Solana Outage Resolved
The Solana outage that occurred for five hours has now been fixed, and block production on the beta mainnet has resumed. The issue was resolved through a successful upgrade to version 1.17.20 and a restart of the cluster by validator operators. However, the engineers will continue monitoring the system’s performance and will release a root cause report soon.
The recent Solana outage is similar to previous attacks on the protocol, leading some experts to question the system’s design. Solana consensus is handled on-chain, causing a surge in transaction volume and TPS, which can result in outages.
Impact on Solana’s Services
As a result of the outage, cryptocurrency exchange Upbit temporarily suspended deposits and withdrawals for SOL, GMT, RAY, and ACS tokens. SOL staking services will only be restored once normal network operations resume. Cardano founder Charles Hoskinson also took the opportunity to mock the Solana network, highlighting the rivalry between the two networks.
Although SOL experienced a slight price drop during the outage, it is expected to regain its bullish momentum now that the system is back online. Currently, SOL is trading at $95.53 with a 0.49% decrease in value over the past 24 hours.
Hot Take: Solana Outage Highlights Need for System Improvements
The recent Solana outage raises concerns about the system’s design and its susceptibility to attacks and performance degradation. While the issue was resolved relatively quickly, it disrupted services and led to temporary suspensions on major exchanges.
Solana’s team must address these vulnerabilities to ensure a more stable and reliable network moving forward. This incident serves as a reminder of the importance of continuous monitoring and proactive measures to prevent future outages. As the cryptocurrency ecosystem evolves, it is crucial for networks like Solana to prioritize security and scalability to maintain investor confidence and drive widespread adoption.
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