Solana (SOL) Price Nosedives As ‘Ethereum Killer’ Network Suffers Another Outage

The Solana network wobbled again as the crypto space’s “Ethereum Killer” goes offline courtesy of faulty system mechanics.

Just this September, co-founder Anatoly Yakovenko admitted during an interview that the outages that continue to plague Solana were the network’s curse.

Yakovenko, however, quickly defended himself, saying the downtime the system experienced could be attributed to its low-cost transactions.


“The network is so cheap and fast that there are enough users and applications to drive it.”

The co-founder also maintained that while during these times the network is practically unusable, it is not compromised.

He went on to justify his case, adding that blockchains are built differently and that each and every one of them had already experienced errors.

Users and members of the crypto community can only speculate on these locations, as the network has been chosen for over three hours at the time of writing.

Image: Tokenize Xchange

Recent Solana Network flaw

Solana’s explanation for her recent disruption is simple.

Via Twitter, a system validator going by the Stakewiz handle said that “a misconfigured node caused an unrecoverable partition on the network.”

He further explained that they were surprised that the Solana code base was not able to handle the problem.

As a means to resolve the failure, the developers chose to restart the main network. The reboot is taking a while, progressing only 49% almost three hours after its initiation.

Since its launch in 2020, Solana has suffered a total of seven outages before this one, most of which happened this year.

This includes a 17-hour production shutdown that occurred just last month.

In September 2021, bots spammed the Raydium protocol causing a denial of service attack. Bots present in a non-fungible token (NFT) application were also responsible for a seven-hour outage in May this year.

In June, block production on the Solana network was halted due to a code bug.

Effects of blackout

Despite repeated outages, Solana remained in the top 10 crypto assets in terms of market capitalization, ranking with a total market capitalization of over $11.7 billion.

But shortly after news of the disruption, SOL’s trading price took a hit.

Already reeling from the crushing weeks that painted the crypto space red, Solana ended up trading at $33.09 at press time, according to tracking CoinGecko.

It has lost 3.5% of its value in the last 24 hours and is 1.8% lower than its price seven days ago.

SOL total market cap at $11.7 billion on the daily chart | Source:

Featured image from, Chart:

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *