Saturday morning, the official Solana Twitter account verified the news.

According to the handle, the network encountered an outage and no longer handled transactions. The Solana team informed the community that network developers were already working on a solution to the problem.

This is the fourth time this year that Solana has had a significant outage. Several proponents have noted the network’s recurring blackouts as a cause to avoid the chain. The network is now well-known in the cryptocurrency industry for its intermittent outages.

Following confirmation of the outage, Solana provided validators with a paper detailing the measures they should take to help in resolving the problem. As of press time, the network has been successfully resumed and is fully operating.

In spite of the fix, the network disruption persisted for over 8 hours. The price of Solana has decreased in step with the bulk of markets throughout this time period. Although it may be a reach to attribute Solana’s present pricing condition to the recent outage, the asset has surely experienced a network failure in the past.

Solana is trading at $32.98 at press time, a decrease of 3.43% during the previous 24 hours. Since falling from its peak level of $49.0 on August 13, the asset has been mired in a negative pattern. The asset saw a precipitous decline from August 13 to August 19, bringing it below the $40 threshold. Since then, Solana has not returned to the zone at $40.

On the issue’s underlying cause, little information has emerged. The blockchain business Laine Stakewiz, which operates Solana nodes, recently provided information on this topic.

Friday night at 22:40 (UTC), a number of Solana validators ceased voting. Operators were notified of the problem and gathered on Discord to discuss it and find a solution. It was established that no new roots were being created, suggesting that the network had stalled.

It was observed, according to Laine Stakewiz, that a validator shared an invalid block. The occurrence by itself should not cause a significant problem, since it may be rectified by the network. Regardless, the validator seems to have been operating on two “instances,” with both instances returning an incorrect block. This action resulted in the establishment of a fork.

In turn, the branch produced a convoluted code path with trapped validators. Efforts to switch to the primary Solana fork failed, resulting in a stop to network activity. Developers determined that a cluster restart was necessary to fix the outage after determining the root cause.

Also Read: Multiple Blockchains Will Be Successful, Says Fantom Foundation CEO, “But Not 20 or 30”

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