Solana Network Experiences Minor Outage
The Solana network is currently facing a minor outage, with the last transaction being halted. Engineers and validators are investigating the mainnet-beta to identify the source of the problem. It is uncertain whether a recovery can be achieved without a coordinated cluster restart.
Engineers Working on a Patch
Engineers are actively working on building a release that contains a remediation for the issue. Once the release has been built and tested, further instructions will be provided to validators.
No Inconsistencies Found
Engineers have confirmed that no inconsistencies have been found, and validators are awaiting final confirmation from core engineers to proceed. Validators will restart the Mainnet-Beta cluster using version 1.17.20.
Solana Network Performance Affects SOL Price
The outage has had a negative impact on the price of SOL, the native coin of the Solana network. Over the last hour, the price has decreased by 2.2%, contributing to a 24-hour depreciation of 4.4%. The current price of SOL is $93.63.
Short-Term Losses Expected for SOL
While SOL has found support at its current level, it’s likely that more losses will be experienced in the short-term due to the technical fault causing the outage. However, there are no threats to the network or its reputability.
Sponge: An Altcoin Worth Considering
The altcoin sector, including ERC-20 token Sponge (SPONGE), has potential for growth as regulators focus on the industry. Sponge recently migrated to Polygon and is set to release SPONGE V2. Stakeholders can earn an annual yield of 245% APY by staking SPONGE V2 tokens in a play-to-earn racing game.
Hot Take: SOL Outage Causes Price Dip, but Long-Term Outlook Remains Positive
The Solana network’s minor outage has resulted in a temporary dip in the price of SOL. However, this technical issue does not pose a threat to the network’s reputation or long-term prospects. While short-term losses are expected, SOL holders can remain optimistic about the coin’s future growth potential. It’s important to remember that price fluctuations are a normal part of the cryptocurrency market, and technical difficulties can be resolved over time. As engineers work on resolving the issue, investors can monitor the situation and make informed decisions based on their investment goals and risk tolerance.
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