Solana Restores Network; Big Validators Still Struggling

After suffering a major network outage, the Solana blockchain is reportedly back up and running successfully. A single misconfigured node took down the entire network. However, Solana has tolerated a series of shutdowns over the year.

Solana validators struggles

Solana informed that its network is not able to process the transactions. Developers are working to diagnose the problem and restart the network.

However, after working to fix the blackout, Solana said that validators are operating successfully now. The cluster restart of Mainnet Beta at 7 AM UTC. Network operators an dapps will continue to restore client services for the next several hours.

Meanwhile, Laine, which operates validators on Solana and SSV mentioned that the network restart began 8 hours ago. While the network restarted for 2 hours. However, the biggest of the validators are still delinquent.

It later added that Chorus One has confirmed on Discord that they are working over it.

SOL price plunging

Due to this outage, the Solona token prices are down by 4% in the last 24 hours. However, SOL prices are down by 81% on year to date basis.

Solana is trading at an average price of $33.10, at the press time. Its 24 hour trading volume is up by 13% to stand at $1.13 billion. While it is holding a market cap of around $11.7 billion.

However, this is not the first time that the Solana network failed due to a bug. Earlier this year in June, Its support structure encountered an outage for more than four hours.

While a series of blackouts and service issues lasted for around 18 hours. The traders’ portfolios registered a huge decline as they were unable to offload their tokens.

Solana, self claimed Ethereum killer is losing faith among the crypto investors. However, Anatoly Yakovenko, Solana co founder mentioned that the network outages are becoming a curse for the network.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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