Solana is a cryptocurrency that suffers another major network outage. Similar effects can be seen on the price of SOL token. This is not the first time this has happened, which makes the outage even worse as it raises questions about the reliability of Solana’s network. Some crypto enthusiasts also tweeted:
“How is this proof-of-stake blockchain on the top ten crypto list?”
What happened to Solana?
On February 25th, the Solana blockchain network started facing some major issues. Block completion became slow, and at the same time, many transaction failures were occurring. Taking to Twitter, a Solana official said they were working to reboot the network to fix a bug in version 1.14 of Solana. The error resulted in delayed block validations. And many are speculating that the ban was caused by a “fat block” blocking the operation of the blockchain.
This led to two major changes in the market. First, Solana lost about 4% in its 7-day performance. In addition, users bought and sold $500 million in Solana, and trading volume decreased by 16 percent.
Solana bug track
Solana is a high-performance blockchain platform designed to support decentralized applications (dApps) and provide fast and low-cost transactions. Like any other blockchain network, Solana may experience network outages or downtime for various reasons, such as software errors, network congestion, or hardware failures.
In the past, Solana has experienced several network outages that have affected its performance and caused problems for its users. For example, in December 2020, Solana’s mainnet went offline for several hours due to a software bug. In June 2021, Solana’s network experienced another outage that lasted for about 15 hours and a flood of transactions overwhelmed the network’s capacity.
The Solana development team and community are constantly working to improve network performance and prevent network outages. They are also exploring different solutions such as sharding and cross-chaining to increase the scalability and resilience of the network. However, the crypto network is still not perfect.
What are your thoughts on Solana reeling after another major network outage? And do you think this will be a never-ending problem? Let us know in the comments below. And, if you find our content informative, share it with your family and friends.
Also read: Circle CEO suggests that stablecoin regulation should not be assigned to the US SEC.
