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Solana's founders share an optimistic report, opining that recent network developments propel their vision of a decentralized future.
Continue reading Solana (SOL) Founders Share “Optimistic” Vision for 2023 at DailyCoin.
Solana's co-founder and CEO Anatoly Yakovenko named outages the "network's biggest challenge."
Click here to read our crypto digest with the newest events surrounding the crypto space.
NFT minting bots on Solana contributed over 4 million transactions per second, knocking validators out of consensus and crashing the network for around seven hours.
Solana Foundation posted a detailed post-mortem explaining what they believe was a denial-of-service attack. #Altcoin #CRYPTO Crypto billionaire Sam Bankman-Fried calls solana’s 17-hour outage sad and frustrating – and says a stablecoin ban would hurt the industry | Currency News | Financial and Business News https://t.co/f3UL2lYEBN — BitcoinPress (@bitcoinpressuk) September 20, 2021 Last week Solana […]
The post Solana Announces What Was Really Behind Last Week’s “Frustrating” Outage appeared first on CryptosRus.
On Tuesday, the Solana blockchain experienced a major outage that stopped the networks mainnet operations for approximately 5 hours. The outage raised concerns about the blockchains stability and security as the incident became the 11th of the kind in the last 2 years. Related Reading: Forget Bitcoin, This Billionaire Is Betting Big On Solana For 2024 Kicking Solana When Its Down? On February 6, the Solana blockchain network suffered a significant outage that lasted 4 and 46 minutes and disrupted the networks operations, raising doubts about the blockchain and exposing the project to fierce criticism. The crypto community took no time to share their thoughts about the situation, with many crypto investors referring to memes and jokes to express their concerns about the history of Solanas outages. Among the online voices, Cardanos Founder, Charles Hoskinson, took the opportunity to poke fun at the situation by referencing his previous jokes about the network. Hoskinson replied to the Solana teams announcement simply stating, This always works, and attaching a gif of a man blowing a malfunctioning video games cartridge before inserting it back into the console. This always works https://t.co/5kVRVGFM4l pic.twitter.com/X9yJXcETQn — Charles Hoskinson (@IOHK_Charles) February 6, 2024 Members of the crypto community found the remark amusing. One user brought forward previous sarcastic comments that the Cardano founder made during an Ask Me Anything (AMA) session two years ago. Hoskinson trolled the AMA viewers by claiming collaboration between the two networks was possible. He started saying, You know, collaboration with Solana would make a lot of sense before recalling a story of his brother owning a successful Nintendo repair shop and comparing the blockchain to a broken gaming console. So I was thinking since you know Solana comes from that world, that maybe theres some legacy there, you know, we can figure out how to turn it on and off, taking it out on the cartridge, these types of things. I dont know, it might be possible. Hoskinson finished the statement by mockingly suggesting that the collaboration wouldnt happen, he said But my brother doesnt do Nintendo stuff anymore. Hes a doctor. "Collaboration with Solana would actually make a lot of sense." @IOHK_Charles Perhaps #Solana can become a partner chain? #Cardano pic.twitter.com/8Vp0NMNl7a — Stk with Pride (@StakeWithPride) February 6, 2024 Besides Cardanos founder, Wall Street veteran and journalist Max Keiser also criticized the Solana teams announcement in reply. Keiser called SOL, Solanas native token, centralized garbage and took the opportunity to also shoot at coins like ETH, ADA, and BNB. Solana Swiftly Recovers Recently, Solanas DeFi ecosystem made the headlines after the Solana-based decentralized exchanges (DEXs) daily trading volume surpassed Ethereums for the second time, according to data from DefiLlama, hinting at healthy growth and development in the Solana ecosystem. Despite the doubts and concerns of crypto investors during the outage, SOLs price recovered from the initial drop and has recovered 1.8% in the last 24 hours, according to data from CoinGecko. At the time of writing, SOL is trading at $97. Related Reading: Bitcoin, Solana Take Center Stage In $721 Million In Institutional Inflows SOL is trading at $97.2 in the 1-day chart. Source: SOLUSDT on TradingView.com Featured image from Unsplash.com, Chart from TradingView.com
The Solana blockchain network is currently experiencing an outage, marking its 11th such incident in the past two years. As of the latest updates, Solana’s mainnet-beta has been non-operational for about two hours, with block progression coming to a standstill. Solana Network Comes To A Standstill The issue was first noticed when Solscan and OKLink, two prominent block explorers, indicated a lack of new transactions on the network. The last recorded transaction was at 9:52 am UTC. Upbit, a crypto exchange, subsequently announced the suspension of deposits and withdrawals for SOL and several other tokens, citing the ongoing disruption. Solana’s team acknowledged the situation through an incident report. “Engineers from across the ecosystem are investigating an outage on mainnet-beta,” they stated, confirming the incident but not providing details on the cause. Engineers from across the ecosystem are investigating an outage on mainnet-beta. This thread will be updated as more information becomes available https://t.co/rfeioQ6BG9 — Solana Status (@SolanaStatus) February 6, 2024 Laine, a blockchain software company and validator for Solana, provided further insights into the technical challenges being faced. “Consensus on the last optimistic slot has been reached at 246464040, validators are on standby for next steps as needed,” Laine explained. Related Reading: Why This Crypto Report Suggests Solana As A Main Focus For The Next Bull Market They also mentioned that engineers are working on a potential fix, but it remains uncertain if a coordinated cluster restart will be necessary. Engineers are building a release containing a remediation, once this has been built and tested further instructions will be released to validators,” the team said. Adding to the updates, SolanaFloor reported, UPDATE: Validators have begun generating snapshots using their local ledger state to prepare for a restart. Solana ecosystem Core engineers are still preparing the remediation build release for the outage. This incident marks the first outage since February 2023, as per Solana’s status page. Notably, the platform faced multiple outages in 2022 due to node issues, with a significant disruption in September 2021 that lasted nearly 18 hours. Related Reading: Solana DEXs Outperform Ethereum In Key Metric, Heres What This Means The recurrent outages have drawn criticism from industry experts. Charles Edwards, founder of Capriole Investments, remarked on the decentralization aspect, stating, “Solana’s 11th outage in the last 2 years. This is not what decentralization looks like.” Buy The SOL Price Dip? The market response to this latest event has been mixed. Crypto analyst Gumshoe offered a nuanced view, suggesting that while the outage is negative news, it could ironically backfire on those who short the token late: Solana down is obviously bad, but nothing new – All the SOL haters now have a catalyst to short – We’re in a choppy market, this is a clear trading signal – Everyone is hungry for money, will revenge trade This can ironically go very wrong for late shorts Pentoshi, another renowned analyst, advised patience, noting that the market is currently consolidating and that investors should not rush into decisions based on the anticipation of constant breakouts: Market chopsolidating. People trying to catch breakouts on some of these expecting trend continuation daily. […] I don’t think it goes as low as I had shown originally but likely to $75-78 at some point. At press time, the Solana (SOL) price experienced a slight downtrend following the incident, dropping by as much as 3%. A closer examination of the 1-week SOL/USD chart reveals that the recent setback represents only a minor deviation in the broader market trajectory. On the upside, the SOL price is currently encountering resistance at the 0.382 Fibonacci retracement level ($107.75). This level serves as a key threshold that could determine the future bullish momentum of SOL. Conversely, on the downside, critical support is found at the 0.236 Fibonacci level, which is valued at $69.6. Featured image from Shutterstock, chart from TradingView.com
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