Home NFT Solana (SOL) Price Nosedives As ‘Ethereum Killer’ Network Suffers Another Outage

Solana (SOL) Price Nosedives As ‘Ethereum Killer’ Network Suffers Another Outage

by Lottar

Solana network has faltered anew as the crypto space’s “Ethereum Killer” goes offline courtesy of faulty mechanics in its system.

Just this September, co-founder Anatoly Yakovenko admitted in an interview that the outages that continue to plague Solana were the network’s bane.

However, Yakovenko was quick to defend, saying that the downtime experienced by the system could be attributed to its low-cost transactions.

He added:

“The network is so cheap and fast that there are enough users and applications to power it.”

The co-founder also maintained that while the network is virtually unusable during these times, it is not compromised.

He then went on to justify his case, adding that blockchains are built differently and that each of them has already experienced errors.

Users and members of the crypto community can only think back to these platitudes, as the network has already been down for over three hours as of this writing.

Image: Tokenize Xchange

Solana Network’s recent mistake

Solana’s explanation for his recent hiatus is simple.

Via Twitter, a system validator who went by the handle Stakewiz said “a misconfigured node caused an unrecoverable partition in the network.”

He further explained that they were surprised that the Solana code base could not handle the issue.

As a way to resolve the failure, developers chose to restart the mainnet network. The reboot takes some time, progressing at just 49% almost three hours after starting it.

Since its launch in 2020, Solana has fallen victim to a total of seven outages before this one, most of which occurred this year.

This includes a 17-hour stoppage of production that occurred just last month.

In September 2021, bots cracked the Raydium protocol leading to a denial of service attack. Bots in a non-fungible token (NFT) application were also responsible for a seven-hour outage in May this year.

In June, Solana network’s block production came to a halt due to a code error.

Effects of the interruption

Despite the repeated outages, Solana remained in the top 10 crypto assets in terms of market capitalization, 9st with a total market capitalization of more than $11.7 billion.

But shortly after the news of the outage, SOL’s trading price took a hit.

Already reeling from the decimating weeks that painted the crypto space red, Solana was trading at $33.09 at press time, according to tracking from CoinGecko.

It has lost 3.5% of its value in the last 24 hours and is 1.8% lower than its price seven days ago.

SOL total market cap at $11.7 billion on the daily chart | Source: TradingView.com

Featured image from JamesDevonshire.com, Chart: TradingView.com

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