Solana (SOL) has been experiencing the biggest technological crisis in its history since Tuesday afternoon. Probably overloaded by bots, the blockchain was paralyzed. Now a restart should help.
At Solana (SOL) the alarm sirens rang yesterday afternoon: Per Twitter had to be announced that the network was not running stable. The resources in Solana’s blockchain are overloaded, which leads to an automatic rejection of new orders. In plain language: Anyone wanting to carry out transactions at Solana or waiting for smart contracts to be processed looked down the pipe. Logically, the SOL price curve quickly turned negative, at times more than ten percent minus could be observed. It wasn’t until this Wednesday morning that the all-clear came: a quick update and restart of the network restored the functionality of Solana.
Solana out of action for 16 hours – what happened?
When the cause research for the technological knock-out at Solana began hectically, the head of Solana Labs was supposedly the first to give an explanation. on Twitter Anatoly Yakovenko wrote that a launch at Raydium (RAY) resulted in 300,000 requests per second to Solana’s blockchain. The DeFi protocol wanted to carry out a decentralized offer of new coins, based on the principle: “First come, first served.” That is why resourceful participants apparently sent bots into the race and thus provoked 300,000 TPS and more. Solana itself advertises that it can easily handle at least 50,000 transactions per second.
Network points (nodes) were apparently switched off temporarily as a result of the events. Then came from the Solana headquarters around midnight by Twitter the sobering status report. Attempts to stabilize the network have failed. Therefore, a decision must now be made about a restart. The necessary software was also made available. The redeeming news only appeared on Wednesday morning: More than 80 percent approval for a restart that began immediately. In the course of the next few hours, the Solana ecosystem should function fully again.
The price curve is also recovering at the same time from its fall, SOL has exceeded the mark of 160 US dollars again.
Conclusion: Solana has to put up with questions after a network failure
Solana was already out of action for six hours in December 2020, but at that time SOL did not play such a prominent role in the crypto market. In the summer of 2021, however, Solana flew from one all-time high to the next and was even hailed by some as a challenger to Ethereum (ETH). The current total failure at Solana not only leaves considerable doubts as to whether the architecture of the network can cope with future challenges. Solutions such as some kind of spam protection or the option to prioritize transactions will certainly be discussed. But what is even more worrying for the inveterate crypto scene: How can it be possible so quickly in an allegedly decentralized network to get a majority for changes in the code and a restart? Is Solana really decentralized or is power bundled under a few large nodes? The Solana shock should reverberate.
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