Solana Network Suffers Another Major Network Outage as Crypto Market Plunges Over the Weekend

Solana, one of the largest blockchain networks in existence and often touted as an “Ethereum killer”, appears to have faced another network congestion issue that coincided with the broader crypto market crash, preventing users of decentralized finance (DeFi) to complete their loan collateral, causing a wave of liquidations. According to the Autonomous Interest Rate Machine for Solana, dubbed Solend, the blockchain network suffered from network overload due to bots spamming the network over the weekend. The congestion appears to have lasted well over 30 hours, which is of deep concern to investors.

Solana’s official Twitter account noted that the blockchain is “experiencing high levels of network congestion” related to “excessive duplicate transactions”. According to Solana founder Anatoly Yakovenko, the bots were also apparently sending duplicate operationsadding to the problem.

The latest performance degradation issue comes days after Solana witnessed another issue, prompting Binance to suspend network withdrawals, which have yet to resume. Solana was certainly not the only blockchain to have problems with falling prices. But the network’s problems have drawn attention as it has become the darling of major trading outlets in the crypto industry and beyond.

The network development team would have restored network stability, calling on users to update their validators to a new version 1.8.14, nearly two weeks after asking them to update to version 1.8.12.

According to the announcement, while the last issue was caused by program cache exhaustion, the current issue is caused by duplicity of transactions. Users should therefore update their mainnet to version 1.8.14 to mitigate the worst effects of this issue as the team works to roll out more improvements.

Meanwhile, data from CoinGecko shows that Solana’s native cryptocurrency SOL has fallen 12.8% in the past 24 hours as Solana’s blockchain continues to struggle with major network congestion issues. SOL has been plummeting during this broader crypto market rout and has corrected nearly 60% from its November 2021 all-time high.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain on Orbital, Gadgets 360 Podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get it. your podcasts.

Leave a Reply

Your email address will not be published. Required fields are marked *