Two days after a severe outage, the Solana Foundation said it is still researching the cause of the almost 20-hour network outage.
Two days after a significant outage, the Solana Foundation says it is still investigating why an update caused the Solana network to go out for over 20 hours.
In a blog post published on Sunday night, the Foundation said, “The reason is yet unknown and active research is underway.” A spokesman for the Solana Foundation informed Decrypt by email on Monday that the blog has not been updated with any new material.
This is a severe setback for a network that has become an industry leader in only two years. According to CoinMarketCap, Solana is the ninth-largest blockchain based on the total value of assets on the network, which was $551 million at the time of writing. It was introduced in 2020 as a speedier and less expensive alternative to Ethereum. According to CryptoSlam, it has now become the second-largest NFT market in the business, with $2.6 million in sales in the last day alone.
In addition, it is home to a tiny but expanding DeFi ecosystem, which consists of technologies that allow non-custodial trading, lending, and borrowing, all on-chain and without middlemen. The DeFi community on Solana recently suffered a significant blow when crypto exchange FTX declared bankruptcy and the team behind decentralized exchange Serum was forced to scurry to shut down the project established by Sam Bankman-Fried. As of this writing, DeFi protocols on Solana represent a total worth of $108 million, according to DeFi Llama.
The network was unable to process user transactions during the outage, which began just before 6 a.m. UTC on Saturday. This indicates that all on-chain activity, including NFT and DeFi trading, has suddenly ceased. As engineers suggested restarting the network, validators were required to downgrade the software used to operate nodes to an older version. Sunday around 2:00 a.m. UTC, they rebooted the network.
On Saturday, the announcement that the network was having an outage caused the value of Solana’s token, SOL, to drop. According to CoinGecko, it began trading at $23.03 but declined 6% to $21.71 before the outage was resolved on Sunday morning.
Also Read: UK Banking Regulator Will Propose Crypto Issuance, And Holding Regulations Once Basel 3 Completed
Wallets