Following the larger crypto markets, SOL has been in a high time-frame slump, falling from R4019,06 on November 10 last year to just over R605,19. Similarly, SOL’s total market capitalization has dropped from more than R1.2TN to slightly more than R202 billion.
Aside from the broader market decline and risk-off macro attitude, the Solana network’s frequent downtime may be to account for the native coin’s poor performance since November of last year.
However, SOL’s acceptance is increasing as a growing number of users enter the ecosystem, drawn mostly by the thriving NFT sector. OpenSea added support for Solana-based NFTs on April 7, according to crypto.news.
Similarly, Coinbase added support for Solana-based coins like Bonfida and Orca in March.
That being said, Solana must address its network outage issues as soon as possible if it expects to compete with Ethereum as an alternative layer-1 blockchain. Solana was targeted by a distributed denial-of-service (DDoS) attack earlier this year.
In 2022, the Solana network went down for the fifth time, this time due to a bug-related consensus failure.
With the decreasing value of its native SOL token, Solana, the smart contract platform that had a stellar 2021 and cemented its spot among the top 10 crypto projects by reported market cap, is at risk of falling out of the elite club.
Today, the Solana network was down for several hours, thereby shutting down the SOL DeFi and NFT ecosystems. The update was provided by the Twitter account Solana Status.
Notably, the fundamental reason for the network outage was a “bug in the durable nonce transactions feature [that] caused nondeterminism when nodes gave different outcomes for the same block, preventing the network from progressing.”
According to the official issue report, the latest network outage lasted around four and a half hours before validator operators were able to restart the Solana mainnet at around 21:00 UTC.
There were no threats to the network state or user funds during the downtime.
Solana’s Twitter Status:
“Validator operators successfully completed a cluster restart of Mainnet Beta at 9:00 PM UTC, following a roughly 4 and a half-hour outage after the network failed to reach consensus. Network operators an dapps will continue to restore client services over the next several hours.”
Unsurprisingly, Solana Labs co-founder Anatoly Yakovenko had a field day, tweeting that all the bots had been removed and that the network would be back up and running soon.
Yakovenko also clarified the situation with the Solana blockchain’s clock, which was running behind real-world time.
“If average slot time is < 720ms, then the clock is going to speed up. there is a fix that should get activated after some testing that will speed up the clock as long as < 1s.”