Solana Blockchain Recovers After Temporary Halt in Transactions
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Solana, a leading blockchain platform renowned for its speed and efficiency, encountered a significant setback on Tuesday, experiencing a halt in transactions for approximately five hours.
The disruption, as reported by the Solana Foundation, stemmed from a performance degradation issue early Tuesday, impacting the progression of blocks. Consequently, the SOL token, integral to the Solana ecosystem, saw a decline from approximately $96.50 to $92.88. However, it later rebounded to its initial daily opening level.
Responding promptly to the crisis, the Solana team, along with validators responsible for network security and operation, swiftly identified and rectified the issue. They introduced a new software version featuring a patch to address the underlying cause of the disruption.
Solana Mainnet-Beta is experiencing a performance degradatation, block progression is currently halted, core engineers & validators are actively investigating.
— Laine ❤️ stakewiz.com (@laine_sa_) February 6, 2024
Additionally, preparations were made by creating snapshots of the local ledger state, ensuring a seamless restart of the network.
Engineers from across the ecosystem are readying a new validator software release, which includes a patch to address an issue which caused the cluster to halt. Validator operators should prepare for an upgrade and restart of the network.
— Solana Status (@SolanaStatus) February 6, 2024
By 15:00 UTC, transactions resumed processing on the blockchain, known for its remarkable throughput of over 50,000 transactions per second and sub-second finality. The platform hosts numerous decentralized applications, including Serum, Audius, and Radium, catering to millions of users and managing billions of dollars in value.
Solana and Its Persisting Streak of Network Outages
While this incident marks a notable disruption, it is not the first time Solana has faced such challenges. However, this outage was the network’s first since early last year (February 25, to be precise), according to the Solana status page.
Nevertheless, despite occasional setbacks, Solana remains at the forefront of blockchain innovation, boasting a market capitalization exceeding $41 billion.
For those keen on exploring SOL further and delving into token trading, our crypto signals service offers access to expert analysis, tips, and alerts, providing invaluable insights into navigating the dynamic crypto landscape.
