The issue was identified and developers started working on resetting the network.
In total there has been a total of 8 Solana network failure so far.
Even though the Solana blockchain had significant downtime, it seems to be completely functional once again. The whole network crashed because of a single misconfigured node. But over the year, Solana has put up with a number of shutdowns.
When contacted, Solana said that the transactions could not be processed because of network issues. The issue was identified and developers started working on resetting the network. For the next several hours, network administrators and dapps will keep working to restore client services.
Scourge for the System
In the last 24 hours after the outage began, the price of a Solana token has dropped by 4%. However, year-to-date prices for SOL have dropped by 81%. The current market price for Solana is $33.10. The total trade volume over the last 24 hours has increased by 13% to $1.13 billion. At the moment, its market cap is close to $11.7 billion.
But this isn’t the first time a glitch has caused the Solana network to crash. Sometime in June of this year, its supporting infrastructure had a failure that lasted for more than four hours. Not just that but in total there has been a total of 8 Solana network failures, while other networks are yet to face any.
In the meanwhile, the blackouts and service interruptions persisted for around 18 hours. Trading accounts plummeted as investors were unable to sell their tokens. People’s confidence in Solana, the supposed “Ethereum killer,” is eroding. In spite of this, Solana’s co-founder Anatoly Yakovenko has said that network failures are becoming a scourge for the system.