Solana is facing downtime after the production of new blocks on the network has ceased.
Solana’s novel hybrid blockchain reportedly handles 65,000 transactions per second and is built for decentralized applications, finance, and smart contracts — supposedly making it a surefire “Ethereum Killer.” However, in 2022 Solana had 12 serious outages driving the price of its native coin SOL down more than 78% this year. On June 01, 2022, the latest outage shut down the network for four hours and 10 minutes, which means a peak potential of 975 million transactions did not occur during that blackout.
Solana is facing downtime after the production of new blocks on the network has ceased. According to data from Solana Beach block explorer, Solana’s validators have not processed new blocks for the last five hours, causing a total shutdown of all of its applications.
A recent post from Solana Status said that the mainnet beta now needed a restart from validators. “Validator operators should prepare for a restart in mb-validators on Discord,” the post read. As of press time, discussion toward a restart was ongoing in the validator Discord chat.
To mitigate this situation, the Solana team has asked validators to restart the network. It has released instructions for validators, which includes taking a snapshot of a specific time slot from where the network can be rebooted.
For now, all network funds are secure, but transactions cannot be processed as no blocks are being created. Blocks are the data units in which new transactions are added to a cryptocurrency’s ledger over time.
Back in September, Solana experienced a similar outage due to “resource exhaustion” that caused a denial of service across the network.
In January, the network again experienced a major slowdown from an influx of “high compute transactions,” causing many others to fail. Even last month, millions of NFT transactions caused the network to clog and go down again.
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Now, let's delve into the key concepts presented in the provided article about Solana's recent downtime and the associated issues:
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Solana's Hybrid Blockchain and Performance: The article highlights Solana's hybrid blockchain, known for its impressive throughput of 65,000 transactions per second. This attribute positions Solana as a potential "Ethereum Killer," designed for decentralized applications, finance, and smart contracts.
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Network Outages and Impact on SOL Price: Despite its touted capabilities, Solana faced 12 serious outages in 2022, leading to a significant drop of more than 78% in the price of its native coin, SOL. The latest outage on June 01, 2022, resulted in a four-hour and 10-minute network shutdown, preventing approximately 975 million potential transactions during that period.
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Validator Issues and Network Shutdown: The article mentions that Solana's validators have not processed new blocks for the last five hours, causing a complete shutdown of all applications on the network. Validator operators were advised to prepare for a restart, and ongoing discussions were taking place on Discord.
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Mitigation Efforts by Solana Team: To address the situation, the Solana team instructed validators to restart the network and provided specific instructions, including taking a snapshot of a designated time slot for rebooting. While network funds are reportedly secure, the inability to process transactions due to the absence of new blocks is a critical issue.
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Historical Network Issues: The article references previous outages, such as the one in September due to "resource exhaustion" and another in January caused by an influx of "high compute transactions." These incidents highlight the challenges Solana has faced in maintaining network stability.
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Regulatory Disclaimer: The article concludes with a disclaimer emphasizing that the financial and crypto market information provided is for informational purposes only and should not be considered investment advice. It also warns readers about the unregulated and highly risky nature of crypto products and NFTs, advising them to conduct thorough research and consult financial experts before making investment decisions.
In conclusion, Solana's recent downtime underscores the inherent challenges faced by even the most advanced blockchain networks, and it serves as a reminder of the importance of ongoing development and vigilance in the cryptocurrency space.
