Solana’s Price took a hit in the middle of another serious failure which has paralyzed the activity of the network.
Cryptocurrency specialist and host of the NFT Alpha show, Nick Valdez first reported the situation came to the attention of the public on Twitter after a series of speculative reports. A few hours later, the Solana’s official Twitter account has confirmed the report in the early hours of Saturday.
According to the official report, the network went down and transactions were no longer being processed. Solana’s team assured the community that the network developers were already present and were working to fix the problem.
This incident marks the the fourth time Solana has had a major hiatus this year. The network is now known within the crypto community for its occasional outages, with several advocates citing this as a reason to stay away from the chain.
Following confirmation of the interruption, Solana sharing a document containing instructions to validators on the steps to take to solve the problem. At the time of going to press, the network has been successfully restarted and is fully operational.
Despite solving the problem, the power outage lasted more than 8 hours. Solana’s price has, in tandem with most markets, experienced a decline in this time period. While it may be difficult to attribute Solana’s current pricing situation to the recent outage, the asset has undoubtedly suffered from a network outage in the past.
Solana is currently trading at $ 32.98 at press time, down 3.43% in the past 24 hours. Since its fall from the high position of $ 47.9 on August 13, the token has been caught in a downtrend. The asset suffered a free fall from August 13-19, bringing it back below the $ 40 threshold. Solana hasn’t revisited the $ 40 zone since then.
What caused Solana’s recent break?
Not much information has emerged on the root cause of the problem. Laine Stakewiz, a blockchain company that runs Solana nodes, recently shared their views on the matter.
Several Solana validators stopped voting around 22:40 (UTC) on Friday. Traders received warnings about the problem and gathered on Discord to discuss it and find a solution. The network appears to have been blocked as it was confirmed that no new roots were being produced.
According to Stakewiz yarnit was noted thata validator had shared an invalid block. The incident itself shouldn’t be a big deal, as it could be solved by the network. However, the validator appears to have been on two “entities”, both producing an invalid block. The act led to the creation of a fork.
The fork, in turn, produced a complex code path with locked validators. Attempts to switch to Solana’s main fork proved unsuccessful, resulting in a disruption of network activity. After discovering the main problem, the developers found that a cluster restart was required to resolve the error.