Crypto-community representatives said on Twitter that the Solana (SOL) network was down for 48 hours. Developers are working on fixes.
In a published report, Solana developers blamed spam bots for the outage, which began flooding transaction requests. Because of the heavy load validators were failing, not filtering out duplicate operations.
Users whose positions were liquidated during the outage will be compensated 50% of the penalty. Those affected by extreme volatility will be fully reimbursed for their losses.
“While we hope this does not recur, there is a possibility that we could face similar problems again,” the developers wrote.
Investor and author of HarperCollins Mark Jeffrey wrote about the sixth outage of the project’s network in the last three months.
“Now I don’t believe in this [Solana]. This is the new EOS. The fight now is between ETH, BSC, Fantom, Avalanche and Terra,” — he added.
Another day, another 48 hour #Solana outage.
This is like the sixth time this has happened in 3 months.
I have zero faith in it now. It is the new EOS.
The fight is now between ETH, BSC, Fantom, Avalanche and Terra.
— Mark Jeffrey ⚡️🚀 (@markjeffrey) January 23, 2022
Daniel Cheung confirmed a “down” Solana for 48 hours and questioned the viability of a monolithic architecture.
“The leading blockchain of the future will likely have a modular architecture. The bullish stance on ETH 2.0 and the Cosmos ecosystem,” wrote the investor.
Solana being down for 48 hours multiple times now makes me question the viability of a monolithic structure.
It’s clear the winning blockchain of the future will likely be one with a modular architecture.
Bullish $ETH 2.0 🚀 & Cosmos Ecosystem.
— Daniel Cheung (@HighCoinviction) January 22, 2022
Founder and CTO of the Pipe startup Zain Allarakhia said he had attempted more than 100 times to pay off a Solend loan, but to no avail.
“I couldn’t even send a friend some USDC for dinner using the Phantom crypto wallet. Such cases make you appreciate Bitcoin’s fee markets,” he added.
Can we all admit @solana has been down now for about ~48 hours?
Tried over 100 times to repay a Solend loan, failed.
Couldn’t even send a friend some USDC for dinner with @phantom.It’s times like these that make you appreciate Bitcoin’s fee markets.
— Zain Allarakhia (@zallarak) January 22, 2022
Developers said the beta mainnet faced overload. They attributed the slowdown to exhaustion of the program cache. Version 1.8.12 is aimed at solving the problem.
2/ 1.8.12 was specifically aimed at improving issues of program cache exhaustion, which are largely responsible for recent performance degradations.
— Solana Status (@SolanaStatus) January 22, 2022
In the team noted they had made significant progress but had not finished the work. To address the issue of duplicate transactions they released version 1.8.14, intended to mitigate the worst effects.
4/ The current issue experienced by validators is due to excessive duplicate transactions. Engineers have just released 1.8.14, which will attempt to mitigate the worst effects of this issue.
— Solana Status (@SolanaStatus) January 22, 2022
In the next 8–12 weeks, developers promised additional improvements to the network state. Some of these features have already been integrated in the testnet, they said.
6/ Release 1.8.14 is now available at https://t.co/lJyNPScnH7
— Solana Status (@SolanaStatus) January 22, 2022
On Saturday, January 22, the Solana cryptocurrency price fell to a five-month low of $88.
At the time of writing the asset was trading around $100. According to CoinGecko, the project’s market capitalisation stands at $31.5 billion.
6 January, the Solanа reported a drop in performance of the mainnet beta and warned users about possible errors in processing transactions.
The problem was attributed to an increase in the number of “high-performance computing operations.” According to the developers, this caused throughput to fall to “several thousand” transactions per second.
On January 4 the Solana network was unavailable for about five hours. On December 9, 2021 users also reported an outage.
On September 14 in the Solana network a halt of on-chain activity occurred. New blocks did not come out for more than 16 hours; to resume operation of the blockchain a restart was required. The developers attributed the incident to a DDoS attack.
In November 2021, the head of the bitcoin exchange FTX, Sam Bankman-Fried, said that thanks to its scalability Solana could not only become a leading blockchain protocol, but could become the new Ethereum or Bitcoin.
In January 2022, Bank of America analysts predicted Solana could reach Visa status in the crypto world.
CoinGecko specialists calculated that investments in Solana were among the most profitable in 2021 among the top-30 coins.
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