The Solana network was offline for several hours as of 9:00 am on thursday (14/09) for about 17 hours. The network had to be restarted after having problems validating transactions, according to the Twitter account managed by the Solana project.
What happened to the Solana network?
The problem occurred was a kind of overload, reported Solana’s Twitter account. This caused what is known as a denial of service (DoS). The network was restarted by the Solana validator community.
According to Mercurius Crypto analyst Orlando Telles, the problem was caused by an IDO – an acronym for initial offer made by a decentralized exchange – conducted by Raydium. As a result, there was a large influx of new users on the network, as well as bots, which caused widespread overload, leading to the need for a reboot.
“Basically the network went offline due to excessive transactions. As much as white papers claim that the network supports a certain number of transactions, it’s only with real-life stress tests that we can tell if the network actually supports that volume,” he said.
The Solana network promises to be able to handle 40,000 transactions per second, but yesterday’s move ended up showing bottlenecks in the validation process.
The problems on Tuesday had serious consequences for applications built using the Solana protocol, creating a network connection problem. This includes Pyth, one of the most used apps, which feeds DeFi projects price data on stocks, cryptocurrencies and other assets.
Problems impacted Solana token price
The instability of the network had an impact on the price of the Solana token, which had been growing rapidly. Yesterday, the value of the cryptoactive fell about 15%, reaching US$ 145.15 – at the time this article was written, the price was already US$ 162.
Solana’s price has more than doubled in the past 30 days, peaking at $211, according to CoinGecko.com. Solana has achieved more than 30,000% appreciation, starting at 50 cents in May 2020. The total market value of the protocol is around US$48 billion, positioned as the seventh largest cryptoactive asset.