Solana Faces Yet Another Outage, Prompting Concerns
On Tuesday, Solana (SOL) experienced a significant outage, marking another incident in a series of disruptions it has faced over the past two years. The mainnet-beta of Solana encountered nearly a 5-hour disruption, raising concerns within the cryptocurrency community. The lack of new transactions on the network was initially detected by block explorers Solscan and OKLink. As a result, South Korean crypto exchange Upbit suspended deposits and withdrawals for SOL and other tokens.
Solana Blockchain Upgraded And Restarted
The Solana team acknowledged the outage but did not disclose specific details about its cause. To address the situation, an upgrade to v1.17.20 was implemented, followed by a cluster restart by validator operators. Block production on the mainnet-beta resumed successfully after the upgrade and restart.
The root cause of the outage is still under investigation by Solana’s core contributors, who aim to release a comprehensive report on the incident and provide insights into preventive measures for future disruptions.
SOL Rebounds From Price Dip
Following the outage, SOL faced a temporary setback in its value, experiencing a retracement of over 5%. However, it managed to regain its previous trading price. Currently trading at $95.40 with a slight decrease of 0.8% in the past 24 hours, SOL had already undergone a significant correction before the outage.
Technical analyst Mark Harvey expressed concerns about SOL’s long-term viability as an investment due to incidents like this outage. He stated that Solana’s centralized nature limits its upside potential and discourages serious applications from being built on the system.
Improving Stability and Reliability
Solana’s recent outage highlights the need for improved stability and reliability. The ongoing investigation into the root cause of the disruption is crucial in addressing any underlying issues that may affect the network’s performance. Solana’s throughput and scalability have gained attention, but incidents like this raise questions about its long-term prospects.
Hot Take: Solana Outage Raises Concerns About Long-Term Viability
The recent outage faced by Solana has raised concerns about the long-term viability of the network. With multiple disruptions occurring within a short span, doubts arise about the system’s stability and reliability. While Solana has showcased impressive throughput and scalability, incidents like this can hinder its potential for growth. Investors and developers may question whether it is wise to build applications on a platform that experiences frequent outages. Solana’s core contributors’ investigation into the root cause of the disruption will play a crucial role in determining the network’s future and addressing any underlying issues. Improved stability and reliability will be essential for Solana to maintain its position in the competitive cryptocurrency market.
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