Solana Network Experiences Downtime in Block Production
The Solana network is currently facing a block production halt, resulting in downtime for the blockchain. This issue has been ongoing for approximately two hours since February 6 at 10:00 UTC.
“Engineers from across the ecosystem are investigating an outage on mainnet-beta.”
Solana website
Failure Caused by Decreased Performance
A software developer and Solana validator named Laine explained that the block production failure was due to a decrease in the network’s performance.
Network Restart and Software Update
Laine has announced a network restart and validators are updating their software to version 1.17.20. Once 80% of the stake has restarted, block production will resume from slot 246,464,041.
SOL Token Reacts to Blockchain Shutdown
The SOL token experienced a price drop from around $96 to below $94, reaching $93.62. Despite the decline, trading volumes for the token increased by 11% to $1.6 billion, suggesting that traders may be liquidating positions or buying during the drawdown.
Past Network Restarts Due to Unknown Error
In February 2023, Solana validators had to restart the network twice due to an unknown error that caused all economic activity to come to a halt. The error occurred after most nodes switched to software version 1.14.16.
Hot Take: Solana Struggles with Block Production Downtime
The Solana network’s recent downtime in block production highlights the challenges faced by blockchain networks. While engineers work on resolving the issue, the SOL token has experienced a price decline. However, increased trading volumes indicate that there may be opportunities for traders in this volatile market. Solana’s past network restarts due to unknown errors also underscore the importance of continuous development and testing to ensure smooth operations. As the network gets back on track, it will be interesting to see how Solana addresses these challenges and maintains its position in the crypto industry.
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