Up-and-coming Ethereum competitor Solana (SOL) has plummeted 15 percent in the past 24 hours after a denial of service outage.
On Tuesday reported the Twitter account Solana Status that the mainnet beta version of Solana was temporarily unstable for 45 minutes.
Six hours after the incident was announced, Solana Status stated that a sharp increase in the transaction load to 400,000 transactions per second overloaded the network and caused a so-called denial-of-service, which in turn caused the network to fork.
1 / Solana Mainnet Beta encountered a large increase in transaction load which peaked at 400,000 TPS. These transactions flooded the transaction processing queue, and lack of prioritization of network-critical messaging caused the network to start forking.
– Solana Status (@SolanaStatus) September 14, 2021
Since the Solana developers could not stabilize the network, the community of validators decided to organize a restart of the network. The Solana community is currently preparing a new version for which more information will be published shortly.
This incident shook everyone’s confidence in Solana. The prices have therefore plummeted by 15 percent within 12 hours. SOL was already down from an all-time high of $ 215 on Thursday to below $ 175 before the incident. After this announcement, the price even slipped to 145 US dollars.
Solana isn’t the only high-profile crypto network to contend with outages on Tuesday. The Ethereum Layer-Two roll-up network Arbitrum One reported that its sequencer was offline for about 45 minutes.
Arbitrum One stressed that users’ money was “never at risk”, but no new transactions could be carried out during this period. Offchain Labs, the team behind Arbitrum One, also pointed out that the network was still in beta and warned that “further outages are possible in this early stage”.
– Lark Davis (@TheCryptoLark) September 15, 2021
The team attributed the downtime to a bug that “stuck the sequencer” after sending a very large volume of transactions to the Arbitrum sequencer in a short period of time.
In this context: “Solana Killer”: Arbitrum TVL rises to $ 1.5 billion
And as if that weren’t enough drama for one day, an unknown hacker tried to attack Ethereum as well. However, this attempt failed. The developer Marius van der Wijden reported the failed attack on Twitter.
According to the developer, only a few Nethermind nodes switched to the invalid chain. All other clients have “rejected the long sidechain as invalid”. All affected nodes have now joined the correct chain again.