SOL Network Endures Another Outage, Price Drops 6%
SOL began the weekend with a 6% price drop as the Solana network suffered another outage.
The Solana blockchain encountered another outage on Friday night, but it has been restarted and is now back online.
The protocol’s native cryptocurrency dropped by 6% daily as a consequence of the latest network outage. This is a huge blow to the currency, and it is likely that this will have a ripple effect throughout the crypto world.
- The Solana network stopped processing transactions late last night, according to the Solana Status Twitter page. This outage caused major disruptions for users and businesses that rely on the network.
- It's unclear exactly what happened, but it appears that a group of validators stopped voting at some point last night. This caused a disruption in the Solana network, and it's still not clear when everything will be back to normal.
- The network outage was not an issue in the network itself, and it should be able to handle it.
- While the exact cause of the ethereum hard fork is still unknown, it appears that the problem may have been due to the creation of a duplicate block. This caused a code path to be followed where validators were unable to switch back to the main fork.
- The solution to the network outage came from restarting the cluster from the last confirmed slot. Once the stake threshold reached 80%, the restart was completed and the network came back online. This fix ensured that the network was up and running again, and prevented any further issues from occurring.
All reports of resulting bank hashes and shred versions had the same values, after enough reports were received validators decided to proceed with starting at that point, then waiting for 80% of stake to come online.
— Laine
stakewiz.com (@laine_sa_) October 1, 2022
- This is far from the first time that the Solana blockchain has gone down, even though the developers behind it published three steps on how this can be avoided a while back. It's worth noting that the Solana blockchain is far from the only blockchain that has experienced outages or downtime, and that this is an inherent risk when using any distributed ledger technology.
- The native cryptocurrency SOL has seen a sharp decline in value over the past 24 hours, falling by around 6% to below $35. This is likely due to the network going down, which has had a similar effect on other cryptocurrencies in the past.
The post SOL Drops 6% as Solana Suffered Another Network Outage appeared first on CryptoPotato. It's been a tough week for the Solana project. First, they had to deal with a network outage that caused a drop in their price.
