As the “Ethereum Killer” Network experiences another outage.
The Solana network has failed yet again, as the crypto space’s “Ethereum Killer” has gone offline due to defective mechanics in its system.
In an interview in September, co-founder Anatoly Yakovenko stated that the disruptions that continue to afflict Solana were the network’s curse.
Yakovenko, on the other hand, was quick to defend, claiming that the system’s downtimes might be attributable to its low-cost transactions.
He continued:
“Because the network is so cheap and fast, there are enough people and apps driving that.”
The co-founder also stated that, while the network is almost useless at these periods, it is not hacked.
He then went on to defend his position, stating that blockchains are created differently and that each one has already encountered errors.
As of this writing, users and members of the crypto community may only ponder on these platitudes because the network has been offline for more than three hours.
Tokenize Xchange Solana Network’s Recent Error
Solana’s reason for its latest outage is simple.
According to Stakewiz, a system validator on Twitter, “a misconfigured node triggered an unrecoverable division in the network.”
He went on to say that they were startled that the Solana codebase couldn’t handle the problem.
To remedy the issue, engineers chose to restart the mainnet network. The reboot is taking its time, with only 49% completed over three hours after it began.
Solana has experienced seven disruptions since its inception in 2020, the majority of which occurred this year.
This includes a 17-hour production halt that occurred just last month.
Bots flooded the Raydium protocol in September 2021, resulting in a denial-of-service attack. In May of this year, bots in a non-fungible token (NFT) app were also responsible for a seven-hour downtime.
Because of a programming error, the Solana network’s block generation ceased in June.
The Outage’s Consequences
Despite the frequent outages, Solana remains one of the top ten crypto assets in terms of market value, ranking ninth with a total market cap of more over $11.7 billion.
However, immediately after the outage was announced, SOL’s trading price fell.
Solana ended up trading at $33.09 as of press time, according to CoinGecko monitoring, despite the fact that the crypto market has already been decimated in recent weeks.
It has dropped 3.5% in the last 24 hours and is now 1.8% lower than it was seven days ago.
On the daily chart, SOL’s total market value is $11.7 billion.
